Excluding charges for early extinguishment of debt and mold remediation at the Breckenridge Terrace employee housing, Vail's expected net loss for the six months would have been $5.5 million.
Second quarter results showed improvement over the 2003 quarter, and made the company optimistic for a strong third quarter.
Total revenue for the second quarter declined 0.4 percent, to $247.2 million, due to a decline in real estate revenue, and total operating expense decreased 2.1 percent, to $200.6 million.
Mountain revenue for the second quarter of fiscal 2004 was $201.4 million, a 6.9 percent increase from $188.4 million for the comparable period last year. Mountain expense increased 2.7 percent, to $126.9 million.
Lodging revenue for the quarter grew 7.8 percent, to $38.4 million. Lodging expense increased 1.0 percent, to $38.4 million.
Income from operations for the quarter improved 7.8 percent, despite a $5.5 million pre-tax charge for mold remediation, to $46.6 million, compared to $43.3 million for the same period last year.
Second quarter resort reported EBITDA rose to $73.9 million, a 21.1 percent improvement over the $61 million reported for the comparable period last year.
Due to the charges for early extinguishment of debt and mold remediation, Vail Resorts reported a second quarter net loss of $6.7 million, compared to net income of $16.7 million for the same period last year. Excluding the extraordinary charges, Vail's second quarter net income would have been $20.5 million. \
