Peak Resorts (SKIS) 10-Q 11 Sep 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2018	Sep. 10, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2018
Document Fiscal Year Focus	2,019
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	Smaller Reporting Company
Trading Symbol	skis
Entity Common Stock, Shares Outstanding		13,982,400

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Current assets
Cash and cash equivalents	$ 10,085	$ 23,091
Restricted cash	1,440	1,163
Income tax receivable	4,587
Accounts receivable	2,872	8,560
Inventory	2,097	1,971
Prepaid expenses and deposits	10,034	12,731
Total current assets	31,115	47,516
Property and equipment, net	209,102	204,095
Land held for development	37,640	37,634
Restricted cash, construction	8,589	12,175
Goodwill	4,382	4,382
Intangible assets, net	721	731
Other assets	2,513	1,797
Total assets	294,062	308,330
Current liabilities
Revolving lines of credit	12,415	12,415
Current maturities of long-term debt	2,421	2,614
Accounts payable and accrued expenses	10,507	12,079
Accrued salaries, wages and related taxes and benefits	1,036	922
Unearned revenue	16,756	16,084
Current portion of deferred gain on sale/leaseback	333	333
Total current liabilities	43,468	44,447
Long-term debt, less current maturities	165,768	165,837
Deferred gain on sale/leaseback	2,429	2,512
Deferred income taxes	7,809	7,809
Other liabilities	495	504
Total liabilities	219,969	221,109
Series A preferred stock, $0.01 par value per share, $1,000 liquidation preference per share, 40,000 shares authorized, 20,000 issued and outstanding	17,401	17,401
Commitments and contingencies
Stockholders' Equity
Common stock, $0.01 par value per share, 40,000,000 shares authorized, 13,982,400 shares issued and outstanding	140	140
Additional paid-in capital	86,687	86,631
Accumulated deficit	(30,135)	(16,951)
Total stockholders' equity	56,692	69,820
Total liabilities and stockholders' equity	$ 294,062	$ 308,330

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2018	Apr. 30, 2018
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	40,000,000	40,000,000
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, 2018	Jul. 31, 2017
Revenues:
Net revenue	$ 7,007	$ 7,520
Operating expenses:
Resort operating costs	14,271	13,539
Depreciation and amortization	3,298	3,145
General and administrative	1,256	1,248
Real estate and other non-income taxes	687	684
Land and building rent	336	353
Restructuring charges	177
Loss from operations	(13,018)	(11,449)
Other (expense) income:
Interest, net of amounts capitalized of $173 and $431 in 2018 and 2017, respectively	(3,479)	(3,011)
Gain on sale/leaseback	83	83
Other income	32	55
Other (expense) income, total	(3,364)	(2,873)
Loss before income taxes	(16,382)	(14,322)
Income tax benefit	(4,587)	(5,727)
Net loss	(11,795)	(8,595)
Less declaration and accretion of Series A prefered stock dividends	(400)	(400)
Net loss attributable to common shareholders	$ (12,195)	$ (8,995)
Basic and diluted loss per common share	$ (0.87)	$ (0.64)
Cash dividends declared per common share	0.07	$ 0.07
Cash dividends declared per preferred share	$ 20

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Statement of Financial Position [Abstract]
Interest capitalized	$ 173	$ 431

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (11,795)	$ (8,595)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of property and equipment and intangibles	3,298	3,145
Amortization of deferred financing costs	271	236
Stock based compensation	56	63
Amortization of other liabilities	(9)	(9)
Gain on sale/leaseback	(83)	(83)
Changes in operating assets and liabilities:
Income tax receivable	(4,587)	(5,727)
Accounts receivable	5,688	3,458
Inventory	(126)	(180)
Prepaid expenses and deposits	2,697	(358)
Other assets	(716)	(13)
Accounts payable and accrued expenses	(1,700)	1,431
Accrued salaries, wages and related taxes and benefits	114	57
Unearned revenue	672	670
Net cash used in operating activities	(6,220)	(5,905)
Cash Flows from Investing Activities
Additions to property and equipment	(8,177)	(8,591)
Additions to land held for development	(6)	(9)
Net cash used in investing activities	(8,183)	(8,600)
Cash Flows from Financing Activities
Payments on line of credit		(1,750)
Payments on long-term debt and capital lease obligations	(533)	(610)
Distributions to stockholders	(1,379)	(979)
Payment of deferred financing costs		(30)
Release from EB-5 investor funds held in escrow		(500)
Net cash used in financing activities	(1,912)	(3,869)
Net decrease in cash, cash equivalents and restricted cash	(16,315)	(18,374)
Cash, cash equivalents, and restricted cash, beginning of period	36,429	78,478
Cash, cash equivalents, and restricted cash, end of period	20,114	60,104
Supplemental cash flow information:
Cash paid interest	48	3,206
Supplemental disclosure of noncash investing and financing activities:
Assets under construction included in accounts payable	353	583
Accretive dividends - Series A preferred stock		400
Accrued dividends, common and preferred	$ 1,379	$ 979

