Vail Resorts, Inc. (NYSE: MTN) today reported results for the second quarter of fiscal 2013 ended January 31, 2013, as well as the Company’s ski season-to-date metrics through March 3, 2013.
Highlights
— Resort Reported EBITDA increased 17.0% for the second quarter of fiscal
2013 compared to the same period in the prior year.
— Net Income attributable to Vail Resorts, Inc.
was $60.6 million for the
second quarter of fiscal 2013, representing a 30.5% increase compared to
the same period in the prior year.
— Excluding Kirkwood, Skiinfo, Afton Alps and Mt. Brighton (the
“Acquisitions”), all of which were acquired subsequent to the second
quarter of fiscal 2012:
— Total Mountain net revenue increased 9.5% for the second quarter of
fiscal 2013 compared to the same period in the prior year.
— Mountain Reported EBITDA increased 13.7% for the second quarter of
fiscal 2013 compared to the same period in the prior year.
— Total skier visitation increased 2.9% for the second quarter of
fiscal 2013 compared to the same period in the prior year.
— Season-to-date skier metrics through March 3, 2013 across our seven
mountain resorts improved from our metrics release in mid-January with
increases in year-over-year growth in revenues in each line of business.
— The Company’s Board of Directors authorized a 10% increase in the
quarterly cash dividend to $0.2075 per share from $0.1875 per share
beginning with the dividend payable on April 9, 2013.
— During the second quarter of fiscal 2013, we closed on four units at the
Ritz-Carlton Residences, Vail and three One Ski Hill Place units in
Breckenridge. Net Real Estate Cash Flow for the second quarter was $8.9
million and was $14.4 million year-to-date. Subsequent to quarter end,
two additional Ritz-Carlton Residences, Vail and five additional One Ski
Hill Place units have closed.