Vail and ASC Announce Third Quarter Results
SAM Magazine--June 16, 2005--American Skiing Company (ASC) and Vail Resorts both announced their third quarter results and the numbers seem to be on the rise.
ASC, thanks to good conditions across the board at all of it resorts, saw an increase in resort revenue of $16 million over the same period last year, and an increase in skier visits of 3 percent for the period which ended May 1, 2005. The company attributes the increase in skier visits to an extra week of operation over last year and the successful introduction of its All For One pass in the East.
Revenue from resort operations was $132.3 million for the quarter compared to $128.1 last year. Income from resort operations was $24.5 million versus $24.3 million in 2004. Revenue from real estate operations was $2.9 million for the quarter as opposed to $17.6 million last year. Total consolidated revenue was $135.2 million, compared with $145.7 million during the same period last year.
Year-to-date numbers were also released and total consolidated revenue was $260.8 million for the 40 weeks ended May 1, 2005, compared with $267.1 million last year. Net loss for the same period was $36 million in 2005 versus $38.4 million in 2004.
At Vail, mountain revenue for the third quarter was $256.8 million, compared to $233.4 million last year. As revenue goes up, so do expenses. Mountain expense increased $6.5 million from $125.9 million to $132.4 million.
Overall resort revenue, which includes lodging, was $313.1 million versus $284.3 million in 2004. Total revenue grew $39 million from $288.5 million to $327.5 million. Operating expenses went from $156.9 million in 2004 to $191.7 million in 2005.
The reported net income for the third quarter was $58.8 million compared to a net income of $62.5 million last year.
Year-to-date results show a net income of $59.6 million versus $30.3 million during the same period last year.
Vail credits the increases to an 8.5 percent jump in skier visits and a 3.6 percent increase in average realized lift ticket prices.