Peak Resorts’ Q3 Results Reflect Challenging Snow Year

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Peak Resorts’ Q3 Results Reflect Challenging Snow Year

SAM Magazine—Wildwood, Mo., March 23, 2016—With 14 properties located in the snow-starved eastern half of the country, Peak Resorts’ results for the third quarter ending Jan. 31 summed up the difficult winter it’s been. The company reported a Q3 profit of $3.7 million, and the $38.7 million of revenue is down 16 percent from the same quarter last year. Nonetheless, Peak’s net income rose 13 percent year-over-year.

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“This year’s ski season got off to a late and very choppy start due to unseasonably warm weather in both our Northeast and Midwest regions,” said Peak Resorts president and CEO Tim Boyd. The company now expects full-year revenue, which had been estimated at $104.9 million for the fiscal year, to be down 10 to 12 percent.

Peak acquired Hunter Mountain, N.Y., during the third quarter, which contributed to visits, revenue, and cash flow, but not enough to overcome the overall decline in visits, which dropped 23 percent compared to the same quarter in 2015.