Peak Resorts (SKIS) 10-Q 7 Sep 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2017	Sep. 06, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Peak Resorts Inc
Entity Central Index Key	1,517,401
Current Fiscal Year End Date	--04-30
Entity Filer Category	Accelerated Filer
Trading Symbol	skis
Entity Common Stock, Shares Outstanding		13,982,400

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Current assets
Cash and cash equivalents	$ 26,869	$ 33,665
Restricted cash balances	7,079	11,113
Income tax receivable	5,727
Accounts receivable	1,625	5,083
Inventory	2,395	2,215
Deferred income taxes	591	591
Prepaid expenses and deposits	2,541	2,183
Total current assets	46,827	54,850
Property and equipment, net	193,644	188,143
Land held for development	37,592	37,583
Restricted cash, construction	26,156	33,700
Goodwill	4,825	4,825
Intangible assets, net	774	788
Other assets	661	648
Total assets	310,479	320,537
Current liabilities
Acquisition line of credit	2,750	4,500
Accounts payable and accrued expenses	13,842	12,371
Accrued salaries, wages and related taxes and benefits	1,092	1,035
Unearned revenue	14,762	14,092
EB-5 investor funds in escrow		500
Current portion of deferred gain on sale/leaseback	333	333
Current portion of long-term debt and capitalized lease obligation	3,622	3,592
Liabilities, current, total	36,401	36,423
Long-term debt	174,716	174,785
Capitalized lease obligation	2,343	2,708
Deferred gain on sale/leaseback	2,762	2,845
Deferred income taxes	12,474	12,474
Other liabilities	531	540
Total liabilities	229,227	229,775
Commitments and contingencies
Series A preferred stock, $.01 par value per share, $1,000 liquidation preference per share, 40,000 shares authorized, 20,000 issued and outstanding	17,401	17,001
Stockholders' Equity
Common stock, $.01 par value per share, 20,000,000 shares authorized, 13,982,400 shares issued and outstanding	140	140
Additional paid-in capital	86,435	86,372
Accumulated deficit	(22,724)	(12,751)
Total stockholders' equity	63,851	73,761
Total liabilities and stockholders' equity	$ 310,479	$ 320,537

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2017	Apr. 30, 2017
Statement of Financial Position [Abstract]
Temporary Equity, Par or Stated Value Per Share	$ 0.01	$ 0.01
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	40,000	40,000
Temporary Equity, Shares Issued	20,000	20,000
Temporary Equity, Shares Outstanding	20,000	20,000
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares, issued	13,982,400	13,982,400
Common stock, shares, outstanding	13,982,400	13,982,400

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Revenues:
Net revenue	$ 7,520	$ 7,126
Costs and Expenses:
Resort operating costs	13,539	11,764
Depreciation and amortization	3,145	3,217
General and administrative	1,248	1,372
Real estate and other non-income taxes	684	563
Land and building rent	353	327
Loss from Operations	(11,449)	(10,117)
Other (expense) income:
Interest, net of interest capitalized of $431 and $384 in 2017 and in 2016, respectively	(3,011)	(3,048)
Gain on sale/leaseback	83	83
Other income	55	2
Other (expense) income, total	(2,873)	(2,963)
Loss before income taxes	(14,322)	(13,080)
Income tax benefit	(5,727)	(5,176)
Net loss	(8,595)	(7,904)
Less accretion of Series A prefered stock dividends	(400)
Net loss attributable to common shareholders	$ (8,995)	$ (7,904)
Basic and diluted loss per common share	$ (0.64)	$ (0.56)
Cash dividends declared per common share	$ 0.07

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Statement of Financial Position [Abstract]
Interest capitalized	$ 431	$ 384

