Vail Resorts Reports Fiscal 2012 Third Quarter Results and Spring Pass Sales Results
Fiscal Third Quarter 2012 Highlights & Season Pass Commentary
- Lift ticket revenue increased by 0.7% over the prior year and ancillary revenue from ski school and retail/rental was up 1.1% and 1.3%, respectively, while dining revenue was down 1.1% driving an 11.6% increase in total ancillary revenue per skier visit.
Total Mountain net revenue increased by 0.9% over the prior year with a 9.8% decline in skier visits more than offset by a 12.8% increase in season pass revenue and a 9.4% increase in Effective Ticket Price ("ETP") excluding season pass holders.- Mountain Reported EBITDA increased 0.6% and Resort Reported EBITDA (which includes the Company's Mountain and Lodging segments) decreased by 0.5% from the prior year.
- Net income attributable to
Vail Resorts, Inc. of$79.6 million increased 3.5% from the prior year. - During the quarter we closed on four
Ritz-Carlton Residence units; post quarter-end we closed on two additionalRitz-Carlton Residences and one additionalOne Ski Hill Place unit, realizing net cash proceeds of$34.6 million from real estate sales since the beginning of fiscal 2012 throughJune 1, 2012 . - Spring season pass sales for the 2012/2013 ski season were up approximately 17% in units and approximately 22% in sales dollars through
May 29, 2012 compared with the prior year period endedMay 31, 2011 (adjusted as ifKirkwood were owned in both periods).
Commenting on the Company's fiscal 2012 third quarter results,
Continuing on the third quarter performance, Katz added "There were several positive indicators in the third quarter that contributed to our performance and bode well as we look toward the 2012/2013 ski season. Our Mountain net revenue increased 0.9% to
Regarding Lodging, Katz said, "Lodging results, while down compared with the prior year, held up relatively well, reflecting an improved mix of luxury room nights and the benefits of the higher consumer spending, which fueled an 8.2% increase in Average Daily Rate ("ADR") at our owned hotels and managed condominiums, partially offsetting the decline in occupancy resulting from lower skier visitation. Lodging results also were impacted by costs associated with the previously announced
Regarding Real Estate, Katz said, "We are pleased with the rate of new sales at both The
"Our balance sheet remains in a very strong position," Katz added. "We generated
"I am also very pleased to announce that our Board of Directors has declared a quarterly cash dividend on
Mountain Segment
- Mountain segment net revenue was
$354.6 million for the three months endedApril 30, 2012 compared to$351.4 million in the same period in the prior year, a 0.9% increase. - Mountain Reported EBITDA was
$170.7 million for the three months endedApril 30, 2012 compared to$169.7 million in the same period in the prior year, a 0.6% improvement.
Mountain Reported EBITDA includes
Our resorts experienced historically low snowfall (with cumulative snowfall at our six resorts (excluding
Lift revenue increased
Ski school revenue for the three months ended
Dining revenue decreased
Retail/rental revenue increased
Other revenue mainly consists of private club revenue (which includes both club dues and amortization of initiation fees), other mountain activities revenue, marketing and internet advertising revenue, commercial leasing revenue, employee housing revenue, municipal services revenue and other recreation activity revenue. For the three months ended
Operating expense increased
Mountain equity investment income, net primarily includes our share of income from the operations of a real estate brokerage joint venture.
Lodging Segment
- Lodging segment net revenue before payroll cost reimbursement was
$48.3 million for the three months endedApril 30, 2012 compared to$49.8 million for the same period in the prior year, a 3.0% decrease. - For the three months ended
April 30, 2012 , ADR increased 8.2% and revenue per available room ("RevPAR") declined 0.2% at the Company's owned hotels and managed condominiums compared to the same period in the prior year. - Lodging Reported EBITDA was
$6.9 million for the three months endedApril 30, 2012 compared to$8.8 million for the same period in the prior year, a decline of 22.2%.
Lodging Reported EBITDA includes
Revenue from owned hotel rooms decreased
Dining revenue for the three months ended
Operating expense (excluding reimbursed payroll costs) increased
Revenue from payroll cost reimbursement and the corresponding reimbursed payroll costs relates to payroll costs at managed hotel properties where we are the employer and all payroll costs are reimbursed by the owners of the properties under contractual arrangements. Since the reimbursements are made based upon the costs incurred with no added margin, the revenue and corresponding expense have no effect on our Lodging Reported EBITDA.
