Vail Resorts, Inc. (NYSE: MTN) declared fourth-quarter and full-year financial figures before Friday’s opening bell.
The company, based in Broomfield, Colorado, pointed to net income attributable to Vail Resorts of $379.9 million for fiscal 2018, an increase of 80.4% compared to fiscal 2017, which was positively impacted by tax benefits as described in the operating results highlights below.
Resort Reported EBITDA was $616.6 million for fiscal 2018, an increase of 3.9% compared to fiscal 2017. Fiscal 2018 Resort Reported EBITDA includes $10.2 million of acquisition and integration related expenses and $2.6 million of additional payroll taxes related to the CEO's exercise of Stock Appreciation Rights.
Vail also reported season pass sales through September 23, 2018 for the upcoming 2018/2019 North American ski season increased approximately 25% in units and 15% in sales dollars as compared to the period in the prior year through September 24, 2017, including all military pass products in both periods.
CEO Rob Katz said, "We are very pleased to complete fiscal 2018 with Resort Reported EBITDA growth from the prior year, despite the very challenging conditions in the western U.S. this past winter. This year's results highlight the positive impact of our expanding geographic diversification, the stability provided by our growing season pass program and the success of our guest-focused marketing efforts.
“Our western U.S. destination resorts experienced modest visitation declines compared to the prior year due to the historically poor conditions, particularly for the first half of the season. However, revenue at our western U.S. resorts was in line with prior-year performance due to season pass sales and yield growth.”
Shares tumbled $5.03, or 1.8%, to $281.10
