Vail Resorts, Inc. reported certain ski season metrics for the comparative periods from the beginning of the ski season through Sunday, April 18, 2010, and for the prior year period through Sunday, April 19, 2009, which includes interim period data and is subject to fiscal third quarter end review and adjustments.
Highlights
Season to date total lift ticket revenue through April 18, 2010, including an allocated portion of season pass revenue for each applicable period, increased approximately 4.6% compared to the prior year season to date period ended April 19, 2009.
Commenting on the ski season metrics season to date, Rob Katz, Chief Executive Officer said, “We are very pleased to see continued improvement, as expected, in our ski season to date metrics including a strengthening of our destination visitation and guest spending patterns especially during this year’s spring break and Easter holiday periods.
Katz continued, “Additionally, we have recently reinstated some of the prior year’s wage and benefit reductions, with a 2% interim wage increase for year-round employees effective April 1, 2010 and seasonal employees seeing the increase when returning for the upcoming 2010/2011 ski season, along with a partial reinstatement of the Company match component of its 401(k) program, also effective April 1, 2010. Last year we asked our employees to share in the burden of reducing our costs in light of the reduced revenues arising from the economic environment primarily through wage reductions and deferral of the 401(k) Company match, in an effort to preserve our labor force and continue to drive the guest experience. With our business improving, we wanted to immediately begin to restore some of these reductions to our employees, with further potential restorations to be reviewed again in the upcoming fiscal year.”