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jul. 31, 2018
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, 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, 2018, 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. Cash and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the same such amounts shown in the consolidated statements of cash flow:    July 31,  2018 2017  Cash and cash equivalents $ 10,085 $ 26,869  Restricted cash 1,440 7,079  Restricted cash, construction 8,589 26,156  Total cash, cash equivalents, and restricted  cash, end of period $ 20,114 $ 60,104 

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Jul. 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 Jumpstart Our Business Startups 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 consolidated financial statements. While the Company expects the pattern of expense for leases it currently classifies as operating will be similar under the old and new guidance, it expects adoption of the new standard will result in a significant increase in assets and liabilities for right of use assets and lease obligations, respectively, for leases it currently classifies as operating. As of July 31, 2018, future minimum lease payments under operating leases was approximately $14,000 .  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 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 consolidated financial statements. 

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2018
Income Taxes [Abstract]
Income Taxes	Note 3. Income Taxes The Company’s effective income tax rates were 28.0% and 40.0% for the three months ended July 31, 2018 and 2017, respectively. The 2018 tax rate reflects the enactment of the Tax Cuts and Job Act of 2017, which permanently reduced the U.S. corporate statutory rate from 35.0% to 21.0% as of January 1, 2018. 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 $4,587 as of July 31, 2018, is a result of the expected tax rate for the Company’s fiscal year ending April 30, 2019, applied to its loss before income tax for the three months ended July 31, 2018. 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, 2018
Fixed Assets [Abstract]
Fixed Assets	Note 4. Fixed Assets The composition of property and equipment is as follows:        July 31, April 30,  2018 2018  Land and improvements $ 54,795 $ 54,785  Buildings and improvements 75,328 75,321  Equipment, furniture and fixtures 175,862 175,532  Construction in progress 24,735 16,787  330,720 322,425  Less: accumulated depreciation and amortization 121,618 118,330  $ 209,102 $ 204,095  

Credit Facilities and Long-term

Credit Facilities and Long-term Debt	3 Months Ended
	Jul. 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:    July 31, April 30,  2018 2018  EPR Secured Notes due 2034 $ 93,162 $ 93,162  EPR Secured Notes due 2036 21,000 21,000  EB-5 Development Notes due 2021 52,000 52,000  Wildcat Mountain Note due 2020 3,182 3,231  Capital Leases 2,078 2,426  Other borrowings 1,048 1,184  Less: Unamortized debt issuance costs (4,281) (4,552)  168,189 168,451  Less: Current maturities (2,421) (2,614)  $ 165,768 $ 165,837  In addition to the credit facilities listed above, the Company maintains a $10,000 working capital line of credit and a $15,000 a cquisition line of credit with Royal Banks of Missouri. As of July 31, 2018, $12,415 was outstanding under the acquisition line of credit and nothing was outstanding under the working capital line of credit , and $10,000 and $2,585 was unused and available under the line s of credit, respectively. As of July 31, 2018, the Company was in compliance will all debt covenants under its various credit facility and debt agreements.

