Peak Resorts (SKIS) Tops Q2 EPS by 2c
Peak Resorts (NASDAQ: SKIS) reported Q2 EPS of ($0.49), $0.02 better than the analyst estimate of ($0.51). Revenue for the quarter came in at $6.16 million versus the consensus estimate of $6.33 million.
Timothy D. Boyd, president and chief executive officer, commented, "Although our second quarter ends before the start of ski season, in more recent weeks, our Big Boulder, Mount Snow and Wildcat resorts opened for the 2015-2016 season. In addition, we announced our first acquisition as a public company on November 30. Our roadmap for growth calls for a mix of organic growth, resort development and acquisitions. This transaction hopefully represents the first in a series of value-add transactions over the coming years.
"Over the past few weeks, we have been moving forward with the final steps required to complete the purchase of Hunter Mountain for cash consideration of $35 million plus the assumption of two capital leases estimated at approximately $1.8 million. The Catskills' premier winter resort destination, Hunter Mountain generates approximately $27 million (unaudited) in annual revenue. The purchase price will be slightly more than six times Hunter Mountain's adjusted EBITDA, which is estimated at approximately $6 million (unaudited) for its fiscal year ended April 30, 2015."
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