Whistler Blackcomb Holdings Inc. Reports Fiscal 2013 First Quarter Results

  Whistler Blackcomb Holdings Inc. Reports Fiscal 2013 First Quarter Results

PR Newswire

WHISTLER, BC, Feb. 1, 2013

WHISTLER, BC, Feb. 1, 2013 /PRNewswire/ - Whistler Blackcomb Holdings Inc.
(TSX: WB) (the "Corporation") today reported financial results for the three
months ended December 31, 2012. The Corporation holds a 75% interest in the
entities that operate Whistler Blackcomb.

Highlights of the period:

  *Revenue increased to $50.3 million as a result of continued growth in
    effective ticket price ("ETP") and spend per guest.

  *Total season pass and frequency card sales to December 31, 2012 were a
    record $36.6 million.

  *Cash and cash equivalents ended strongly at $56.3 million at December 31,
    2012.

The Corporation also reported strong holiday period visitation (see below)
with skier visit growth of 5% to 309,484.

Dave Brownlie, President and Chief Executive Officer of the Corporation stated
"Our business continued to show strength through our first quarter and I am
pleased with our performance. Skier visits met our expectations for the
quarter and we have seen continued growth in ETP and revenue per visit. Our
strong cash position has allowed us to announce the investment of
approximately $18 million in strategic growth capital initiatives and I am
confident that the new high speed detachable Harmony Six and Crystal-Zone Quad
chairlifts will contribute to our growth in 2013-14 and subsequent years."

FISCAL 2013 FIRST QUARTER RESULTS

Revenue, Visits and Effective Ticket Price

  *Revenue for the period was $50.3 million, an increase of $1.1 million, or
    2%, over the same period in the prior year. The increase in revenue was
    primarily as a result of increased lift revenue and increased spend per
    guest over the same period in the prior year.
  *As of December 31, 2012 total pass and card sales reached a record $36.6
    million, an increase of $2.2 million, or 6%, over the same period in the
    prior year.
  *Skier visits for the period were 461,000, which are comparable to the same
    period in the prior year.
  *ETP for the period was $49.22 per skier visit, an increase of $1.20, or
    2.5%, over the same period in the prior year.
  *The current year's holiday period occurred from December 22, 2012 to
    January 6, 2013. This is four days later than the two-week holiday period
    in the prior year which occurred from December 18, 2011 to January 2,
    2012. Notably, visits for the current year's holiday period increased by
    5% to 309,484 compared to the two-week holiday period in the prior year.

Expenses

  *Operating expenses for the period increased by $1.7 million to $32.7
    million compared to the same period in the prior year as a result of
    increased labour and benefits costs and timing of certain expenditures in
    the current year compared to the prior year. Selling, general and
    administrative expenses of $7.4 million were similar to those of the prior
    year.

EBITDA and Earnings (loss) Per Share

  *EBITDA for the period was $10.2 million, a decrease of $426,000, or 4%,
    over the same period in the prior year.
  *Net loss per common share for the period was $0.07 (basic and diluted)
    compared to net loss per common share of $0.05 (basic and diluted) in the
    same period on the prior year.

Cash and Cash Equivalents

  *The Corporation had $56.3 million of cash and cash equivalents at December
    31, 2012, an increase of $12.1 million, or 27%, over the balance of $44.2
    million at December 31, 2011.

Business Update

  *With more than half of the 2012-13 ski season remaining, skier visits to
    January 27, 2013 were 852,248, an increase of 1%, or 8,141 over the same
    period in the prior year.
  *Management estimates that from November 17, 2012 to January 27, 2013,
    total skier visits were comprised of 70% from local and regional guests
    and 30% from destination guests compared to 64% and 36%, respectively, for
    the same period in the prior year

Capital:

  *On January 18, 2013, the Corporation announced an $18 million investment
    in two new lifts at Whistler Blackcomb which are expected to open for the
    2013-14 ski season. The investment will result in the replacement of the
    Harmony high-speed quad chairlift with a new high-speed, detachable,
    six-pack chairlift capable of transporting six people on each chair. In
    addition, Blackcomb Mountain will see a lift enhancement with a high-speed
    quad chairlift going into a new area in the Crystal Zone, currently
    accessed by a fixed-grip triple chair.
  *The Corporation believes that this investment will provide an enhanced
    guest experience and it will contribute to growth at Whistler Blackcomb.

The Corporation's Interim Financial Statements and Management's Discussion and
Analysis ("MD&A") for the period ended December 31, 2012 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 February 1, 2013 at 10:30am
(Eastern Time) to review the Corporation's fiscal 2013 first quarter results.
The call can be accessed by dialing 1.866.383.8009 (Canada and US) or
1.617.597.5342 (International) prior to the start of the call. The access code
is 69326902. A replay of the call will be available until February 8, 2013 and
can be accessed at 1.888.286.8010 or 1.617.801.6888 (International). The
access code for the replay is 23619604. 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 other than
those prescribed by Canadian generally accepted accounting principles, "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.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements or information, within
the meaning of applicable Canadian securities laws, including, but not limited
to, statements with respect to the timing of the completion of the project and
expected growth of the Corporation's business, which may prove to be
incorrect.

The forward-looking statements and information contained in this press release
are based on certain factors and assumptions made by management of the
Corporation including, but not limited to: assurances from suppliers, previous
lift installations and there being no unforeseen obstructions to the
construction of the project.

