Peak Resorts (SKIS) 10-Q 12 Dec 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2018	Dec. 10, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
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		15,165,832

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2018	Apr. 30, 2018
Current assets
Cash and cash equivalents	$ 6,362	$ 23,091
Restricted cash	1,245	1,163
Income tax receivable	8,857
Accounts receivable	764	8,560
Inventory	3,356	1,971
Prepaid expenses and deposits	7,839	12,731
Total current assets	28,423	47,516
Property and equipment, net	217,266	204,095
Land held for development	37,646	37,634
Restricted cash, construction	3,006	12,175
Goodwill	4,382	4,382
Intangible assets, net	702	731
Other assets	2,206	1,797
Total assets	293,631	308,330
Current liabilities
Revolving lines of credit	12,415	12,415
Current maturities of long-term debt	2,151	2,614
Accounts payable and accrued expenses	17,508	12,079
Accrued salaries, wages and related taxes and benefits	947	922
Unearned revenue	22,108	16,084
Current portion of deferred gain on sale/leaseback	333	333
Total current liabilities	55,462	44,447
Long-term debt, less current maturities	165,777	165,837
Deferred gain on sale/leaseback	2,346	2,512
Deferred income taxes	7,809	7,809
Other liabilities	486	504
Total liabilities	231,880	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	86,738	86,631
Accumulated deficit	(42,528)	(16,951)
Total stockholders' equity	44,350	69,820
Total liabilities and stockholders' equity	$ 293,631	$ 308,330

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 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		6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Revenues:
Net revenue	$ 7,984	$ 8,838	$ 14,991	$ 16,358
Operating expenses:
Resort operating costs	13,718	15,121	27,989	28,660
Depreciation and amortization	3,434	3,154	6,732	6,299
General and administrative	1,903	1,529	3,159	2,777
Real estate and other non-income taxes	605	471	1,292	1,155
Land and building rent	336	339	672	692
Restructuring charges	13		190
Loss from operations	(12,025)	(11,776)	(25,043)	(23,225)
Other (expense) income:
Interest, net of amounts capitalized of $325 and $498 in 2018 and $514 and $945 in 2017, respectively	(3,346)	(3,196)	(6,825)	(6,207)
Gain on sale/leaseback	83	83	166	166
Other income	15	34	47	89
Other (expense) income, total	(3,248)	(3,079)	(6,612)	(5,952)
Loss before income taxes	(15,273)	(14,855)	(31,655)	(29,177)
Income tax benefit	(4,270)	(5,941)	(8,857)	(11,668)
Net loss	(11,003)	(8,914)	(22,798)	(17,509)
Less declaration and accretion of Series A prefered stock dividends	(400)	(400)	(800)	(800)
Net loss attributable to common shareholders	$ (11,403)	$ (9,314)	$ (23,598)	$ (18,309)
Basic and diluted loss per common share	$ (0.81)	$ (0.66)	$ (1.67)	$ (1.30)
Cash dividends declared per common share	0.07	0.07	0.14	0.14
Cash dividends declared per preferred share	$ 20	$ 20	$ 40	$ 20

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Statement of Financial Position [Abstract]
Interest capitalized	$ 325	$ 514	$ 498	$ 945

