The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Whistler Blackcomb Holdings Inc. Reports Results for Quarter Ended March 31, 2013

Wednesday, May 08, 2013

Whistler Blackcomb Holdings Inc. Reports Results for Quarter Ended March 31, 2013

07:00 EDT Wednesday, May 08, 2013

WHISTLER, BC, May 8, 2013 /CNW/ - Whistler Blackcomb Holdings Inc. (TSX: WB) (the "Corporation") today reported financial results for the three and six months ended March 31, 2013. The Corporation holds a 75% interest in the entities that operate Whistler Blackcomb.

Highlights of the period:

  • Revenue and EBITDA increased as a result of strong Effective Ticket Price ("ETP") growth and higher revenue per visit.

  • Record total season pass and frequency card sales of $43.8 million to March 31, 2013.

  • Cash and cash equivalents ended strongly at $77.1 million at March 31, 2013.

Dave Brownlie, President and Chief Executive Officer of the Corporation, stated "During the quarter, our regional market continued to exhibit strength, with increased skier visits and record season pass and frequency card sales. We also generated increased guest spending per visit during the first half of 2013. As a result, we continued to drive revenue and EBITDA growth and I am pleased with our performance to date this year. As we prepare for our upcoming summer season, our team is focused on building on the momentum that our business experienced last year."

FISCAL 2013 SECOND QUARTER AND SIX MONTH FINANCIAL RESULTS

Revenue, Visits and Effective Ticket Price

  • Revenues reached $132.2 million and $182.5 million for the three and six months ended March 31, 2013, respectively, which represents increases of $6.7 million, or 5.4%, and $7.9 million, or 4.5%, respectively, over the same periods in the prior year. The increases were primarily a result of increased pricing of lift products and higher spend per visit.
  • As of March 31, 2013, total pass and card sales reached $43.8 million, representing a new record for Whistler Blackcomb and exceeding last year's record sales to March 31, 2012.
  • Skier visits were 1.330 million and 1.791 million for the three and six months ended March 31, 2013 which represents decreases of 8,000, or 0.6%, and 8,000, or 0.4%, respectively, over the same periods in the prior year.
  • ETP was $53.44 and $52.36 for the three and six months ended March 31, 2013, respectively, which represents increases of $2.13, or 4.2%, and $1.90, or 3.8%, respectively, over the same periods in the prior year. The increase in ETP was driven primarily by increased pricing.

Expenses

  • Operating expenses were $50.3 million and $83.0 million for the three and six months ended March 31, 2013, respectively, which represent increases of $2.1 million, or 4.4%, and $3.8 million, or 4.8%, respectively, over the same periods in the prior year. The increase was primarily driven by the higher sales volume experienced during the period resulting in increased labour and benefits costs, and increased cost of sales in the Corporation's food & beverage and retail and rental divisions.

EBITDA and Earnings Per Share

  • EBITDA increased by 6.2% and 4.9% to $73.7 million and $84.0 million in the three and six months ended March 31, 2013, respectively.
  • Net earnings per common share (basic and diluted) were $0.87 and $0.80 for the three and six months ended March 31, 2013, respectively, compared to net earnings per common share (basic and diluted) of $0.81 and $0.76 for the three and six months ended March 31, 2012.

Cash and Cash Equivalents

  • The Corporation had $77.1 million of cash and cash equivalents at March 31, 2013, an increase of $6.7 million, or 9.5%, compared to the balance of $70.4 million at March 31, 2012.

The Corporation's Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for the three and six months ended March 31, 2013 can be found on SEDAR at www.sedar.com and the Corporation's website at www.whistlerblackcombholdings.com.

Conference Call Information

Management will conduct a conference call on May 8, 2013 at 10:30am (Eastern Time) to review the Corporation's fiscal 2013 second quarter results. The call can be accessed by dialing 1.800.688.0836 (Canada and US) or 1.617.614.4072 (International) prior to the start of the call. The access code is 13602007. A replay of the call will be available until May 15, 2013 and can be accessed at 1.888.286.8010 or 1.617.801.6888 (International). The access code for the replay is 72023843. The call will also be archived for a period of 30 days following the call in the Quarterly Financials section of the Corporation's website: www.whistlerblackcombholdings.com.

