BROOMFIELD, Colo., July 16 /PRNewswire-FirstCall/ -- Vail Resorts, Inc.
(NYSE: MTN) announced today that its Board of Directors has increased the
Company's common stock repurchase authorization by three million shares.
Shares of common stock purchased pursuant to the repurchase program will
be held as treasury shares and may be used for the issuance of shares under
the Company's employee stock plans. Acquisitions under the share repurchase
program will be made from time to time at prevailing prices as permitted by
applicable laws, and subject to market conditions and other factors. The
Company is under no obligation to purchase any shares under the stock
repurchase program and the timing as well as the number of shares that may be
repurchased under the program will depend on a number of factors including the
Company's future financial performance, the Company's available cash resources
and competing uses for cash that may arise in the future, the restrictions in
the Company's credit agreements and in the indenture governing the Company's
Senior Subordinated Notes due 2014, prevailing prices of the Company's common
stock, and the number of shares that become available for sale at prices that
the Company believes are attractive. The stock repurchase program may be
discontinued at any time.
The additional share authorization announced today increasing the program
by three million shares together with 284,218 shares remaining under the
previous share repurchase program approved by the Company's Board of Directors
on March 9, 2006, equates to 3,284,218 shares currently authorized for
repurchase. Since its fiscal year 2008 third quarter earnings announcement on
June 5, 2008, the Company has repurchased 1,209,549 shares at an average price
of $39.40, under its previously approved program.
"Our Board took this action based upon our Company's continued strong
financial condition and it reflects the Board's confidence in Vail Resorts'
growth potential," said Robert Katz, chief executive officer of Vail Resorts.
About Vail Resorts
Vail Resorts, Inc. is the leading mountain resort operator in the United
States. The Company's subsidiaries operate the mountain resort properties of
Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado,
the Heavenly Ski Resort in the Lake Tahoe area of California and Nevada, and
the Grand Teton Lodge Company in Jackson Hole, Wyo. The Company's subsidiary,
RockResorts, a luxury resort hotel company, manages casually elegant
properties across the United States and the Caribbean. Vail Resorts
Development Company is the real estate planning, development and construction
subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company
traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company
website is http://www.vailresorts.com and consumer website is
http://www.snow.com
SOURCE Vail Resorts, Inc.
media, Kelly Ladyga, +1-303-404-1862, kladyga@vailresorts.com, or investor
relations, Jeff Jones, CFO, +1-303-404-1802, jwjones@vailresorts.com, both of
Vail Resorts, Inc.
