Denver — Vail Resorts today reported a 34.2 percent increase in net income for the fiscal year, despite a net loss of $34.3 million in the fourth quarter.
Net income for the full year was $61.4 million, or $1.56 per share, compared with $45.8 million or $1.19 per share for the previous year.
The loss in the fourth quarter was 88 cents per share and compares to a net loss of $31.3 million or 80 cents per share in the same quarter last year.
The fourth-quarter loss was in line with Wall Street expectations. For the full year, analysts surveyed by Thomson Financial predicted net income of $1.58 a share.
Chief Executive Officer Robert Katz said the fourth-quarter loss was in line with expectations.
He said the full-year results were boosted by increases in destination visits, ticket prices and season pass revenue, along with corresponding increases in revenue from ski schools, dining, retail and lodging.
“I am very pleased with our fiscal 2007 results,” he said.
Shares of Vail resorts were up $2.18 to $62.42 in early trading.
Vail Resorts, based in the Denver suburb of Broomfield, owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado, Heavenly in Nevada and California, and Grand Teton Lodge Co. near Jackson, Wyo.
