Vail Resorts Inc. said today that its $36.4 million fourth-quarter net loss was little changed from a year earlier, but revenue rose 38 percent overall with increases across all divisions.
The company said the net loss, equal to $1 per share, reflected a $13 million loss on the sale of businesses. It compared with a $36.3 million net loss, or $1.03 per share, in the fourth quarter of fiscal 2004.
The company’s loss was $27.7 million, or 76 cents a share excluding charges from early debt retirement and losses from business sales.
Analysts with Thomson Financial had estimated a 90-cent-per-share loss for the quarter.
Net revenue totaled $120 million, up from $87.1 million in the previous quarter. The mountain, lodging and real estate divisions all reported increases.
For the year, Vail Resorts reported net income of $23.1 million, or 64 cents a share, reversing its $6 million net loss, or 17 cents a share, in 2004. Revenue totaled $810 million, up from $727 million in the previous year.
Adam Aron, chairman and chief executive officer, was pleased with the results. “It turned out to be another spectacular year for Vail Resorts,” he said.
He said early indications were positive for the months ahead and he forecast net income of $34 million to $43 million in fiscal 2006. He noted that ski season pass sales were up 22 percent in a year-over-year comparison.
“We believe we are very well-positioned for another successful year in fiscal 2006 and beyond,” Aron told analysts on a conference call.
Vail Resorts’ stock declined 6 cents, or 0.06 percent, to $28.42 in early trading on the New York Stock Exchange.
The Avon-based company 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.