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Cash Flows from Operating Activities
Net loss	$ (8,595)	$ (7,904)
Adjustments to reconcile loss to net cash used in operating activities:
Depreciation and amortization of property and equipment and intangibles	3,145	3,217
Amortization and write off of deferred financing costs	236	161
Amortization of other liabilities	(9)	(9)
Gain on sale/leaseback	(83)	(83)
Stock based compensation	63	47
Changes in operating assets and liabilities:
Income tax receivable	(5,727)	(5,176)
Accounts receivable	3,458	2,876
Inventory	(180)	(71)
Prepaid expenses and deposits	(358)	44
Other assets	(13)
Accounts payable and accrued expenses	1,431	(1,247)
Accrued salaries, wages and related taxes and benefits	57	141
Unearned revenue	670	841
Net cash used in operating activities	(5,905)	(7,163)
Cash Flows from Investing Activities
Additions to property and equipment	(8,591)	(750)
Additions to land held for development	(9)	(8)
Change in restricted cash	11,578	5,153
Net cash provided by investing activities	2,978	4,395
Cash Flows from Financing Activities
Borrowings on long-term debt		33
(Payments) borrowings on line of credit and bridge loan	(1,750)	1,750
Release from EB-5 investor funds held in escrow	(500)	(1,500)
Payment on long-term debt and capital lease obligations	(610)	(474)
Payment of deferred financing costs	(30)
Distributions to stockholders	(979)
Net cash used in financing activities	(3,869)	(191)
Net decrease in cash and cash equivalents	(6,796)	(2,959)
Cash and cash equivalents, beginning of period	33,665	5,396
Cash and cash equivalents, end of period	26,869	2,437
Supplemental Schedule of Cash Flow Information
Cash paid for interest	3,206	3,040
Supplemental Disclosure of Noncash Investing and Financing Activities
Assets under construction included in accounts payable	583	$ 700
Accretive dividend - preferred stock	$ 400

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jul. 31, 2017
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation Unaudited Interim Condensed Consolidated Financial Statements  The unaudited interim condensed consolidated financial statements of Peak Resorts, Inc. and its subsidiaries (the “Company”) reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of its financial position, results of operations and cash flows. The results for the three months ended July 31, 2017 are not necessarily indicative of the results expected for a full fiscal year. Due to the seasonality of the ski industry, the Company typically incurs significant operating losses during its first and second fiscal quarters. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2017, filed with the Securities and Exchange Commission. Nature of business The Company is a leading owner and operator of high-quality, individually branded ski resorts in the U.S. and operates 14 ski resorts primarily located in the Northeast and Midwest, 13 of which are owned. The majority of the resorts are located within 100 miles of major metropolitan markets, including New York City, Boston, Philadelphia, Cleveland and St. Louis, enabling day and overnight drive accessibility. The Company’s resorts are comprised of nearly 1,859 acres of skiable terrain appropriate to a wide range of ages and abilities. The activities, services and amenities available at the Company’s resorts include skiing, snowboarding, terrain parks, tubing, dining, lodging, equipment rentals and sales, ski and snowboard instruction, zip lines, mountain coasters, mountain biking, hiking and other summer activities. The Company operates in a single business segment—ski resort operations. Principles of Consolidation  The accompanying condensed consolidated financial statements include the accounts of Peak Resorts, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Jul. 31, 2017
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards The Company qualifies as an “emerging growth company” under the JOBS Act of 2012, which provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards. As an emerging growth company, the Company may delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.  In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory,” which requires entities to measure inventory at "the lower of cost and net realizable value," simplifying the current guidance under which entities must measure inventory at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of disposal. This ASU requires prospective adoption and will be applicable for the Company as of April 30, 2018. The Company does not expect the adoption of this ASU will have a material impact on its condensed consolidated financial statements.  In November 2015, the FASB issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred taxes,” which requires deferred tax assets and liabilities be classified as noncurrent on a classified balance sheet. This ASU may be adopted either prospectively or retrospectively, and will be applicable for the Company as of April 30, 2019, with early adoption permitted. The Company is currently evaluating which adoption method it will elect. As of July 31, 2017, the Company had deferred tax assets of $591 classified as current assets on its condensed consolidated balance sheet, which would be classified as long-term assets under the new guidance.  In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires lessees to recognize most leases on the balance sheet. This ASU requires modified retrospective adoption and will be applicable for the Company as of April 30, 2020, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its condensed consolidated financial statements, and expects one significant impact to be the recognition of lease obligations and right of use assets for operating leases on its condensed consolidated balance sheet .  In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which was subsequently modified by other ASUs during 2015 and 2016. This ASU, as amended, provides new guidance for the recognition of revenue and provides for a five-step analysis of transactions to determine when and how revenue is recognized. This ASU establishes a core principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU may be adopted using either a full or modified retrospective approach and will be applicable for the Company as of April 30, 2020, with early adoption permitted. The Company expects to adopt this ASU using the full retrospective approach and does not expect the adoption of this ASU will have a material impact on its condensed consolidated financial statements.  In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which provides new guidance related to accounting for share-based payments. This ASU requires entities to record the income tax effect of share-based payments when the awards vest or are settled, and clarifies the cash flow statement presentation of excess tax benefits and withholding tax payments. In addition, the ASU allows for a policy election to account for forfeitures either upon occurrence or by estimating forfeitures. This ASU requires prospective adoption and will be applicable for the Company as of April 30, 2019, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its condensed consolidated financial statements.  In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” which clarifies the requirements for the presentation of changes in restricted cash balances on the statement of cash flows. This ASU requires retrospective adoption and will be applicable for the Company as of May 1, 2019, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on the Company’s presentation of its condensed consolidated statements of cash flows.  In January 2017, the FASB issued ASU 2017-04, “Intangibles-Goodwill and Other (Topic 350),” which simplifies the existing guidance for testing goodwill for impairment. The new standard eliminates the current two-step approach used to test goodwill for impairment and requires an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill. This standard will be applicable for the Company as of May 1, 202 0 , with early adoption permitted. The Company does not expect the adoption of this ASU will have a material impact on its consolidated financial position, results of operations or cash flows.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2017
Income Taxes [Abstract]
Income Taxes	Note 3. Income Taxes Deferred income tax assets and liabilities are measured at enacted tax rates in the respective jurisdictions where the Company operates. In assessing the ability to realize deferred tax assets, the Company considers whether it is more likely than not that some portion or all deferred tax assets will not be realized, and a valuation allowance would be provided if necessary. Income tax receivable of $5,727 as of July 31, 2017, is a result of the expected tax rate for the Company’s fiscal year ending April 30, 2018, applied to its loss before income tax for the three months ended July 31, 2017. Due to the seasonality of the ski industry, the Company typically incurs significant operating losses during its first and second fiscal quarters. The Company does not have any material uncertain tax positions.

