Vail Releases Second Quarter Numbers

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Vail, CO., March 9--Vail Resorts today announcedresults for the second quarter and six months ended January 31, 2000.

Resort revenue, not including real estate, increased 3 percent for thisquarter to $161.1 million from $156.1 million in 1999's second quarter.Total revenue, including real estate, went from $162.9 million compared to$160 million for the same period last year.

Resort EBITDA (earnings before interest, taxes, depreciation andamortization) for the second quarter declined 5 percent to $48.1 millioncompared to $50.5 million last year. Included in the resort EBITDA for thesecond quarter is $4.4 million of expected net proceeds from a ReducedSkier Day Insurance Policy.

Real estate revenues were $1.7 million for this quarter compared to $3.8million last year.

Six-month numbers reflected the same trend as the second quarter numbers.Total revenue for Vail Resorts for the six-month period was $228.7 millioncompared to $208.5 million in 1999. Resort EBITDA for the six-month periodincreased 9 percent to $27.7 million from the $25.5 million reported lastyear. However, net loss in the first half of fiscal 2000 was $11.5 millioncompared to a net loss of $3.9 million for the same period last year. Theincrease in net loss can be attributed to a five-percent decline in skiervisits to 2.0 million for the first half of fiscal 2000.