Ski Industry

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Ski Industry



Assignment:    The North American ski industry:  online information for an accounting report for two companies in this industry, Intrawest and Vail Resorts; industry economic and social environment; key players; competitive edge of key players; etc.   (EMBA, 18 October 2005)
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    The Foster Business Library offers an extensive collection of over fifty databases on its homepage; see under Databases. For a complete list of Foster databases, see the List of All Business Databases. Access to these databases from off campus requires that you first go to the Off-Campus Access button, in the upper right of all library webpages. These resources may not be accessed from off campus except by those with a valid UW Net ID and password. For more information on Foster business databases, click Databases, A-Z. For information on which Foster business databases to use, see the Database Index. For information on accessing Foster databases from off campus, see Database Access. For guidelines on responsible database usage, see Database Usage.

  • Euromonitor:   This database provides global consumer market information, with demographics, trends and developments, market background, market sizes and forecasts, market shares, key players, and company profiles. This database provides over 1,800 reports with market data and detailed company profiles, including market shares, brand information, company strategy and SWOT analyses of the companies, for many countries. For eight major countries (Australia, China, France, Germany, Japan, South Korea, the United Kingdom and the United States), in-depth industry information is also available.

    A search in Market Sector for Travel and Tourism produced an extensive 2004 report on this industry, in the U.S. (but not Canada). There is no mention of skiing in this report.

  • Gale Virtual Reference Library:   On the Foster Business Library homepage, listed under List of All Business Databases.   The Gale Virtual Reference Library is a database of encyclopedias, almanacs, and specialized reference sources for multidisciplinary research; go to Business for three major business sources:   the Encyclopedia of American Industries (4th ed., 2005), the Encyclopedia of Business and Finance (2001), and the Encyclopedia of Small Business (2nd ed., 2002).

    See SIC 7999: Amusement and Recreation Services, Not Elsewhere Classified, in the Encyclopedia of American Industries, for this brief profile of the ski industry:   Ski Resorts. Skiing is one of America's favorite recreational sports, but with the number of skiers leveling off and operational costs such as snowmaking and workers' compensation rising, resorts were forced to hike prices and even explore consolidation opportunities. Many younger outdoor enthusiasts were taking up snowboarding, further contributing to the downhill skiing slump. In 1996, flashy new ski designs were introduced to appeal to skiers over 35, who make up an increasing share of the market. The new skis claim to allow ordinary skiers to cut smooth turns at slow speeds and with little effort. Vail Resorts Inc., the nation's largest ski resort operator, currently owns the nation's three most popular resorts: Vail Mountain, Breckenridge Mountain Resort, and Keystone Mountain. Vail Resorts Inc. has been an active participant in the consolidation trend.

  • Hoovers Online:   Under Business Databases on the Foster Business Library homepage. Hoovers Online offers information about 14,000 public and private companies worldwide, with links to company homepages and annual reports, charts, company capsule, competitors, divisions, earnings, financials, Fortune and Forbes rankings, history, industry information, insider trading, mission statements, news links, press releases, officers, patents, products, SEC filings, splits, subsidiaries, etc.

    See the company information for Intrawest and Vail Resorts. For a comparison of the two companies, their industry (Resorts & Casinos), and the market (S&P 500), see the Intrawest Competitive Analysis. See also the Intrawest Product/Operations, and Vail Resorts' Product/Operations .

  • Investext:   On the Foster Business Library homepage, listed under Business Databases. Investext contains indexing and the full text of company and industry research reports prepared by leading Wall Street firms, as well as regional and international brokerage and financial firms. All reports are in PDF format.

    A company search for the ticker symbol IDR produced over 380 reports. A similar search for MTN produced over 300 reports.

  • Lexis-Nexis Academic:   On the Foster homepage, under Business Databases. To find company information, go to Business and then to Company Financial where you can obtain financial and other data for companies. Information is available from twenty different sources (each of which must be searched separately). SEC filings, particularly company 10K annual reports, are a particularly rich source of company as well as industry information. Use your browser's Find command (or Control-F) to locate references to particular terms of interest in 10K filings such as trends, strategy, competitors, industry, etc.

    This database includes over seventy SEC 10-K filings (or parts of filings) for Vail Resorts, with information in the latest report such as:

      "The following paragraphs discuss certain ski industry related statistics. Colorado ski statistics are derived from data published by Colorado Ski Country USA. Canadian ski statistics are from data published by the Canadian Ski Council. U.S. and California ski statistics are derived from the Kottke National End of Season Survey 2004/05.   There are approximately 750 ski areas in North America and approximately 490 in the United States, ranging from small ski area operations which service day skiers to large resorts which attract both day skiers and destination resort guests looking for a comprehensive vacation experience. One of the primary ski industry statistics for measuring performance is "skier visit", which represents a person utilizing a ticket or pass to access a mountain resort for any part of one day, and includes both paid and complimentary access. During the 2004/05 ski season, combined skier visits for all North American ski areas were approximately 75.1 million and U.S. skier visits approximated 56.9 million. The Company's ski resorts had 5.9 million skier visits during the 2004/05 ski season, or approximately 10.4% of U.S. skier visits, and an approximate 7.9% share of the North American market's skier visits.

      The ski industry is highly competitive. While the ski industry has performed well in recent years, with the four best seasons in history, in terms of visitation, occurring in the past five years, a particular ski area's growth is also largely dependent on either attracting skiers away from other resorts or generating more revenue per skier visit. This has spawned a trend of increased spending on resort improvements to ensure the newest and best technology and to create new attractions and has also resulted in intense competition in pricing. Larger ski resort owners, including the Company, generally have a competitive advantage over the individual operator, as the larger owners typically have better access to the capital markets and are also able to create synergies within their operations which enhance profitability. Attracting and retaining new participants to the sport will be the key to long-term sustainable growth for the industry. To this end, the Company has focused efforts in recent years on developing programs geared to entry-level participants as well as expanding attractions for non-skiers. The Company's primary competitors include the ski areas noted above, other ski areas in Colorado and Lake Tahoe, and other destination ski areas worldwide, as well as non-ski related vacation destinations."

    Because Intrawest is a Canadian company, no S.E.C. filings appear here. Instead, go to Company Financial Information for financial data for Intrawest.

  • Mergent Online:   On the Foster Business Library homepage, listed under Business Databases. Online access to the print edition of the Mergent Manuals, with extensive information on 11,000 U.S. and 17,000 international companies, including financials, stock, properties, joint ventures, annual reports, subsidiaries, S.E.C. filings, etc. For search tips, see About Mergent Online.

    Intrawest and Vail Resorts are both included in this database, with extensive information.

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18 October 2005; updated 15 February 2006.   Peter Stevens, Business Librarian, stevens@u.washington.edu.