Vail Resorts Inc. today announced strong second-quarter results for fiscal 2007.
Strong season pass and real estate sales helped drive up the Broomfield-based company’s net income to $53 million for the quarter ended Jan. 31, an increase of $10 million over the same period last year.
“We are very proud of the strong second quarter results,” said company chief executive Rob Katz during a conference call with investors this morning.
Skier visits at Vail Resorts’ four Colorado ski areas – Vail, Beaver Creek, Breckenridge and Keystone – were up 2.6 percent for the quarter, with a total of 2.51 million skiers hitting the slopes. Its Heavenly ski area in northern California saw a 6.2 percent decrease in skier visits, which the company blamed in part on weather issues.
Quarterly revenue rose to $361 million, up 25 percent from $288 million a year ago.
Lift revenues for the quarter were up 13.4 percent, boosted by a 20 percent increase in season pass sales.
On the real estate front, the company announced it has entered into purchase agreements for all 13 of The Lodge at Vail Chalets, which are located at the base of Vail Mountain, at an average price per square foot of $2,488.
It also has taken reservations on 54 of the 71 condominiums at The Ritz-Carlton Residences in Lionshead. The units are currently priced at an average of $1,775 per square foot
Last week, Vail Resorts announced plans for a $1 billion new resort village in West Lionshead, called Ever Vail. The project will include a hotel, residences, a new gondola to access Vail Mountain, a public parking garage and commercial space.
Vail Resorts stock was down 33 cents in late morning trading, to $54.66.
Staff writer Julie Dunn can be reached at 303-954-1592 or at jdunn@denverpost.com.