Concentrations of Credit Risk a

Concentrations of Credit Risk and Fair Value Measures	3 Months Ended
	Jul. 31, 2018
Financial Instruments And Concentrations Of Credit Risk [Abstract ]
Concentrations of Credit Risk and Fair Value Measures	Note 6. Concentrations of Credit Risk and Fair Value Measures Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company’s cash, cash equivalents and restricted cash are on deposit with financial institutions where such balances will, at times, be in excess of federally insured limits. The Company has not experienced any losses associated with such deposits.   Fair Value of Measurements  The Company measures the fair value of assets and liabilities using a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as quoted prices in active markets; Level 2 - inputs, other than quoted market prices in active markets, which are observable, either directly or indirectly; and Level 3 - valuations derived from valuation techniques in which one or more significant inputs are unobservable. In addition, the Company may use various valuation techniques, including the market approach, using comparable market prices; the income approach, using present value of future income or cash flow; and the cost approach, using the replacement cost of assets.  The Company’s financial instruments consist of cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, long-term debt and preferred stock. For cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the carrying amounts approximate fair market value due to their short-term nature.  The estimated fair values of the Company’s debt instruments and preferred stock as of July 31, 2018, is as follows:     July 31, 2018  Fair Value Carrying Amount Balance Sheet Classification  EPR Secured Notes due 2034 $ 90,681 $ 93,162 Long-term debt, less current maturities  EPR Secured Notes due 2036 15,948 21,000 Long-term debt, less current maturities  EB-5 Development Notes due 2021 46,309 52,000 Long-term debt, less current maturities  Wildcat Mountain Note due 2020 3,139 3,182 Long-term debt, including current maturities  Capital leases and other borrowings 3,126 3,126 Long-term debt, less current maturities  Series A Preferred Stock 19,789 17,401 Series A preferred stock  The Company estimated the fair value of the EPR Secured Notes, EB-5 Development Notes and Wildcat Mountain Note using a discounted cash flow approach and Level 2 inputs, including market borrowing yields for instruments of similar maturities. The Company estimated the fair value of the Series A Preferred Stock and related warrants and other features using Level 2 inputs, including market yields for similar instruments. The Company estimated the fair value of capital leases and other borrowings to approximate their carrying value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 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 contingent rentals in the periods presented.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jul. 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 months ended July 31, 2018 and 2017 in the amounts of $56 and $63 , respectively. Restricted Stock Units  Under the Company’s 2014 Equity Incentive Plan, the Company granted 2,064 restricted stock units (“RSUs”) during the three months ended July 31, 2018 , with a weighted-average grant date fair value per unit of $4.95 ; and granted 2,190 RSUs during the three months ended July 31, 2017 , with a weighted-average grant date fair value per unit of $5.64 . As of July 31, 2018 , 148,007 RSUs were outstanding, of which 103,203 were vested.  

Loss Per Share

Loss Per Share	3 Months Ended
	Jul. 31, 2018
Loss Per Share [Abstract]
Loss Per Share	Note 9. Loss Per share The computation of basic and diluted loss per share for the three months ended July 31, 2018 and 2017 is as follows:    Three Months Ended July 31,  2018 2017  Net loss attributable to common shareholders $ (12,195) $ (8,995)  Weighted number of shares:  Common stock 13,982,400 13,982,400  Outstanding vested Restricted Stock Units 103,203 49,818  14,085,603 14,032,218  Basic and diluted loss per share $ (0.87) $ (0.64)  The Company’s 4 4 ,804 and 47,826 outstanding unvested RSUs as of July 31, 2018 and 2017, 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 have been excluded from the calculation of diluted earnings per share for the three months ended July 31, 2018, because the impact would be antidilutive.

Restructuring and Impairment

Restructuring and Impairment	3 Months Ended
	Jul. 31, 2018
Restructuring and Impairment [Abstract]
Restructuring and Impairment	Note 10. Restructuring and Impairment As of April 30, 2018, the Company closed a restaurant and certain hotel-like amenities at a condominium building adjacent to its Attitash ski resort and terminated a related rental management agreement (the “Attitash Hotel Closure”). For the three months ended July 31, 2018, the Company incurred restructuring charges of $177 in connection with the Attitash Hotel Closure, which included professional service fees and costs to maintain the facility pending its disposal, which the Company expects will occur during the second quarter of its 2019 fiscal year.  Total costs through July 31, 2018, associated with the Attitash Hotel Closure include $1,586 of asset impairment charges, $36 of severance expense and $247 of other costs. As of July 31, 2018, no amounts were accrued for costs associated with the Attitash Hotel Closure, and the Company expects it may incur future additional charges in the range of $50 to $100 related to professional fees and other costs.

