Shares of Vail Resorts Inc. rose 7 percent Wednesday after the company released an earnings report with lower net income but improvements in other areas.
“I’m pleased with how we have performed so far this season, particularly given the low early-season snowfall levels at our Colorado resorts and a still-challenging economy,” chief executive Rob Katz said in a conference call with analysts.
Second-quarter net income fell 30 percent to $45.1 million, or $1.12 a share, compared with $64.3 million, or $1.66 a share, in the same period last year. Vail Resorts said lift-ticket revenue increased 1.9 percent from gains in season-pass sales, although skier visits were down 1.6 percent.
“We are seeing good momentum recently,” Katz said, “and there is still much more to come of this season.”
The resort company also announced that it will again offer the Epic pass for next year’s ski season. The $599 pass provides unlimited skiing at Vail, Beaver Creek, Breckenridge, Keystone, Arapahoe Basin and Heavenly near Lake Tahoe. Steve Raabe, The Denver Post
