Vail Resorts reports first-quarter loss
DENVER ” Vail Resorts Inc., the nation’s largest ski resort operator, said today its net loss in the first quarter narrowed after it settled a contract dispute.
Vail Resorts reported a loss of $24.6 million, or 63 cents per share, compared with a loss of $35.8 million, or 93 cents per share, in the previous year.
Vail is the parent company of Heavenly Mountain Resort in South Lake Tahoe.
The quarter included an $11.9 million cash settlement related to a contract dispute from Cheeca Holdings LLC compared with $3.6 million in contract dispute charges last year.
Excluding a stock-based compensation charge, Vail posted a loss of $23.4 million, or 60 cents per share, compared with a loss of $34.6 million, or 89 cents per share.
Revenue dropped 14 percent to $97.9 million from $113.5 million in the year-ago quarter, hurt by a decline in real estate revenue. Of that, resort-related revenue, which is a combination of on-mountain and lodging businesses, dipped in the first quarter to $85.9 million from $86.6 million in the previous first quarter.
Analysts polled by Thomson Financial predicted a loss of 75 cents per share on revenue of $102 million.
Season pass sales climbed 7.8 percent from the prior-year period, the company said.
Vail Resorts historically posts a loss in its first fiscal quarter because it is its slowest season from August to October, when the summer business is winding up but the ski season has yet to start.
Vail Resorts’ stock dropped $2.42 a share, or 4.6 percent, to $50.86 a share in Monday morning trading.