Vail Resorts posts $60 million loss
Last Updated: 14:37 December 4, 2012
Broomfield-based Vail Resorts (NYSE: MTN) said the loss equated to $1.70 per share in the most recent quarter, compared with a loss of $55.7 million, or $1.54 per share, for the same period a year earlier, according to its quarterly earnings report released Tuesday.
At the same time, the ski resort company's revenue was $116.4 million - virtually unchanged from the same period a year earlier. Vail Resorts subsidiaries operate seven ski areas: Vail, Beaver Creek, Breckenridge and Keystone in Colorado, and Heavenly, Northstar and Kirkwood in the Lake Tahoe region of California and Nevada.
Chief executive Rob Katz warned that the company might not hit its expected earnings target this year, based on recent booking trends.
"We believe that it will be more difficult to achieve (the) guidance we anticipated in September," Katz said. "We will know more about the season after the holidays and intend to address our fiscal 2013 guidance when we release our ski season metrics in mid-January."
At the same time, Vail Resorts saw-season pass sales rise about 5 percent in units and 8 percent in sales dollars for the quarter compared with the same quarter in the previous year. Vail Resorts' lodging business benefitted from increased group business at Keystone Resort in Colorado as well as the addition of Flagg Ranch, located between Yellowstone and Grand Teton national parks in Wyoming.
Vail Resorts' stock was trading at $51.01 in the early afternoon, down $4.83 from the previous day's closing price of $55.84.
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