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3/11/2004

Vail reports second-quarter loss of $6.7M

The Associated Press

VAIL — Vail Resorts Inc. reported a second-quarter loss Wednesday, blaming one-time charges related to debt retirement and mold damage to one of its properties.
The resort operator said the loss was $6.7 million, or 19 cents a share, compared with a profit of $16.7 million, or 47 cents a share, a year earlier.
Excluding charges for early debt retirement and mold remediation, quarterly net income would have been $20.5 million, or 58 cents a share. Analysts surveyed by Thomson First Call had predicted 56 cents a share.
Revenue for the quarter ended Jan. 31 fell slightly to $247.2 million from $248.2 million a year earlier.
For the fiscal year ending in July, Vail Resorts said it will turn a profit of $2 million to $10 million before one-time charges. The loss for the six months ended Jan. 31 was $5.5 million.
The company’s board authorized $62 million in expenditures for maintenance capital and discretionary improvements at the company’s five ski resorts and throughout its hotels for calendar year 2004.