Peak Resorts (SKIS) 10-Q 8 Mar 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2018	Mar. 05, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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	Jan. 31, 2018	Apr. 30, 2017
Current assets
Cash and cash equivalents	$ 19,086	$ 33,665
Restricted cash balances	1,338	11,113
Accounts receivable	5,967	5,083
Inventory	3,396	2,215
Deferred income taxes	911	591
Prepaid expenses and deposits	10,273	2,183
Total current assets	40,971	54,850
Property and equipment, net	203,044	188,143
Land held for development	37,607	37,583
Restricted cash, construction	17,459	33,700
Goodwill	4,825	4,825
Intangible assets, net	745	788
Other assets	675	648
Total assets	305,326	320,537
Current liabilities
Revolving lines of credit	12,375	4,500
Accounts payable and accrued expenses	17,751	12,371
Accrued salaries, wages and related taxes and benefits	2,460	1,035
Unearned revenue	18,990	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	2,405	3,592
Total current liabilities	54,314	36,423
Long-term debt	165,044	174,785
Capitalized lease obligations	1,637	2,708
Deferred gain on sale/leaseback	2,595	2,845
Deferred income taxes	2,347	12,474
Other liabilities	513	540
Total liabilities	226,450	229,775
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
Commitments and contingencies
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	86,577	86,372
Accumulated deficit	(25,242)	(12,751)
Total stockholders' equity	61,475	73,761
Total liabilities and stockholders' equity	$ 305,326	$ 320,537

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2018	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		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Revenues:
Net revenue	$ 59,272	$ 56,385	$ 75,630	$ 71,986
Costs and Expenses:
Resort operating costs	35,982	33,669	64,642	58,448
Depreciation and amortization	3,379	3,209	9,678	9,642
General and administrative	1,353	1,793	4,130	4,682
Real estate and other non-income taxes	579	654	1,734	1,754
Land and building rent	362	345	1,054	998
Impairment loss	1,586		1,586
Costs and expenses, total	43,241	39,670	82,824	75,524
Loss from Operations	16,031	16,715	(7,194)	(3,538)
Other (expense) income:
Interest, net of interest capitalized of $514 and $945 in 2017 and $398 and $782 in 2016, respectively	(3,529)	(3,289)	(9,736)	(9,493)
Gain on sale/leaseback	84	84	250	250
Other income	28	1	117	4
Other (expense) income, total	(3,417)	(3,204)	(9,369)	(9,239)
Loss before income taxes	12,614	13,511	(16,563)	(12,777)
Income tax benefit	3,433	5,346	(8,235)	(5,056)
Net loss	9,181	8,165	(8,328)	(7,721)
Less declaration and accretion of Series A prefered stock dividends	(400)		(1,200)
Net loss attributable to common shareholders	$ 8,781	$ 8,165	$ (9,528)	$ (7,721)
Basic earnings (loss) per common share	$ 0.62	$ 0.58	$ (0.68)	$ (0.55)
Diluted earnings (loss) per common share	0.53	$ 0.47	(0.68)	$ (0.55)
Cash dividends declared per common share	0.07		0.21
Cash dividends declared per preferred share	$ 20		$ 40

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Statement of Financial Position [Abstract]
Interest capitalized	$ 206	$ 411	$ 1,151	$ 1,194

