08/07/2013 09:26 EDT | Updated 10/07/2013 05:12 EDT

Whistler Blackcomb Financial Loss Grows As Revenue Drops


WHISTLER, B.C. - Whistler Blackcomb Holdings Inc. lost $10.4 million in its latest quarter, down from a year ago as revenue also slipped due to timing issues, the resort operator announced Wednesday

"As expected, we experienced a decline in skier visits during the third quarter as a result of the timing of the Easter holiday compared to 2012," president and chief executive Dave Brownlie said in a statement.

The Easter holiday fell in the second quarter this year compared with the third quarter last year.

Despite the drop, Brownlie noted that the effective ticket price and revenue per visit for the third quarter and 2012-13 ski season grew.

Whistler Blackcomb said the loss amounted to 19 cents per diluted share for the quarter ended June 30 compared with a loss of $7.4 million or 14 cents per share a year ago.

Revenue was down at $29.7 million from $34.4 million.

The effective ticket price improved by $4.23 to $46.81 for the quarter, while revenue per visit was up $12.19 from a year ago to $104.53.

For the nine months ended June 30, Whistler Blackcomb earned $33.9 million or 61 cents per share on $212.2 million revenue. That compared with a profit of $34.7 million or 62 cents per share on $209 million in revenue in the same period a year earlier.

Whistler Blackcomb owns a 75 per cent stake in the Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership.

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