Net income for the nine months more than doubled, to $12,089,000, an increase of $6,529,000 from 2003. Total EBITDA was $34,290,000 for the nine months, compared to $27,040,000 for 2003.
Real-estate activity accounts for both the ups and the downs. Revenues from real estate operations for the nine months were up more than $8 million--to $8,678,000, from $646,000 in 2003--due to the development at Northstar. Operating income for the real estate and other segment was $5,601,000 for the 2004 period, compared to an operating loss of $652,000 in the 2003 period.
However, third-quarter revenues were reduced by construction of the new Northstar village core, which has sharply reduced summer operations there, and a favorable accounting adjustment to 2003 revenues further worsened comparisons to 2003.
Resort operations results were flat. Revenues from resort operations for the nine months of fiscal 2004 were $101,126,000, up one percent from the 2003 period. Skier visits were also up one percent. Season-pass revenues, which rose 11 percent to $22,010,000 for the 2004 period, as well as increased snow school, retail and food and beverage sales, offset reduced lift-ticket sales. Cost of sales and general and administrative expense were up two percent; operating income, up one percent. But interest expense declined to $8,912,000 compared to $9,523,000 for the 2003 period, a reduction of six percent. \