Resort — Combination of Mountain and Lodging Segments
- Resort net revenue was
$408.6 million for the three months endedApril 30, 2012 compared to$408.9 million in the same period in the prior year. - Resort Reported EBITDA was
$177.6 million for the three months endedApril 30, 2012 compared to$178.5 million in the same period in the prior year, a 0.5% decline.
Real Estate Segment
- Real Estate segment net revenue was
$12.6 million for the three months endedApril 30, 2012 compared to$13.2 million in the same period in the prior year. - Real Estate Reported EBITDA was a negative
$3.5 million for the three months endedApril 30, 2012 compared to a negative$5.1 million in the same period in the prior year.
Real Estate Reported EBITDA includes
Real Estate segment net revenue for the three months ended
Operating expense for the three months ended
Total Performance
- Total net revenue was
$421.1 million for the three months endedApril 30, 2012 compared to$422.1 million in the same period in the prior year, a 0.2% decrease. - Net income attributable to
Vail Resorts, Inc. was$79.6 million , or$2.17 per diluted share, for the three months endedApril 30, 2012 compared to net income attributable toVail Resorts, Inc. of$76.9 million , or$2.08 per diluted share, in the same period in the prior year.
Balance Sheet
As of
Stock Repurchase Program
We did not repurchase any shares of common stock during the three months ended
Outlook
Commenting on the Company's spring season pass sales for the upcoming 2012/2013 ski season, Katz said, "We are extremely pleased that our total spring season pass sales through
Regarding capital spending for calendar 2012, Katz noted, "We are increasing our planned capital spending for calendar 2012 by
Commenting on the Company's outlook for the remainder of fiscal 2012, Katz said, "As we noted in our
Earnings Conference Call
For further discussion of the contents of this press release, please listen to our live webcast today at
About
Forward-Looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to, prolonged weakness in general economic conditions, including adverse affects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and
lodging businesses; our ability to grow our resort and real estate operations; our ability to successfully initiate, complete, and sell real estate development projects and achieve the anticipated financial benefits from such projects; further adverse changes in real estate markets; continued volatility in credit markets; our ability to obtain financing on terms acceptable to us to finance our real estate development, capital expenditures and growth strategy; our reliance on government permits or approvals for our use of Federal land or to make operational improvements; adverse consequences of current or future legal claims; our ability to hire and retain a sufficient seasonal workforce; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; negative publicity which
diminishes the value of our brands; our ability to integrate and successfully realize anticipated benefits of acquisitions and future acquisitions; and implications arising from new
All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements, except as may be required by law. Investors are also directed to other risks discussed in documents filed by us with the
We use the terms "Reported EBITDA" and "Net Debt" when reporting our financial results, which terms are non-GAAP financial measures. We define Reported EBITDA as segment net revenue less segment operating expense plus or minus segment equity investment income or loss. We define Net Debt as long-term debt plus long-term debt due within one year less cash and cash equivalents. See "Reconciliation of Non-GAAP Financial Measures" below for more information. In addition, for the Lodging segment we primarily focus on Lodging net revenue excluding payroll cost reimbursement and Lodging operating expense excluding reimbursed payroll costs (which are not measures of financial performance under GAAP) as the reimbursements are made based upon the costs incurred with no added margin, as such the revenue and corresponding expense have no effect on our Lodging Reported EBITDA which we use to evaluate Lodging segment performance.
