Vail Resorts Inc. said it suffered another first-quarter loss.
The Broomfield ski area operator (NYSE: MTN) said it lost $28.4 million, or a loss of 71 cents per share, in the latest quarter, compared with a loss of $62.6 million, or a loss of $1.70 per share a year earlier.
But Vail said it expects losses in the first quarter.
"Our first fiscal quarter historically operates at a loss given that our North American mountain resorts are not open for ski operations during the period," said Rob Katz, CEO, in a statement.
Vail said much of the loss was due to "a tax benefit of about $51.8 million (or $1.29 earnings per diluted share) related to employee exercises of equity awards, primarily attributable to the CEO's exercise of expiring stock appreciation rights (SARs) during the quarter."
Read more at the Denver Business Journal: http://bit.ly/2ADDTY5