Vail Resorts Reports 2011 First Quarter EPS of $(1.20)

Vail Resorts, Inc. MTN today reported results for the first quarter of fiscal 2011 ended October 31, 2010, as well as certain early season indicators.

Highlights

• Resort Reported net revenue, which includes our mountain and lodging segments, increased $4.6 million, or 5.7%, for the first quarter of fiscal 2011 on improved summer business at our Mountain resorts and Lodging properties.
• Total Real Estate net revenue equaled $149.3 million reflecting closings at the Ritz-Carlton Residences, Vail.  Real estate net cash proceeds totaled approximately $130 million in the quarter.
• Net loss attributable to Vail Resorts, Inc. in the historical loss first quarter worsened by $1.9 million in the current year due to the ownership of 100 percent of Specialty Sports Venture in the current year.  Net loss before adjustments for noncontrolling interests improved 1% for the first quarter of 2011 compared to the same period in the prior year.
• Raising Resort Reported EBITDA guidance range by $11 million primarily to reflect the acquisition of Northstar-at-Tahoe.Diluted net loss per share attributable to Vail Resorts, Inc.
• Diluted EPS $(1.20)

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