Whistler Blackcomb Holdings Inc. announced its fourth quarter and 2012 year-end financial results on Wednesday (Dec. 12), highlighting continued growth in the company's destination skier numbers, summer visitation and revenues.
Newly named CEO and president Dave Brownlie noted at year-end revenues have grown to $236.4 million ending Sept. 30, which represents and increase of $20.4 million or 9.4 per cent over the prior year. Meanwhile earnings before interest, taxes, depreciation and amortization grew by 15.1 per cent to $85.2 million at the end of the fiscal year.
Total visits for the year were 2.67 million, which represents an increase of 133,000 or 5.3 per cent. As part of that, skier visits were up five per cent to 2.13 million while summer over the final three months ending Sept. 30 increased 8.1 per cent to 375,000.
Brownlie said net earning attributable to the corporation's shareholders, which represent 75 per cent ownership of the ski hill, was $15.7 million at year end, which is an increase of $2.5 million or 19.1 per cent. However the third quarter net loss for the corporation was $8 million compared to $22 million the year before.
The cash position of the company was noted by Brownlie to be $43.6 million as of Sept. 30, an increase of $12.6 million or 45.3 per cent over the year before.
"With our second fiscal year as a public company complete, I am pleased to report that with a disciplined approach we have strong results and a position for continued success," he said.
Looking forward Brownlie said season pass and frequency card sales for the next season as of Dec. 2 are up four per cent compared to last year and 12 per cent from the year before. Hotel bookings, he added, are five per cent ahead of the same time period last year.
"We are reasonably, cautiously optimistic about the trends we are seeing for the rest of the year," he said, adding the company will continue to focus on shareholder value with increased visitation and revenues per visit.
As for future capital expenditures, Brownlie said the board is looking for capital investment opportunities that will accelerate growth.
"As a company I think our balance sheet is strong and we are looking at things that will drive the highest growth in the future," he said.
However he wouldn't be go so far as to name specific projects other than mentioning some lift improvements that are being considered along with a restaurant renovation.
The recent purchase by KSL of Intrawest's 24 per cent stake in the company was also discussed along with changes to the management and board as a result.
"We are quite excited about the opportunity to work with them and some of the platforms they provide that are, quite frankly, new to us," Brownlie said, adding KSL offers different marketing opportunities for WB.
Earlier this month the company also announced Jeremy Black as its new Chief Financial Officer effective Jan. 14, 2013.
With more than 20 years of public company experience, including the last 10 at Ritchie Bros. Auctioneers, Brownlie said in a press release that Black "deepens the base of experience and expertise of our senior management team."
