Vail Resorts Inc. receives additional SEC subpoena

0 Comments | Deseret News (Salt Lake City), Dec 13, 2003

WASHINGTON (Dow Jones/AP) -- Vail Resorts Inc., the largest U.S.- based operator of ski resorts, Friday said it received an additional Securities and Exchange Commission subpoena last month.

The agency is now examining the accounting practices and financial restatements in Vail Resorts' annual report for the fiscal year that ended in June.

The SEC in February opened a formal investigation of the Avon, Colo., company, focused on earlier accounting issues.

The SEC is looking at Vail Resorts' accounting for initiation fees for membership in its private clubs, according to previous SEC filings. In October 2002, after consulting with the SEC, Vail Resorts restated its annual results for fiscal years 1999 through 2001.

Vail Resorts said it continues to cooperate fully with the SEC in its investigation.

Vail Resorts operates Vail, Beaver Creek, Keystone and Breckenridge ski areas in Colorado and Heavenly Valley in California. It also owns the Grand Teton Lodge Co. in Jackson, Wyo.

New York Stock Exchange-listed Vail Resorts shares closed Friday at $17.46, up 46 cents, or 2.7 percent.