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (22,798)	$ (17,509)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of property and equipment and intangibles	6,732	6,299
Amortization of deferred financing costs	543	521
Stock based compensation	107	157
Amortization of other liabilities	(18)	(18)
Gain on sale/leaseback	(166)	(166)
Changes in operating assets and liabilities:
Income tax receivable	(8,857)	(11,668)
Accounts receivable	7,796	4,371
Inventory	(1,385)	(415)
Prepaid expenses and deposits	4,892	(4,743)
Other assets	(229)	(28)
Accounts payable and accrued expenses	4,238	(1,173)
Accrued salaries, wages and related taxes and benefits	25	10
Unearned revenue	6,024	4,661
Net cash used in operating activities	(3,096)	(19,701)
Cash Flows from Investing Activities
Additions to property and equipment	(18,704)	(18,597)
Additions to land held for development	(12)	(18)
Net cash used in investing activities	(18,716)	(18,615)
Cash Flows from Financing Activities
Payments on long-term debt and capital lease obligations	(1,066)	(12,101)
Distributions to stockholders	(2,758)	(1,958)
Payment of deferred financing costs	(180)	(138)
Payments on line of credit		(4,500)
Borrowings on lines of credit		12,375
Net cash used in financing activities	(4,004)	(6,322)
Net decrease in cash, cash equivalents and restricted cash	(25,816)	(44,638)
Cash, cash equivalents, and restricted cash, beginning of period	36,429	78,478
Cash, cash equivalents, and restricted cash, end of period	10,613	33,840
Supplemental cash flow information:
Cash paid income taxes	0	0
Cash paid interest, including amounts prepaid of $0 and $2,201, respectively	110	9,112
Supplemental disclosure of noncash investing and financing activities:
Assets under construction included in accounts payable	1,405	38
Reclassification of EB-5 funds from escrow to long term debt		500
Accretive dividends - Series A preferred stock		400
Accrued dividends, common and preferred	$ 1,379	$ 1,379

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Statement of Cash Flows [Abstract]
Prepaid Interest	$ 0	$ 2,201

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 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 and six months ended October 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, as of October 31, 2018, operated 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. On November 21, 2018, the Company acquired Snow Time, Inc. (“Snow Time”). Snow Time’s businesses includ e Liberty Mountain Resort, Roundtop Mountain Resort and Whitetail Resort, which are day and overnight drive ski resorts located in southern Pennsylvania serving the Baltimore and Washington, D.C. metropolitan areas. The acquired resorts also include two 18-hole golf courses, a 115-room hotel and conference center and more than 20 food and beverage locations across the three resorts, among other amenities. See Note 11. 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:    October 31,  2018 2017  Cash and cash equivalents $ 6,362 $ 12,962  Restricted cash 1,245 1,339  Restricted cash, construction 3,006 19,539  Total cash, cash equivalents, and restricted  cash, end of period $ 10,613 $ 33,840  

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Oct. 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 October 31, 2018, future minimum lease payments under operating leases was approximately $13,538 .  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	6 Months Ended
	Oct. 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 six months ended October 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 $8,857 as of October 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 six months ended October 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	6 Months Ended
	Oct. 31, 2018
Fixed Assets [Abstract]
Fixed Assets	Note 4. Fixed Assets The composition of property and equipment is as follows:        October 31, April 30,  2018 2018  Land and improvements $ 54,819 $ 54,785  Buildings and improvements 75,368 75,321  Equipment, furniture and fixtures 176,256 175,532  Construction in progress 35,834 16,787  342,277 322,425  Less: accumulated depreciation and amortization 125,011 118,330  $ 217,266 $ 204,095  

Credit Facilities and Long-term

Credit Facilities and Long-term Debt	6 Months Ended
	Oct. 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:    October 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 3,131 3,231  Capital Leases 1,733 2,426  Other borrowings 911 1,184  Less: Unamortized debt issuance costs (4,009) (4,552)  167,928 168,451  Less: Current maturities (2,151) (2,614)  $ 165,777 $ 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 October 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 October 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	6 Months Ended
	Oct. 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 October 31, 2018, is as follows:     October 31, 2018  Fair Value Carrying Amount Balance Sheet Classification  EPR Secured Notes due 2034 $ 98,309 $ 93,162 Long-term debt, less current maturities  EPR Secured Notes due 2036 16,917 21,000 Long-term debt, less current maturities  EB-5 Development Notes due 2021 43,136 52,000 Long-term debt, less current maturities  Wildcat Mountain Note due 2020 2,961 3,131 Long-term debt, including current maturities  Capital leases and other borrowings 2,644 2,644 Long-term debt, less current maturities  Series A Preferred Stock 17,994 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 and Level 3 inputs, including the Company’s credit rating. The Company estimated the fair value of the Series A Cumulative Convertible Preferred Stock (the “Series A Preferred Stock”) 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	6 Months Ended
	Oct. 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	6 Months Ended
	Oct. 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 six months ended October 31, 2018 in the amounts of $51 and $107 , respectively; and for the three and six months ended October 31, 2017 in the amounts of $94 and $157 , respectively . Restricted Stock Units  Under the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), the Company granted 43,600 restricted stock units (“RSUs”) during the six months ended October 31, 2018, with a weighted-average grant date fair value per unit of $5.18 ; and granted 45,938 RSUs during the six months ended October 31, 2017, with a weighted-average grant date fair value per unit of $4.30 . The 2014 Plan requires that whenever the Company pays a cash dividend on its common shares it a lso pay an equivalent dividend in the form of RSUs on any RSUs outstanding as of the dividend date. During the six months ended October 31, 2018 and 2017, the Company issued 4,119 RSUs and 2,664 RSUs, respectively, as payment of dividends on outstanding RSUs. As of October 31, 2018, 187,094 RSUs were outstanding, of which 150,899 were vested.  

