Niklas Bjorkman wrote: Firstly I agree with your conclusion. NewSQL takes the best of the traditional databases and NoSQL databases to combine the benefits of both worlds. I do not agree that NewSQL vendors focus on giving scale-out features to transactional data. The NewSQL market is focusing on giving true ACID support combined with extreme performance, stepping away from the traditional relational structures in databases. A lot of developers appreciate the ease of accessing data using SQL and I think we will see more and more databases supporting standard SQL.
As you said - NewSQL databases often maintain the...
In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
Record Summer Visits Result in Strong Fourth Quarter Financial
Performance and Significant Increases in Full-year Earnings and Cash
WHISTLER, BC, Dec. 12, 2012 /PRNewswire/ - Whistler Blackcomb Holdings Inc.
(TSX: WB) (the "Corporation") today reported financial results for the
three months and year ended September 30, 2012. The Corporation holds a
75% interest in the entities that operate Whistler Blackcomb.
Highlights for the Three Months Ended September 30, 2012:
Summer visits increased by 8.1% to 375,000 as a result of strong
destination visitation, particularly from outside of North America.
Record visitation resulted in a 6.9% increase in revenue to $27.4
million and EBITDA of $168,000.
Highlights for the Year Ended September 30, 2012:
Total visits increased by 5.3% to 2.647 million as a result of a 20%
increase in destination skier visits and record summer visitation.
EBITDA grew by 15.1% to $85.2 million.
Increased year end cash position with cash and cash equivalents of $43.6
million as at September 30, 2012, representing a 45.3% year-over-year
Recently rated #1 ski resort by SKI Magazine, Freeskier Magazine, and
the SBC Resort Guide.
Dave Brownlie, President and Chief Executive Officer of Whistler
Blackcomb Holdings Inc. stated "Our solid fourth quarter benefited from
increased visitation, which contributed to strong financial results for
fiscal 2012. We have now completed two years as a publicly listed
company and we have demonstrated success in driving increased
destination skier visits and record season pass and frequency card
sales. We began our 2012-13 ski season five days early on November 17
as a result of excellent snowmaking conditions and since then we have
received more than 12 feet of natural snow. I am confident that we are
well positioned for the season ahead."
FISCAL 2012 FOURTH QUARTER AND 2012 YEAR END FINANCIAL RESULTS
Revenue, Visits and Effective Ticket Price
Revenues climbed to $236.4 million for year ended September 30, 2012,
which represents an increase of $20.4 million, or 9.4% over the prior
year. The increase in resort revenue corresponds with the increase in
total visits over the prior year - driven by the increase in
destination skier visits. In the three months ended September 30, 2012,
revenue increased by 6.9% to $27.4 million as a result of an increase
in sightseeing and bike park visits.
Total visits for the year ended September 30, 2012 were 2.647 million
which represents an increase of 133,000 or 5.3% over the prior year.
Skier visits for the 2011-12 ski season increased by 5.0% to 2.131
million and other visits increased by 6.6% to 516,000. In the three
months ended September 30, 2012, summer visits increased by 8.1% to
375,000 as a result of increased sightseeing and bike park visits.
ETP for the 2011/12 ski season was $49.28, which represents an increase
of $2.22, or 4.7%, over the prior year. Growth in ETP was a result of
increases in lift product pricing and a higher proportion of visits
from higher yielding destination guests.
EBITDA increased by 15.1% to $85.2 million for year ended September 30,
2012. For the three months ended September 30, 2012, EBITDA grew by
262% to $168,000.
The increase in EBITDA was driven by the increase in revenues net of an
increase in operating expenses and selling, general and administrative
expenses, which were required to support the increase in revenues.
Net Earnings (loss) and Earnings (loss) Per Common Share
Net earnings attributable to the Corporation's shareholders was $15.7
million for the year ended September 30, 2012, which represents an
increase of $2.5 million, or 19.1% over the net earnings for partial
year period from November 9, 2010 to September 30, 2011. For the three
months ended September 30, 3012, net loss attributable to the
Corporation's shareholders decreased by $14.5 million or 64.6% to $8.0
Net income per common share (basic and diluted) was $0.41 for the year
ended September 30, 2012 compared to net income per common share (basic
and diluted) of $0.35 in the period from November 9, 2010 to September
30, 2011. The Corporation completed its initial public offering and its
acquisition of a 75% interest in the Partnerships on November 9, 2010.
