Exhibit 99.1
Vail Resorts, Inc.
Consolidated Financial Statements
(in thousands of dollars except per share amounts)
-PRO FORMA-
Three Months Ended September 30, Year Ended September 30,
1997 1996 1997 1996
Net Revenues
Resort 23,417 21,503 291,203 267,409
Real estate 9,596 14,033 71,737 49,831
--------- --------- ------------- ----------
Net Revenues 33,013 35,536 362,940 317,240
Operating Expenses
Resort 32,309 30,979 198,315 182,581
Real estate 12,315 9,905 66,382 41,085
Corporate expense* 1,430 747 4,663 4,198
Depreciation and amortization 9,459 8,137 38,935 35,517
Reorganization charge -- -- 2,200 --
-------- --------- ------------ ----------
Total operating expenses 55,513 49,768 310,495 263,381
Income from operations (22,500) (14,232) 52,445 53,859
Other income (expense)
Investment income 536 (793) 2,194 1,141
Interest expense (4,528) (1,383) (16,685) (16,760)
Gain (loss) on sale of fixed assets (26) (201) (129) (2,454)
Other (481) (621) 173 (1,500)
Income before income taxes (26,999) (17,230) 37,998 34,286
Provision for income taxes 10,844 6,644 (15,738) (14,824)
---------- ---------- ----------- ----------
Net income (16,155) (10,586) 22,260 19,462
========== ========== =========== ==========
Weighted average shares outstanding 34,908,182 34,345,081 34,671,691 34,345,081
========== ========== =========== ==========
Earnings per share ($0.46) ($0.31) $0.64 $0.57
========== ========== =========== ==========
Other data:
Resort operating cash flow** (8,892) (9,476) 92,888 84,828
Resort EBITDA** (10,322) (10,223) 88,225 80,630
Net income** (16,155) (10,586) 23,619 19,462
Earnings per share** ($0.46) ($0.31) $0.68 $0.57
Revenue from real estate sales 9,596 14,033 71,737 49,831
Real estate operating profit (2,719) 4,128 5,355 8,746
* For comparative purposes, corporate expense for the three months and fiscal
year ended 9/30/96 excludes a one-time, pre-tax $8.5 million charge
incurred in the fourth quarter of fiscal 1996.
** Fiscal 1997 ROCF, Resort EBITDA, EPS and Net Income were recalculated for
comparative purposes, excluding a one-time, $2.2 million reorganization
charge incurred in the third quarter of fiscal 1997.
Vail Resorts, Inc.
Consolidated Financial Statements
(in thousands of dollars except per share amounts)
-ACTUAL-
Three Months Ended September 30, Year Ended September 30,
1997 1996* 1997** 1996*
Net Revenues
Resort 23,417 8,030 259,038 140,288
Real estate 9,596 12,941 71,485 48,655
---------- ----------- ---------- ---------
Net Revenues 33,013 20,971 330,523 188,943
Operating Expenses
Resort 32,309 12,652 170,515 89,890
Real estate 12,315 9,839 66,307 40,801
Corporate expense 1,430 9,247 4,663 12,698
Depreciation and amortization 9,642 4,558 34,054 18,148
Reorganization charge -- -- 2,200 --
---------- ----------- ---------- ---------
Total operating expenses 55,696 36,296 277,739 161,537
Income from operations (22,683) (15,325) 52,784 27,406
Other income (expense)
Investment income 536 (358) 1,762 586
Interest expense (4,454) (1,226) (20,307) (14,904)
Loss on sale of fixed assets (26) (1) (182) (2,630)
Other (461) (621) (374) (1,500)
---------- ---------- ---------- ---------
Income before income taxes (27,088) (17,531) 33,683 8,958
Provision for income taxes 10,566 7,003 (13,985) (4,223)
---------- ---------- ---------- ---------
Net income (16,522) (10,528) 19,698 4,735
========== ========== ========== ==========
Weighted average shares outstanding 34,908,182 21,455,352 30,979,448 21,455,352
========== ========== ========== ==========
Earnings per share ($0.47) ($0.49) $0.64 $0.22
=========== ========== ========== ==========
* Excludes results of Ralston Resorts.
** Includes results of Ralston Resorts for the 270 day period from January 4,
1997 to September 30, 1997.
Vail Resorts, Inc.
Supplemental Data
(in thousands)
4Q 96 4Q 97 % Change FY 96 FY 97 % Change
Resort Revenues
Lift ticket - - - $127,663 $135,884 6.4%
Ski school - - - 33,091 34,471 4.2%
Food service 5,792 7,169 23.8% 38,133 43,704 14.6%
Retail/rental 604 1,218 101.7% 13,362 17,624 31.9%
Hospitality 6,578 7,049 7.2% 31,822 33,984 6.8%
Other 8,529 7,981 -6.4% 23,338 25,536 9.4%
-------- --------- --------- ---------- ---------- -----
Total Resort Revenues 21,503 23,417 8.9% 267,409 291,203 8.9%
======== ========= ========= ========== ========== =====
TOTAL SKIER VISITS - - - 4,643,777 4,890,032 5.3%