ABOUT WHISTLER BLACKCOMB HOLDINGS INC.

Whistler Blackcomb Holdings Inc. owns a 75% interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which, together, carry on the four season mountain resort business located in the Resort Municipality of Whistler, British Columbia.  Whistler Blackcomb, the official alpine skiing venue for the Olympic Winter Games, is situated in the Resort Municipality of Whistler located in the Coast Mountains of British Columbia 125 kilometres (78 miles) from Vancouver, British Columbia. North America's premier four-season mountain resort, Whistler Mountain and Blackcomb Mountain are two side-by-side mountains, connected by the world record-breaking PEAK 2 PEAK Gondola, which combined offer over 200 marked runs, over 8,000 acres of terrain, 14 alpine bowls, three glaciers, receive on average over 1,192 centimetres (469 inches) of snow annually, and offer one of the longest ski seasons in North America. In the summer, Whistler Blackcomb offers a variety of activities, including hiking and biking trails, the Whistler Mountain Bike Park, and sightseeing on the PEAK 2 PEAK Gondola. Whistler Blackcomb Holdings Inc. is listed on the Toronto Stock Exchange under the symbol "WB".  For more information, visit www.whistlerblackcombholdings.com. Additional information related to the Corporation is available on SEDAR at www.sedar.com.

NON-GAAP MEASURES

This press release makes reference to certain financial measures that are not prescribed by Canadian generally accepted accounting principles, or "GAAP." These non-GAAP measures do not have a standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies.  These non-GAAP measures, which include EBITDA, which is defined as consolidated net earnings (loss) (including net earnings (loss) attributable to the non-controlling interest) before finance income (expense) net, income tax expense (benefit), depreciation and amortization, are provided to the reader as additional information to complement GAAP measures and to further understand the Corporation's results of operations from management's perspective and as a supplemental measure of performance that highlights trends in the business that may not otherwise be apparent when relying solely on GAAP financial measures.  Such non-GAAP measures should not be considered in isolation or as a substitute for analysis of financial information reported in accordance with GAAP. Readers should refer to the Corporation's annual information form dated December 12, 2012 (the "AIF") and MD&A, which are available on our website and on SEDAR at www.sedar.com, for additional details regarding these non-GAAP measures and reconciliation to financial information reported under GAAP.


Whistler Blackcomb Holdings Inc.
Condensed Interim Consolidated Statements of Comprehensive Income
(Unaudited, in thousands, except per share amounts)

                             
      Six months      Six months          Three months      Three months
      ended      ended          ended      ended
      March 31,      March 31,          March 31,      March 31,
      2013      2012          2013      2012
                             
Resort revenue      $  182,479    $  174,595        $  132,198    $  125,462
                             
Operating expenses       82,984      79,189          50,314      48,180
                             
Depreciation and amortization       20,789      19,267          10,143      9,734
                             
Selling, general and administrative       15,519      15,300          8,161      7,907
                             
      119,292      113,756          68,618      65,821
                             
Earnings from operations       63,187      60,839          63,580      59,641
                             
Disposal gains (losses)           (26)          11      37
                             
Finance expense, net       (8,330)      (8,991)          (4,079)      (4,405)
                             
Net earnings before income tax       54,857      51,822          59,512      55,273
                             
Income tax expense       (10,602)      (9,780)          (11,544)      (10,436)
                             
Net earnings and comprehensive income     $  44,255    $  42,042        $  47,968    $  44,837
                             
Net earnings and comprehensive income:                            
  Attributable to Whistler Blackcomb Holdings Inc. shareholders     $  30,506    $  28,841        $  33,091    $  30,876
  Attributable to non-controlling interest       13,749      13,201          14,877      13,961
    $  44,255    $  42,042        $  47,968    $  44,837
                             