Loss Per Share

Loss Per Share	6 Months Ended
	Oct. 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 and six months ended October 31, 2018 and 2017 is as follows:    Three Months Ended October 31, Six Months Ended October 31,  2018 2017 2018 2017  Net loss attributable to common shareholders $ (11,403) $ (9,314) $ (23,598) $ (18,309)  Weighted number of shares:  Common stock 13,982,400 13,982,400 13,982,400 13,982,400  Outstanding vested Restricted Stock Units 120,369 60,297 112,700 55,020  14,102,769 14,042,697 14,095,100 14,037,420  Basic and diluted loss per share $ (0.81) $ (0.66) $ (1.67) $ (1.30)    The Company’s 36,195 and 52,690 outstanding unvested RSUs as of October 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 and six months ended October 31, 2018 and 2017, because the impact would be anti-dilutive.

Restructuring and Impairment

Restructuring and Impairment	6 Months Ended
	Oct. 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 and six months ended October 31, 2018, the Company incurred restructuring charges of $13 and $190 , respectively, in connection with the Attitash Hotel Closure, which included professional service fees and costs to maintain the facility until the date of its disposal in August 2018.  Total costs through O c tober 31, 2018, associated with the Attitash Hotel Closure include $1,586 of asset impairment charges, $36 of severance expense and $260 of other costs. As of O ct ober 31, 2018 , the Company expects it will not incur future additional charges related to the Attitash Hotel Closure.

