Whistler Blackcomb Holdings Inc. reported that growth from key destination markets resulted in a 20.4 percent increase in destination skier visits for the 2011-12 ski season and drove increases in all key metrics including: revenue, EBITDA, effective ticket price (“ETP”) and skier visits.
All major categories of resort revenue increased during the periods as a result of increased destination visitors, who typically have higher expenditure than regional guests. Total pass and card sales for the 2011-12 ski season reached CAN$43.3 million which represents a 9.5 percent increase over total pass and card sales for the 2010-11 season.
Skier visits up 5 percent for 2011-12 season
Skier visits were 332,000 and 2.131 million for the three and nine months ended June 30, 2012, respectively. This represents a decrease of 14,000, or (4.2 percent), and an increase of 101,000, or 5 percent, respectively, over the same periods in the prior year. Management estimates that the increases were driven entirely by destination visits.
EBITDA increased by 66.9 percent and 14.7 percent to CAN$4.9 million and CAN$85.0 million in the three and nine months ended June 30, 2012, respectively.
The increase in EBITDA was driven by the increase in revenues net of an increase in operating expenses and selling, general and administrative expenses, which were required to support the increase in revenues.
Net earnings up 30.7 percent for first nine months
Net loss before tax decreased by CAN$3.4 million, or 27.4 percent, and net earnings before tax increased by CAN$10.1 million, or 30.7 percent, in the three and nine months ended June 30, 2012 over the same periods in the prior year, respectively.
Net loss per common share (basic and diluted) was CAN$0.14 for the three months ended June 30, 2012 compared to net loss per common share (basic and diluted) of CAN$0.19 in the three months ended June 30, 2011.
Net earnings per common share (basic and diluted) was 62 cents (CAN) in the nine months ended June 30, 2012 compared to 94 cents (CAN) in the period from Nov. 9, 2010 to June 30, 2011. The net change in net earnings per common share is substantially due to higher non-cash deferred income tax expense in the current year compared to the period ended June 30, 2011, primarily due to timing of recording deferred income tax benefit and expense in the prior year.
Additionally, the Partnerships' net loss of CAN$8.5 million from Oct. 1, 2010 to Nov. 8, 2010, prior to its acquisition by the corporation on Nov. 9, 2010, is not included in the corporation's net earnings from Nov. 9, 2010 to June 30, 2011.
Spring season pass sales up 7.5 percent
Spring season pass and frequency card sales for the 2012-13 season, which were completed in May 2012, totaled CAN$11.1 million, which represents a 7.5 percent increase over the same period in the prior year. The increase is due to an increase in both the number of units sold and price per unit. Notably spring season pass and frequency card sales have increased by 29.5 percent since the spring 2010 campaign.