Whistler (BC), Canada – In a winter that lacked snow across much of North America, resulting in a 15.7% decrease in skier visits in the U.S., Whistler Blackcomb Resort received both snow and visitors. The British Columbia resort this week announced second quarter and fiscal six month results ending March 31, 2012 that resulted in increases in all key metrics, including a 22.6% increase in destination visitors over the latter period when compared with the same period a year earlier.
“Over the last 12 months our team has been focused on growing skier visits and revenue by driving increased destination skier visits and I am pleased with the results to date,” said Dave Brownlie, President and Chief Operating Officer of 75 percent ski resort owner Whistler Blackcomb Holdings Inc. “Our fundamentals are strong and we have positive momentum for the remainder of the year and into fiscal 2013.”
The ski season is still going at the resort, where Blackcomb Mountain is open daily from 10 a.m. through 4 p.m. through May 28 with a 105-inch base of snow currently at mid-mountain.
Revenues for the company reached C$125.5 million and C$174.6 million for the three and six months ended March 31, respectively, which represents increases of C$12.4 million, or 11.0%, and C$14.8 million, or 9.2%, respectively, over the same periods in the prior year. The increases were primarily a result of increased destination guests and associated revenue per visit.
All major categories of resort revenue increased during the periods as a result of increased destination visits, which typically result in increased spend per visitor. As of March 31, total pass and card sales reached C$41.5 million, a new record for the resort, exceeding last year’s record sales through the period. Skier visits were 1.338 million and 1.799 million for the three and six months ended March 31, respectively, which represents increases of C$113,000, or 9.2%, and C$115,000, or 6.8%, respectively, over the same periods in the prior year. Resort management estimates that the increases were driven entirely by destination visits.
As a result, net earnings before tax increased by 13.0% and 14.8% or C$6.4 million and $6.7 million in the three and six months ended March 31, over the same periods in the prior year, respectively. Net earnings per common share was C$0.81 and C$0.76 for the three and six months ended March 31, respectively, compared to net earnings per common share of C$1.02 and C$1.13 for the respective periods a year earlier. Company officials indicate that the net change in net earnings per common share is primarily due to higher non-cash deferred income tax expense in the current year compared to the periods in the prior year, primarily due to timing of recording deferred income tax benefit and expense in the prior year. Additionally, the Partnerships’ net loss of C$8.5 million from October 1, 2010 to November 8, 2010, prior to its acquisition by the current owners on November 9, 2010, is not included in the corporation’s net earnings from November 9, 2010 to March 31, 2011.