Vail Resorts posts wider loss - Denver Business Journal:

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Broomfield-based Vail Resorts (NYSE: MTN) lost $34.5 million, or 93 cents per share, in the firsy quarter of its 2009 fiscal which endedon Oct. 31. That comparesd with a loss of $24.6 or 63 cents per share, in the same quarter a year earlier. Analysts on average had expectedda per-share loss of 83 cents in the latesr quarter, according to Thomson Financial. Season pass including the new EpicSeason Pass, were up 29 percentg year-over-year in the first quarter, Vail Resortss CEO Rob Katz said. The company also has closedf on 42 of 45 unitsw so far in its Crystal Peak realestatew project, bringing in gross proceeds of $54.6t million.
But room bookings for the upcoming ski season are 23 percenr below the levels seenlast year, Katz said. many consumers are, at a minimum, delaying their travek decisions, while some are apparently choosing not to travepl at allthis year; a trend that makes us gratefu for the significant season pass and ‘drive to’ business that we have, while we remain committex to creating an exceptional experience for each and everty guest that spends their hard-earned moneyt at our resorts this Katz said in a statement. In late September, Vail forecast full-yeat 2009 resort earnings before interest, taxes, depreciation and amortizationm (EBITDA) of $200 million to $220 million.
That includex both the mountain and lodging parts ofthe business. In fiscal Vail’s resort EBITDA was $230.88 million; in fiscal 2007, it was $225.9 Although Vail didn’t lower its 2009 guidance, Katz warnex that bookings werea concern. “We have just begun our 2008-2009 ski season and still havelimited near-terjm visibility; therefore, we believe that it is too earlh to formally adjust our fiscal 2009 guidance,” Katz “However, if booking trends do not improve from their current we almost certainly will fall below the low end of our guidanc e range.
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