Whistler Blackcomb Holdings Inc. Announces Record Second Quarter and Year to Date Results
Press Release
May 11, 2016
WHISTLER, BC, May 11, 2016 – Whistler Blackcomb Holdings Inc. (TSX: WB) (the “Company”) today reported record financial results for the second quarter and year to date period ended March 31, 2016. The Company holds a 75% interest in and manages the entities that operate Whistler Blackcomb, the largest four-season mountain resort in North America.
Highlights
- Total visits, which include skier visits and other visits, increased 26% to 2.0 million visits for the fiscal year to March 31, 2016, reflecting strong visitation from both regional and destination markets. Total visits for the fiscal year to May 9, 2016 increased 22% to 2.24 million.
- Double-digit revenue growth in all key business divisions contributed to a 26% increase in total revenue to $241.8 million and a 34% increase in Adjusted EBITDA to $116.2 million for the fiscal year to March 31, 2016, representing the highest six month period revenue and Adjusted EBITDA in the Company’s history.
- Subsequent to quarter end the Company announced its $345 million Renaissance strategic plan (“Renaissance”) which is designed to increase EBITDA over the long term by developing new weather-independent attractions in Whistler while elevating Whistler Blackcomb’s core skiing and snowboarding experiences. Proceeding with Renaissance is subject to certain conditions, including government approvals, the renegotiation of the Company’s master development agreements and master plans and negotiation of a business partnership with local First Nations.
Dave Brownlie, President and Chief Executive Officer of the Company, commented: “I am very pleased with our strong performance to date this year. It has been a tremendously successful ski season with a strong rebound from our regional market and continued growth from our destination markets. Our financial performance also demonstrated the significant operating leverage in our business, as well as the benefits from $53 million in growth capital investments over the past three years. After quarter end, we announced our $345 million Renaissance project, which will further diversify our year-round operations, enhance guest experience and accelerate Whistler Blackcomb’s long term growth and vision of becoming the number one mountain resort in the world.” Mr. Brownlie continued: “As the 2015-2016 ski season winds down we are shifting our focus to our summer business, which we believe is well positioned to see continued visitation momentum with our Whistler Mountain bike park opening on May 20th and a strong line-up of events in Whistler this summer.”
Read More: http://www.whistlerblackcomb.com/holdings/press-releases
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