Commitments and Contingencies (

Commitments and Contingencies (Policy)	3 Months Ended
	Jul. 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 contingent rentals in the periods presented.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Jul. 31, 2018
Basis of Presentation [Abstract]
Cash and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheet to the total of the same such amounts shown in the consolidated statements of cash flow:    July 31,  2018 2017  Cash and cash equivalents $ 10,085 $ 26,869  Restricted cash 1,440 7,079  Restricted cash, construction 8,589 26,156  Total cash, cash equivalents, and restricted  cash, end of period $ 20,114 $ 60,104 

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Jul. 31, 2018
Fixed Assets [Abstract]
Property and equipment	The composition of property and equipment is as follows:        July 31, April 30,  2018 2018  Land and improvements $ 54,795 $ 54,785  Buildings and improvements 75,328 75,321  Equipment, furniture and fixtures 175,862 175,532  Construction in progress 24,735 16,787  330,720 322,425  Less: accumulated depreciation and amortization 121,618 118,330  $ 209,102 $ 204,095 

Credit Facilities and Long-te20

Credit Facilities and Long-term Debt (Tables)	3 Months Ended
	Jul. 31, 2018
Credit Facilities and Long-term Debt [Abstract]
Schedule of Long-term Debt	The composition of long-term debt is as follows:    July 31, April 30,  2018 2018  EPR Secured Notes due 2034 $ 93,162 $ 93,162  EPR Secured Notes due 2036 21,000 21,000  EB-5 Development Notes due 2021 52,000 52,000  Wildcat Mountain Note due 2020 3,182 3,231  Capital Leases 2,078 2,426  Other borrowings 1,048 1,184  Less: Unamortized debt issuance costs (4,281) (4,552)  168,189 168,451  Less: Current maturities (2,421) (2,614)  $ 165,768 $ 165,837 

Concentrations of Credit Risk21

Concentrations of Credit Risk and Fair Value Measures (Tables)	3 Months Ended
	Jul. 31, 2018
Financial Instruments And Concentrations Of Credit Risk [Abstract ]
Estimated fair values of debt instrumnets and preferred stock	 The estimated fair values of the Company’s debt instruments and preferred stock as of July 31, 2018, is as follows:     July 31, 2018  Fair Value Carrying Amount Balance Sheet Classification  EPR Secured Notes due 2034 $ 90,681 $ 93,162 Long-term debt, less current maturities  EPR Secured Notes due 2036 15,948 21,000 Long-term debt, less current maturities  EB-5 Development Notes due 2021 46,309 52,000 Long-term debt, less current maturities  Wildcat Mountain Note due 2020 3,139 3,182 Long-term debt, including current maturities  Capital leases and other borrowings 3,126 3,126 Long-term debt, less current maturities  Series A Preferred Stock 19,789 17,401 Series A preferred stock 

Loss Per share (Tables)

Loss Per share (Tables)	3 Months Ended
	Jul. 31, 2018
Loss Per Share [Abstract]
Schedule of Earnings (Loss) Per share	The computation of basic and diluted loss per share for the three months ended July 31, 2018 and 2017 is as follows:    Three Months Ended July 31,  2018 2017  Net loss attributable to common shareholders $ (12,195) $ (8,995)  Weighted number of shares:  Common stock 13,982,400 13,982,400  Outstanding vested Restricted Stock Units 103,203 49,818  14,085,603 14,032,218  Basic and diluted loss per share $ (0.87) $ (0.64) 

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	Jul. 31, 2018asite
Basis of Presentation [Abstract]
Number of ski resorts	14
Number of ski resorts owned	13
Area of skiable terrain | a	1,859

Basis of Presentation (Cash and

Basis of Presentation (Cash and Restricted Cash) (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2017	Apr. 30, 2017
Basis of Presentation [Abstract]
Cash and cash equivalents	$ 10,085	$ 23,091	$ 26,869
Restricted cash	1,440	1,163	7,079
Restricted cash, construction	8,589	12,175	26,156
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 20,114	$ 36,429	$ 60,104	$ 78,478

