Vail Resorts' First Quarter Expectations, Results Align

VAIL, CO-It’s been a smooth run for Vail Resorts Inc. in its first quarter of 2001.

Resort revenue – excluding income from real estate operations – for the quarter ending Oct. 31 has increased 8.1% to $61.5 million from $56.9 million in the comparable period for fiscal 2000. Total quarterly revenues – including real estate operation income – has grown 7.0% to $70.4 million in comparison to $65.8 million in last year’s first fiscal quarter. There is a reported $18.5-million loss from resort operations before interest, income taxes, depreciation and amortization, but it still reflects a 9.5% improvement over last year’s reported loss of $20.4 million. The ski resort operator each year anticipates a first-quarter loss due to the seasonal nature of its resort business. The quarter’s net loss has totaled $21.2 million, or 61 cents per diluted share in comparison to last year’s $22.4 million, which had equated to 64 cents per diluted share.

At the company’s Colorado ski resorts, Keystone had been first to kick off the season by opening Oct. 28, followed by Breckenridge Nov. 3. Vail had opened Nov. 15, two days earlier than expected and Beaver Creek, on schedule with a Nov. 17 opening. As a result of minimal ski operations in the first fiscal quarter, it had been expected that total skier days would be nominal.

“Vail Resorts performed well during the first quarter of fiscal 2001, benefiting from continued solid performance by the Grand Teton Lodge Co. as well as the expansion of summer activities at our Colorado ski resorts, including the opening of the River Course and the expanded Conference Center at Keystone,” says Adam Aron, chairman and CEO of Vail Resorts.

Vail Resorts, through subsidiaries, operate the Colorado resorts of Vail, Breckenridge, Keystone and Beaver Creek, as well as the Grand Teton Lodge Company in Jackson, WY.