Vail Resorts Reports Certain Ski Season Metrics for the Season to Date Through April 18, 2010
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Vail Resorts Reports Certain Ski Season Metrics for the Season to Date Through April 18, 2010
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-04-22
Vail Resorts, Inc. (NYSE:MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through Sunday, April 18, 2010, and for the prior year period through Sunday, April 19, 2009, which includes interim period data and is subject to fiscal third quarter end review and adjustments.
Highlights
-- Season to date total lift ticket revenue through April 18, 2010, including an allocated portion of season pass revenue for each applicable period, increased approximately 4.6% compared to the prior year season to date period ended April 19, 2009.
-- Season to date total skier visits for the Company's five mountain resorts through April 18, 2010, increased approximately 2.3% compared to the prior year season to date period ended April 19, 2009.
-- Season to date ski school revenue through April 18, 2010, for the Company's five mountain resorts increased approximately 8.3% compared to the prior year season to date period ended April 19, 2009.
-- Season to date retail/rental revenue through April 18, 2010, increased approximately 8.1% compared to the prior year season to date period ended April 19, 2009.
-- Season to date dining revenue through April 18, 2010, for the Company's five mountain resorts increased approximately 2.5% compared to the prior year season to date period ended April 19, 2009.
Commenting on the ski season metrics season to date, Rob Katz, Chief Executive Officer said, "We are very pleased to see continued improvement, as expected, in our ski season to date metrics including a strengthening of our destination visitation and guest spending patterns especially during this year's spring break and Easter holiday periods. The total lift ticket revenue improvement was driven by the strength of our season pass program and increase in total skier visits. We also experienced strong increases year-over-year in the Company's ski school and retail/rental revenues, which increased at a higher level than our visitation increase, providing a promising indicator for the recovery of guest spend as we head into next ski season. The Company's dining revenue also improved, though at a level consistent with the overall increase in visitation."
Katz continued, "Additionally, we have recently reinstated some of the prior year's wage and benefit reductions, with a 2% interim wage increase for year-round employees effective April 1, 2010 and seasonal employees seeing the increase when returning for the upcoming 2010/2011 ski season, along with a partial reinstatement of the Company match component of its 401(k) program, also effective April 1, 2010. Last year we asked our employees to share in the burden of reducing our costs in light of the reduced revenues arising from the economic environment primarily through wage reductions and deferral of the 401(k) Company match, in an effort to preserve our labor force and continue to drive the guest experience. With our business improving, we wanted to immediately begin to restore some of these reductions to our employees, with further potential restorations to be reviewed again in the upcoming fiscal year."
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