However, excluding the early debt retirement, which resulted in a pre-tax charge of $36.2 million, and the $5.5 million pre-tax mold remediation charge at Breckenridge Terrace LLC, an employee housing facility, the company would have posted net income of $30.5 million, or $0.58 a share.
Breckenridge Terrace is seeking various means to mitigate a portion of the remediation cost. Any changes in estimate for the remediation, including if receipt of recoveries from potentially responsible parties is deemed probable, will be reflected in future periods, the company reports.
Mountain revenues for the second quarter of fiscal 2004 were $201.4 million, a 6.9% increase from $188.4 million for the comparable period last year. Mountain expense increased $3.4 million, or 2.7%, to $126.9 million.
Lodging revenue for the quarter grew $2.8 million, or 7.8%, to $38.4 million. Lodging expense increased $400,000 million, or 1.0%, to $38.4 million.
Resort revenues, the combination of mountain and lodging revenues, rose $15.7 million, or 7.0%, to $239.7 million. Resort expense increased 2.3% to $165.2 million, up $3.7 million.
Real estate revenues for the quarter fell $16.7 million, as expected due to the timing and mix of real estate projects, to $7.5 million, and real estate expense decreased $16.2 million to $6.1 million.
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