Vail Resorts Inc. reported a $55.7 million net loss in its fiscal first quarter ended Oct. 31, according to a quarterly earnings report filed today.
That loss is $12.7 million more than what Vail Resorts reported in the same period a year earlier.
The company blamed the increase in red ink on weaker real estate sales and losses associated with Northstar, a Tahoe resort it acquired in Oct. 2010.
“Our first fiscal quarter is a seasonally low earnings period and historically a loss quarter since our mountain resorts are not open for winter ski operations during the period,” said CEO and chairman Robert Katz.
Real estate sales have picked up in the second quarter and season pass sales through Dec. 4 are running 13 percent ahead of last year in dollar volume, the company said.
Bookings are also running stronger than the same time last year.
The company said it would pay a quarterly dividend of $10.15 on Jan. 6 to shareholders of record on Dec. 22. The company also said it repurchased 203,377 shares at a cost of $7.9 million during the quarter.
