Vail Resorts reports profit for fiscal year
Last Updated: 15:49 September 30, 2013
Broomfield-based Vail Resorts (NYSE: MTN) said income reported for the year ended July 31 was 129.4 percent more than the $16.5 million the company reported for the same time period in 2012. For investors, that meant $1.03 per share, a 58-cent increase from the 45 cents per share in earnings for fiscal year 2012.
Revenue was $1.12 billion for fiscal year 2013, a 9.4 percent increase compared with the $1.02 billion reported for fiscal year 2012. Vail Resorts operates nine resorts, including Beaver Creek, Breckenridge, Keystone and Vail in Colorado.
Chief executive Rob Katz said he is optimistic that the positive trends continue, pointing to strong season-pass sales that are up 19 percent over the same period the year before. Katz did not give specific pass sales numbers. He also singled out upgrades made at some Colorado ski resorts as factors that may drive increased revenue in fiscal year 2014. New terrain at Breckenridge ski resort and a new chairlift at Vail ski resort are among improvements at Vail Resorts properties expected to drive fiscal year 2014 revenue.
Net income in fiscal year 2014 is expected to be in the range of $37 million to $55 million, assuming "normal weather conditions and a continuation of the current economic environment," Katz said.
In addition to the Colorado resorts, Vail Resorts also operates Heavenly, Northstar and Kirkwood ski resorts in the Lake Tahoe area of California and Nevada, Afton Alps in Minnesota and Mount Brighton in Michigan.
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