April 21, 2010 / 1:53 PM / in 8 years

UPDATE 1-Vail lift ticket revenue up 4.6 pct season to date

* Total lift ticket rev up about 4.6 pct through April 18

* Total skier visits up about 2.3 pct

* Says employees to get 2 pct interim wage hike

* Says to partially reinstate contribution to 401(k)

* Shares up as much as 2 pct

April 21 (Reuters) - Vail Resorts Inc (MTN.N) reported a 4.6 percent increase in lift ticket revenue for the ski season through April 18, driven by the popularity of its season pass program and more visits to its ski resorts.

The mountain resort operator also said it has reinstated some of the last year’s pay cuts with a 2 percent interim wage increase for year-round employees, which kicked in at the beginning of the month.

    The company also partially reinstated its contribution to its pension program, also effective April 1.

    Seasonal employees will get the pay rise when they return for the ski season towards the end of the year.

    “With our business improving, we wanted to immediately begin to restore some of these reductions to our employees, with further potential restorations to be reviewed again in the upcoming fiscal year,” Chief Executive Rob Katz said in a statement.

    Shares of the company were trading up about 2 percent at $44.31 in early morning trade Wednesday on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Maju Samuel)

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below