Peak Resorts Announces Increased Season Pass Sales and Comments on Interim 2016/2017 Season
02 February 2017 - 11:30PM
Strong Results Reflect Pent-Up, Industry-Wide
Demand and Improved Weather Conditions
Peak Resorts, Inc. (NASDAQ:SKIS)
,
a leading owner and operator of high-quality, individually branded
ski resorts in the United States, today announced that season pass
sales from the beginning of the ski season through January 29,
2017, were up 28 percent in units and 23 percent in dollars,
compared to the prior year. In addition, paid skier visits for the
Company’s 14-resort portfolio were up 40 percent through January
29, 2017 compared to the same prior-year period. These preliminary,
unaudited results are interim period data for the individually
branded ski resorts and are subject to completion of the Company's
customary closing procedures.
“This season has been a welcomed improvement compared to the
significant weather challenges we faced during the 2015/2016 ski
season,” commented Timothy D. Boyd, president and chief executive
officer. “Although season-to-date weather trends have still trailed
historical average levels, we are very pleased with the strong
customer reception of our Peak Pass, which has driven additional
traffic to our Hunter Mountain and Mount Snow resorts. We are also
encouraged by the ski conditions and resort traffic this season at
each of our 14 resorts. Weather has been better than last year and
we believe we have benefitted from the pent-up demand because of
the poor weather conditions last year. These results reflect
a noticeable improvement over last year, as we have been especially
pleased with the cross-property utilization of the Peak Pass across
our New England portfolio.”
Unveiled for the 2016/2017 winter season, the new Peak Pass
features a total of six pass options valid at seven different
mountain locations across four states in the Northeast. Resorts
include Mount Snow in Vermont; Attitash, Wildcat and Crotched
Mountains in New Hampshire; Hunter Mountain in New York; and Jack
Frost and Big Boulder in Pennsylvania.
“The 2016/2017 ski season marks the first full season with
Hunter Mountain, which we acquired just over a year ago, and the
new multi-resort Peak Pass,” continued Boyd. “We continue to view
this season as the catalyst that will drive our future performance,
as we remain committed to building a strong foundation and
providing long-term, positive results for our shareholders.
Additionally, the recent EB-5 approval will help to fund organic
growth through Mount Snow’s West Lake Water Project and the
Carinthia Ski Lodge Project, while we remain well positioned to
take advantage of opportunistic and strategic acquisition
opportunities.”
About Peak Resorts Headquartered in
Missouri, Peak Resorts is a leading owner and operator of
high-quality, individually branded ski resorts in the U.S. The
company currently operates 14 ski resorts primarily located in the
Northeast and Midwest, 13 of which are company owned, including
Hunter Mountain, the Catskills' premier winter resort
destination.
The majority of the resorts are located within 100 miles of
major metropolitan markets, including New York City, Boston,
Philadelphia, Cleveland and St. Louis, enabling day and overnight
drive accessibility. The resorts under the company's umbrella offer
a breadth of activities, services and amenities, including skiing,
snowboarding, terrain parks, tubing, dining, lodging, equipment
rentals and sales, ski and snowboard instruction and mountain
biking and other summer activities. To learn more, visit the
company’s website at PeakResorts.com, or follow Peak Resorts on
Facebook (https://www.facebook.com/skipeakresorts), Twitter or
Instagram for resort updates.
Forward-Looking StatementsThis news release
contains forward-looking statements including statements regarding
the future outlook and performance of Peak Resorts, Inc., and other
statements based on current management expectations, estimates and
projections. These statements are subject to a variety of risks and
uncertainties, are not guarantees and are inherently subject to
various risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. These risks
and uncertainties include, without limitation, those discussed
under the caption “Risk Factors” in the company’s Annual Report on
Form 10-K for the year ended April 30, 2016, filed with the
Securities and Exchange Commission, and as updated from time to
time in the company’s filings with the SEC. The
forward-looking statements included in this news release are only
made as of the date of this release, and Peak Resorts disclaims any
obligation to publicly update any forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
For Further Information:
616-233-0500
InvestorRelations@PeakResorts.com
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