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The Canadian Press - ONLINE EDITION

Ski resort operator Whistler Blackcomb books a first quarter loss but revenue up

By: The Canadian Press

Posted: 02/7/2012 7:26 AM | Comments: 0 | Last Modified: 02/7/2012 8:46 AM

In this Dec 29, 2010 photo, skiers and snowboarders enter the Seventh Heaven run on Blackcomb Mountain in Whistler, B.C. THE CANADIAN PRESS/Jonathan Hayward

VANCOUVER - Ski resort operator Whistler Blackcomb Holdings Inc. (TSX:WB) says it lost $2.8 million in its first quarter of fiscal 2012, but sales and visitors grew.

The loss at the Vancouver-based company amounted to five cents per share for the three months ended Dec. 31.

That compared to a profit of $6 million, or 12 cents per share, in the November to December period of 2011, when losses prior to becoming a public company were not included.

The resort operator closed its IPO and acquisition of a 75 per cent interest in the partnerships that own the Whistler Blackcomb resort in British Columbia Nov. 9, 2010 and a net loss of $8.5 million in the Oct. 1 to Nov. 8 period was not included in prior year earnings.

Revenue for the quarter was $49.1 million, up five per cent from the 2011 period as the amount of money spent per guest grew.

Whistler says growth in destination skier visits from key markets contributed to the increase in sales, while season pass and frequency card sales set new records.

"We continued to grow destination visits through our first quarter which led to increases in all early season indicators for the period," said Dave Brownlie, president and chief operating officer of Whistler Blackcomb.

"Consistent snowfall combined with favourable snowmaking conditions resulted in the return of our snow advantage and we are well positioned as we enter our most significant quarter of the year."

Whistler Blackcomb, about 125 kilometres from Vancouver, was the main alpine skiing venue for the 2010 Winter Olympic Games.

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