Whistler Blackcomb Releases Third Quarter Results
SAM Magazine--Whistler, B.C., August 8, 2013--Whistler Blackcomb Holdings Inc. reported financial results for the three months and nine months ended June 30, 2013. The corporation holds a 75% interest in Whistler Blackcomb. The company reported a 25% drop in skier visits for the third quarter, which went from 332,000 to 249,000, and a 4% decrease for the nine month period to 2.04 million. The main reason for the drop was that Easter fell in the second quarter as opposed to the third.
Revenue reached $29.7 million and $212.2 million (all figures are in Canadian dollars) for the three and nine months respectively, which represent a decrease of $4.7 million, or 14%, and an increase of $3.2 million, or 2%, respectively, over the same periods last year. Whistler was able to offset some of the visitation drop by increasing its Effective Ticket Price (ETP) and receiving higher revenue per visit. ETP was $46.81 and $51.68 for the three and nine months, which represent increases of 10% and 5% respectively. Revenue per visit was $104.53 and $95.59 for the three and nine months ended June 30, 2013, which represent increases of 13% and 6% respectively.
Adjusted EBITDA was $1.9 million and $85.9 million for the three and nine months, which represent a decrease of $3 million (or 61%) and an increase of 0.9 million (1%) respectively, over the same periods last year. Operating expenses were $22 million and $105 million for the three- and nine-month periods, which represent a decrease of $2 million (8%) and an increase of $1.8 million (2%) over the same periods last year.
Finally, as of the end of the 2012-13 season, total pass and card sales reached $44.5 million, a new record for Whistler Blackcomb, exceeding last season's record sales by 5%.