Earnings per share                            
  Basic      $  0.80    $  0.76        $  0.87    $  0.81
  Diluted       $  0.80    $  0.76        $  0.87    $  0.81
                             
Weighted average number of common shares outstanding                            
  Basic       37,931      37,884          37,951      37,900
  Diluted       37,984      37,943          37,990      37,945



Whistler Blackcomb Holdings Inc.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited, in thousands)

             
      March 31,      September 30,
      2013      2012
             
Assets            
             
Current assets:            
  Cash and cash equivalents        $  77,112    $  43,634
  Accounts receivable        13,155      3,481
  Income taxes receivable            240
  Inventory        9,513      13,788
  Prepaid expenses        2,678      3,104
  Notes receivable         311      303
      102,769      64,550
             
Notes receivable         2,646      2,792
             
Property, buildings and equipment        322,741      328,414
             
Property held for development        9,244      9,244
             
Intangible assets        317,447      324,028
             
Goodwill        135,574      135,574
    $  890,421    $  864,602
             
Liabilities and Shareholders' Equity            
             
Current liabilities:            
  Accounts payable and accrued liabilities         $  27,524    $  24,060
  Income taxes payable        2,584      153
  Provisions        2,833      2,903
  Deferred revenue        12,640      20,718
      45,581      47,834
             
Long-term debt        257,419      256,800
             
Deferred income tax liability         23,379      15,489
             
Equity            
  Whistler Blackcomb Holdings Inc. shareholders' equity            
    Preferred shares; no par value; unlimited number authorized; nil outstanding            
    Common shares; no par value; unlimited number authorized;
37,958 outstanding (September 30, 2012 - 37,908)   
    442,080      441,476
    Additional paid-in capital        548      721
    Deficit        (19,873)      (31,887)
    Total Whistler Blackcomb Holdings Inc. shareholders' equity        422,755      410,310
  Non-controlling interest        141,287      134,169
      564,042      544,479
    $  890,421    $  864,602



Whistler Blackcomb Holdings Inc.
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited, in thousands)

                             
      Six months      Six months          Three months      Three months
      ended      ended          ended      ended
      March 31,      March 31,          March 31,      March 31,
      2013      2012          2013      2012
                             
Cash provided by (used in):                            
                             
Operations:                            
  Net earnings       $  44,255    $  42,042         $  47,968    $  44,837
  Items not involving cash:                            
    Depreciation and amortization       20,789      19,267          10,143      9,734
    Disposal losses (gains)           26          (11)      (37)
    Share-based compensation       431      326          239      118
    Amortization of debt issuance costs       619      634          306      316
    Deferred income tax expense        7,890      9,105          8,578      9,679
      73,984      71,400          67,223      64,647
  Changes in non-cash operating working capital       (6,986)      (1,443)          (28,104)      (25,325)
        66,998      69,957          39,119      39,322
                             
Financing:                            
  Dividends paid on common shares       (18,492)      (18,470)          (9,252)      (9,240)
  Distributions to non-controlling interest       (6,631)      (6,623)          (3,318)      (3,313)
        (25,123)      (25,093)          (12,570)      (12,553)
                             
Investing:                            
  Expenditures on property, buildings and equipment       (8,677)      (4,935)          (6,004)      (797)
  Proceeds from sale of property and equipment       142      364          101      111
  Repayment of notes receivable       138      130          134      126
        (8,397)      (4,441)          (5,769)      (560)
                             
Increase in cash and cash equivalents       33,478      40,423          20,780      26,209
Cash and cash equivalents, beginning of period       43,634      30,023          56,332      44,237
Cash and cash equivalents, end of period      $  77,112    $  70,446         $  77,112    $  70,446

 

 

 

SOURCE: Whistler Blackcomb

For further information:

Jeremy Roche
Senior Manager, Investor Relations 
Whistler Blackcomb Holdings Inc.
jroche@whistlerblackcomb.com    
Ph: 604-938-7376

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections