Vail Resorts Announces 2Q Results and Midwest Improvements
SAM Magazine--March 7, 2013--Vail Resorts, Inc. announced its second quarter results of fiscal 2013 ended January 31, 2013. Total net revenue of the mountain, lodging and real estate categories was $422.5 million compared to $373.3 million during the same period last year while total operating expenses went from $255.1 million in 2012 to $282.5 million for the same quarter in 2013. Resort reported EBITDA increased 17% to $142.6 million. Net income rose 30.5% to $60.6 million compared to $46.4 million in 2012.
Broken out even further, lift revenue increased 14.3% to $175.7 million over the same quarter last year, excluding season pass holders. Ski school brought in $41.7 million compared to $37.3 million last year and dining increased 20.6% to $29.8 million. Retail and rental also saw an increase from $73.9 million in 2012 to $83.7 million in 2013.
Total visitation increased 2.9 percent in the second quarter and season-to-date visits were up 3.8% compared to last year. (The season to date metrics start from the beginning of the season to March 3, 2013 and March 4, 2012.) The metrics are adjusted as if Kirkwood was owned in both periods and do not include the newly-acquired Midwest resorts, Afton Alps and Mt. Brighton.
Speaking of the Midwest resorts, Vail Resorts announced a $10 million investment plan for the properties. The enhancements include improved snowmaking, lift upgrades including a quad, state-of-the-art terrain parks with new features and rope tows, and improved base area facilities. Vail Resorts will bring its season pass products, the Epic Pass and Epic Local Pass, to Michigan sliders, as well. Priced at $269 for kids and $529 for adults, the pass is good at all nine resorts.
For the full financial report, check out http://finance.yahoo.com/news/vail-resorts-reports-fiscal-2013-210000901.html