Vail Resorts reports 30% increase in profits
The Broomfield-based ski-resort operator (NYSE: MTN) said the quarterly net profit translated into $1.65 per share for investors for the most recent quarter ended Jan. 31, compared with a $46.4 million net profit, or $1.27 per share for the same period a year earlier.
The increase in profit was driven by lift-ticket revenue for the quarter that was up11.9 percent compared with the same period a year earlier, dining revenue that was up 11.7 percent and retail/rental revenue that was up 10.7 percent, the company said in an earnings statement.
Net revenue for the quarter was $422.5 million, a 13.2 percent increase from the $373.3 million reported for the same quarter a year earlier.
"We are very pleased with our performance for the second quarter of fiscal 2013," said Rob Katz, Vail Resorts' chief executive.
Vail Resorts operates nine mountain resorts - Beaver Creek, Breckenridge, Keystone and Vail in Colorado; Kirkwood, Heavenly and Northstar-at-Tahoe in the Lake Tahoe region of Nevada and California, and the recently acquired Afton Alps in Minnesota and Mount Brighton in Michigan.
At the same time, the company plans to spend about $130 million on capital upgrades this year. One capital project will create more summertime infrastructure at Vail Resorts' four Colorado locations and at the Tahoe resorts. New ziplines, tubing and education centers will be built at the ski areas, the company said in a press statement.
Vail Resorts said it plans to expand onto 543 acres in the Peak 6 region of Breckenridge this year. The company plans to invest in upgrades at its new mountains in Minnesota and Michigan. Company workers also will build a luxury restaurant at Beaver Creek and a high-speed, six-chair lift in Vail to replace the existing Mountain Top Express.
Finally, capital projects this year include plans to launch the EpicMix Academy, a mobile phone application that helps ski school instructors track levels of attainment for students and their parents.
More breaking news...
Boulder County posts state-low foreclosures
Tickets on sale for BCBR's Mercury 100
Across Colorado, the average was about 1 completed foreclosure sale
The list of 100