Peak Resorts Inc
SKIS
Delayed Nasdaq - 12/15 10:00:00 pm
5.2USD
+1.96%

Peak Resorts : Ski operator Peak Resorts widens second quarter loss

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12/08/2017 | 04:38 am

Dec. 07--Peak Resorts, the owner of Hidden Valley Ski Area, reported a bigger loss in its second quarter as labor, utility and food and beverage costs increased.

Peak Resorts posted an $8.9 million loss for the quarter that ended Oct. 31, or 66 cents a share, compared with $8 million, or 57 cents a share, a year earlier. The company historically operates at a loss in the second quarter, the seasonally slowest part of its fiscal year.

Revenue rose 4 percent to $8.8 million, the Wildwood-based company said Thursday.

In a call with analysts Thursday afternoon, president and CEO Tim Boyd referenced the company's plans to add zip lines at Hidden Valley to operate when it's too warm to ski. When the $2.5 million zip line plan project faced opposition this fall from Wildwood officials over months and hours of operation, Boyd initially said Hidden Valley could close if the zip line project wasn't approved. Late last month, Wildwood's city council sent the zip line proposal to a subcommittee for review.

"We remain committed to working together to reach a viable solution for all parties," Boyd said in the call Thursday, adding zip line construction is slated to begin in 2018 if the project is approved by city officials.

Peak Resorts, which operates 14 ski properties, said all its resorts will be open to skiers by next weekend, although Hidden Valley has not yet announced an opening date.

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