Fixed Assets

Fixed Assets	3 Months Ended
	Jul. 31, 2017
Fixed Assets [Abstract]
Fixed Assets	Note 4. Fixed Assets The composition of property and equipment is as follows:        July 31, 2017 April 30, 2017  Land and improvements $ 35,689 $ 35,609  Buildings and improvements 86,695 86,685  Equipment, furniture and fixtures 180,428 171,934  302,812 294,228  Less: accumulated depreciation and amortization 109,168 106,085  $ 193,644 $ 188,143 

Credit Facilities and Long-term

Credit Facilities and Long-term Debt	3 Months Ended
	Jul. 31, 2017
Credit Facilities and Long-term Debt [Abstract]
Credit Facilities and Long-term Debt	Note 5 . Credit Facilities and Long ‑term Debt The composition of long-term debt is as follows:   July 31, 2017 April 30, 2017  Attitash/Mount Snow Debt; payable in monthly interest only payments at an increasing interest rate ( 11.26% at July 31, 2017 and April 30, 2017); remaining principal and interest due on December 1, 2034 $ 51,050 $ 51,050  EPR Credit Facility Debt; payable in monthly interest only payments at an increasing interest rate ( 10.28% at July 31, 2017 and April 30, 2017); remaining principal and interest due on December 1, 2034 37,562 37,562  West Lake Water Project EB-5 Debt; payable in quarterly interest only payments of 1.0% ; remaining principal and interest due on December 27, 2021 30,000 30,000  Carinthia Ski Lodge EB-5 Debt; payable in quarterly interest only payments of 1.0% ; remaining principal and interest due on December 27, 2021 21,500 21,500  Hunter Mountain Debt; payable in monthly interest only payments at an increasing interest rate ( 8.14% at July 31, 2017 and April 30, 2017); remaining principal and interest due on January 5, 2036 21,000 21,000  Royal Banks of Missouri Debt; payable in monthly principal payments of $42 and interest payments at prime plus 1.0% ( 5.25% at July 31, 2017 and 5.0% at April 30, 2017); remaining principal and interest due on January 6, 2020 9,750 9,875  Sycamore Lake (Alpine Valley) Debt; payable in monthly interest only payments at an increasing interest rate ( 10.72% at July 31, 2017 and April 30, 2017); remaining principal and interest due on December 1, 2034 4,550 4,550  Wildcat Mountain Debt; payable in monthly installments of $27 , including interest at a rate of 4.00% ; remaining principal and interest due on December 22, 2020 3,377 3,425  Other debt 2,768 2,870  Unamortized debt issuance costs (5,035) (5,240)  176,522 176,592  Less: current maturities 1,806 1,807  $ 174,716 $ 174,785  In addition to the credit facilities listed above, the Company maintains a $15,000 acquisition line of credit with Royal Banks of Missouri (the “Acquisition Line of Credit”) under which, as of July 31, 2017, $2,750 was outstanding. On August 5, 2017, the Company extended the maturity of the outstanding amount to November 5, 2017. As of July 31, 2017, the Company was in compliance will all debt covenants under its various credit facility and debt agreements. Royal Banks of Missouri Credit Facilities  On August 25, 2017, the Company entered into a conditional commitment agreement (the “Commitment Letter”) with Royal Banks of Missouri pursuant to which the bank agreed to provide a renewal of the Acquisition Line of Credit and a new $10,000 revolving working capital line of credit (together with the renewed Acquisition Line of Credit, the “Loans”). A portion of the renewed Acquisition Line of Credit is to be used to repay amounts outstanding under the Royal Banks of Missouri Debt, and to roll over the $2,750 outstanding under the existing Acquisition Line of Credit. The remainder of the renewed Acquisition Line of Credit may be used for future acquisitions. The bank’s obligation to provide the Loans pursuant to the Commitment Letter is subject to a number of customary conditions, including, without limitation, the bank’s ability to secure participant lenders and the execution and delivery by the relevant parties of definitive loan documentation consistent with the Commitment Letter. The bank’s obligations to provide the Loans expire if the Loans have not been closed by October 18, 2017.  