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (8,328)	$ (7,721)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of property and equipment and intangibles	9,678	9,642
Non-cash impairment charges	1,586
Amortization of deferred financing costs	754	710
Stock based compensation	205	148
Amortization of other liabilities	(27)	(27)
Gain on sale/leaseback	(250)	(250)
Deferred income tax	(10,447)
Changes in operating assets and liabilities:
Income tax receivable		(5,056)
Accounts receivable	(884)	1,469
Inventory	(1,181)	(1,114)
Prepaid expenses and deposits	(8,090)	1,449
Other assets	(27)	(22)
Accounts payable and accrued expenses	5,896	(2,601)
Accrued salaries, wages and related taxes and benefits	1,425	1,695
Unearned revenue	4,898	3,813
Net cash used in operating activities	(4,792)	2,135
Cash Flows from Investing Activities
Additions to property and equipment	(26,664)	(5,134)
Additions to land held for development	(24)	(27)
Change in restricted cash	26,016	18,781
Net cash provided by investing activities	(672)	13,620
Cash Flows from Financing Activities
Borrowings on lines of credit	12,375	10,000
Borrowings on long-term debt and capital lease obligations	102	51,615
Payment on long-term debt and capital lease obligations	(13,217)	(12,558)
Payments on line of credit	(4,500)
Release from EB-5 investor funds held in escrow		(51,504)
Net proceeds from issuance of preferred stock and warrants		19,650
Distributions to stockholders	(3,737)
Payment of deferred financing costs	(138)	(4,473)
Net cash (used in) provided by financing activities	(9,115)	12,730
Net decrease in cash and cash equivalents	(14,579)	28,485
Cash and cash equivalents, beginning of period	33,665	5,396
Cash and cash equivalents, end of period	19,086	33,881
Supplemental Schedule of Cash Flow Information
Cash paid for interest, including amounts prepaid of $3,341 and $0, respectively	13,431	6,789
Supplemental Disclosure of Noncash Investing and Financing Activities
Assets under construction included in accounts payable		$ 942
Reclassification of EB-5 funds from escrow to long term debt	500
Accretive dividend - Series A preferred stock	$ 400

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2018	Apr. 30, 2017
Statement of Cash Flows [Abstract]
Prepaid Interest	$ 3,341	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jan. 31, 2018
Basis of Presentation [Abstract]
Basis of Presentation	Note 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 the Company’s management, necessary for a fair presentation of its financial position, results of operations and cash flows. The results for the three and nine months ended January 31, 2018 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 nited S tates 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	9 Months Ended
	Jan. 31, 2018
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 J umpstart O ur B usiness S tartups 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 January 31, 2018 , the Company had deferred tax assets of $271 classified as current assets on its condensed consolidated balance sheet, which would be netted with long-term income tax liabilities 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 a 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 from 2015 through 2017 . 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	9 Months Ended
	Jan. 31, 2018
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. On December 22, 2017, the United States government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “2017 Tax Act”). The 2017 Tax Act made broad changes to the federal tax code which impacts the Company. The 2017 Tax Act included provisions that, among other things, provides for i) the reduction of the federal corporate tax rate, ii) the elimination of the corporate alternative minimum tax, iii) a new limitation on the deductibility of interest expense, iv) limitations on the ability to carry forward net operating losses generated after December 31, 2017, to 80 percent of taxable income, and v) bonus depreciation that allows for full expensing of qualified property.  Subsequent to the passage the 2017 Tax Act, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the impact of the 2017 Tax Act. SAB 118 provides for a measurement period, not to exceed one year from enactment of the 2017 Tax Act, for companies to complete accounting for the impact of the 2017 Ta x Act under the FASB’s Accounting Standards Codification 740, “Income Taxes” (“ASC 740”). In accordance with SAB 118, a company must reflect the income tax effect of those aspects of the 2017 Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for income tax effects of the 2017 Tax Act is incomplete , but the company can determine a reasonable estimate, the company must record a provisional estimate in its financial statement. If a company cannot determine a provisional estimate, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the 2017 Tax Act.  As of January 31, 2018, the Company recorded, on a provisional basis, an income tax benefit of $8,235 for the nine months ended January 31, 2018, which includes a discrete net tax benefit of $124 for the impact of the 2017 Tax Act .  As the Company is a calendar year taxpayer, it calculated the discrete tax benefit as of December 31, 2017 by re-measuring deferred tax assets and liabilities based on the rates at which they are expected to reverse. The computed benefit is considered provisional as the Company has not yet completed a cost segregation study related to certain fixed assets which were placed in service at its Mount Snow resort in November 2017. In addition, the provisional estimate is based on the Company’s current interpretation of the 2017 Tax Act and is subject to change as the Company receives additional information, clarifications and implementation guidance.  As a result of the federal tax rate change as of January 1, 2018, the Company’s income tax expense for the nine months ended January 31, 2018, reflects application of the expiring tax rates through December 31, 2017 and application of the new tax rates to periods after December 31, 2017. This resulted in effective tax rates of approximately 27.2% and 49.7% for the three and nine months ended January 31, 2018, respectively. The disproportionate appearance of the effective tax rate for the nine months ended January 31, 2018, is a result of combining the effect of i) applying the higher expiring tax rate to the Company’s pretax loss for the eight months ended December 31, 2017 and ii) applying the lower new tax rate to a relatively smaller pretax income for the one month ended January 31, 2018. As of January 1, 2018, the Company estimates its expected federal and state tax rate through the end of its fiscal year ending April 30, 2018, to be 27.4% .  The Company does not have any material uncertain tax positions.

