Vail Resorts' profit nearly doubles

Vail Resorts reported a mixed bag in its annual report Thursday, but the highlight was a nearly 100 percent jump in profits.

VAIL RESORTS INC., operator of Rocky Mountain ski resorts and luxury hotels, said Thursday that its fiscal fourth-quarter loss narrowed as revenue rose 3 percent led by growth at its mountain operations.
    For the year, however, Vail's net income nearly doubled to $45.8 million, or $1.19 per share, from $23.1 million, or 64 cents a share, a year ago.
    Vail, whose resorts include Vail, Beaver Creek and Breckenridge, said it lost $31.3 million, or 80 cents per share, in the quarter ended July 31 versus a loss of $36.4 million, or $1 per share, last year.
    Wall Street was looking for a loss of 79 cents per share, according to a Thomson Financial poll of analysts.
    Overall net revenue rose to $124 million from $120 million a year ago. Revenue from its mountain activities rose 11 percent to $39.2 million, while lodging revenue slid 17 percent to $42.5 million as the company sold some hotels.
    Annual revenue rose to $839 million from $810 million a year ago. Mountain revenue rose 15 percent to $620.4 million and lodging revenue added 21 percent to $155.8 million.
    Looking ahead, Vail expects net income in 2007 between $48 million and $57 million.

    — The Associated Press