| ||||||
Consolidated Condensed Statements of Operations | ||||||
(In thousands, except per share amounts) | ||||||
(Unaudited) | ||||||
Three months ended |
||||||
April 30, |
||||||
2012 |
2011 |
|||||
Net revenue: |
||||||
Mountain |
$ |
354,586 |
$ |
351,418 |
||
Lodging |
53,972 |
57,477 |
||||
Real estate |
12,587 |
13,221 |
||||
Total net revenue |
421,145 |
422,116 |
||||
Segment operating expense: |
||||||
Mountain |
184,211 |
182,136 |
||||
Lodging |
47,103 |
48,643 |
||||
Real estate |
16,069 |
18,309 |
||||
Total segment operating expense |
247,383 |
249,088 |
||||
Other operating expense: |
||||||
Depreciation and amortization |
(33,266) |
(30,937) |
||||
Loss on disposal of fixed assets, net |
(90) |
(35) |
||||
Asset impairment charge |
-- |
(2,561) |
||||
Income from operations |
140,406 |
139,495 |
||||
Mountain equity investment income, net |
336 |
406 |
||||
Investment (loss) income |
(18)
|
114 |
||||
Interest expense, net |
(8,443) |
(8,515) |
||||
Loss on extinguishment of debt |
-- |
(6,615) |
||||
Income before provision for income taxes |
132,281 |
124,885 |
||||
Provision for income taxes |
(52,753) |
(48,045) |
||||
Net income |
79,528 |
76,840 |
||||
Net loss attributable to noncontrolling interests |
41 |
27 |
||||
Net income attributable to |
$ |
79,569 |
$ |
76,867 |
||
Per share amounts: |
||||||
|
$ |
2.21 |
$ |
2.13 |
||
Diluted net income per share attributable to |
$ |
2.17 |
$ |
2.08 |
||
Cash dividends declared per share |
$ |
0.1875 |
$ |
-- |
||
Weighted average shares outstanding: |
||||||
|
36,032 |
36,038 |
||||
Diluted |
36,704 |
36,869 |
||||
Other Data (unaudited): |
||||||
Mountain Reported EBITDA |
$ |
170,711 |
$ |
169,688 |
||
Lodging Reported EBITDA |
$ |
6,869 |
$ |
8,834 |
||
Resort Reported EBITDA |
$ |
177,580 |
$ |
178,522 |
||
Real Estate Reported EBITDA |
$ |
(3,482) |
$ |
(5,088) |
||
Total Reported EBITDA |
$ |
174,098 |
$ |
173,434 |
||
Mountain stock-based compensation |
$ |
1,629 |
$ |
1,643 |
||
Lodging stock-based compensation |
$ |
358 |
$ |
487 |
||
Resort stock-based compensation |
$ |
1,987 |
$ |
2,130 |
||
Real Estate stock-based compensation |
$ |
542 |
$ |
772 |
||
Total stock-based compensation |
$ |
2,529 |
$ |
2,902 |
| ||||||
Consolidated Condensed Statements of Operations | ||||||
(In thousands, except per share amounts) | ||||||
(Unaudited) | ||||||
Nine months ended |
||||||
April 30, |
||||||
2012 |
2011 |
|||||
Net revenue: |
||||||
Mountain |
$ |
720,194 |
$ |
710,474 |
||
Lodging |
155,872 |
160,270 |
||||
Real estate |
34,784 |
187,629 |
||||
Total net revenue |
910,850 |
1,058,373 |
||||
Segment operating expense: |
||||||
Mountain |
478,256 |
456,496 |
||||
Lodging |
149,497 |
149,012 |
||||
Real estate |
46,479 |
188,716 |
||||
Total segment operating expense |
674,232 |
794,224 |
||||
Other operating expense: |
||||||
Depreciation and amortization |
(95,245) |
(88,945) |
||||
Loss on disposal of fixed assets, net |
(1,123) |
(343) |
||||
Asset impairment charge |
-- |
(2,561) |
||||
Income from operations |
140,250 |
172,300 |
||||
Mountain equity investment income, net |
944 |
1,324 |
||||
Investment income |
356 |
578 |
||||