Fixed Assets

Fixed Assets	9 Months Ended
	Jan. 31, 2018
Fixed Assets [Abstract]
Fixed Assets	Note 4. Fixed Assets The composition of property and equipment is as follow s:    January 31, 2018 April 30, 2017  Land and improvements $ 35,420 $ 35,609  Buildings and improvements 85,727 86,685  Equipment, furniture and fixtures 196,770 171,934  317,917 294,228  Less: accumulated depreciation and amortization 114,873 106,085  $ 203,044 $ 188,143    Impairment Loss  During the three and nine months ended January 31, 2018, the Company incurred $1,586 of fixed asset impairment losses in connection with its decision to cease operation of a restaurant and certain hotel-like amenities at a condominium building adjacent to its Attitash ski resort. In connection with the Company’s 2007 acquisition of its Attitash ski resort, the Company acquired property and equipment constituting the commercial core of a condominium building located adjacent to the resort. Since this acquisition, the Company has i) provided management services to the condominium’s owners association under a management services agreement (the “Management Services Agreement”), ii) sponsored a rental management program whereby unoccupied condominium units may be rented as hotel rooms , and iii) operated a restaurant and other hotel-type amenities in the areas of the building which it owns. In December 2017, the Company determined it would not be able to renew the Management Services Agreement upon its expiration on April 30, 2018 and, as a result, decided it would terminate the rental management program and cease operation of the hotel-type amenities as of that date . 

Credit Facilities and Long-term

Credit Facilities and Long-term Debt	9 Months Ended
	Jan. 31, 2018
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:  January 31, 2018 April 30, 2017  Attitash/Mount Snow Debt; payable in monthly interest only payments at an increasing interest rate ( 11.26% at January 31, 2018 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 ( 10.43% and 10.28% at January 31, 2018 and April 30, 2017, respectively); 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 22,000 21,500  Hunter Mountain Debt; payable in monthly interest only payments at an increasing interest rate ( 8.14% at January 31, 2018 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% ( 5.0% at April 30, 2017) with an original maturity in January 2020 ; paid in full on October 27, 2017 - 9,875  Sycamore Lake (Alpine Valley) Debt; payable in monthly interest only payments at an increasing interest rate ( 10.72% at January 31, 2018 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 3,280 3,425  Other debt 899 2,870  Unamortized debt issuance costs (4,624) (5,240)  165,717 176,592  Less: current maturities 673 1,807  $ 165,044 $ 174,785 As of January 31, 2018 , the Company was in compliance wi th all debt covenants under its various credit facility and debt agreements. R oyal Banks of Missouri Credit Facilities On October 27, 2017, the Company renewed and increased its existing credit facility with Royal Banks of Missouri (the “2017 Royal Banks Credit Facility”). The 2017 Royal Banks Credit Facility provides for a $10,000 working capital line of credit to be used for general business purposes and a $15,000 acquisition line of credit to be used i) to pay off $12,415 of principal and accrued interest outstanding under the previous credit agreement with Royal Banks of Missouri (the “Original Credit Facility”) and ii) for the acquisition of additional ski resort properties. On October 27, 2017, the Company used the borrowing capacity available under the acquisition line of credit to pay off the amount outstanding under the Original Credit Facility, including amounts outstanding under term loan described in the table above as Royal Banks of Missouri Debt. As of January 31, 2018 , $12,375 was outstanding under the 2017 Royal Banks Credit Facility and $12,625 was unused and available. The term of the 2017 Royal Banks Credit Facility is 14 months with loans payable in monthly interest only installments charged at the bank’s prime rate plus 1.00% per annum, with any outstanding principal amounts due in December 2018. Beginning on January 31, 2018, the Company is required to fund a debt service account by depositing in three equal monthly installments an amount equal to the estimated annual interest due in connection with outstanding loans under the 2017 Royal Banks Credit Facility. The Company is required to maintain a minimum debt service coverage ratio (as defined in the credit agreement) of 1.25 to 1.00. In addition, were the Company’s fixed charge coverage ratio (as defined in the credit agreement) to fall below 1.50 to 1.00, the Company would be required to prefund certain other debt service payments, and should the ratio fall below 1.25 to 1.00, the Company would be prohibited from paying dividends. The 2017 Royal Banks Credit Facility is secured by the assets of the Company’s subsidiaries which operate its Hidden Valley, Paoli Peaks, Snow Creek, Crotched Mountain and Attitash resorts.

