Vail Resorts, Inc. reported results for the third quarter of fiscal 2013 ended April 20, 2013, as well as the company's results of its spring pass sales for the 2013/2014 ski season. In addition, the company presented expectations for the full fiscal year ending July 31, 2013, following the recent Canyons Resort transaction.
Key highlights from this quarter’s summary include an EBITDA increase to $202.7 million, a 14.2 percent difference compared to the same period in the previous year. Excluding Canyons related transaction fees, resort reported EBITDA increased 15.6 percent to $205.3 million. Vail Resorts net income also increased to $97.6 million compared to the same period last year.
Except for Kirkwood, Afton Alps and Mt. Brighton (the "Acquisitions") were all acquired following the beginning of the third quarter of fiscal 2012:
• Total Mountain net revenue increased 9.6 percent
• Mountain Reported EBITDA increased 11.2 percent
• Total skier visitation increased 9.1 percent
During the third quarter of fiscal 2013, sales of seven units at One Ski Hill Place and two units at the Ritz-Carlton Residences, Vail were closed. Net real estate cash flow for the third quarter was $6 million and was $20.4 million year-to-date. An additional One Ski Hill Place unit was closed along with an $11.1 million land sale in Breckenridge.
Spring season pass sales for the 2013/2014 ski season also improved about 18 percent in units and 24 percent in sales dollars through May 28, 2013 compared with the prior year period ended May 29, 2012.
Vail Resorts signed a lease to operate Canyons Resort in Park City, Utah and added Canyons to Epic Pass for the 2013/2014 ski season.
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