Delaware
|
001-09614
|
51-0291762
|
||
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
||
390
Interlocken Crescent, Suite 1000
Broomfield,
Colorado
|
80021
|
|||
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|||
Registrant's
telephone number, including area code:
|
(303)
404-1800
|
(Former
Name or Former Address, if Changed Since Last Report)
|
|
Vail
Resorts, Inc.
|
|
Date:
December 10, 2007
|
By:
|
/s/
Jeffrey W. Jones
|
|
|
Jeffrey
W. Jones
|
|
|
Senior
Executive Vice President and
Chief
Financial Officer
|
Exhibit
No.
|
Description
|
99.1
|
Press
Release, dated December 10, 2007, announcing fiscal 2008 first
quarter results.
|
l
|
Improved
pre-tax loss, in the seasonally low first quarter, by $18.0 million,
or
30.7%, due primarily to the previously announced Cheeca
settlement.
|
l
|
Real
Estate Reported EBITDA increased $4.3 million, or over
500%.
|
Vail
Resorts, Inc.
|
|||||||||
Consolidated
Condensed Statements of Operations
|
|||||||||
(In
thousands, except per share amounts)
|
|||||||||
(Unaudited)
|
|||||||||
Three
Months Ended
|
|||||||||
October
31,
|
|||||||||
2007
|
2006
|
||||||||
Net
revenue:
|
|||||||||
Mountain
|
$
|
42,536
|
$
|
46,164
|
|||||
Lodging
|
43,317
|
40,408
|
|||||||
Real
estate
|
12,034
|
26,922
|
|||||||
Total
net revenue
|
97,887
|
113,494
|
|||||||
Operating
expense:
|
|||||||||
Mountain
|
80,947
|
79,487
|
|||||||
Lodging
|
41,236
|
36,349
|
|||||||
Real
estate
|
6,913
|
26,118
|
|||||||
Total
segment operating expense
|
129,096
|
141,954
|
|||||||
Other
operating expense:
|
|||||||||
Depreciation
and amortization
|
(20,761
|
)
|
(21,585
|
)
|
|||||
Relocation
and separation charges
|
--
|
(735
|
)
|
||||||
Loss
on disposal of fixed assets, net
|
(234
|
)
|
(81
|
)
|
|||||
Loss
from operations
|
(52,204
|
)
|
(50,861
|
)
|
|||||
Mountain
equity investment income, net
|
1,969
|
835
|
|||||||
Investment
income
|
3,218
|
2,063
|
|||||||
Interest
expense, net
|
(7,644
|
)
|
(8,936
|
)
|
|||||
Contract
dispute credit (charges), net
|
11,920
|
(3,605
|
)
|
||||||
Minority
interest in loss of consolidated subsidiaries, net
|
2,063
|
1,790
|
|||||||
Loss
before benefit from income taxes
|
(40,678
|
)
|
(58,714
|
)
|
|||||
Benefit
from income taxes
|
16,068
|
22,899
|
|||||||
Net
loss
|
$
|
(24,610
|
)
|
$
|
(35,815
|
)
|
|||
Per
share amounts:
|
|||||||||
Basic
net loss per share
|
$
|
(0.63
|
)
|
$
|
(0.93
|
)
|
|||
Diluted
net loss per share
|
$
|
(0.63
|
)
|
$
|
(0.93
|
)
|
|||
Other
Data:
|
|||||||||
Mountain
Reported EBITDA
|
$
|
(36,442
|
)
|
$
|
(32,488
|
)
|
|||
Mountain
Reported EBITDA excluding stock-based compensation
|
$
|
(35,298
|
)
|
$
|
(31,468
|
)
|
|||
Lodging
Reported EBITDA
|
$
|
2,081
|
$
|
4,059
|
|||||
Lodging
Reported EBITDA excluding stock-based compensation
|
$
|
2,342
|
$
|
4,392
|
|||||
Resort
Reported EBITDA
|
$
|
(34,361
|
)
|
$
|
(28,429
|
)
|
|||
Resort
Reported EBITDA excluding stock-based compensation
|
$
|
(32,956
|
)
|
$
|
(27,076
|
)
|
|||
Real
Estate Reported EBITDA
|
$
|
5,121
|
$
|
804
|
|||||
Real
Estate Reported EBITDA excluding stock-based compensation
|
$
|
5,689
|
$
|
1,412
|
Vail
Resorts, Inc.
