Whistler Blackcomb Holdings Inc. reported revenue increased 2 percent to $50.3 million on flat ski visits thanks to continued growth in effective ticket price (“ETP”) and spend per guest in the three months ended Dec. 31, 2012. Total season pass and frequency card sales for the period reached a record $36.6 million, up 6 percent over the same period a year earlier.



The company also reported strong holiday period visitation (see below) with skier visit growth of 5 percent to 309,484. It ended the quarter with cash and cash equivalents of $56.3 million, up 27 percent from a year earlier.


Our business continued to show strength through our first quarter and I am pleased with our performance, said Dave Brownlie , president and CEO of the company. Skier visits met our expectations for the quarter and we have seen continued growth in ETP and revenue per visit. Our strong cash position has allowed us to announce the investment of approximately $18 million in strategic growth capital initiatives and I am confident that the new high speed detachable Harmony Six and Crystal-Zone Quad chairlifts will contribute to our growth in 2013-14 and subsequent years.”

Skier visits for the period were 461,000, which are comparable to the same period in the prior year.  ETP for the period was $49.22 per skier visit, an increase of $1.20, or 2.5 percent, over the same period in the prior year.



Notably, visits for the current year’s holiday period (Dec. 22, 2012-Jan. 6, 2013)  increased by 5 percent to 309,484 compared to the two-week holiday period in the prior year (Dec. 18, 2011-Jan, 2, 2013).

Operating expenses for the period increased by $1.7 million to $32.7 million compared to the same period in the prior year as a result of increased labour and benefits costs and timing of certain expenditures in the current year compared to the prior year. Selling, general and administrative expenses of $7.4 million were similar to those of the prior year.


EBITDA for the period was $10.2 million, a decrease of $426,000, or 4 percent, over the same period in the prior year. Net loss per common share for the period was $0.07 (basic and diluted) compared to net loss per common share of $0.05 (basic and diluted) in the same period on the prior year.



With more than half of the 2012-13 ski season remaining, skier visits to Jan. 27, 2013 were 852,248, an increase of 1 percent, or 8,141 over the same period in the prior year.


Management estimates that from Nov. 17, 2012 to Jan. 27, 2013 , total skier visits were comprised of 70 percent from local and regional guests and 30 percent from destination guests compared to 64 percent and 36 percent, respectively, for the same period in the prior year.


On Jan. 18, 2013 , the company announced an $18 million investment in two new lifts at Whistler Blackcomb which are expected to open for the 2013-14 ski season. The investment will result in the replacement of the Harmony high-speed quad chairlift with a new high-speed, detachable, six-pack chairlift capable of transporting six people on each chair. In addition, Blackcomb Mountain will see a lift enhancement with a high-speed quad chairlift going into a new area in the Crystal Zone , currently accessed by a fixed-grip triple chair.

 

Whistler Blackcomb Holdings Inc. owns a 75 percent interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which operate  the four-season mountain resort business in the Resort Municipality of Whistler, British Columbia. The resorts , which were the official alpine skiing venue for the 2010 Olympic Winter Games, are  located approximately 78 miles from Vancouver, British Columbia.


WHISTLER BLACKCOMB HOLDINGS INC.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands, except per share amounts)































































































































































































































Three months Three months
ended ended
December 31 , December 31 ,
2012 2011
Revenue $ 50,281 $ 49,133
Operating expenses 32,670 31,009
Depreciation and amortization 10,646 9,533
Selling, general and administrative 7,358 7,393
50,674 47,935
Earnings from operations (393) 1,198
Disposal gains (losses) (11) (63)
Finance expense, net (4,251) (4,586)
Net loss before income tax (4,655) (3,451)
Income tax benefit 942 656
Net loss and comprehensive loss $ (3,713) $ (2,795)
Net loss and comprehensive loss:
Attributable to Whistler Blackcomb Holdings Inc. shareholders $ (2,585) $ (2,035)
Attributable to non-controlling interest (1,128) (760)
$ (3,713) $ (2,795)
Earnings per share
Basic $ (0.07) $ (0.05)
Diluted $ (0.07) $ (0.05)