Vail Reports Loss In First Quarter Of 2008
SAM Magazine - Broomfield, Co., December 12, 2007 -Vail Resorts has reported a net loss of $24.6 million (63 cents per share) in the first quarter of 2008. The amount is less than in 2007, when the company reported a loss $35.8 million during the same period.
"Our fiscal first quarter is a seasonally low earnings period and historically a loss quarter," says Rob Katz, president and CEO. "An area of focus for us in the first quarter is to establish the groundwork for the upcoming winter season, including construction of capital projects to deliver on our mission."
With strong December storms priming Vail Resort's ski area holdings just in time for the Christmas holidays, Katz says that the outlook is good for the company's second quarter.
Revenue streams for Vail Resort's first quarter of 2008 were mixed. Mountain revenue decreased by 7.9 percent to $3.6 million compared with the first quarter last year. Lodging revenue posted stronger numbers, growing 7.2 percent over the same period for an increase of $2.9 million. But the increase in lodging revenues wasn't enough to make up for losses in other department. Overall, revenues for the first quarter dropped from $113.5 million to $97.9 million, a loss of 14 percent \