The Snow Time Acquisition and R

The Snow Time Acquisition and Related Financing	6 Months Ended
	Oct. 31, 2018
The Snow Time Acquisition and Related Financing [Abstract]
The Snow Time Acquisition and Related Financing	Note 11. The Snow Time Acquisition and Related Financing The Snow Time Acquisition On November 21, 2018 , the Company completed its acquisition of all of the issued and outstanding shares of common stock of Snow Time pursuant to the Stock Purchase Agreement (the “Purchase Agreement”) entered into with the stockholders of Snow Time (the “Sellers”), dated as of September 24, 2018 (the “ Snow Time Acquisition ”). Consideration for the Snow Time Acquisition totaled $73,119 , which consisted of $67,142 in cash and 1,183,432 shares of common stock with a value of $5,977 based on the Company’s closing stock price on the day the transaction closed. The number of shares issued to the Sellers was determined pursuant to the Purchase Agreement, which provided that the Sellers had the right to receive $6,000 of common stock as determined using the average closing price of the common stock for the 20 trading days immediately preceding the closing, which was $5.07. The purchase price is subject to customary post-closing adjustments related to prepaid services, working capital and transaction expenses as provided by the Purchase Agreement. The Company acquired Snow Time in order to expand its portfolio of resorts. Snow Time’s businesses include Liberty Mountain Resort, Roundtop Mountain Resort and Whitetail Resort, which are day and overnight drive ski resorts located in southern Pennsylvania serving the Baltimore and Washington, D.C. metropolitan areas. The acquired resorts also include two 18-hole golf courses, a 115 -room hotel and conference center and more than 20 food and beverage locations across the three resorts, among other amenities. During the three and six months ended October 31, 2018, the Company incurred $331 of acquisition related costs which have been included in general and administrative costs in the condensed consolidated statements of operations. Because the Snow Time Acquisition closed on November 21, 2018, the Company has not yet completed its initial accounting and is still in process of gathering information necessary to determine i) the fair value of acquired tangible and intangible assets and ii) the working capital adjustment to the purchase price. As a result, the Company has determined it is impracticable to provide certain disclosures required under the Accounting Standards Codification 805, “Business Combinations” (“ASC 805”), including an allocation of the purchase price to the assets acquired and liabilities assumed and required pro forma information. The Company intends to present the disclosures required by ASC 805 in its Quarterly Report on Form 10-Q for the fiscal quarter ending January 31, 2019. Term Loan Financing The Company financed part of the cash consideration paid to the Sellers in the Snow Time Acquisition with a $50,000 senior secured term loan (the “Term Loan”) from Cap 1 LLC (“Cap 1”) pursuant to the terms of the Credit Agreement entered into with Cap 1 on November 21, 2018 (the “Credit Agreement”). The Term Loan has an initial term of two years and bears interest at 6.95% , payable quarterly, subject to a 2.0% increase upon an event of default. The Term Loan is secured by all real property on which the Snow Time resorts are located and improvements thereon. Amounts due under the Term Loan may be prepaid without penalty. The Term Loan matures on November 30, 2020 and may be extended for an additional one -year period at the Company’s option, so long as no event of default has occurred. If extended, the Company has agreed to issue Cap 1 a warrant to purchase 666,667 shares of common stock, exercisable immediately from the issuance date and for up to ten years from the date of issuance, at $7.50 per share (the “Extension Warrant”). The Extension Warrant was not issued upon closing the Term Loan and will only be issued if the Company exercises the one-year Term Loan extension right.  As consideration for the Term Loan and in lieu of fees, the Company also issued Cap 1 a warrant to purchase 1,750,000 shares of common stock at $10.00 per share, which is exercisable immediately and expires ten years from the date of issuance (the “Financing Warrant”). Issuance of Preferred Stock and Warrants As a condition to the funding of the Term Loan, and for aggregate consideration of $20,000 , the Company exercised its existing option (the “Cap 1 Option”) to issue to Cap 1 an additional 20,000 shares of Series A Preferred Stock, along with additional warrants (the “Option Warrants”) to purchase shares of common stock that expire 12 years from the date of issuance, as follows: i) 1,538,462 shares of common stock at $6.50 per share; ii) 625,000 shares of common stock at $8.00 per share; and iii) 555,556 shares of common stock at $9.00 per share. The Cap 1 Option is provided for in the terms of the Securities Purchase Agreement between the Company and Cap 1, dated as of August 22, 2016, entered into in connection with the issuance of the initial 20,000 shares of Series A Preferred Stock and accompanying warrants to Cap 1 in November 2016. The Company used the Cap 1 Option proceeds to fund the remainder of the cash portion of the Snow Time Acquisition purchase price. The exercise prices of the Option Warrants must be paid in cash. At the Company’s option, the exercise price of the Financing Warrant may be paid in whole or in part in cash or settled through a cashless exercise . The Company entered into a Registration Rights Agreement with Cap 1, dated November 21, 2018, granting certain registration rights with respect to the shares of common stock underlying the Series A Preferred Stock, Option Warrants and Financing Warrant. The terms and registration rights applicable to the Extension Warrant, if issued, are expected to be substantially the same as those applicable to the Financing Warrant. 

Commitments and Contingencies (

Commitments and Contingencies (Policy)	6 Months Ended
	Oct. 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)	6 Months Ended
	Oct. 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:    October 31,  2018 2017  Cash and cash equivalents $ 6,362 $ 12,962  Restricted cash 1,245 1,339  Restricted cash, construction 3,006 19,539  Total cash, cash equivalents, and restricted  cash, end of period $ 10,613 $ 33,840 

Fixed Assets (Tables)

