Whistler Blackcomb Holdings Inc. (TSX: WB) reported Friday (Feb. 1) its financial results for the three months ended December 31, 2012.
Revenue increased two per cent to $50.3 million as a result of ongoing growth in effective ticket price (ETP) and spend per guest. WB also saw total season pass and frequency card sales up to a record $36.6 million. Cash and cash equivalents closed strongly at $56.3 million at Dec. 31.
There was also strong visitor numbers during the holiday period, with a skier visit growth of 5 per cent to 309,484. Skier visits for the quarter reached 461,000, comparable to the same period last year.
"Our business continued to show strength through our first quarter and I am pleased with our performance,” said David Brownlie, president and CEO of Whistler Blackcomb Holdings in a release.
“Skier visits met our expectations for the quarter and we have seen continued growth in ETP and revenue per visit. Our strong cash position has allowed us to announce the investment of approximately $18 million in strategic growth capital initiatives and I am confident that the new high speed detachable Harmony Six and Crystal-Zone Quad chairlifts will contribute to our growth in 2013-14 and subsequent years."
Whistler Blackcomb announced its capital plans for the major lift expansion on Jan. 18. Operating expenses for the period rose by $1.7 million from last year's numbers to $32.7 million as a result of increase labour and benefit costs and the timing of certain expenditures in the current year compared to last year.