Whistler Blackcomb Reports Loss of $6.8 Million after Third Quarter of 2011

Posted By: The Ski Channel on August 10, 2011 2:43 pm

WHISTLER, BC - Whistler Blackcomb Holdings Inc. (TSX: WB) reported their financial results for the fiscal 2011 third quarter and nine months ended June 30, 2011 today, August 10, 2011.  On November 9, 2010, the Corporation became a public company and concurrently acquired a 75% interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership. 

Dave Brownlie, President and Chief Operating Officer of Whistler Blackcomb said, ”With our winter ski season complete we are pleased to have accomplished two key milestones. First we met our post-Olympic goal to exceed two million skier visits and second we were able to return value to our shareholders through our first three dividend payments. Despite only a partial recovery in the destination market, our key indicators have returned to pre-Olympic levels with skier visit growth of 22%, Effective Ticket Price growth of 6% and we are particularly proud of our record season pass and frequency card unit sale growth of 28% over the previous year’s ski season.”

Resort revenues decreased by 1% to $31 million and increased by 22% to $186 million and Effective Ticket Price (ETP) decreased by 17% to $36.79and increased by 6% to $47.06 in the three and nine months ended June 30, 2011, respectively, over the same periods in the prior year. In the three months ended on June 30, 2011, the decrease in ETP is primarily a result of timing of recognition of frequency card deferred revenue over the 2009/2010 ski season for accounting purposes. 

“As we look ahead to the 2011/2012 ski season, we are confident that we will be able to sustain this past season’s regional growth and we are encouraged by the results from our recent spring season pass and frequency card campaign which saw unit sale and revenue growth over the record 2010-2011 ski season” added Brownlie. “As our management team ramps up for the upcoming season, our main focus is on increasing destination visitation to historical levels.”

Resort operating expenses decreased by 9% to $22 million and increased by 7% to $97 million for the three and nine months ended June 30, 2011, respectively, over the same periods in the prior year. The 7% increase for the nine month period was primarily attributable to increases in labour and benefit costs and other operating expenses. The increase in labour and benefit costs corresponded with the

increase in skier visits in the nine month period compared to the same period in the prior year.

For the full report, please GO HERE.