Fixed Assets (Tables)	6 Months Ended
	Oct. 31, 2018
Fixed Assets [Abstract]
Property and equipment	The composition of property and equipment is as follows:        October 31, April 30,  2018 2018  Land and improvements $ 54,819 $ 54,785  Buildings and improvements 75,368 75,321  Equipment, furniture and fixtures 176,256 175,532  Construction in progress 35,834 16,787  342,277 322,425  Less: accumulated depreciation and amortization 125,011 118,330  $ 217,266 $ 204,095 

Credit Facilities and Long-te_2

Credit Facilities and Long-term Debt (Tables)	6 Months Ended
	Oct. 31, 2018
Credit Facilities and Long-term Debt [Abstract]
Schedule of Long-term Debt	The composition of long-term debt is as follows:    October 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 3,131 3,231  Capital Leases 1,733 2,426  Other borrowings 911 1,184  Less: Unamortized debt issuance costs (4,009) (4,552)  167,928 168,451  Less: Current maturities (2,151) (2,614)  $ 165,777 $ 165,837 

Concentrations of Credit Risk_2

Concentrations of Credit Risk and Fair Value Measures (Tables)	6 Months Ended
	Oct. 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 October 31, 2018, is as follows:     October 31, 2018  Fair Value Carrying Amount Balance Sheet Classification  EPR Secured Notes due 2034 $ 98,309 $ 93,162 Long-term debt, less current maturities  EPR Secured Notes due 2036 16,917 21,000 Long-term debt, less current maturities  EB-5 Development Notes due 2021 43,136 52,000 Long-term debt, less current maturities  Wildcat Mountain Note due 2020 2,961 3,131 Long-term debt, including current maturities  Capital leases and other borrowings 2,644 2,644 Long-term debt, less current maturities  Series A Preferred Stock 17,994 17,401 Series A preferred stock 

Loss Per share (Tables)

Loss Per share (Tables)	6 Months Ended
	Oct. 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 six months ended October 31, 2018 and 2017 is as follows:    Three Months Ended October 31, Six Months Ended October 31,  2018 2017 2018 2017  Net loss attributable to common shareholders $ (11,403) $ (9,314) $ (23,598) $ (18,309)  Weighted number of shares:  Common stock 13,982,400 13,982,400 13,982,400 13,982,400  Outstanding vested Restricted Stock Units 120,369 60,297 112,700 55,020  14,102,769 14,042,697 14,095,100 14,037,420  Basic and diluted loss per share $ (0.81) $ (0.66) $ (1.67) $ (1.30)  

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details)	Oct. 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	Oct. 31, 2018	Apr. 30, 2018	Oct. 31, 2017	Apr. 30, 2017
Basis of Presentation [Abstract]
Cash and cash equivalents	$ 6,362	$ 23,091	$ 12,962
Restricted cash	1,245	1,163	1,339
Restricted cash, construction	3,006	12,175	19,539
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	$ 10,613	$ 36,429	$ 33,840	$ 78,478

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Narrative) (Details) $ in Thousands	Oct. 31, 2018USD ($)
Recently Issued Accounting Standards [Abstract]
Operating Leases, Future Minimum Payments Due	$ 13,538

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Oct. 31, 2018	Oct. 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		$ 8,857

Fixed Assets (Composition of pr

Fixed Assets (Composition of property and equipment) (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Apr. 30, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 342,277	$ 322,425
Less: accumulated depreciation and amortization	125,011	118,330
Property and equipment, Net	217,266	204,095
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	54,819	54,785
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	75,368	75,321
Equipment, Furniture And Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	176,256	175,532
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 35,834	$ 16,787

Credit Facilities and Long-te_3

Credit Facilities and Long-term Debt (Narrative) (Details) - Royal Banks Of Missouri Debt [Member] $ in Thousands	Oct. 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-te_4

Credit Facilities and Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Oct. 31, 2018	Apr. 30, 2018
Schedule of Capitalization, Long-term Debt [Line Items]
Unamortized debt issuance costs	$ (4,009)	$ (4,552)
Long-term debt, including current maturities, net of unamortized discounts	167,928	168,451
Less: current maturities	(2,151)	(2,614)
Total long-term debt	165,777	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	3,131	3,231
Capital Lease Obligations [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	1,733	2,426
Other Debt [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Long-term debt	$ 911	$ 1,184