Interest expense, net |
(25,226) |
(25,110) |
||||
Loss on extinguishment of debt |
-- |
(6,615) |
||||
Income before provision for income taxes |
116,324 |
142,477 |
||||
Provision for income taxes |
(46,108) |
(54,140) |
||||
Net income |
70,216 |
88,337 |
||||
Net loss attributable to noncontrolling interests |
34 |
58 |
||||
Net income attributable to |
$ |
70,250 |
$ |
88,395 |
||
Per share amounts: |
||||||
|
$ |
1.95 |
$ |
2.46 |
||
Diluted net income per share attributable to |
$ |
1.92 |
$ |
2.41 |
||
Cash dividends declared per share |
$ |
0.4875 |
$ |
-- |
||
Weighted average shares outstanding: |
||||||
|
36,034 |
35,988 |
||||
Diluted |
36,664 |
36,718 |
||||
Other Data (unaudited): |
||||||
Mountain Reported EBITDA |
$ |
242,882 |
$ |
255,302 |
||
Lodging Reported EBITDA |
$ |
6,375 |
$ |
11,258 |
||
Resort Reported EBITDA |
$ |
249,257 |
$ |
266,560 |
||
Real Estate Reported EBITDA |
$ |
(11,695) |
$ |
(1,087) |
||
Total Reported EBITDA |
$ |
237,562 |
$ |
265,473 |
||
Mountain stock-based compensation |
$ |
5,946 |
$ |
5,400 |
||
Lodging stock-based compensation |
$ |
1,359 |
$ |
1,568 |
||
Resort stock-based compensation |
$ |
7,305 |
$ |
6,968 |
||
Real Estate stock-based compensation |
$ |
2,044 |
$ |
2,382 |
||
Total stock-based compensation |
$ |
9,349 |
$ |
9,350 |
| ||||||||||||||||
Mountain Segment Operating Results and Skier Visits | ||||||||||||||||
(In thousands, except Effective Ticket Price) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Percentage |
Nine Months Ended |
Percentage | |||||||||||||
|
Increase |
|
Increase | |||||||||||||
2012 |
2011 |
(Decrease) |
2012 |
2011 |
(Decrease) | |||||||||||
|
||||||||||||||||
Lift tickets |
$ |
188,712 |
$ |
187,341 |
0.7 |
% |
$ |
342,411 |
$ |
342,514 |
(0.0) |
% | ||||
Ski school |
47,040 |
46,522 |
1.1 |
% |
84,292 |
83,818 |
0.6 |
% | ||||||||
Dining |
31,388 |
31,733 |
(1.1) |
% |
61,757 |
62,244 |
(0.8) |
% | ||||||||
Retail/rental |
60,144 |
59,364 |
1.3 |
% |
160,958 |
155,737 |
3.4 |
% | ||||||||
Other |
27,302 |
26,458 |
3.2 |
% |
70,776 |
66,161 |
7.0 |
% | ||||||||
|
$ |
354,586 |
$ |
351,418 |
0.9 |
% |
$ |
720,194 |
$ |
710,474 |
1.4 |
% | ||||
Mountain operating expense: |
||||||||||||||||
Labor and labor-related benefits |
$ |
72,583 |
$ |
74,332 |
(2.4) |
% |
$ |
174,231 |
$ |
171,452 |
1.6 |
% | ||||
Retail cost of sales |
22,633 |
20,001 |
13.2 |
% |
67,590 |
61,641 |
9.7 |
% | ||||||||
Resort related fees |
20,827 |
20,802 |
0.1 |
% |
38,648 |
38,439 |
0.5 |
% | ||||||||
General and administrative |
30,164 |
26,972 |
11.8 |
% |
89,074 |
82,818 |
7.6 |
% | ||||||||
Other |
38,004 |
40,029 |
(5.1) |
% |
108,713 |
102,146 |
6.4 |
% | ||||||||
|
$ |
184,211 |
$ |
182,136 |
1.1 |
% |
$ |
478,256 |
$ |
456,496 |
4.8 |
% | ||||
Mountain equity investment income, net |
336 |
406 |
(17.2) |
% |
944 |
1,324 |
(28.7) |
% | ||||||||
Mountain Reported EBITDA |
$ |
170,711 |
$ |
169,688 |
0.6 |
% |
$ |
242,882 |
$ |
255,302 |
(4.9) |
% | ||||
|
2,505 |
2,752 |
(9.0) |
% |
4,853 |
5,329 |
(8.9) |
% | ||||||||
|
739 |
844 |
(12.4) |
% |
1,289 |
1,662 |
(22.4) |
% | ||||||||
Total skier visits |
3,244 |
3,596 |
(9.8) |
% |
6,142 |
