Intrawest reports more skier visits, drop in net loss in latest earnings report
Steamboat Springs — The parent company of Steamboat Ski Area ended 2014 with a boost in skier visits and revenue despite a lack of snow at some resorts outside of Colorado.
Intrawest also significantly cut its net loss in the second fiscal quarter that ended Dec. 31.
The company’s net loss was $31.1 million, down from $122.2 million during the same quarter in 2013. Revenue in the quarter increased from $102.1 million in 2013 to $120.8 million last year.
Meanwhile, overall skier visits at all of Intrawest’s resorts excluding Blue Mountain in Canada were up 2.2 percent.
With Blue Mountain included, visits were up 15.7 percent.
“Overall, we are pleased with our fiscal second quarter results. We enjoyed a strong opening in Colorado and achieved revenue and skier visit growth despite some challenging early season weather and conditions in the East,” Intrawest CEO Tom Marano said in a statement. “Our same store Mountain revenue and skier visit growth was largely due to our successful season pass and pricing strategies.”
The earnings report was the first from Marano, a mortgage industry veteran who recently replaced Bill Jensen as CEO.
Not all of the latest financial results were positive.
The Associated Press reported Intrawest’s loss of 69 cents per share fell short of Wall Street’s expectations. The AP said analysts expected a lower loss of 65 cents per share.
Marano also discussed challenging weather conditions in the eastern United States that resulted in Intrawest’s resorts there offering less than 60 percent of their terrain going into the Christmas holiday.
But Marano had several positive trends to share.
The quarterly earnings report included increases in ski school revenue and a bump in food and beverage spending per skier visit that Marano partly attributed to the new Lunch Rock restaurant at Winter Park and the Four Points Lodge in Steamboat.
Intrawest also reported a 16.5 percent increase in season pass and frequency card sales through Feb. 1.
On a conference call Friday to discuss the earnings, Marano reflected on his first months at the company.
He said he has spent his inaugural months touring Intrawest’s resorts.
“This process has been incredibly informative and has left me even more enthusiastic about Intrawest’s prospects than I was when I accepted the position as CEO,” Marano said.
He said he noticed many guests he talked to weren’t familiar with any of Intrawest’s other resorts.
“This is a huge opportunity for us and plays into our strategy to better cross-market our resorts in part through multi-resort season passes,” Marano said.
In addition to Steamboat Springs and Winter Park, Intrawest’s resorts include Snowshoe Mountain in West Virginia, Stratton in Vermont and Tremblant and Blue Mountain in Canada.
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