Accordingly, earnings per share for the comparative period are
calculated using the Corporation's net earnings for the period from
November 9, 2010 to September 30, 2011.
Net loss per common share (basic and diluted) was $0.21 in the three
months ended September 30, 2012 compared to $0.59 in the same period in
the prior year. The change in net loss per common share is primarily
due to quarterly differences in the timing of non-cash deferred income
tax expense in the prior year.
Cash and Cash Equivalents
The Corporation had $43.6 million of cash and cash equivalents at
September 30, 2012, an increase of $13.6 million, or 45.3%, compared to
$30.0 million at September 30, 2011.
Season pass and frequency card sales for the 2012-13 season, as of
December 2, 2012, are 4% ahead of the same time in the prior year and
12% ahead of the same time in fiscal 2011.
Hotel bookings in Whistler's accommodation sector as of December 2,
2012, are 5% ahead of same time in the prior year. This growth is being
driven by increased bookings from January to March.
Detailed financial results of the Corporation and the Corporation's
Management's Discussion and Analysis dated December 12, 2012 ("MD&A")
can be found on SEDAR at www.sedar.com and the Corporation's website at www.whistlerblackcombholdings.com.
Conference Call Information
Management will conduct a conference call on December 12, 2012 at 4:30pm
(Eastern Time) to review the Corporation's fiscal 2012 fourth quarter
and 2012 year end financial results. The call can be accessed by
dialing 1.866.700.7173 (Canada and US) or 1.617.213.8838
(International) prior to the start of the call. The access code is
88226003. A replay of the call will be available until December 19,
2012 and can be accessed at 1.888.286.8010 or 1.617.801.6888
(International). The access code for the replay is 26562085. The call
will also be archived for a period of 60 days following the call in the
Quarterly Financials section of the Corporation's website: www.whistlerblackcombholdings.com.
ABOUT WHISTLER BLACKCOMB HOLDINGS INC.
Whistler Blackcomb Holdings Inc. owns a 75% interest in each of Whistler
Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises
Limited Partnership, which, together, carry on the four season mountain
resort business located in the Resort Municipality of Whistler, British
Columbia. Whistler Blackcomb, the official alpine skiing venue for the
Olympic Winter Games, is situated in the Resort Municipality of
Whistler located in the Coast Mountains of British Columbia 125
kilometres (78 miles) from Vancouver, British Columbia. North America's
premier four-season mountain resort, Whistler Mountain and Blackcomb
Mountain are two side-by-side mountains, connected by the world
record-breaking PEAK 2 PEAK Gondola, which combined offer over 200
marked runs, over 8,000 acres of terrain, 14 alpine bowls, three
glaciers, receive on average over 1,192 centimetres (469 inches) of
snow annually, and offer one of the longest ski seasons in North
America. In the summer, Whistler Blackcomb offers a variety of
activities, including hiking and biking trails, the Whistler Mountain
Bike Park, and sightseeing on the PEAK 2 PEAK Gondola. Whistler
Blackcomb Holdings Inc. is listed on the Toronto Stock Exchange under
the symbol "WB". For more information, visit www.whistlerblackcombholdings.com. Additional information related to the Corporation is available on
SEDAR at www.sedar.com.
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
The Corporation's activities began on November 9, 2010, the date of its
initial public offering and its acquisition of a 75% interest in each
of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing
Enterprises Limited Partnership (collectively, the "Partnerships").
Accordingly, the Corporation's consolidated financial statements were
prepared from November 9, 2010. To facilitate the discussion of the
Corporation's financial performance, certain year-over-year discussions
are made by comparing the Corporation's results for the year ended
September 30, 2012 with the combined results of the Corporation for the
period from November 9, 2010 to September 30, 2011 and of the
Partnerships for the period from October 1, 2010 to November 8, 2010.
ADOPTION OF IFRS
Beginning on October 1, 2011, the Corporation adopted International
Financial Reporting Standards ("IFRS"). Prior period results,
including non-IFRS measures, have been adjusted to reflect the adoption
of IFRS effective November 9, 2010. See the Corporation's consolidated
financial statements and MD&A for more information.
