UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of
report (Date of earliest event reported): July 16, 2008
Vail Resorts,
Inc.
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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001-09614
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51-0291762
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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390
Interlocken Crescent, Suite 1000
Broomfield,
Colorado
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80021
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
telephone number, including area code:
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(303)
404-1800
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(Former
Name or Former Address, if Changed Since Last Report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
8.01. Other Events.
On July
16, 2008, the Board of Directors of Vail Resorts, Inc. (the “Company”) approved
an increase in the number of authorized shares in the Company’s common stock
repurchase program.
A copy of
the press release announcing the increase in the common stock repurchase program
is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
A list of
exhibits filed herewith is contained on the Exhibit Index which immediately
precedes such exhibits and is incorporated herein by reference.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Vail
Resorts, Inc.
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Date:
July 17, 2008
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By:
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/s/
Jeffrey W. Jones
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Jeffrey
W. Jones
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Senior
Executive Vice President and
Chief
Financial Officer
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EXHIBIT
INDEX
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Exhibit No.
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Description
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99.1
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Press
Release, dated July 16, 2008.
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Exhibit
99.1
Vail
Resorts
News
Release
For
Immediate Release
Media: Kelly
Ladyga, (303) 404-1862, kladyga@vailresorts.com
Investor
Relations: Jeff Jones, CFO, (303) 404-1802,
jwjones@vailresorts.com
Vail Resorts Announces
Increase to Share Repurchase Program
BROOMFIELD,
Colo.—July 16, 2008—Vail Resorts, Inc. (NYSE: MTN) announced today that its
Board of Directors has increased the Company’s common stock repurchase
authorization by three million shares.
Shares of
common stock purchased pursuant to the repurchase program will be held as
treasury shares and may be used for the issuance of shares under the Company’s
employee stock plans. Acquisitions under the share repurchase program will be
made from time to time at prevailing prices as permitted by applicable laws, and
subject to market conditions and other factors. The Company is under no
obligation to purchase any shares under the stock repurchase program and the
timing as well as the number of shares that may be repurchased under the program
will depend on a number of factors including the Company’s future financial
performance, the Company’s available cash resources and competing uses for cash
that may arise in the future, the restrictions in the Company’s credit
agreements and in the indenture governing the Company’s Senior Subordinated
Notes due 2014, prevailing prices of the Company’s common stock, and the number
of shares that become available for sale at prices that the Company believes are
attractive. The stock repurchase program may be discontinued at any
time.
The
additional share authorization announced today increasing the program by three
million shares together with 284,218 shares remaining under the previous share
repurchase program approved by the Company’s Board of Directors on March 9,
2006, equates to 3,284,218 shares currently authorized for repurchase. Since its
fiscal year 2008 third quarter earnings announcement on June 5, 2008, the
Company has repurchased 1,209,549 shares at an average price of $39.40, under
its previously approved program.
“Our
Board took this action based upon our Company’s continued strong financial
condition and it reflects the Board’s confidence in Vail Resorts’ growth
potential,” said Robert Katz, chief executive officer of Vail
Resorts.
About Vail
Resorts
Vail
Resorts, Inc. is the leading mountain resort operator in the United States. The
Company's subsidiaries operate the mountain resort properties of Vail, Beaver
Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly Ski
Resort in the Lake Tahoe area of California and Nevada, and the Grand Teton
Lodge Company in Jackson Hole, Wyo. The Company's subsidiary, RockResorts, a
luxury resort hotel company, manages casually elegant properties across the
United States and the Caribbean. Vail Resorts Development Company is the real
estate planning, development and construction subsidiary of Vail Resorts, Inc.
Vail Resorts is a publicly held company traded on the New York Stock Exchange
(NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and
consumer website is www.snow.com.