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

Jeremy Roche
Senior Manager, Investor Relations 
Whistler Blackcomb Holdings Inc.
[email protected]    
Ph: 604-938-7376