6,991 |
(12.1) |
% | ||||||||
ETP |
$ |
58.17 |
$ |
52.10 |
11.7 |
% |
$ |
55.75 |
$ |
48.99 |
13.8 |
% |
| |||||||||||||||||
Lodging Segment Operating Results | |||||||||||||||||
(In thousands, except ADR and RevPAR) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Percentage Increase (Decrease) |
Percentage Increase (Decrease) | ||||||||||||||||
Three Months Ended |
Nine Months Ended | ||||||||||||||||
|
April 30, | ||||||||||||||||
2012 |
2011 |
2012 |
2011 | ||||||||||||||
Lodging net revenue: |
|||||||||||||||||
Owned hotel rooms |
$ |
10,169 |
$ |
10,291 |
(1.2) |
% |
$ |
30,892 |
$ |
31,232 |
(1.1) |
% | |||||
Managed condominium rooms |
14,921 |
14,773 |
1.0 |
% |
34,061 |
32,950 |
3.4 |
% | |||||||||
Dining |
5,704 |
5,636 |
1.2 |
% |
20,356 |
21,152 |
(3.8) |
% | |||||||||
Transportation |
8,097 |
8,687 |
(6.8) |
% |
16,888 |
18,011 |
(6.2) |
% | |||||||||
Golf |
-- |
-- |
-- |
7,636 |
7,168 |
6.5 |
% | ||||||||||
Other |
9,439 |
10,448 |
(9.7) |
% |
27,149 |
28,420 |
(4.5) |
% | |||||||||
48,330 |
49,835 |
(3.0) |
% |
136,982 |
138,933 |
(1.4) |
% | ||||||||||
Payroll cost reimbursement |
5,642 |
7,642 |
(26.2) |
% |
18,890 |
21,337 |
(11.5) |
% | |||||||||
Total Lodging net revenue |
$ |
53,972 |
$ |
57,477 |
(6.1) |
% |
$ |
155,872 |
$ |
160,270 |
(2.7) |
% | |||||
Lodging operating expense: |
|||||||||||||||||
Labor and labor-related benefits |
$ |
21,059 |
$ |
20,473 |
2.9 |
% |
$ |
64,467 |
$ |
64,084 |
0.6 |
% | |||||
General and administrative |
7,457 |
7,376 |
1.1 |
% |
22,615 |
22,606 |
0.0 |
% | |||||||||
Other |
12,945 |
13,152 |
(1.6) |
% |
43,525 |
40,985 |
6.2 |
% | |||||||||
41,461 |
41,001 |
1.1 |
% |
130,607 |
127,675 |
2.3 |
% | ||||||||||
Reimbursed payroll costs |
5,642 |
7,642 |
(26.2) |
% |
18,890 |
21,337 |
(11.5) |
% | |||||||||
Total Lodging operating expense |
$ |
47,103 |
$ |
48,643 |
(3.2) |
% |
$ |
149,497 |
$ |
149,012 |
0.3 |
% | |||||
Lodging Reported EBITDA |
$ |
6,869 |
$ |
8,834 |
(22.2) |
% |
$ |
6,375 |
$ |
11,258 |
(43.4) |
% | |||||
Owned hotel statistics: |
|||||||||||||||||
ADR |
$ |
232.10 |
$ |
217.67 |
6.6 |
% |
$ |
211.46 |
$ |
198.79 |
6.4 |
% | |||||
RevPAR |
$ |
140.14 |
$ |
142.15 |
(1.4) |
% |
$ |
118.01 |
$ |
122.13 |
(3.4) |
% | |||||
Managed condominium statistics: |
|||||||||||||||||
ADR |
$ |
376.71 |
$ |
347.02 |
8.6 |
% |
$ |
346.77 |
$ |
313.27 |
10.7 |
% | |||||
RevPAR |
$ |
136.41 |
$ |
136.03 |
0.3 |
% |
$ |
95.77 |
$ |
101.20 |
(5.4) |
% | |||||
Owned hotel and managed condominium statistics (combined): |
|||||||||||||||||
ADR |
$ |
321.48 |
$ |
297.19 |
8.2 |
% |
$ |
282.71 |
$ |
259.29 |
9.0 |
% | |||||
RevPAR |
$ |
137.42 |
$ |
137.71 |
(0.2) |
% |
$ |
102.62 |
$ |
107.88 |
(4.9) |
% | |||||
Key Balance Sheet Data | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
As of April 30, | ||||||
2012 |
2011 | |||||
Real estate held for sale and investment |
$ |
248,262 |
$ |
282,162 | ||
Total |
$ |
882,736 |
$ |
885,909 | ||
Long-term debt |
$ |
489,757 |
$ |
490,479 | ||
Long-term debt due within one year |
1,119 |
45,357 | ||||
Total debt |
490,876 |
535,836 | ||||
Less: cash and cash equivalents |
147,110 |
168,596 | ||||
Net Debt |
