Peak Resorts, Inc., which operates a dozen small ski resorts in Midwest, Northeast and Southeast markets, said it expects to raise $75 million in its initial public offering, according to an amended S1 filed with the Securities & Exchange Commission.
The Missouri company said it will use the proceeds to pay down money borrowed to develop its Mount Snow, Attitash, Jack Frost and Big Boulder ski areas and for working capital and general corporate purposes. The company said it expects to pay its initial quarterly dividend in November.
Peak Resorts reported revenues of $97.6 million in the year ended April 30, 2011, up 8.6 percent from $89.8 million in fiscal 2010. The company reported a net loss of $4.0 million for the most recent fiscal year compared to net income of $2.8 million.
The company’s resorts include Attitash, Boston Mills/Brandy Wine, Crotched Mountain, Hidden Valley, Jack Forst/Big Boulder, Mad River, Mount Snow, Paoli Peaks, Snow
Creek and Wildcat. These resorts hosted approximately 1.8 million skier visits in the 20010/2011 ski season, up from 1.7 million in the 2009/2010 ski season. Through development and acquisitions, it has grown revenues approximately 305% from fiscal 2006 to fiscal 2011.
