Vail Resorts managed to swing back to profitability for the fiscal 2005 year thanks to across the board increases in revenues and profitable fiscal years at all of Vails five mountain resorts. Total fiscal year revenues climbed 11.5% to $810.0 million. Net income was $23.1 million, or 64 cents per diluted share, compared to a net loss of $6.0 million, or a loss of 17 cents per diluted share, for the same period last year.
The Resort operating segment, which essentially accounts for all revenues except for real estate sales, saw revenues increase to 8.2%, to $737.2 million, and Resort expense increase 6.4% to $569.4 million. The Mountain operating segment, which accounts for all ski and mountain-activity related revenues, reported revenue for the fiscal year increased 8.0% to $540.9 million. The jump in revenues was partially due to a 10.0% increase in lift ticket revenues to $233.5 million. This increase was driven by a 5% increase in ASP and a 5% increase in the number of lift tickets sold. Ski school revenues were up 9.2%.
Total skier visits at MTNs five resorts increased 5.4% to 5.9 million with a double-digit increase at Heavenly and a high-single-digit gain at Keystone. Vail lagged behind the other resorts with a modest 0.8% increase.
Early indications for fiscal 2006 are positive, including dollar sales of season passes at Vails resorts in Colorado for the upcoming ski season are currently up 22% and hotel bookings at Vails owned and managed Colorado hotels are up 2%.
