Whistler-Blackcomb Releases 3Q Numbers

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SAM Magazine--August 11, 2011--Whistler-Blackcomb released its third quarter results yesterday and the news was good and bad. The first thing to note about the numbers is that on November 9, 2010, Whistler Blackcomb Holdings Inc. (the corporation) completed an initial public offering and concurrently acquired a 75% interest in both Whistler and Blackcomb so comparison numbers are between two different ownerships. Second, last year Whistler and Blackcomb were both hosts of the 2010 Winter Olympics, which greatly affected revenue and visits.

To start, total revenue (all figures are in Canadian dollars) for the third quarter ended June 30, 2011 was $30.5 million and $190 million for the nine months ended June 30, 2011. For the same period last year, those numbers were $31 million and $189.3 million. The total loss from operations was $5.5 million for the third quarter and the net loss was $6.8 million. For the nine-month period, those figures are $51.7 million on the plus side and $29.4 million, also on the plus side.

Skier visits for the season rose to pre-Olympic levels--skier visits increased 13 percent to 346,000 over 2010 for the third quarter and 22% to 2,030,000 million for the nine-month period. Ticket prices, however, fell 17 percent over 2010 for the third quarter.

In the period from November 9, 2010 to June 30, 2011, the corporation generated $82 million of EBITDA on revenues of $186 million and net earnings totaled $38 million.

For the full report, go to www.whistlerblackcombholdings.com/phoenix.zhtml?c=240837&p=irol-irhome



I have never heard $7 million in losses sound so cheerie.