Shares of Vail Resorts Inc. (NYSE: MTN), a leading mountain resort operator in the U.S., have risen sharply in pre-market trading today after the company reported its fourth-quarter financial results. MTN also provided its outlook for the fiscal year ending July 31, 2013.
For the fourth quarter ended July 31, 2012, MTN reported total net revenue of $113.54 million, compared to $108.67 million reported for the same period in the previous year. Mountain revenue for the quarter was $46.414 million, up from $41.717 million reported for the same period in the previous year. Lodging revenue for the quarter was $54.75 million, compared to $54.38 million reported for the same period in the previous year. Real estate revenue for the quarter stood at $12.37 million, compared to $12.56 million reported for the same period in the previous year.
MTN’s loss from operations for the fourth quarter ended July 31, 2012 was $80.919 million, compared to loss from operations of $77.82 million reported for the same period in the previous year. Net loss for the quarter was $53.79 million, compared to $53.90 million reported for the same period in the previous year.
For fiscal year 2012, MTN reported total net revenue of $1.02 billion, compared to $1.16 billion reported in the previous year. Net income for the quarter was $16.5 million, compared to $34.5 million reported in fiscal 2011.
Rob Katz, CEO of Vail Resorts, said that he is very pleased with MTN’s fourth quarter and fiscal year results. Katz further said that in the fourth quarter, the company’s Resort Reported EBITDA was improved compared to the prior year, reflecting enhanced summer guest visitation. Katz added that for the full fiscal year, he is very proud of MTN’s results given that the 2011/2012 ski season was the most challenging winter in the history of the U.S. ski industry and the company’s performance demonstrated the resiliency of its business model.
Looking ahead to fiscal year 2013, Katz said that the company continues to be extremely pleased with the strength of its season pass sales to date, especially coming off the challenging weather of the past ski season and the record performance the company had in season passes last year.
For fiscal 2013, MTN expects Resort Reported EBITDA to be between $260 million and $270 million.
MTN shares rose more than 2% in pre-market trading today as investors digested the company’s quarterly and full-year results.
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