Financial Instruments and Credi

Financial Instruments and Credit Risk	9 Months Ended
	Jan. 31, 2018
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 estimated to be 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	9 Months Ended
	Jan. 31, 2018
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.  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 significant contingent rentals in the periods presented. Restricted cash The provisions of certain of the Company’s debt instruments require that the Company make and maintain deposits, 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. When funded, these amounts are included in restricted cash on the condensed consolidated balance sheets.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jan. 31, 2018
Share-Based Compensation [Abstract]
Stock-Based Compensation	Note 8 . Stock-Based Compensation Stock-based compensation expense was recognized in general and administrative expense in the accompanying consolidated condensed statements of operations for the three and nine months ended January 31, 2018 in the amounts of $48 and $205 , respectively, and for the three and nine months ended January 31, 2017 , in the amounts of $73 and $148 , respectively . Restricted Stock Units  Under the Company’s 2014 Equity Incentive Plan, the Company granted 47,566 restricted stock units (“RSUs”) during the nine months ended January 31, 2018 , with a weighted-average grant date fair value per unit of $ 4.37 ; and granted 46,770 RSUs during the nine months ended January 31, 2017 , with a weighted-average grant date fair value per unit of $4.74 . As of January 31, 2018 , 144,056 RSUs were outstanding, of which 100,456 were vested.

Loss Per Share

Loss Per Share	9 Months Ended
	Jan. 31, 2018
Loss Per Share [Abstract]
Loss Per Share	Note 9. Earnings ( Loss ) Per Share The computation of basic and diluted loss per share for the three and nine months ended January 31, 2018 and 201 7 is as follows:    Three Months ended January 31, Nine Months ended January 31,  2018 2017 2018 2017  Basic earnings (loss) per share:  Net income (loss) attributable to common  shareholders (numerator) $ 8,781 $ 8,165 $ (9,528) $ (7,721)   Weighted average number of shares outstanding:  Common stock 13,982,400 13,982,400 13,982,400 13,982,400  Vested restricted stock units 99,885 34,503 67,807 30,947  Basic average shares outstanding (denominator) 14,082,285 14,016,903 14,050,207 14,013,347   Basic earnings (loss) per common share $ 0.62 $ 0.58 $ (0.68) $ (0.55)   Diluted earnings (loss) per share:  Net income (loss) attributable to common shareholders 8,781 8,165 (9,528) (7,721)  Effect of Series A preferred stock dividends  on numerator 400 - - -  Numerator for diluted earnings per share calculation $ 9,181 $ 8,165 $ (9,528) $ (7,721)    Basic average shares outstanding 14,082,285 14,016,903 14,050,207 14,013,347  Dilutive effect of conversion of preferred stock 3,179,650 3,145,089 - -  Dilutive effect of unvested restricted stock units 43,600 60,951 - -  Diluted average shares outstanding (denominator) 17,305,535 17,222,943 14,050,207 14,013,347   Diluted earnings (loss) per common share $ 0.53 $ 0.47 $ (0.68) $ (0.55)   The Company’s 43,600 and 60,951 outstanding unvested RSUs as of January 31, 2018 and 201 7 , respectively, have been excluded from the calculations of diluted earnings per share for the nine-month periods then ended because their impact would be anti-dilutive. In addition, the effect of the Company’s Series A Cumulative Convertible Preferred Stock (the “Series A Preferred Stock”), issued in November 2016, ha s been excluded from the calculation of diluted earnings per share for the nine months ended January 31, 2018 , because the impact would be antidilutive.

