(Updates with segment revenue)
Vail Resorts Inc.'s MTN, +2.96% fiscal fourth-quarter loss was virtually unchanged as the ski resort operator saw its increase in revenue moderated by higher operating expenses.
The results beat Wall Street expectations.
Ski resorts, like others in the travel-and-tourism sector, have generally seen demand rebound from recessionary levels, aided by more skier visits and increased spending on extras such as ski school, dining, retail and rentals. But Vail had warned earlier this year that skier visits at its mountain resort properties were down sharply from a year earlier as an unseasonably warm winter held across most of the country.
Total skier visits for the year fell 12% from last year; however Chief Executive Rob Katz said Tuesday that he was proud of the company's performance for the year given that the previous ski season "was the most challenging winter in the history of the United States ski industry."
He added that "the strength of our growing season pass business and the comprehensive and differentiated experience we provide at our resorts stabilized our revenues, in the face of very challenging weather."
Sales of season passes through Sept. 23 for the upcoming ski season were up about 17% in units and 21% in sales dollars versus the same period last year on a comparable basis. To date, Vail has sold about 178,000 passes for the upcoming 2012/2013 ski season and the company said it anticipates continued strength in the Tahoe market and from Europe.
For the quarter ended July 31, Vail Resorts posted a loss of $53.8 million, or $1.50 a share, versus a loss of $53.9 million, or $1.49 a share, a year earlier. Revenue rose 4.5% to $113.5 million.
Analysts polled by Thomson Reuters expected a loss of $1.56 a share on revenue of $107 million.
Revenue from Vail's mountain segment, which includes ski areas in Colorado and California, was up 11% to $46.4 million. The lodging business saw revenue edge up 0.7% to $54.8 million, while the real estate segment declined 1.5% to $12.4 million.
Total segment operating expenses rose 2.9% to $161.8 million.
Shares closed at $52.73 Monday and were inactive premarket. The stock is up 41% in the past 12 months.
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