Under the terms of the Commitment Letter, the Loans will be payable in monthly interest only installments, charged at the bank’s prime rate plus 1.00 percent per annum, with any outstanding principal amounts due and payable in full within 14 months after the loan advance. The Company will be required to open a debt service account with the bank and deposit into the account an amount equal to one-third of the estimated annual interest due in connection with the Loans, subject to adjustment by the bank. It is intended that the terms and conditions of the Loans shall be similar to those set forth in the existing Master Credit and Security Agreement, dated as of December 1, 2014, between the Company and affiliates of EPR Properties, as amended and modified, including debt covenant requirements. Amounts outstanding will be secured by the assets of each of the subsidiary borrowers to the Acquisition Line of Credit.

Financial Instruments and Credi

Financial Instruments and Credit Risk	3 Months Ended
	Jul. 31, 2017
Financial Instruments And Concentrations Of Credit Risk [Abstract]
Financial Instruments and Credit Risk	Note 6 . Financial Instruments and Credit Risk Financial Instruments  The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and long-term debt. For cash and cash equivalents, restricted cash, accounts receivable and accounts payable, the carrying amounts approximate fair value. The fair value of the Company’s long ‑term debt is estimated based on quoted market prices for the same or similar issues or on current rates offered to the Company for debt of the same remaining maturities. The interest rates on the Company’s long ‑term debt are consistent with those currently available to the Company for borrowings with similar maturities and terms and, accordingly, their fair values are consistent with their carrying values. Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and cash equivalents and restricted cash are on deposit with financial institutions where such balances may, at times, be in excess of federally insured limits. The Company has not experienced any loss as a result of those deposits.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2017
Commitments and Contingencies [Abstract]
Commitment and Contingencies	Note 7. Commitments and Contingencies Loss contingencies The Company is periodically involved in various claims and legal proceedings, many of which occur in the normal course of business. Management routinely assesses the likelihood of adverse judgments or outcomes, including consideration of its insurance coverage and, i n the opinion of the Company’s management, the ultimate liabilities resulting from such claims and proceedings will not have a material adverse effect on its business, financial condition, results of operations or cash flows. Construction Commitment As of July 31, 2017, the Company had approximately $2,700 of commitments for construction projects at its Mount Snow ski resort. Leases The Company leases certain land, land improvements, buildings and equipment under noncancelable operating leases. Certain of the leases contain escalation provisions based generally on changes in the consumer price index with maximum annual percentage increases capped at rates between 1.5% to 4.5% . Additionally, certain leases contain contingent rental provisions which are based on revenue. The Company paid no contingent rentals in the periods presented. Restricted cash The provisions of certain of the Company’s debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment for the upcoming fiscal year.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Note 8 . Stock-Based Compensation Stock-based compensation expense of $63 and $47 was recognized in general and administrative expense in the accompanying consolidated condensed statements of operations for the three months ended July 31, 2017 and 2016, respectively. Restricted Stock Units  Under the Company’s 2014 Equity Incentive Plan, the Company granted 2,190 restricted stock units (“RSUs”) during the three months ended July 31, 2017, with a weighted-average grant date fair value per unit of $5.64 . No RSUs were granted during the three months ended July 31, 2016. As of July 31, 2017, 97,644 RSUs were outstanding, of which 49,818 were vested.