Distributions to Shareholders

Distributions to Shareholders	9 Months Ended
	Jan. 31, 2018
Distributions To Shareholders [Abstract]
Distributions to Shareholders	Note 10 . Distributions to Shareholders Series A Preferred Stock  The terms of the Company’s Series A Preferred Stock provide that cumulative dividends accrue on a daily basis in arrears from August 2017 at the rate of 8.0% per annum on the liquidation value of $1,000 per share . All accrued and accumulated dividends on the Series A Preferred Stock must be paid prior and in preference to any cash dividend on the Company’s common stock. In addition, until the earlier of i) such date as no Series A Preferred Stock remains outstanding or ii) January 1, 2027, the Company is prohibited from paying any dividend on common stock when there are accrued or unpaid dividends with respect to the Series A Preferred Stock. On both October 4, 2017 and January 9, 2018, the Company’s board of directors approved a preferred stock cash dividend of $400 ( $20.00 per share of Series A Preferred Stock).  Common Stock  During the nine months ended January 31, 2018 , the Company paid common stock cash dividends of $2,937 ( $0.07 per share of common stock on each of May 12, 2017, August 11, 2017 and November 10, 2017). On January 9, 2018, t he Company’s board of directors approved a n additional quarterly cash dividend payment of $979 ( $0.07 per share of common stock ) payable in February 2018 which, as of January 31, 2018 , is included in accounts payable and accrued expenses on the condensed consolidated balance sheets.

Financial Instruments and Cre18

Financial Instruments and Credit Risk (Policy)	9 Months Ended
	Jan. 31, 2018
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 estimated to be 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)	9 Months Ended
	Jan. 31, 2018
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.
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 significant contingent rentals in the periods presented.
Restricted cash	Restricted cash The provisions of certain of the Company’s debt instruments require that the Company make and maintain deposits, 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. When funded, these amounts are included in restricted cash on the condensed consolidated balance sheets.

Fixed Assets (Tables)

Fixed Assets (Tables)	9 Months Ended
	Jan. 31, 2018
Fixed Assets [Abstract]
Property and equipment	The composition of property and equipment is as follow s:    January 31, 2018 April 30, 2017  Land and improvements $ 35,420 $ 35,609  Buildings and improvements 85,727 86,685  Equipment, furniture and fixtures 196,770 171,934  317,917 294,228  Less: accumulated depreciation and amortization 114,873 106,085  $ 203,044 $ 188,143 

Credit Facilities and Long-te21

Credit Facilities and Long-term Debt (Tables)	9 Months Ended
	Jan. 31, 2018
Credit Facilities and Long-term Debt [Abstract]
Schedule of Long-term Debt	 The composition of long-term debt is as follows:  January 31, 2018 April 30, 2017  Attitash/Mount Snow Debt; payable in monthly interest only payments at an increasing interest rate ( 11.26% at January 31, 2018 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 ( 10.43% and 10.28% at January 31, 2018 and April 30, 2017, respectively); 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 22,000 21,500  Hunter Mountain Debt; payable in monthly interest only payments at an increasing interest rate ( 8.14% at January 31, 2018 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% ( 5.0% at April 30, 2017) with an original maturity in January 2020 ; paid in full on October 27, 2017 - 9,875  Sycamore Lake (Alpine Valley) Debt; payable in monthly interest only payments at an increasing interest rate ( 10.72% at January 31, 2018 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 3,280 3,425  Other debt 899 2,870  Unamortized debt issuance costs (4,624) (5,240)  165,717 176,592  Less: current maturities 673 1,807  $ 165,044 $ 174,785 

