Vail Resorts (MTN) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Schedule of Statements of Cash Flows Line Item Reclassification

The following table presents the effect of the restatement on the Consolidated Statements of Cash Flows for the years ended July 31, 2006, 2005 and 2004 (in thousands):

	Year Ended July 31, 2006
	As Reported			Adjustment			As Restated
Cash flow from operating activities:
Investments in real estate	$	--		$	(129,728	)	$	(129,728	)
Net cash provided by operating activities		193,404			(129,728	)		63,676
Cash flow from investing activities:
Investments in real estate		(129,728	)		129,728			--
Net cash used in investing activities		(191,721	)		129,728			(61,993	)
Cash flow from financing activities:
Net cash provided by financing activities		53,531			--			53,531
Net increase in cash and cash equivalents		55,214			--			55,214
Cash and cash equivalents:
Beginning of period		136,580			--			136,580
End of period	$	191,794		$	--		$	191,794

	Year Ended July 31, 2005
	As Reported			Adjustment			As Restated
Cash flow from operating activities:
Investments in real estate	$	--		$	(72,164	)	$	(72,164	)
Net cash provided by operating activities		220,341			(72,164	)		148,177
Cash flow from investing activities:
Investments in real estate		(72,164	)		72,164			--
Net cash (used in) provided by investing activities		(44,881	)		72,164			27,283
Cash flow from financing activities:
Net cash used in financing activities		(85,208	)		--			(85,208	)
Net increase in cash and cash equivalents		90,252			--			90,252
Cash and cash equivalents:
Beginning of period		46,328			--			46,328
End of period	$	136,580		$	--		$	136,580

	Year Ended July 31, 2004
	As Reported			Adjustment			As Restated
Cash flow from operating activities:
Investments in real estate	$	--		$	(27,802	)	$	(27,802	)
Net cash provided by operating activities		180,937			(27,802	)		153,135
Cash flow from investing activities:
Investments in real estate		(27,802	)		27,802			--
Net cash used in investing activities		(83,365	)		27,802			(55,563	)
Cash flow from financing activities:
Net cash used in financing activities		(63,546	)		--			(63,546	)
Net increase in cash and cash equivalents		34,026			--			34,026
Net increase in cash due to adoption of FIN46R		4,428			--			4,428
Cash and cash equivalents:
Beginning of period		7,874			--			7,874
End of period	$	46,328		$	--		$	46,328

The following table presents the effect of the restatement on the Consolidated Condensed Statements of Cash Flows for the three months ended October 31, 2006 and 2005 (in thousands):

	Three Months Ended October 31, 2006
	As Reported			Adjustment			As Restated
Net cash provided by (used in) operating activities	$	2,239		$	(54,999	)	$	(52,760	)
Cash flow from investing activities:
Investments in real estate		(54,999	)		54,999			--
Net cash used in investing activities		(83,468	)		54,999			(28,469	)
Cash flow from financing activities:
Net cash provided by financing activities		6,746			--			6,746
Net decrease in cash and cash equivalents		(74,483	)		--			(74,483	)
Cash and cash equivalents:
Beginning of period		191,794			--			191,794
End of period	$	117,311		$	--		$	117,311

	Three Months Ended October 31, 2005
	As Reported			Adjustment			As Restated
Net cash used in operating activities	$	(23,082	)	$	(38,112	)	$	(61,194	)
Cash flow from investing activities:
Investments in real estate		(38,112	)		38,112			--
Net cash used in investing activities		(74,513	)		38,112			(36,401	)
Cash flow from financing activities:
Net cash provided by financing activities		19,707			--			19,707
Net decrease in cash and cash equivalents		(77,888	)		--			(77,888	)
Cash and cash equivalents:
Beginning of period		136,580			--			136,580
End of period	$	58,692		$	--		$	58,692

The following table presents the effect of the restatement on the Consolidated Condensed Statements of Cash Flows for the six months ended January 31, 2007 and 2006 (in thousands):

	Six Months Ended January 31, 2007
	As Reported			Adjustment			As Restated
Net cash provided by operating activities	$	196,886		$	(88,567	)	$	108,319
Cash flow from investing activities:
Investments in real estate		(88,567	)		88,567			--
Net cash used in investing activities		(150,271	)		88,567			(61,704	)
Cash flow from financing activities:
Net cash provided by financing activities		16,457			--			16,457
Net increase in cash and cash equivalents		63,072			--			63,072
Cash and cash equivalents:
Beginning of period		191,794			--			191,794
End of period	$	254,866		$	--		$	254,866

	Six Months Ended January 31, 2006
	As Reported			Adjustment			As Restated
Net cash provided by operating activities	$	100,426		$	(64,905	)	$	35,521
Cash flow from investing activities:
Investments in real estate		(64,905	)		64,905			--
Net cash used in investing activities		(93,323	)		64,905			(28,418	)
Cash flow from financing activities:
Net cash provided by financing activities		31,858			--			31,858
Net increase in cash and cash equivalents		38,961			--			38,961
Cash and cash equivalents:
Beginning of period		136,580			--			136,580
End of period	$	175,541		$	--		$	175,541

The following table presents the effect of the restatement on the Consolidated Condensed Statements of Cash Flows for the nine months ended April 30, 2007 and 2006 (in thousands):

	Nine Months Ended April 30, 2007
	As Reported			Adjustment			As Restated
Net cash provided by operating activities	$	285,425		$	(121,114	)	$	164,311
Cash flow from investing activities:
Investments in real estate		(121,114	)		121,114			--
Net cash used in investing activities		(207,516	)		121,114			(86,402	)
Cash flow from financing activities:
Net cash provided by financing activities		46,736			--			46,736
Net increase in cash and cash equivalents		124,645			--			124,645
Cash and cash equivalents:
Beginning of period		191,794			--			191,794
End of period	$	316,439		$	--		$	316,439

	Nine Months Ended April 30, 2006
	As Reported			Adjustment			As Restated
Net cash provided by operating activities	$	177,718		$	(88,366	)	$	89,352
Cash flow from investing activities:
Investments in real estate		(88,366	)		88,366			--
Net cash used in investing activities		(125,756	)		88,366			(37,390	)
Cash flow from financing activities:
Net cash provided by financing activities		51,574			--			51,574
Net increase in cash and cash equivalents		103,536			--			103,536
Cash and cash equivalents:
Beginning of period		136,580			--			136,580
End of period	$	240,116		$	--		$	240,116