Vail – Vail Resorts Inc. said that the Securities and Exchange Commission has ended a formal investigation into its accounting practices without recommending enforcement action.
In a regulatory filing late Monday, the ski resort operator said the SEC’s central regional office had informed the company that the investigation had been terminated.
The SEC launched the investigation in February 2003 after Vail Resorts restated financial results from 1999 through 2001, erasing nearly $14 million in combined net income.
The company said the restatement occurred because it booked revenue and profits from nonrefundable initiation fees upfront instead of distributing the money over the life of club memberships.
Vail Resorts’ stock rose 15 cents, or 0.55 percent, in early trading on the New York Stock Exchange.
The Avon-based Vail Resorts owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado, Heavenly in Nevada and California, and Grand Teton Lodge Co. in Jackson, Wyo.
