UPDATE: Vail Resorts Posts Wider FQ4 Loss, Revenue Beats View

Vail Resorts

reported a wider fiscal fourth-quarter loss. However, the company reported better-than-expected quarterly revenue. The Broomfield, Colorado-based company posted a quarterly loss of $75.4 million, or $2.08 per share, versus a year-ago loss of $59.9 million, or $1.67 per share. The recent quarter results included a debt-extinguishment loss of $10.8 million. Its revenue surged 21% to $135.5 million. However, analysts were estimating a loss of $1.95 per share on revenue of $127.10 million. Sales of season passes for the upcoming 2014/2015 ski season through September 21, 2014 rose around 14% in units and around 18% in sales dollars. Total skier visits for fiscal 2014 climbed 10.2% y/y. Lodging segment net revenue rose 14.8% to $242.3 million in fiscal 2014 from $211.0 million, while Resort net revenue gained 11.8% to $1,205.9 million for fiscal 2014. Real Estate segment net revenue gained 15.3% to $48.8 million in fiscal 2014. Vail Resorts' operating expenses increased 15% in the quarter. The company ended the fiscal year with $44.4 million of cash on hand. Rob Katz, Chief Executive Officer said, “Our results continue to reflect increases in overall visitation, pricing, average guest spend and season pass sales. Summer revenue increased over the prior fiscal year as we continue to build out our summer activities, including new zip lines at Vail and Breckenridge, as well as challenge ropes courses at Vail and Heavenly." Vail Resorts projects FY15 Resort EBITDA of $340 to $360 million and net Income of $75.5 to $100.5 million. Vail Resorts shares gained 3.23% to $90.00 in pre-market trading.