Loss Per share

Loss Per share	3 Months Ended
	Jul. 31, 2017
Loss Per share [Abstract]
Loss Per share	Note 9 . Loss Per share The computation of basic and diluted loss per share for the three month s ended July 31, 2017 and 2016 is as follows:    Three Months ended July 31,  2017 2016  Net loss attributable to common shareholders $ (8,995) $ (7,904)  Weighted average number of shares:  Common stock 13,982,400 13,982,400  Outstanding vested Restricted Stock Units 49,818 38,892  14,032,218 14,021,292  Basic and diluted loss per share $ (0.64) $ (0.56)   The Company’s 47,826 and 19,515 outstanding unvested RSUs as of July 31, 2017 and 2016, respectively, have been excluded from the calculations of diluted earnings per share because their impact would be anti-dilutive. In addition, warrants to purchase 2,719,018 shares of common stock and the effect of the Company’s Series A preferred stock, issued in November 2016, ha ve been excluded from the calculation of diluted earnings per share for the three months ended July 31, 2017, because the impact would be antidilutive.

Financial Instruments and Cre16

Financial Instruments and Credit Risk (Policy)	3 Months Ended
	Jul. 31, 2017
Financial Instruments And Concentrations Of Credit Risk [Abstract]
Financial Instruments	Financial Instruments  The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and long-term debt. For cash and cash equivalents, restricted cash, accounts receivable and accounts payable, the carrying amounts approximate fair value. The fair value of the Company’s long ‑term debt is estimated based on quoted market prices for the same or similar issues or on current rates offered to the Company for debt of the same remaining maturities. The interest rates on the Company’s long ‑term debt are consistent with those currently available to the Company for borrowings with similar maturities and terms and, accordingly, their fair values are consistent with their carrying values.
Concentrations of credit risk	Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and restricted cash. The Company’s cash and cash equivalents and restricted cash are on deposit with financial institutions where such balances may, at times, be in excess of federally insured limits. The Company has not experienced any loss as a result of those deposits.

Commitments and Contingencies (

Commitments and Contingencies (Policy)	3 Months Ended
	Jul. 31, 2017
Commitments and Contingencies [Abstract]
Loss contingencies	Loss contingencies The Company is periodically involved in various claims and legal proceedings, many of which occur in the normal course of business. Management routinely assesses the likelihood of adverse judgments or outcomes, including consideration of its insurance coverage and, i n the opinion of the Company’s management, the ultimate liabilities resulting from such claims and proceedings will not have a material adverse effect on its business, financial condition, results of operations or cash flows.
Construction Commitment	Construction Commitment As of July 31, 2017, the Company had approximately $2,700 of commitments for construction projects at its Mount Snow ski resort.
Leases	Leases The Company leases certain land, land improvements, buildings and equipment under noncancelable operating leases. Certain of the leases contain escalation provisions based generally on changes in the consumer price index with maximum annual percentage increases capped at rates between 1.5% to 4.5% . Additionally, certain leases contain contingent rental provisions which are based on revenue. The Company paid no contingent rentals in the periods presented.
Restricted cash	Restricted cash The provisions of certain of the Company’s debt instruments generally require that the Company make and maintain a deposit, to be held in escrow for the benefit of the lender, in an amount equal to the estimated minimum interest payment for the upcoming fiscal year.

