August 28, 2014
The Colorado-based owner of the Heavenly Ski Resort at Lake Tahoe is reporting a 34.2 percent increase in net income for the fiscal year, despite a net loss of 34.3 million dollars in the fourth quarter.
Vail Resorts says net income for the full year was 61.4 million dollars, or $1.56 per share.
That compares with a profit of 45.8 million dollars, or $1.19 per share, for the previous year.
Vail Resorts Chief Executive Officer Robert Katz says the fourth-quarter loss was in line with expectations.
He says the full-year results were boosted by increases in destination visits, ticket prices and season pass revenue, along with corresponding increases in revenue from ski schools, dining, retail and lodging.
In addition to Heavenly, Vail Resorts owns and operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado and Grand Teton Lodge Co. near Jackson, Wyo.