|
|||||||||
Resort
Revenue by Business Line
|
|||||||||
(In
thousands)
|
|||||||||
(Unaudited)
|
|||||||||
Three
Months Ended
|
Percentage
|
||||||||
October
31,
|
Increase
|
||||||||
2007
|
2006
|
(Decrease)
|
|||||||
Lift
tickets
|
$
|
--
|
$
|
--
|
--
|
%
|
|||
Ski
school
|
--
|
--
|
--
|
%
|
|||||
Dining
|
4,762
|
3,887
|
22.5
|
%
|
|||||
Retail/rental
|
23,540
|
24,518
|
(4.0
|
)
|
%
|
||||
Other
|
14,234
|
17,759
|
(19.8
|
)
|
%
|
||||
Total
Mountain net revenue
|
42,536
|
46,164
|
(7.9
|
)
|
%
|
||||
Total
Lodging net revenue
|
43,317
|
40,408
|
7.2
|
%
|
|||||
Total
Resort net revenue
|
$
|
85,853
|
$
|
86,572
|
(0.8
|
)
|
%
|
||
Key
Balance Sheet Data
|
|||||||
(In
thousands)
|
|||||||
(Unaudited)
|
|||||||
As
of October 31,
|
|||||||
2007
|
2006
|
||||||
Real
estate held for sale and investment
|
$
|
415,411
|
$
|
301,871
|
|||
Total
stockholders' equity
|
681,372
|
604,304
|
|||||
Long-term
debt
|
534,527
|
542,990
|
|||||
Long-term
debt due within one year
|
76,944
|
430
|
|||||
Total
debt
|
611,471
|
543,420
|
|||||
Less:
cash and cash equivalents
|
166,044
|
117,311
|
|||||
Net
debt
|
$
|
445,427
|
$
|
426,109
|
(In
thousands)
|
||||||||||
Three
Months Ended
|
||||||||||
October
31,
|
||||||||||
(Unaudited)
|
||||||||||
2007
|
2006
|
|||||||||
Mountain
revenue, net
|
$
|
42,536
|
$
|
46,164
|
||||||
Mountain
operating expense excluding stock-based compensation
|
(79,803
|
)
|
(78,467
|
)
|
||||||
Mountain
equity investment income, net
|
1,969
|
835
|
||||||||
Mountain
Reported EBITDA excluding stock-based compensation
|
(35,298
|
)
|
(31,468
|
)
|
||||||
Mountain
stock-based compensation
|
(1,144
|
)
|
(1,020
|
)
|
||||||
Mountain
Reported EBITDA
|
(36,442
|
)
|
(32,488
|
)
|
||||||
Lodging
revenue, net
|
43,317
|
40,408
|
||||||||
Lodging
operating expense excluding stock-based compensation
|
(40,975
|
)
|
(36,016
|
)
|
||||||
Lodging
Reported EBITDA excluding stock-based compensation
|
2,342
|
4,392
|
||||||||
Lodging
stock-based compensation
|
(261
|
)
|
(333
|
)
|
||||||
Lodging
Reported EBITDA
|
2,081
|
4,059
|
||||||||
Resort
Reported EBITDA excluding stock-based compensation*
|
(32,956
|
)
|
(27,076
|
)
|
||||||
Resort
Reported EBITDA*
|
(34,361
|
)
|
(28,429
|
)
|
||||||
Real
Estate revenue, net
|
12,034
|
26,922
|
||||||||
Real
Estate operating expense excluding stock-based
compensation
|
(6,345
|
)
|
(25,510
|
)
|
||||||
Real
Estate Reported EBITDA excluding stock-based compensation
|
5,689
|
1,412
|
||||||||
Real
Estate stock-based compensation
|
(568
|
)
|
(608
|
)
|
||||||
Real
Estate Reported EBITDA
|
5,121
|
804
|
||||||||
Total
Reported EBITDA
|
(29,240
|
)
|
(27,625
|
)
|
||||||
Depreciation
and amortization
|
(20,761
|
)
|
(21,585
|
)
|
||||||
Relocation
and separation charges
|
--
|
(735
|
)
|
|||||||
Loss
on disposal of fixed assets, net
|
(234
|
)
|
(81
|
)
|
||||||
Investment
income
|
3,218
|
2,063
|
||||||||
Interest
expense, net
|
(7,644
|
)
|
(8,936
|
)
|
||||||
Contract
dispute credit (charges), net
|
11,920
|
(3,605
|
)
|
|||||||
Minority
interest in loss of consolidated subsidiaries, net
|
2,063
|
1,790
|
||||||||
Loss
before benefit from income taxes
|
(40,678
|
)
|
(58,714
|
)
|
||||||
Benefit
from income taxes
|
16,068
|
22,899
|
||||||||
Net
loss
|
$
|
(24,610
|
)
|
$
|
(35,815
|
)
|
Three
Months Ended
|
|||||||||
October
31,
|
|||||||||
(Unaudited)
|
|||||||||
(In
thousands, except per share amounts)
|
2007
|
2006
|
|||||||
Net
loss excluding stock-based compensation
|
$
|
(23,385
|
)
|
$
|
(34,591
|
)
|
|||
Stock-based
compensation expense, before benefit from income taxes
|
(1,973
|
)
|
(1,961
|
)
|
|||||
Adjustment
for benefit from income taxes
|
748
|
737
|
|||||||
Net
loss
|
$
|
(24,610
|
)
|
$
|
(35,815
|
)
|
|||
Diluted
net loss per share excluding stock-based compensation
|
$
|
(0.60
|
)
|
$
|
(0.89
|
)
|
|||
Stock-based
compensation expense per diluted common share, before
benefit
|
|||||||||
from
income taxes
|
(0.05
|
)
|
(0.05
|
)
|
|||||
Adjustment
for benefit from income taxes, per diluted common share
|
0.02
|
0.02
|
|||||||
Diluted
net loss per share
|
$
|
(0.63
|
)
|
$
|
(0.93
|
)
|