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."

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