Peak Resorts Inc. slightly widened its loss in the fiscal second quarter, to $8 million from $6.9 million a year ago. Revenues improved 37.7 percent to $8.5 million.
Timothy D. Boyd, president and chief executive officer, commented, “The company’s overall financial performance year to date is in line with our expectations, as the summer and fall seasons at our resorts are traditionally the time when we are gearing up for the winter ski season and only a handful of our resorts have regular off-season activities such as the zip line at Attitash or other seasonal outdoor events.
“We are very pleased with the recently announced successful completion of our $20 million cumulative convertible preferred stock private placement with CAP 1 LLC, an affiliate of Summer Road LLC, which closed subsequent to the quarter. This action significantly strengthens our balance sheet and provides funding for continued growth and general corporate purposes as we continue to anticipate the release of funds related to our United States Citizenship and Immigration Services EB-5 program at Mount Snow.”
Continued Boyd, “As we finalize preparations for the ski season we are very excited to report that, as of last weekend, four of our resorts were open including Mount Snow, Hunter Mountain, Wildcat and Big Boulder. The 2016/2017 ski season also marks the first full season with Hunter Mountain and the new multi-resort Peak Pass as parts of our portfolio. Offering our customers new resort properties, amenities and products that will enhance their skiing experience are continued areas of focus for our organization.”
