Whistler Blackcomb Holdings Reports 2012 Fourth Quarter and Year-End Results
SAM Magazine--December 13, 2012--Whistler Blackcomb Holdings Inc. (WBH) reported financial results for the three months and year ended September 30, 2012. The corporation, which has been publicly listed for two years now, holds a 75% interest in the entities that operate Whistler Blackcomb.
Thanks to its downhill bike park and Peak2Peak gondola, summer visits increased by 8.1% to 375,000 this quarter over the same quarter last year thanks to strong destination visits, especially from outside North America. As a result, WBH saw a 6.9% increase in revenue to $27.4 million and an EBITDA of $168,000. Still, the company reported an $11.3 million net earnings loss, which is considerably lower than the loss reported in the same quarter last year of $26 million.
Year-end numbers were good for WBH. Total visits increased by 5.3% to 2.647 million thanks to a 20% increase in destination skier visits and summer guests. Total EBITDA for WBH's fiscal 2012 was $85.2 million, up 15.1% over 2011. Resort revenues went from $212 million in 2011 to $236.4 million in 2012 and net earnings grew modestly from $20.7 million in 2011 to $23.36 million this year.
"We began our 2012-13 season five days early on November 17 as a result of excellent snowmaking conditions," says Dave Brownlie, president and CEO of WBH. "And since then, we received more than 12 feet of natural snow. I am confident that we are well positioned for the season ahead."