Vail Resorts, which also owns the Grand Teton Lodge Co. in Jackson, WY, reported fourth quarter revenues, excluding revenues from real estate operations, have totaled $59.6 million, reflecting a 13.7% increase from $52.4 million a year ago. Total revenues, which included real estate operations, have jumped 14.8% to $74.6 million from $64.9 million.
Earnings from resort operations before interest, income taxes, depreciation and amortization for the fourth fiscal quarter have shown a loss of $12.9 million in comparison to a loss of $14.8 million posted for 1999's fourth fiscal quarter. The fourth quarter reporting also reflects a $16-million loss, equal to 46 cents per share, in comparison to a net loss of $13.5 million or 39 cents a year ago.
The fiscal year's resort EBITDA as of July 31 has increased 31.3% to $113.1 million from $86.1 million in fiscal year 1999. Net income for the fiscal year was $15.3 million, or 44 cents per share, up 20% over last year's total of $12.8 million or 37 cents per share.
"Our company has just completed a successful fiscal year, which we believe positions us well for the future," says Adam Aron, chairman and CEO. "As these results indicate, we saw greatly improved financial performances.
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