Vail Resorts Conference Call Highlights

Vail Resorts

reported its Q3 earnings on Thursday. Shares of the company are down three percent. Below are some key highlights from its conference call: Performance Metrics and Plans: • The quarter is driven primarily by our summer mountain-up activities, dining, retail and lodging operations and administrative expenses for our year-round employees. • Our resort reported EBITDA loss for the quarter was consistent with our expectations, reflecting strong operating results and the addition of Park City, which operated at a loss for the quarter. • Mountain segment net revenue in the quarter increased 5.3% to $60.4 million compared to the prior year, driven by an increase in our summer activities. • Revenue of 31.2% compared to the prior year, along with strong pre-ski season retail results. • Our Lodging segment net revenue excluding payroll cost reimbursements increased $1.5 million or 2.7%, driven primarily by a strong finish to the summer season at the Grand Teton Lodge Company. • Turning to our Real Estate segment, we are very pleased with the continued level of sales activity at both of our development projects. • In the first fiscal quarter, we closed on sales of two Ritz-Carlton Residences Vail units and two units at One Ski Hill Place in Breckenridge. • Net real estate cash flow totaled $5 million for the quarter. • We continued to see positive momentum in our resort real estate markets enclosed on two additional One Ski Hill Place units subsequent to October 31, 2014. • I'm also very pleased to announce that our Board of Directors has declared a quarterly cash dividend on Vail Resorts' common stock. • The quarterly dividend will be $0.4150 per share of common stock and will be payable on January 12, 2015 to shareholders of record on December 29, 2014. • Our first quarter Resort reported EBITDA was a loss of $54.1 million, including a $16.4 million non-cash gain on Park City litigation settlement.