Loss Per share (Tables)

Loss Per share (Tables)	9 Months Ended
	Jan. 31, 2018
Loss Per Share [Abstract]
Schedule of Earnings (Loss) Per share	The computation of basic and diluted loss per share for the three and nine months ended January 31, 2018 and 201 7 is as follows:    Three Months ended January 31, Nine Months ended January 31,  2018 2017 2018 2017  Basic earnings (loss) per share:  Net income (loss) attributable to common  shareholders (numerator) $ 8,781 $ 8,165 $ (9,528) $ (7,721)   Weighted average number of shares outstanding:  Common stock 13,982,400 13,982,400 13,982,400 13,982,400  Vested restricted stock units 99,885 34,503 67,807 30,947  Basic average shares outstanding (denominator) 14,082,285 14,016,903 14,050,207 14,013,347   Basic earnings (loss) per common share $ 0.62 $ 0.58 $ (0.68) $ (0.55)   Diluted earnings (loss) per share:  Net income (loss) attributable to common shareholders 8,781 8,165 (9,528) (7,721)  Effect of Series A preferred stock dividends  on numerator 400 - - -  Numerator for diluted earnings per share calculation $ 9,181 $ 8,165 $ (9,528) $ (7,721)    Basic average shares outstanding 14,082,285 14,016,903 14,050,207 14,013,347  Dilutive effect of conversion of preferred stock 3,179,650 3,145,089 - -  Dilutive effect of unvested restricted stock units 43,600 60,951 - -  Diluted average shares outstanding (denominator) 17,305,535 17,222,943 14,050,207 14,013,347   Diluted earnings (loss) per common share $ 0.53 $ 0.47 $ (0.68) $ (0.55)  

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	Jan. 31, 2018asite
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) $ in Thousands	Jan. 31, 2018USD ($)
Recently Issued Accounting Standards [Abstract]
Deferred Tax Asset Evaluated For Adoption Of ASU 2015-17	$ 271

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	9 Months Ended
	Jan. 31, 2018	Apr. 30, 2018	Jan. 31, 2018
Income Taxes [Abstract]
Provisional Income Tax Benefit			$ 8,235
Discrete Net Tax Benefit Related To Tax Act			$ 124
Effective Income Tax Rate Reconciliation, Percent	27.20%		49.70%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		27.40%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent		27.40%

Fixed Assets (Composition of pr

Fixed Assets (Composition of property and equipment) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2018	Apr. 30, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 317,917	$ 317,917	$ 294,228
Less: accumulated depreciation and amortization	114,873	114,873	106,085
Property and equipment, Net	203,044	203,044	188,143
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	1,586	1,586
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	35,420	35,420	35,609
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	85,727	85,727	86,685
Equipment, Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 196,770	$ 196,770	$ 171,934

Credit Facilities and Long-te27

Credit Facilities and Long-term Debt (Narrative) (Details) $ in Thousands	Oct. 27, 2017USD ($)	Jan. 31, 2018USD ($)	Apr. 30, 2017USD ($)
Debt Instrument [Line Items]
Acquisition line of credit		$ 12,375	$ 4,500
Repayments of Lines of Credit		$ 4,500
Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		10.43%	10.28%
Long-term debt		$ 37,562	$ 37,562
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	$ 51,050
Royal Banks Of Missouri Debt [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate			5.00%
Long-term debt			$ 9,875
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%
Royal Banks Of Missouri Debt [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of Lines of Credit	$ 12,415
2017 Royal Banks Of Missouri Credit Facilities [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	10,000
Long-term debt		$ 12,375
Acquisition line of credit	$ 15,000
Debt Instrument Minimum Debt Service Coverage Ratio	1.25
Debt Instrument Fixed Charged Coverage Ratio	1.50
Debt Instrument Prefund Certain Other Debt Service Payments	1.25
2017 Royal Banks Of Missouri Credit Facilities [Member] | Credit Facility [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
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	$ 4,550
Wildcat Mountain [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		4.00%	4.00%
Long-term debt		$ 3,280	$ 3,425
Hunter Mountain [Member] | Loans Payable [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate		8.14%	8.14%
Long-term debt		$ 21,000	$ 21,000
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	$ 30,000