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Jul. 31, 2017
Fixed Assets [Abstract]
Property, Plant and Equipment [Table Text Block]	The composition of property and equipment is as follows:        July 31, 2017 April 30, 2017  Land and improvements $ 35,689 $ 35,609  Buildings and improvements 86,695 86,685  Equipment, furniture and fixtures 180,428 171,934  302,812 294,228  Less: accumulated depreciation and amortization 109,168 106,085  $ 193,644 $ 188,143 

Credit Facilities and Long-te19

Credit Facilities and Long-term Debt (Tables)	3 Months Ended
	Jul. 31, 2017
Credit Facilities and Long-term Debt [Abstract]
Schedule of Long-term Debt	The composition of long-term debt is as follows:   July 31, 2017 April 30, 2017  Attitash/Mount Snow Debt; payable in monthly interest only payments at an increasing interest rate ( 11.26% at July 31, 2017 and April 30, 2017); remaining principal and interest due on December 1, 2034 $ 51,050 $ 51,050  EPR Credit Facility Debt; payable in monthly interest only payments at an increasing interest rate ( 10.28% at July 31, 2017 and April 30, 2017); remaining principal and interest due on December 1, 2034 37,562 37,562  West Lake Water Project EB-5 Debt; payable in quarterly interest only payments of 1.0% ; remaining principal and interest due on December 27, 2021 30,000 30,000  Carinthia Ski Lodge EB-5 Debt; payable in quarterly interest only payments of 1.0% ; remaining principal and interest due on December 27, 2021 21,500 21,500  Hunter Mountain Debt; payable in monthly interest only payments at an increasing interest rate ( 8.14% at July 31, 2017 and April 30, 2017); remaining principal and interest due on January 5, 2036 21,000 21,000  Royal Banks of Missouri Debt; payable in monthly principal payments of $42 and interest payments at prime plus 1.0% ( 5.25% at July 31, 2017 and 5.0% at April 30, 2017); remaining principal and interest due on January 6, 2020 9,750 9,875  Sycamore Lake (Alpine Valley) Debt; payable in monthly interest only payments at an increasing interest rate ( 10.72% at July 31, 2017 and April 30, 2017); remaining principal and interest due on December 1, 2034 4,550 4,550  Wildcat Mountain Debt; payable in monthly installments of $27 , including interest at a rate of 4.00% ; remaining principal and interest due on December 22, 2020 3,377 3,425  Other debt 2,768 2,870  Unamortized debt issuance costs (5,035) (5,240)  176,522 176,592  Less: current maturities 1,806 1,807  $ 174,716 $ 174,785 

Loss Per share (Tables)

Loss Per share (Tables)	3 Months Ended
	Jul. 31, 2017
Loss Per share [Abstract]
Schedule of Earnings (Loss) Per share	The computation of basic and diluted loss per share for the three month s ended July 31, 2017 and 2016 is as follows:    Three Months ended July 31,  2017 2016  Net loss attributable to common shareholders $ (8,995) $ (7,904)  Weighted average number of shares:  Common stock 13,982,400 13,982,400  Outstanding vested Restricted Stock Units 49,818 38,892  14,032,218 14,021,292  Basic and diluted loss per share $ (0.64) $ (0.56)  

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	Jul. 31, 2017asite
Basis of Presentation [Abstract]
Number of ski resorts	14
Number of ski resorts owned	13
Area of skiable terrain | a	1,859

New Accounting Standards (Narra

New Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Recently Issued Accounting Standards [Abstract]
Deferred Tax Assets, Net, Current	$ 591	$ 591

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Thousands	Jul. 31, 2017USD ($)
Income Taxes [Abstract]
Deferred Income Taxes and Other Tax Receivable, Current	$ 5,727

Fixed Assets (Composition of pr

Fixed Assets (Composition of property and equipment) (Details) - USD ($) $ in Thousands	Jul. 31, 2017	Apr. 30, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 302,812	$ 294,228
Less: accumulated depreciation and amortization	109,168	106,085
Property and equipment, Net	193,644	188,143
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	35,689	35,609
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	86,695	86,685
Equipment, Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 180,428	$ 171,934

