Peak Resorts (SKIS) Tops Q1 EPS by 3c; Sees Strong Upcoming Season Pass Results
Peak Resorts (NASDAQ: SKIS) reported Q1 EPS of ($0.56), $0.03 better than the analyst estimate of ($0.59). Revenue for the quarter came in at $7.1 million versus the consensus estimate of $8.12 million.
The next deadline for 2016/2017 season pass sales occurs in mid-October; management expects season pass sales to continue to be strong, especially the new, multi-resort Peak Pass product.
Timothy D. Boyd, president and chief executive officer, commented, “During the first quarter, we made substantial progress in our strategic plan for the long-term, financial stability of Peak Resorts, which includes a purposeful effort to strengthen our balance sheet and capital structure. On August 22, we were pleased to announce our agreement with CAP 1 LLC (an affiliate of Summer Road) for a $20 million cumulative convertible preferred stock offering. We believe that, with the proceeds of this transaction, we will be on more solid financial footing and be well-positioned to grow the geographic footprint of our ski resort portfolio, as well as our overall market share in the regions that we serve.
Boyd added, “Summer is routinely our slowest season, and as the weather normalized over the past couple of months, our summer operations performed in line with expectations. Our various resorts hosted a robust schedule of events, including music festivals and art shows, as well as an array of family-friendly outdoor activities like zip-lines.
“We look forward to the upcoming ski season, which will include a full season with both Hunter Mountain and our new lodge at Mad River,” continued Boyd. “Further, we expect the sales of our season passes to continue to be strong during the remainder of the selling season through December.”
For earnings history and earnings-related data on Peak Resorts (SKIS) click here.