$ |
343,766 |
$ |
367,240 |
Reconciliation of Non-GAAP Financial Measures
Resort, Mountain and Lodging, and Real Estate Reported EBITDA have been presented herein as measures of the Company's financial operating performance. Reported EBITDA and Net Debt are not measures of financial performance or liquidity under accounting principles generally accepted in
Presented below is a reconciliation of Total Reported EBITDA to net income attributable to
(In thousands) | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||
|
April 30, | |||||||||||
2012 |
2011 |
2012 |
2011 | |||||||||
Mountain Reported EBITDA |
$ |
170,711 |
$ |
169,688 |
$ |
242,882 |
$ |
255,302 |
||||
Lodging Reported EBITDA |
6,869 |
8,834 |
6,375 |
11,258 |
||||||||
Resort Reported EBITDA* |
177,580 |
178,522 |
249,257 |
266,560 |
||||||||
Real Estate Reported EBITDA |
(3,482) |
(5,088) |
(11,695) |
(1,087) |
||||||||
Total Reported EBITDA |
$ |
174,098 |
$ |
173,434 |
$ |
237,562 |
$ |
265,473 |
||||
Depreciation and amortization |
(33,266) |
(30,937) |
(95,245) |
(88,945) |
||||||||
Loss on disposal of fixed assets, net |
(90) |
(35) |
(1,123) |
(343) |
||||||||
Asset impairment charge |
-- |
(2,561) |
-- |
(2,561) |
||||||||
Investment (loss) income |
(18) |
114 |
356 |
578 |
||||||||
Interest expense, net |
(8,443) |
(8,515) |
(25,226) |
(25,110) |
||||||||
Loss on extinguishment of debt |
-- |
(6,615) |
-- |
(6,615) |
||||||||
Income before provision for income taxes |
132,281 |
124,885 |
116,324 |
142,477 |
||||||||
Provision for income taxes |
(52,753) |
(48,045)
|
(46,108) |
(54,140) |
||||||||
Net income |
$ |
79,528 |
$ |
76,840 |
$ |
70,216 |
$ |
88,337 |
||||
Net loss attributable to noncontrolling interests |
41 |
27 |
34 |
58 |
||||||||
Net income attributable to |
$ |
79,569 |
$ |
76,867 |
$ |
70,250 |
$ |
88,395 |
||||
* Resort represents the sum of Mountain and Lodging |
Presented below is a reconciliation of Total Reported EBITDA to net income attributable to
(In thousands) | |||
(Unaudited) | |||
Twelve Months Ended | |||
| |||
Mountain Reported EBITDA |
$ |
200,747 | |
Lodging Reported EBITDA |
3,872 | ||
Resort Reported EBITDA* |
204,619 | ||
Real Estate Reported EBITDA |
(15,643) | ||
Total Reported EBITDA |
188,976 | ||
Depreciation and amortization |
(124,257) | ||
Loss on disposal of fixed assets, net |
(1,335) | ||
Investment income |
497 | ||
Interest expense, net |
(33,757) | ||
Loss on extinguishment of debt |
(757) | ||
Income before provision for income taxes |
29,367 | ||
Provision for income taxes |
(13,066) | ||
Net income |
$ |
16,301 | |
Net loss attributable to noncontrolling interests |
43 | ||
Net income attributable to |
$ |
16,344 | |
* Resort represents the sum of Mountain and Lodging |
The following table reconciles Net Debt to long-term debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended
April 30, |
||||||
2012 |
||||||
Long-term debt |
$ |
489,757 |
||||
Long-term debt due within one year |
1,119 |
|||||
Total debt |
490,876 |
|||||
Less: cash and cash equivalents |
147,110 |
|||||
Net Debt |
$ |
343,766 |
||||
Net Debt to Total Reported EBITDA |
1.8x |
SOURCE
News Provided by Acquire Media