Whistler (BC), Canada – Whistler Blackcomb Holdings Inc., which owns 75% interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership that operate the skiing and other facilities at Whistler Blackcomb, today reported financial results for the fiscal 2011 fourth quarter and the period stretching from its initial public offering on November 9, 2010 to September 30, 2011.
Among the highlights reported, total visits returned to pre-2010 Olympic and Paralympic Winter Games levels following a slump when visitors eschewed Whistler in favor of other destinations during the Olympic year. Total visits increased by 15% over the prior year to 2.5 million as a result of skier visits increasing by 22% over the prior year to 2.0 million. Effective ticket price (“ETP”, calculated as total ski-related lift revenue divided by total skier visits) for the 2010-11 ski season increased by 6% from C$44.57 to $47.06. In the year ended September 30, 2011, EBITDA was C$75 million on total revenue of C$216 million. In the period from November 9, 2010 to September 30, 2011, the corporation had net earnings of C$15 million or C$0.40 per common share.
“We continue to be pleased with our post-Olympic recovery and we ended fiscal year 2011 on a solid financial footing driven by growth in regional visitation and effective ticket prices which led to increases in resort revenue and EBITDA,” said Dave Brownlie, President and Chief Operating Officer of Whistler Blackcomb. “From a visitation perspective, we drove record regional skier visits, we saw a recovery in destination skier visits and we had strong year-round visitation.”
Commenting on the fourth quarter and summer season, Brownlie added, “We had a successful summer. We are pleased with our increased revenue in the fourth quarter and we are encouraged by the continued recovery of the destination market to Whistler through our third and fourth quarters which we believe to be a precursor to continued strengthening of this market segment through 2012. We are particularly encouraged by strength in summer visitation to the resort from the U.S. market, which was up 24% from May to September compared to last year.
“Although it is still early, preliminary indicators, as of December 5, 2011, for the 2011-12 ski season are positive,” added Brownlie. “Our destination market is showing indications of a continued recovery with Whistler’s accommodation sector experiencing a 17% increase in accommodation bookings compared to this time last year. This growth is being driven by increased bookings from our key destination markets, including the United States, Asia Pacific and the United Kingdom.”
For the year ended September 30, 2011, EBITDA and resort segment operating profit both totalled C$75 million on revenues of C$216 million. Prior to the inclusion of the C$32 million earned by the partnerships under the Olympic venue agreement with the Vancouver Organizing Committee (VANOC) in the prior year, this represents an increase in resort segment operating profit of 58% and an increase in EBITDA of 159% over the prior year, respectively. EBITDA in the year ended September 30, 2010 included a net expense of $19 million from real estate activities. After the inclusion of the $32 million earned by the partnerships, the current year’s resort segment operating profit and EBITDA of $75 million represents a decrease of 6% and an increase of 23% over the prior year, respectively.
For the three months ended September 30, 2011, the corporation incurred a loss before taxes, interest and depreciation and amortization of C$0.1 million compared to a loss before taxes, interest and depreciation and amortization of C$1 million in the same period in the prior year.