Vail Resorts’ Profit Up 67 Percent for Fiscal 2008

Vail Resorts reported net income of $102.9 million for the 12 months ended on July 31, compared with $61.4 million in the prior fiscal year. The company’s net revenue was up in all three areas: mountain (1.7 percent, to $685.5 million), lodging (4.7 percent, to $170.1 million) and real estate (163 percent, to $296.6 million).

Total net revenue was up 22.5 percent, to $1.15 billion. Income from operations increased 37.3 percent, to $176 million, in fiscal 2008.

“I am pleased with our results for fiscal 2008, which were achieved despite challenging early-season conditions and overall deterioration in the macro-economic environment,” said CEO Robert Katz.

“The growth in ETP, season pass revenue and international visitors mitigated the impact of the U.S. economic weakness we began to see in the second half of the season,” Mr. Katz said.