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Peak Resorts resumes dividends after funds are released from escrow

Thursday, March 9, 2017 6:41
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There’s no business like snow business for ski resorts operator Peak Resorts Inc (NASDAQ:SKIS), which posted a sharp increase in quarterly revenues.

In the three months to the end of January revenue rose 46% to US$56.4mln from US$38.7mln the year before.

Reported underlying earnings, or EBITDA, shot up 78% to US$19.9mln from a year earlier.

Net income of US$8.2mln was equivalent to 47 cents a share.

Having benefited from the release of US$15mln of funds from escrow relating to the Mount Snow EB-5 project, the company has resumed paying dividends, declaring a dividend of seven cents in respect of the third quarter of the company’s fiscal year.

“We are very pleased with the resort traffic this season to each of our 14 resorts. Overall, it was a strong quarter, despite elevated temperatures in the Northeast and Midwest. The improved results were aided by increased skier visits and season pass sales, which trended above last year’s ski season,” said Timothy Boyd, who is not only president and but also chief executive officer of Peak Resorts.

“The release of EB-5 funds this quarter has allowed us to continue the project development of Mount Snow’s West Lake Water Project. We began construction on West Lake in February 2015 and expect to complete the project before the 2017-2018 ski season, offering expanded terrain on opening day,” Boyd disclosed. 

Story by ProactiveInvestors


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