Vail Resorts Ends Fiscal Year on Happy Note for Stockholders

DENVER-Vail Resorts Inc.’s earnings for the fourth quarter, and its fiscal year ending July 31, were as slick as its well-groomed slopes at Vail, Breckenridge, Keystone and Beaver Creek.

Vail Resorts, which also owns the Grand Teton Lodge Co. in Jackson, WY, reported fourth quarter revenues, excluding revenues from real estate operations, have totaled $59.6 million, reflecting a 13.7% increase from $52.4 million a year ago. Total revenues, which included real estate operations, have jumped 14.8% to $74.6 million from $64.9 million.

Earnings from resort operations before interest, income taxes, depreciation and amortization for the fourth fiscal quarter have shown a loss of $12.9 million in comparison to a loss of $14.8 million posted for 1999′s fourth fiscal quarter. The fourth quarter reporting also reflects a $16-million loss, equal to 46 cents per share, in comparison to a net loss of $13.5 million or 39 cents a year ago.

The fiscal year’s resort EBITDA as of July 31 has increased 31.3% to $113.1 million from $86.1 million in fiscal year 1999. Net income for the fiscal year was $15.3 million, or 44 cents per share, up 20% over last year’s total of $12.8 million or 37 cents per share.

“Our company has just completed a successful fiscal year, which we believe positions us well for the future,” says Adam Aron, chairman and CEO. “As these results indicate, we saw greatly improved financial performances.