Concentrations of Credit Risk_3

Concentrations of Credit Risk and Fair Value Measures (Details) $ in Thousands	Oct. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Series A preferred stock	$ 17,994
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	43,136
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	2,961
Notes [Member] | Wildcat Mountain [Member] | Carrying Amount[Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current maturities	3,131
Capital Leases And Other Borrowings [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	2,644
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	2,644
2034 [Member] | Notes [Member] | EPR Secured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, less current maturities	98,309
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	16,917
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 Contingencies_2

Commitments and Contingencies (Narrative) (Details)	6 Months Ended
	Oct. 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		6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Stock-based compensation expense	$ 51	$ 94	$ 107	$ 157
Restricted Stock Units [Member] | 2014 Equity Incentive Plan [Member]
Units
Units granted during period			43,600	45,938
Units issues during period			4,119	2,664
Units outstanding	187,094		187,094
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			$ 5.18	$ 4.30
Exercisable, end of period, Units	150,899		150,899

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		6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Net loss attributable to common shareholders	$ (11,403)	$ (9,314)	$ (23,598)	$ (18,309)
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: Outstanding vested Restricted Stock Units	120,369	60,297	112,700	55,020
Basic average shares outstanding	14,102,769	14,042,697	14,095,100	14,037,420
Basic and diluted loss per share	$ (0.81)	$ (0.66)	$ (1.67)	$ (1.30)
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			36,195,000	52,690,000
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] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 31, 2018	Oct. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 13	$ 190
Asset Impairment Charges		1,586
Severance Costs		36
Other Restructuring Costs		$ 260

The Snow Time Acquisition and_2

The Snow Time Acquisition and Related Financing (Narrative) (Details) - Snow Time Acquisition [Member] $ / shares in Units, $ in Thousands	Nov. 21, 2018USD ($)$ / sharesshares	Sep. 24, 2018USD ($)$ / sharesroomitemshares	Oct. 31, 2018USD ($)
Business Acquisition [Line Items]
Business acquisition, effective date of acquisition		Sep. 24, 2018
Business acquisition, name of acquired entity			Snow Time Acquisition
Total consideration | $		$ 73,119
Cash considered in acquisition | $		$ 67,142
Number Of 18 Hole Golf Courses Acquired | item		2
Number Of Rooms In Hotel Acquired | room		115
Number Of Food And Beverage Locations Acquired | item		20
Number Of Resorts Acquired | item		3
Acquisition related costs | $			$ 331
Series A Preferred Stock [Member] | Option Warrants [Member]
Business Acquisition [Line Items]
Class Of Warrant Or Right, Term		12 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		20,000,000
Common Stock [Member]
Business Acquisition [Line Items]
Equity consideration in acquisition, shares		1,183,432
Equity consideration in acquisition, value | $		$ 5,977
Common Stock [Member] | Option Warrants I [Member]
Business Acquisition [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,538,462
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 6.50
Common Stock [Member] | Option Warrants II [Member]
Business Acquisition [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		625,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 8
Common Stock [Member] | Option Warrants III [Member]
Business Acquisition [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		555,556
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 9
Senior Secured Term Loan [Member]
Business Acquisition [Line Items]
Long-term debt, maturity date			Nov. 30, 2020
Senior Secured Term Loan [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Debt instrument carrying amount allocated to financing acquisition | $	$ 50,000
Debt Instrument, Term	2 years
Long-term debt, interest rate	6.95%
Debt Instrument, Interest Rate, Increase Upon Default	2.00%
Debt Instrument, Term Extention	1 year
Senior Secured Term Loan [Member] | Cap 1 Option [Member]
Business Acquisition [Line Items]
Aggregate consideration | $		$ 20,000
Senior Secured Term Loan [Member] | Common Stock [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 7.50
Debt Instrument, Convertible, Exercisable Period	10 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	666,667
Senior Secured Term Loan [Member] | Common Stock [Member] | Financing Warrant [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 10
Debt Instrument, Convertible, Exercisable Period	10 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,750,000