Real estate operating income for the quarter was $8.4 million, compared to operating income of $3.1 million in fiscal 2001, a 171.5% increase.
Real estate revenues for the six months ended Jan. 31 were $52.5 million compared to $18.8 million during the same period of the prior year. Real estate operating income for the six-month period increased $6.9 million to $14.7 million in fiscal 2002, compared to $7.7 million in fiscal 2001.
The strong market occurred during a recession, a fact not lost on Adam Aron, chairman and CEO of Vail Resorts.
''Deserving special praise is our real estate group, which despite a recession is well on its way to a banner year," Aron says.
Vail Resorts holdings include the Colorado mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone and the Grand Teton Lodge Co. in Jackson Hole, WY. In addition, the company's Rockresorts luxury resort hotel company operates 11 resort hotels throughout the US.
Resort revenue for the quarter, which excludes revenue from real estate and technology operations, increased 0.6% to $180 million from $178.9 million in the comparable period of fiscal 2001. Total revenue for the quarter was $217.8 million compared to the $189.4 million in the same period in 2001, an increase of 15%.
"Despite the nationwide downturn in the travel industry following the Sept. 11 terrorist attacks, Vail Resorts performed better in the second fiscal quarter than expected and better than last year, even during these uncertain times,'' Aron says.
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