Peak Resorts Q2 Loss Narrows

(RTTNews) - Ski resorts operator Peak Resorts, Inc. (SKIS) reported a net loss for the second quarter of $6.7 million or $1.69 per share, compared to a net loss of $7.7 million or $1.94 per share for the year-ago quarter.

Revenue for the second quarter grew to $6.23 million from $6.19 million a year ago.

Timothy Boyd, Peak Resorts' president and chief executive officer, said, "Due to the seasonality of the ski industry, approximately 90 percent of our revenue typically is divided almost equally between our third and fourth quarters, although we incur substantial operating expenses year round for staff and property-related expenses. As a result, we normally expect to report losses during the first half of any fiscal year, and this year's first half was consistent with that pattern."

Peak Resorts went public in November following its initial public offering of 10 million shares priced to the public at $9.00 per share.