Credit Facilities and Long-te28

Credit Facilities and Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2018	Apr. 30, 2017
Schedule of Capitalization, Long-term Debt [Line Items]
Unamortized debt issuance costs	$ (4,624)	$ (5,240)
Long-term debt, including current maturities, net of unamortized discounts	165,717	176,592
Less: current maturities	673	1,807
Total long-term debt	165,044	174,785
Loans Payable [Member] | Carinthia Ski Lodge EB-5 Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 22,000	$ 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		$ 9,875
Debt payable in monthly installments		$ 42
Long-term debt, interest rate		5.00%
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%
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	$ 3,280	$ 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	10.43%	10.28%
Long-term debt, maturity date	Dec. 1, 2034
Other Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 899	$ 2,870

Commitments and Contingencies29

Commitments and Contingencies (Narrative) (Details)	9 Months Ended
	Jan. 31, 2018
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		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Stock-based compensation expense	$ 48	$ 73	$ 205	$ 148
Restricted Stock Units [Member] | 2014 Equity Incentive Plan [Member]
Units granted during period			47,566	46,770
Weighted average grant date fair value	$ 4.37	$ 4.74	$ 4.37	$ 4.74
Units outstanding	144,056		144,056
Vested units outstanding			100,456

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		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Net income (loss) attributable to common shareholders	$ 8,781	$ 8,165	$ (9,528)	$ (7,721)
Weighted average number of shares oustandins: Common stock	13,982,400	13,982,400	13,982,400	13,982,400
Weighted average number of shares outstanding: Vested restricted stock units	99,885	34,503	67,807	30,947
Basic average shares outstanding	14,082,285	14,016,903	14,050,207	14,013,347
Basic earnings (loss) per common share	$ 0.62	$ 0.58	$ (0.68)	$ (0.55)
Effect of Series A preferred stock dividends on numerator	$ 400
Numerator for diluted earnings oer share calculation	$ 9,181	$ 8,165	$ (9,528)	$ (7,721)
Dilutive effect of conversion of preferred stock	3,179,650	3,145,089
Diluted effect of conversion of unvested Restricted Stock Units	43,600	60,951
Diluted average shares outstanding	17,305,535	17,222,943	14,050,207	14,013,347
Diluted earnings (loss) per common share	$ 0.53	$ 0.47	$ (0.68)	$ (0.55)
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			43,600	60,951

Distributions to Shareholders (

Distributions to Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2018	Apr. 30, 2017
Dividends Payable [Line Items]
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000	$ 1,000
Common Stock, Dividends, Per Share, Declared	$ 0.07	$ 0.21
Preferred Stock Convertible Series A [Member]
Dividends Payable [Line Items]
Temporary Equity, Cumulative Dividends Accrue On A Daily Basis In Arrears, Rate Per Annum	8.00%	8.00%
Temporary Equity, Liquidation Preference Per Share	$ 1,000	$ 1,000
Preferred Stock Convertible Series A [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Dividends Payable	$ 400	$ 400
Dividends payable, amount per share	$ 20	$ 20
Common Stock [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Dividends Payable	$ 979	$ 979
Dividends payable, amount per share	$ 0.07	$ 0.07
Common Stock [Member] | Dividend Paid [Member]
Dividends Payable [Line Items]
Dividends Payable	$ 2,937	$ 2,937
Dividends payable, amount per share	$ 0.07	$ 0.07