VAIL, Colo., Oct 25 (Reuters) – Ski resort operator Vail Resorts Inc.
Vail said in an amended annual report filed with the U.S. Securities and Exchange Commission that it lowered its net income for 2001 to $13.6 million, or 39 cents per share, compared witho $18.7 million, or 53 cents per share as previously reported.
For 2000 the company cut its earnings to $10.4 million, or 30 cents per share, from its previously reported earnings of $15.3 million, or 44 cents per share, and for 1999 the company lowered its earnings to $8.9 million, or 25 cents per share, from $12.8 million, or 37 cents per share, last year.
The company said it will now amortize the initiation fees over a 30-year period. Previously, the company recognized the revenue from the fees immediately or upon the completion of certain milestones.
The Vail, Colorado-based company said its cash balance is unaffected by the adjustments.