Peak Resorts (SKIS) Misses Q3 EPS by 12c
Peak Resorts (NASDAQ: SKIS) reported Q3 EPS of $0.54, $0.12 worse than the analyst estimate of $0.66. Revenue for the quarter came in at $45.99 million versus the consensus estimate of $49.2 million.
Timothy D. Boyd, Peak Resorts' president and chief executive officer, commented, "Despite a slow start to the ski season at our Midwest resorts, third-quarter EBITDA rose $1.5 million to $16.9 million. Our board and management view EBITDA as the primary measure of the success of our strategic plan, as it captures both the value of our actions to improve resort operating performance and our ability to generate strong cash flows to finance further growth."
"The strong EBITDA gain for the third quarter reflected the healthy 10 percent increase in skier visits at our Northeastern resorts, although visits at our Midwest resorts for the third quarter were down 21 percent because of the slow start in that region. We expect EBITDA will remain strong in the fourth quarter even though the extreme cold in February resulted in fewer skier visits across the portfolio for that month compared with last year. Ten resorts remain open as we approach mid-March and conditions at those properties currently are excellent."
Boyd added, "On many fronts, our fiscal 2015 results are reflecting anticipated progress on key operating initiatives. For example, we have been able to increase pricing for lift tickets and season passes by an average of 5 percent. Infrastructure investments made in recent years, in particular new snowmaking technology, are improving the skiing experience and reducing our resort operating expenses. We are excited to be implementing our roadmap for growth, which calls for a mix of organic growth, resort development and acquisitions."
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