Credit Facilities and Long-te25

Credit Facilities and Long-term Debt (Narrative) (Details) - USD ($)	Aug. 25, 2017	Jul. 31, 2017	Apr. 30, 2017
Debt Instrument [Line Items]
Acquisition line of credit		$ 2,750,000	$ 4,500,000
Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		10.28%	10.28%
Long-term debt		$ 37,562,000	$ 37,562,000
Attitash/Mount Snow [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		11.26%	11.26%
Long-term debt		$ 51,050,000	$ 51,050,000
Royal Banks Of Missouri Debt [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		5.25%	5.00%
Long-term debt		$ 9,750,000	$ 9,875,000
Royal Banks Of Missouri Debt [Member] | Loans Payable [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%	1.00%
Royal Banks Of Missouri Debt [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 15,000
Acquisition line of credit		$ 2,750
Royal Banks Of Missouri Debt [Member] | Credit Facility [Member] | Commitment Letter [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Royal Banks Of Missouri Debt [Member] | Credit Facility [Member] | Commitment Letter [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 10,000
Sycamore Lake (Alpine Valley) [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		10.72%	10.72%
Long-term debt		$ 4,550,000	$ 4,550,000
Wildcat Mountain [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		4.00%	4.00%
Long-term debt		$ 3,377,000	$ 3,425,000
Hunter Mountain [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		8.14%	8.14%
Long-term debt		$ 21,000,000	$ 21,000,000
West Lake Water Project EB-5 Debt [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		1.00%	1.00%
Long-term debt		$ 30,000,000	$ 30,000,000

Credit Facilities and Long-te26

Credit Facilities and Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2017	Apr. 30, 2017
Schedule of Capitalization, Long-term Debt [Line Items]
Unamortized debt issuance costs	$ (5,035)	$ (5,240)
Long-term debt, including current maturities, net of unamortized discounts	176,522	176,592
Less: current maturities	1,806	1,807
Total long-term debt	174,716	174,785
Loans Payable [Member] | Carinthia Ski Lodge EB-5 Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 21,500	$ 21,500
Long-term debt, interest rate	1.00%	1.00%
Long-term debt, maturity date	Dec. 27, 2021
Loans Payable [Member] | West Lake Water Project EB-5 Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 30,000	$ 30,000
Long-term debt, interest rate	1.00%	1.00%
Long-term debt, maturity date	Dec. 27, 2021
Loans Payable [Member] | Attitash/Mount Snow [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 51,050	$ 51,050
Long-term debt, interest rate	11.26%	11.26%
Long-term debt, maturity date	Dec. 1, 2034
Loans Payable [Member] | Royal Banks Of Missouri Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 9,750	$ 9,875
Debt payable in monthly installments	$ 42	$ 42
Long-term debt, interest rate	5.25%	5.00%
Long-term debt, maturity date	Jan. 6, 2020
Loans Payable [Member] | Royal Banks Of Missouri Debt [Member] | Prime Rate [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.00%	1.00%
Loans Payable [Member] | Sycamore Lake (Alpine Valley) [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 4,550	$ 4,550
Long-term debt, interest rate	10.72%	10.72%
Long-term debt, maturity date	Dec. 1, 2034
Loans Payable [Member] | Wildcat Mountain [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 3,377	$ 3,425
Debt payable in monthly installments	$ 27	$ 27
Long-term debt, interest rate	4.00%	4.00%
Long-term debt, maturity date	Dec. 22, 2020
Loans Payable [Member] | Hunter Mountain [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 21,000	$ 21,000
Long-term debt, interest rate	8.14%	8.14%
Long-term debt, maturity date	Jan. 5, 2036
Credit Facility [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 37,562	$ 37,562
Long-term debt, interest rate	10.28%	10.28%
Long-term debt, maturity date	Dec. 1, 2034
Other Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 2,768	$ 2,870

Commitments and Contingencies27

Commitments and Contingencies (Narrative) (Details)	3 Months Ended
	Jul. 31, 2017USD ($)
Main Contractor On The Mount Snow Development Project [Member]
Contractual Obligation	$ 2,700
Minimum [Member]
Operating lease interest percentage increase benchmark limit	1.50%
Maximum [Member]
Operating lease interest percentage increase benchmark limit	4.50%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Stock-based compensation expense	$ 63	$ 47
Restricted Stock Units [Member] | 2014 Equity Incentive Plan [Member]
Units granted during period	2,190
Weighted average grant date fair value	$ 5.64
Units outstanding	97,644
Vested units outstanding	49,818

Loss Per share (Schedule of Net

Loss Per share (Schedule of Net Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Net loss	$ (8,595)	$ (7,904)
Less accretion of Series A prefered stock dividends	(400)
Net loss attributable to common shareholders	$ (8,995)	$ (7,904)
Weighted number of shares: Common shares outstanding	13,982,400	13,982,400
Weighted number of shares: Vested restricted stock units	49,818	38,892
Weighted number of shares: Total	14,032,218	14,021,292
Basic and diluted loss per share	$ (0.64)	$ (0.56)
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	47,826	19,515
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,719,018