Whistler Blackcomb Holdings Inc. reported revenue rose 6.9 percent to $27.4 million in the fourth quarter ended Sept. 30 on the strength or record summer visitation. The company, which holds a 75 percent stake in the entities that operate the Whistler Blackcomb resort in British Columbia, also said that as of Dec. 2, season pass sales and bookings for lodging were running 4 and 5 percent ahead of their levels last year.
Net loss attributable to shareholders decreased by $14.5 million, or 64.6 percent, to $8.0 million during the quarter. Net loss per common share (basic and diluted) was 21 cents, compared to 59 cents in the same period in the prior year. The change in net loss per common share is primarily due to quarterly differences in the timing of non-cash deferred income tax expense in the prior year.
The company said summer visits increased by 8.1 percent to a 375,000 as a result of strong destination visitation, particularly from outside of North America. EBITDA reached $168,000.
For the full year ended Sept. 30, total visits increased by 5.3 percent to 2.647 million thanks to a 20 percent increase in destination skier visits and record summer visitation. EBITDA grew by 15.1 percent to $85.2 million. Net earnings attributable to shareholders were $15.7 million, an increase of $2.5 million, or 19.1 percent over the net earnings for partial year period from Nov. 9, 2010 to Sept. 30, 2011. The company ended the year with cash and cash equivalents of $43.6 million, up 45.3 percent from a year earlier.
“Our solid fourth quarter benefited from increased visitation, which contributed to strong financial results for fiscal 2012,” said Dave Brownlie, president and CEO of Whistler Blackcomb Holdings Inc. “We have now completed two years as a publicly listed company and we have demonstrated success in driving increased destination skier visits and record season pass and frequency card sales. We began our 2012-13 ski season five days early on November 17 as a result of excellent snowmaking conditions and since then we have received more than 12 feet of natural snow. I am confident that we are well positioned for the season ahead.”
The company said season pass and frequency card sales for the 2012-13 season, as of Dec. 2, are 4 percent ahead of the same time in the prior year and 12 percent ahead of the same time in fiscal 2011. Hotel bookings in Whistler's accommodation sector as of December 2, 2012, are 5 percent ahead of same time in the prior year. This growth is being driven by increased bookings from January to March.
