Exhibit 99.2
Vail Resorts, Inc.
Restated Pro Forma Revenue By Business Line
Fiscal Year 1997
Quarter Quarter Quarter Quarter Fiscal Year
Ended Ended Ended Ended Ended
10/31/96 1/31/97 4/30/97 7/31/97 7/31/97
Winter Lift Tickets 253 58,746 75,955 873 135,827
Ski School 26 14,154 20,256 26 34,462
Food Service 4,013 13,651 20,570 4,865 43,099
Retail/Rental 490 7,047 8,880 748 17,165
Hospitality 5,292 9,848 13,540 5,385 34,065
Other 5,914 8,551 5,504 7,437 27,406
------- --------- -------- ------- ---------
Total Revenues 15,988 111,997 144,705 19,334 292,024
======= ========= ======== ======= =========
Skier Visits 20 2,120 2,698 52 4,890
Vail Resorts, Inc.
Restated Pro Forma Consolidated Quarterly Results
Fiscal Year 1997
Quarter Quarter Quarter Quarter Fiscal Year
Ended Ended Ended Ended Ended
10/31/96 1/31/97 4/30/97 7/31/97 7/31/97
Net Revenues
Resort 15,988 111,997 144,705 19,334 292,024
Real estate 12,978 50,305 3,607 7,466 74,356
--------- -------- -------- -------- ---------
Net Revenues 28,966 162,302 148,312 26,800 366,380
Operating Expenses:
Resort 33,559 67,708 67,453 31,665 200,385
Real Estate 9,803 43,226 4,133 7,484 64,646
Corporate expense* 834 919 1,766 717 4,236
Depreciation and amortization 8,558 9,990 9,714 9,735 37,995
Reorganization charge - - - 2,200 2,200
--------- -------- -------- -------- ---------
Total operating expenses 52,754 121,843 83,066 51,801 309,462
Income from operations (23,788) 40,460 65,247 (25,001) 56,918
Other income (expense)
Investment income 171 691 1,370 509 2,741
Interest expense (3,685) (4,434) (4,435) (4,245) (16,799)
Gain(loss) on sale of fixed assets (147) 23 43 (65) (146)
Other (810) (559) 410 237 (722)
--------- -------- -------- -------- ---------
Income (loss) before income taxes (28,259) 36,181 62,635 (28,565) 41,992
Credit (provision) for income taxes 11,699 (14,979) (25,931) 11,826 (17,385)
--------- -------- -------- -------- ---------
Net income (loss) (16,559) 21,202 36,704 (16,739) 24,607
--------- -------- -------- -------- ---------
Weighted average shares outstanding 34,375 34,395 34,398 34,398
--------- -------- -------- -------- ---------
Earnings per share (0.48) 0.62 1.07 (0.49) 0.72
--------- -------- -------- -------- ---------
**Other data:
Resort cash flow (17,571) 44,289 77,252 (12,331) 91,639
Resort EBITDA (18,405) 43,370 75,486 (13,048) 87,403
Net income (loss) (16,559) 21,202 36,704 (15,380) 25,966
Earnings per share (0.48) 0.62 1.07 (0.45) 0.75
Real estate operating income 3,175 7,079 (526) (18) 9,710
FY AVG.
-------
Total debt 228,780 231,029 231,025 239,522 232,589
Less: cash and cash equivalents 9,320 47,211 51,951 10,511 29,748
--------- -------- -------- -------- ---------
Net debt 219,460 183,818 179,074 229,011 202,841
========= ======== ======== ======== =========
* Corporate expense excludes $8.5 million in one-time non-recurring charges.
** Resort cash flow, resort EBITDA, net income and earnings per share under
"other data" were calculated for comparison purposes excluding the
one-time, pre-tax $2.2 million reorganization charge incurred in the fourth
quarter of fiscal 1997.