The forward-looking statements and information contained in this press release
are subject to a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated including, but not limited
to, risks relating to unfavourable weather conditions, availability of
capital, supply and installation of equipment, environmental laws and
regulations, the impact of any occurring natural disasters and economic,
business and market conditions. A more detailed description of these risks is
available in the Corporation's annual information form dated December 12,
2012, which is available on the Corporation's website and on SEDAR at
www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements or information prove
incorrect, actual results may vary materially from those described herein.
Although the Corporation believes that the expectations reflected in such
forward-looking statements and information are reasonable, undue reliance
should not be placed on forward-looking statements or information because the
Corporation can give no assurance that such expectations will prove to be
correct.

These forward-looking statements and information are made as of the date of
this press release, and the Corporation has no intention and assumes no
obligation to update or revise any forward-looking statements or information
to reflect new events or circumstances, except as required by applicable
Canadian securities laws.

WHISTLER BLACKCOMB HOLDINGS INC.
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands, except per share amounts)

                                                              
                                                 Three months  Three months
                                                        ended         ended
                                                 December 31,  December 31,
                                                         2012          2011
                                                              
Revenue                                   $       50,281 $       49,133
                                                              
Operating expenses                                   32,670        31,009
                                                              
Depreciation and amortization                       10,646         9,533
                                                              
Selling, general and administrative                  7,358         7,393
                                                              
                                                       50,674        47,935
                                                              
Earnings from operations                             (393)         1,198
                                                              
Disposal gains (losses)                               (11)          (63)
                                                              
Finance expense, net                               (4,251)       (4,586)
                                                              
Net loss before income tax                          (4,655)       (3,451)
                                                              
Income tax benefit                                     942           656
                                                              
Net loss and comprehensive loss            $     (3,713) $      (2,795)
                                                              
Net loss and comprehensive loss:                                          
 Attributable to Whistler Blackcomb Holdings    $      (2,585) $      (2,035)
  Inc. shareholders
 Attributable to non-controlling interest        (1,128)         (760)
                                                $      (3,713) $      (2,795)
                                                              
Earnings per share                                                        
 Basic                                   $       (0.07) $       (0.05)
 Diluted                                 $       (0.07) $       (0.05)
                                                              
Weighted average number of common shares                                  
outstanding
 Basic                                              37,912        37,868
 Diluted                                           37,967        37,918

WHISTLER BLACKCOMB HOLDINGS INC.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
(in thousands)

                                                                         
                                                December 31,  September 30,
                                                        2012           2012
                                                                         
Assets                                                                    
                                                                         
Current assets:                                                           
 Cash and cash equivalents                $       56,332 $        43,634
 Accounts receivable                                8,800          3,481
 Income taxes receivable                              623            240
 Inventory                                         14,946         13,788
 Prepaid expenses                                   3,824          3,104
 Notes receivable                                     303            303
                                                      84,828         64,550
                                                                         
Notes receivable                                     2,788          2,792
                                                                         
Property, buildings and equipment                  323,680        328,414
                                                                         
Intangible assets                                  320,737        324,028
                                                                         
Goodwill                                           135,574        135,574
                                                                         
Property held for development                        9,244          9,244
                                               $      876,851 $       864,602
                                                                         
Liabilities and Shareholders' Equity                                      
                                                                         
Current liabilities:                                                      
 Accounts payable and accrued liabilities      $       27,493 $        24,060
  
 Income taxes payable                                 120            153
 Provisions                                          2,859          2,903
 Deferred revenue                                  46,060         20,718
                                                      76,532         47,834
                                                                         
Long-term debt                                     257,113        256,800
                                                                         
Deferred income tax liabilities                     14,801         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;
      37,922 outstanding (September 30, 2012       441,642        441,476
         - 37,908)
  Additional paid-in capital                         747            721
  Deficit                                        (43,712)       (31,887)
  Total Whistler Blackcomb Holdings Inc.            398,677        410,310
    shareholders' equity
 Non-controlling interest                         129,728        134,169
                                                     528,405        544,479
                                               $     876,851 $       864,602

WHISTLER BLACKCOMB HOLDINGS INC.
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

                                                              
                                                 Three months  Three months
                                                        ended         ended
                                                 December 31,  December 31,
                                                         2012          2011
                                               
Cash provided by (used in):                                               
                                               
Operations:                                                               
 Net earnings (loss)                     $     (3,713) $     (2,795)
 Items not involving cash:                                               
     Depreciation and amortization                10,646         9,533
     Disposal losses (gains)                          11            63
     Share-based compensation                        192           208
     Amortization of debt issuance costs             313           318
     Deferred income tax expense (benefit)         (688)         (574)
                                                        6,761         6,753
 Changes in non-cash operating working                 21,118        23,882
  capital
                                                      27,879        30,635
                                               
Financing:                                                                
 Dividends paid on common shares                  (9,240)       (9,230)
 Distributions to non-controlling interest        (3,313)       (3,310)
                                                    (12,553)      (12,540)
                                               
Investing:                                                                
 Expenditures on property, buildings and              (2,673)       (4,138)
  equipment
 Proceeds from sale of property and                        41           253
  equipment
 Repayment of notes receivable                           4             4
                                                      (2,628)       (3,881)
                                               
Increase in cash and cash equivalents               12,698        14,214
Cash and cash equivalents, beginning of                 43,634        30,023
period
Cash and cash equivalents, end of period   $      56,332 $      44,237



SOURCE Whistler Blackcomb

Contact:

Jeremy Roche
Senior Manager, Investor Relations
Whistler Blackcomb Holdings Inc.
jroche@whistlerblackcomb.com
Ph: 604-938-7376
 
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