Vail Resorts reports drop in revenue, income
Last Updated: 15:25 March 13, 2014
Revenue declined $30.4 million compared with the same period a year ago, and net income declined $1.3 million compared with the second quarter of last year.
Broomfield-based Vail Resorts (NYSE:MTN) said skier visits at its resorts in Colorado grew 11.9 percent for the quarter compared with the same period a year ago. But its resorts in Tahoe had a 27.7 percent decline in skier visitation for the second quarter, due to adverse weather conditions, the company said.
The company's board of directors approved an increase in the quarterly cash dividend to 41 cents per share from $21 cents per share beginning with the dividend payable on April 16 to stockholders of record as of April 1.
Rob Katz, Vail's chief executive, said the company was pleased with its performance in the second quarter. "Despite the very challenging conditions in Tahoe, where total snowfall was down 73 percent as of Jan. 31, compared to the prior year, we have seen overall growth in visitation of 9.1 percent and increased guest spending, highlighting the strength of our geographically diverse business model."
Vail and its subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Canyons in Park City, Utah; Afton Alps in Minnesota and Mt. Brighton in Michigan; and the Grand Teton Lodge Company in Jackson Hole, Wyoming.
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