VAIL, CO Vail Resorts Chairman/CEO Adam Aron commented that the companys performance during the Christmas and New Years holiday period was strong, and that skier visits were up markedly in comparison to the same period last year.
Aron noted that consensus analyst estimates call for resort EBITDA for fiscal 2001 to rise by about 20% year-over-year, after excluding from fiscal 2000 results the $13.9 million of net expected proceeds from a Reduced Skier Day Insurance Policy. Under this custom insurance product secured by the company for fiscal 2000, the policy pays the mountain resort operator if skiers fail to materialize as a result of poor snowfall, Y2K travel concerns or other reasons. (1/16/01)