Vail Resorts Announces Fiscal 2008 Second Quarter Results
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Vail Resorts Announces Fiscal 2008 Second Quarter Results
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Catégorie : Monde - Économie du secteur -
Chiffres et études
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Record second quarter Resort revenue of $314.5 million, a 3.2% increase over the prior year's record second quarter. - Record second quarter Mountain Reported EBITDA of $117.5 million, a 3.4% increase over the prior year's record second quarter.
Vail Resorts, Inc. (NYSE: MTN) announced today financial results for the second quarter of fiscal 2008 ended January 31, 2008.
The Company uses the term "Reported EBITDA," "Reported EBITDA excluding stock-based compensation," "net income excluding stock-based compensation" and "Net Debt" when reporting financial results in accordance with Securities and Exchange Commission rules regarding the use of non-GAAP financial measures. The Company defines Reported EBITDA as segment net revenue less segment operating expense plus segment equity investment income or loss and for the Real Estate segment, plus gain on sale of real property. The Company defines Net Debt as long-term debt plus long-term debt due within one year less cash and cash equivalents.
SECOND QUARTER PERFORMANCE
Mountain Segment
Mountain revenue increased $7.7 million, or 2.8%, in the second quarter of fiscal 2008 to $279.7 million from $272.0 million for the same quarter last fiscal year. Mountain operating expense increased $3.3 million, or 2.1%, to $163.2 million. Mountain equity investment income, net decreased $0.6 million. Mountain Reported EBITDA increased $3.8 million, or 3.4%, to $117.5 million compared to $113.7 million for the same quarter last fiscal year.
Lodging Segment
Lodging revenue increased $2.0 million, or 6.2%, in the second quarter of fiscal 2008 to $34.8 million from $32.8 million for the same quarter last fiscal year. Lodging operating expense increased $6.0 million, or 19.6%, to $36.8 million. Lodging operating expense included approximately $2.2 million of start-up and pre-opening expenses related to The Arrabelle at Vail Square hotel. Lodging Reported EBITDA decreased $4.0 million, or 195.9%, to a loss of $2.0 million compared to a profit of $2.0 million for the same quarter last fiscal year.
Resort - Combination of Mountain and Lodging Segments
Resort revenue, the combination of Mountain and Lodging revenue, increased $9.7 million, or 3.2%, in the second quarter of fiscal 2008 to $314.5 million from $304.8 million for the same quarter last fiscal year. Resort operating expense increased $9.3 million, or 4.9% to $200.0 million. Resort equity investment income, net decreased $0.6 million. Resort Reported EBITDA decreased $0.2 million to $115.5 million, a 0.2% decrease from the same quarter last fiscal year. Resort Reported EBITDA excluding stock-based compensation decreased $0.4 million, or 0.3%, to $116.6 million.
Real Estate Segment
Real Estate revenue decreased $10.7 million, or 19.1%, in the second quarter of fiscal 2008 to $45.5 million from $56.2 million for the same quarter last fiscal year. Real Estate operating expense decreased $6.0 million, or 11.9%, to $44.4 million. Gain on sale of real property increased $0.7 million. Real Estate Reported EBITDA decreased $4.1 million, or 69.6%, to $1.8 million compared to $5.8 million for the same quarter last fiscal year.
Total Performance
Total revenue decreased $1.0 million, or 0.3%, in the second quarter of fiscal 2008 to $360.0 million from $361.0 million for the same quarter last fiscal year. Income from operations for the quarter decreased $5.2 million, or 5.3%, to $92.6 million. The Company recorded total pre-tax stock-based compensation expense of $1.9 million and $1.8 million in the three months ended January 31, 2008 and January 31, 2007, respectively.
The Company reported second quarter fiscal 2008 net income of $51.3 million, or $1.31 per diluted share, compared to net income of $53.0 million, or $1.35 per diluted share, for the same quarter last fiscal year. Excluding stock-based compensation expense, the Company's net income for the second quarter of fiscal 2008 would have been $52.5 million, or $1.34 per diluted share, compared to net income of $54.1 million excluding stock-based compensation, or $1.38 per diluted share, for the same quarter last fiscal year.
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