This press release makes reference to certain financial measures other
than those prescribed by IFRS. These non-IFRS measures are not
recognized under IFRS, do not have a standardized meaning prescribed by
IFRS and are therefore unlikely to be comparable to similar measures
presented by other companies. These non-IFRS measures, which include
EBITDA, which is defined as consolidated net earnings (loss) (including
net earnings (loss) attributable to the Non-Controlling Interest)
before finance income (expense) net, income tax expense (benefit),
depreciation and amortization, are provided to the reader as additional
information to complement IFRS measures and to further understand the
Corporation's results of operations from management's perspective and
as a supplemental measure of performance that highlights trends in the
business that may not otherwise be apparent when relying solely on IFRS
financial measures. Such non-IFRS measures should not be considered in
isolation or as a substitute for analysis of financial information
reported under IFRS. Readers should refer to the Corporation's annual
information form dated December 12, 2012 (the "AIF") and MD&A, which
are available on our website and on SEDAR at www.sedar.com, for additional details regarding the determination of these non-IFRS
measures and reconciliation to financial information reported under
This press release may contain forward-looking statements or
information, within the meaning of applicable Canadian securities laws,
including, but not limited to, statements with respect to projected
occupancy, potential for visit and revenue growth in the upcoming
season and other information or statements about future events or
conditions which may prove to be incorrect.
The forward-looking statements and information contained in this press
release are based on certain factors and assumptions made by management
of the Corporation including, but not limited to: 2012-13 accommodation
booking pace, season pass and frequency card sales data and preliminary
early booking data from destination channels.
The forward-looking statements and information contained in this press
release are subject to a number of significant risks and uncertainties
that could cause actual results to differ materially from those
anticipated including, but not limited to, risks relating to
unfavourable weather conditions, economic downturns, the seasonality of
Whistler Blackcomb's operations, the extent of required capital
expenditures, currency fluctuations, the competitive nature of Whistler
Blackcomb's industry, the unanticipated departure of named executed
officers, a general dependence on a seasonal workforce, reliance on
existing material agreements, risks relating to Whistler Blackcomb's
access and use of debt financing, adequacy of the Corporation and
Whistler Blackcomb's insurance coverage, litigation, safety and
accidents, environmental laws and regulations, leisure and business
travel, the impact of any occurring natural disasters and economic,
business and market conditions. A more detailed description of these
risks is available in the Corporation's annual information form dated
December 12, 2012, which is available on the Corporation's website and
on SEDAR at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements or
information prove incorrect, actual results may vary materially from
those described herein. Although the Corporation believes that the
expectations reflected in such forward-looking statements and
information are reasonable, undue reliance should not be placed on
forward-looking statements or information because the Corporation can
give no assurance that such expectations will prove to be correct.
These forward-looking statements and information are made as of the date
of this press release, and the Corporation has no intention and assumes
no obligation to update or revise any forward-looking statements or
information to reflect new events or circumstances, except as required
by applicable Canadian securities laws.
WHISTLER BLACKCOMB HOLDINGS INC.
Consolidated Statements of Comprehensive Income (Loss)
(in thousands, except per share amounts)
Depreciation and amortization
Selling, general and administration
Earnings (loss) from operations
Disposal gains (losses)
Finance income (expense), net
Net earnings (loss) before income tax
Income tax (expense) benefit
Net earnings (loss) and comprehensive income (loss)
Net earnings (loss) and comprehensive income (loss):
Attributable to Whistler Blackcomb
Holdings Inc. shareholders
Attributable to non-controlling interest
Earnings (loss) per share
Weighted average number of common shares outstanding
WHISTLER BLACKCOMB HOLDINGS INC.
Consolidated Statements of Financial Position
(Expressed in thousands)
Cash and cash equivalents
Income taxes receivable
Property, buildings and equipment
Property held for development
Liabilities and Shareholders' Equity
Accounts payable and accrued liabilities
Income taxes payable
Deferred income tax liability
Whistler Blackcomb Holdings Inc. shareholders' equity
Preferred shares; no par value; unlimited
number authorized; nil outstanding
Common shares; no par value; unlimite
number authorized; 37,908 outstanding;
(September 30, 2011 - 37,868)
Additional paid-in capital
Total Whistler Blackcomb Holdings Inc.
WHISTLER BLACKCOMB HOLDINGS INC.
Consolidated Statements of Cash Flows
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