Recently Issued Accounting St25

Recently Issued Accounting Standards (Narrative) (Details) $ in Thousands	Jul. 31, 2018USD ($)
Recently Issued Accounting Standards [Abstract]
Operating Leases, Future Minimum Payments Due	$ 14,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jul. 31, 2018	Jul. 31, 2017	Dec. 31, 2017
Income Taxes [Abstract]
Effective Income Tax Rate Reconciliation, Percent		28.00%	40.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%			35.00%
Deferred Income Taxes and Other Tax Receivable, Current		$ 4,587

Fixed Assets (Composition of pr

Fixed Assets (Composition of property and equipment) (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 330,720	$ 322,425
Less: accumulated depreciation and amortization	121,618	118,330
Property and equipment, Net	209,102	204,095
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	54,795	54,785
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	75,328	75,321
Equipment, Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	175,862	175,532
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 24,735	$ 16,787

Credit Facilities and Long-te28

Credit Facilities and Long-term Debt (Narrative) (Details) - Royal Banks Of Missouri Debt [Member] $ in Thousands	Jul. 31, 2018USD ($)
Working Capital Line Of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 10,000
Line of Credit Facility, Fair Value of Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	10,000
Acquisition Line Of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	15,000
Line of Credit Facility, Fair Value of Amount Outstanding	12,415
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,585

Credit Facilities and Long-te29

Credit Facilities and Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Jul. 31, 2018	Apr. 30, 2018
Schedule of Capitalization, Long-term Debt [Line Items]
Unamortized debt issuance costs	$ (4,281)	$ (4,552)
Long-term debt, including current maturities, net of unamortized discounts	168,189	168,451
Less: current maturities	(2,421)	(2,614)
Total long-term debt	165,768	165,837
Notes [Member] | EPR Secured Notes [Member] | 2034 [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	93,162	93,162
Notes [Member] | EPR Secured Notes [Member] | 2036 [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	21,000	21,000
Notes [Member] | EB-5 Development Notes [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	52,000	52,000
Notes [Member] | Wildcat Mountain [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	3,182	3,231
Capital Lease Obligations [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	2,078	2,426
Other Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 1,048	$ 1,184

Concentrations of Credit Risk30

Concentrations of Credit Risk and Fair Value Measures (Details) $ in Thousands	Jul. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Series A preferred stock	$ 19,789
Carrying Amount[Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Series A preferred stock	17,401
Notes [Member] | EB-5 Development Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	46,309
Notes [Member] | EB-5 Development Notes [Member] | Carrying Amount[Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	52,000
Notes [Member] | Wildcat Mountain [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	3,139
Notes [Member] | Wildcat Mountain [Member] | Carrying Amount[Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	3,182
Capital Leases And Other Borrowings [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	3,126
Capital Leases And Other Borrowings [Member] | Carrying Amount[Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	3,126
2034 [Member] | Notes [Member] | EPR Secured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	90,681
2034 [Member] | Notes [Member] | EPR Secured Notes [Member] | Carrying Amount[Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	93,162
2036 [Member] | Notes [Member] | EPR Secured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	15,948
2036 [Member] | Notes [Member] | EPR Secured Notes [Member] | Carrying Amount[Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	$ 21,000

Commitments and Contingencies31

Commitments and Contingencies (Narrative) (Details)	3 Months Ended
	Jul. 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 (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Stock-based compensation expense	$ 56	$ 63
Restricted Stock Units [Member]
Units
Units granted during period	2,064	2,190
Vested, Units	103,203
Units outstanding	148,007
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value per unit	$ 4.95	$ 5.64

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, 2018	Jul. 31, 2017
Net loss attributable to common shareholders	$ (12,195)	$ (8,995)
Weighted average number of shares oustandins: Common stock	13,982,400	13,982,400
Weighted average number of shares outstanding: Outstanding vested Restricted Stock Units	103,203	49,818
Basic average shares outstanding	14,085,603	14,032,218
Basic and diluted loss per share	$ (0.87)	$ (0.64)
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	44,804	47,826
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,719,018

Restructuring and Impairment (D

Restructuring and Impairment (Details) - Attitash Hotel Closure [Member] $ in Thousands	3 Months Ended
	Jul. 31, 2018USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 177
Asset Impairment Charges	1,586
Severance Costs	36
Other Restructuring Costs	247
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Remaining	50
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Remaining	$ 100