Vail Resorts, Inc. (MTN) saw its loss widen to $62.59 million, or $1.70 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $59.59 million, or $1.63 a share.
Revenue during the quarter went up marginally by 2.12 percent to $178.26 million from $174.57 million in the previous year period. Operating margin for the quarter stood at negative 50.78 percent as compared to a negative 49.66 percent for the previous year period.
Operating loss for the quarter was $90.52 million, compared with an operating loss of $86.69 million in the previous year period.
Commenting on the Company's fiscal 2017 first quarter results, Rob Katz, chief executive officer, said, "Our first fiscal quarter historically operates at a loss given that our North American mountain resorts are not open for ski operations during the period. The quarter's results are primarily driven by our summer activities, dining, retail/rental and lodging operations, administrative expenses and winter operating results from Perisher. We were pleased with our results in the quarter, with strong summer visitation at our U.S. mountain resorts driving increased revenue and profitability with the official launch of Epic Discovery at Vail and Heavenly and continued strong summer results at Breckenridge and Park City. Additionally, we had strong results at Perisher where visitation was steady compared to the prior year and growth was driven by yield improvements across the business. Our lodging results for the first fiscal quarter were very encouraging with the average daily rate increasing 8.9% compared to the prior year. In particular, our properties in Colorado benefited from increased visitation to our resort communities and Grand Teton Lodge Company benefited from increased park visitation. The Whistler Blackcomb transaction closed on October 17, 2016 and resulted in a $5.4 million Resort Reported EBITDA loss for the quarter, including a $2.6 million EBITDA loss from off-season operations and we incurred $2.8 million of transaction and integration related expenses during the quarter."
For financial year 2017, Vail Resorts, Inc. projects net income to be in the range of $187 million to $220 million.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
