OREANDA-NEWS. Peak Resorts, Inc., a leading owner and operator of high-quality, individually branded ski resorts in the U.S., today reported results for the fourth quarter and full year of its 2016 fiscal year ended April 30, 2016.

Highlights include:

  • Revenue for fiscal 2016 was $95.7 million.
  • Fiscal 2016 net loss was $3.3 million, or 23 cents per share.
  • Reported EBITDA for fiscal 2016 was $16.2 million.
  • Resort operating expenses were down $0.5 million for the full year.
  • During the spring, demand was strong for season passes for the 2016-2017 ski season; sales were up 40 percent in units and 29 percent in dollars over the prior year through April 30.
  • Resort offerings expanded through acquisition of Hunter Mountain; financial results of Hunter Mountain were included in Peak’s results starting on the date of the acquisition, January 6, 2016.

Timothy D. Boyd, president and chief executive officer, commented, “We faced significant weather challenges during the 2015/2016 ski season due to unseasonably warm weather in the Midwest and the Northeast, which ultimately caused a decrease in the total of overall visits to our resorts. However, the acquisition of Hunter Mountain in January 2016 helped to mitigate the detrimental impact of the warmer temperatures.

“Further, the weather negatively impacted the industry overall. According to the National Ski Areas Association (NSAA), there was a 28.1 percent decrease in total U.S. skier visits to Northeast resorts and a 16.7 percent decrease in total U.S. skier visits to Midwest resorts, as compared to a 25.0 percent combined decrease in skier visits to our Northeast and Midwest resorts in fiscal 2016.”

Boyd concluded, “As we reported in May, we are very pleased with the initial, positive reaction that customers had to our Peak Pass. This unique and affordable multi-resort product for skiers and riders in the Northeastern U.S. is a strong and compelling addition to our season pass offering. Further, it illustrates the positive options that Hunter Mountain provides for our skiers and tubers in the future.”

Financial Position  

“We remain committed to providing shareholder value,” said Mueller. “However, as we’ve previously mentioned, the Board doesn’t believe that it is prudent to consider the issuance of a dividend while the EB-5 funds remain in escrow.”

Richard K. Deutsch, vice president, business and real estate development, and president of Mt. Snow, Ltd., added, “While we were very pleased that the United States Citizenship and Immigration Services (USCIS) approved our EB-5 program recently, we continue to wait eagerly for the first Petition to be approved. Once the first Petition is approved, the escrowed funds will be released. While we are in the final stage of this process, we have no direct insight into the government’s approval timeline.”

EBITDA is not a measure of performance defined by GAAP. Items excluded from reported EBITDA are significant components in understanding and assessing financial performance or liquidity. Reported EBITDA should not be considered in isolation or as alternative to, or substitute for, the GAAP related measure of net income, net change in cash and cash equivalents or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because reported EBITDA is not a measurement determined in accordance with GAAP and is susceptible to varying calculations, reported EBITDA as presented may not be comparable to other similarly titled measures of other companies.

About Peak Resorts
Headquartered in Missouri, Peak Resorts, Inc. is a leading owner and operator of high-quality, individually branded ski resorts in the U.S. The company now operates 14 ski resorts primarily located in the Northeast and Midwest, 13 of which are company owned, including Hunter Mountain, the Catskills’ premier winter resort destination.

The majority of the resorts are located within 100 miles of major metropolitan markets, including New York, Boston, Philadelphia, Cleveland and St. Louis, enabling day and overnight drive accessibility. The resorts under the company’s umbrella offer a breadth of activities, services and amenities, including skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction and mountain biking and other summer activities. To learn more, visit the company’s website at ir.PeakResorts.com, or follow Peak Resorts on Facebook (https://www.facebook.com/skipeakresorts) for resort updates.