Peak Resorts 4th Quarter
PEAK RESORTS REPORTS RESULTS FOR FOURTH-QUARTER AND FULL-YEAR 2017; DECLARES COMMON STOCK DIVIDEND OF $.07 PER SHARE
ropeways.net | Home | 2017-07-24
WILDWOOD, -- Peak Resorts, Inc. reported results for the fourth quarter and full year of its 2017 fiscal year ended April 30, 2017.
Annual highlights include:
Timothy D. Boyd, president and chief executive officer, commented, “2017 was a solid year for Peak Resorts. We achieved solid revenue and reported EBITDA, continued to expand season pass sales and reinstated the payment of our quarterly dividend. We exited the year with a very strong cash position and the financial flexibility to continue our growth organically and through acquisition in the coming years.”
Boyd concluded, “In recent quarters, we focused on building value through investment in our current properties to elevate our customers’ on and offseason experiences. We began the permitting process for two projects that will offer our Northeast skiers and tubers more skiable acres, and our Midwest customers more opportunities to enjoy our resorts in the spring and summer. We are now moving forward applying for construction permits to increase our skiable acreage at Hunter Mountain by 25-30% which we expect to be completed for the 2018-2019 season, and to build a zip tour at our Hidden Valley resort which we expect to be completed for the 2018 spring and summer season. We also remain on schedule with our EB-5 funded West Lake Water and Carinthia Base Ski Lodge projects at Mount Snow, to be completed for the 2017-2018 season, and 2018-2019 season, respectively.
“The organic investments in Hunter Mountain and Hidden Valley announced in June could boost our company wide annual EBITDA by $2-3 million on an investment of approximately $11.5 million, generating solid returns on our capital. In addition, we increased our cash balances by $28.3 million during the fiscal year.
“With $33.7 million of unrestricted cash on the balance sheet, we have the financial flexibility to continue to invest in acquiring new properties and growing organically, while returning capital to our shareholders. On July 12, 2017, our Board of Directors declared a second quarter fiscal 2018 cash dividend payable on August 11, 2017 to common shareholders of record on July 27, 2017 at a rate of $0.07 per share.