3 million.6 million.1 million. In our
Mountain and Lodging businesses, we were pleased by increased late summer
visitation (which was up 10% compared to the same period last year, despite
significant increases in fuel prices this summer), higher contributions from
our golf operations and improved Reported EBITDA margins(1) in each of our
Mountain and Lodging segments.
Although difficult to precisely forecast, our construction costs have been
rising of late, and we believe they may continue to do so, which appears to be
similarly true for construction costs in the United States generally. Other than that, and excluding
stock-based compensation, our guidance for full year 2006 results remains
unchanged from that disclosed and discussed on October 5.
Such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected. The Company primarily uses Reported
EBITDA excluding stock-based compensation targets in determining management
bonuses.
Readers are cautioned to recognize that the low end of the expected ranges
provided for the Lodging and Mountain segments , while possible, do not sum to
the low end of the Resort Reported EBITDA and Reported EBITDA excluding stock-
based compensation ranges provided because we do not necessarily expect or
assume that we will actually hit the low end of both ranges, as the actual
Resort Reported EBITDA and Resort Reported EBITDA excluding stock-based
compensation will depend on the actual mix of the Lodging and Mountain
components. is the leading mountain resort operator in the United
States. Links to ski
conditions across Michigan are available on MSIA's website,
http://www.

rsn steamboat

FIRST QUARTER PERFORMANCE
Mountain revenue for the first quarter of fiscal 2006 was $40.8%, to $85.5%, to $4. First quarter Real Estate Reported EBITDA excluding stock-based
compensation fell $9.89 per diluted share, for the same period last year. Even so, with the magnitude of development
opportunities ahead of us, especially in the strong Vail market which would
appear to benefit from considerable pent -up demand, we are highly confident in
the fundamental inherent and underlying value of our real estate holdings. Vail Resorts is a publicly held company
traded on the New York Stock Exchange (NYSE: MTN ).05) (0. The all-new SnowMate(TM) 2.

About AdTools
AdTools employs its proprietary Desktop Marketing Communications
Technology platform to build turnkey, Internet-connected applications that
create a brand relationship directly on the desktop.

skiboard amounts

90 per diluted share compared to a
net loss of $31."
Aron concluded, "We would also point out that investors should consider
our adopting effective August 1, 2005 the fair value recognition provisions of
SFAS 123R, related to the expensing of stock-based compensation. With
estimated stock-based compensation expense included , we expect that Mountain
Reported EBITDA for fiscal 2006 will range from $161 million to $171 million ,
that Lodging Reported EBITDA will range from $6 to $13 million, and that total
Resort Reported EBITDA is projected to be between $170 and $180 million. In order to access the non-GAAP financial information
that will be referenced on the call, click on the Regulation G Compliance
section under the Investor Relations tab on http://www.93) $(0.00)
Adjustment to benefit from income taxes,
per diluted common share 0. With this
user-friendly application right on the desktop, winter enthusiasts will no
longer need to check their email or surf the web to know what's going on at
their favorite snow sport resorts.com

This release was issued through eReleases(TM).

hawksnest snowline

3 million, or 1.2 million, or 2.0%, to
a loss of $49.2 million from a positive
$7. And we can confirm that as of this writing,
Christmas and New Year's bookings across the board are robust. As
such, these cost escalations may cause us to fall somewhat below our
previously anticipated income range estimates for the Arrabelle and Gore Creek
projects taken together.vailresorts. The Vail Resorts company
website is http://www.

Statements in this press release, other than statements of historical
information, are forward looking statements that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.89)
Diluted net loss per share $(0.0)%
Retail/rental 21,705 17,199 26. The Company believes that Reported EBITDA and Reported
EBITDA excluding stock-based compensation are indicative measures of the
Company's operating performance , and each similar to performance metrics
generally used by investors to evaluate companies in the resort and lodging
industries. CLARKSTON, Mich.

backcountry rsn

The Company uses the terms "Reported EBITDA " and "Reported EBITDA
excluding stock-based compensation" when reporting financial results, in
accordance with SEC rules regarding the use of non-GAAP financial measures.7%, to
$41.1 million. Resort expense increased
$2.0 million, or
39. Total
segment operating expense decreased $1.5 million, or 8. Lodging Reported
EBITDA includes incremental management fee revenue of $229,000 for the Vail
Marriott and Rancho Mirage for the first quarter of fiscal 2006.6% year-over-year for the quarter
(excluding the impact of stock-based compensation). Vail has had record early season snowfall,
cumulatively totaling more than eleven feet so far this season, the best
snowfall Vail has received at this point in the season in Vail's 43 year
history. Season pass
sales in dollars are up approximately 7 % compared to record setting levels of
last year at the same point in time.com.
More information about SnowMate can be found on http://www.

The purpose of News: Weather: Snow and Ski Forecasts is to provide users with a collection of sites that are useful in making snow related decisions.

forecasts snow

Vail Resorts Announces Fiscal 2006 First Quarter Results and Early Season Leading Indicators for 2005-2006 Ski Season

3 million, a
$5. Excluding stock-based compensation expense, Lodging expense
decreased $6 .6 million.
First quarter Resort Reported EBITDA improved $0.6% to $75, and Heavenly will rise by $5 or 7. Based on our current estimates, the pre-tax stock-based
compensation expense for fiscal 2006 will be $6. Such risks and
uncertainties include but are not limited to: economic downturns; terrorist
acts upon the United States; threat of or actual war; our ability to obtain
financing on terms acceptable to us to finance our capital expenditure and
growth strategy; our ability to develop our resort and real estate operations;
competition in our Mountain and Lodging businesses; failure to commence or
complete the planned real estate development projects; failure to achieve the
anticipated short and long-term financial benefits from the planned real
estate development projects; implications arising from new Financial
Accounting Standards Board ("FASB")/governmental legislation, rulings or
interpretations; termination of existing hotel management contracts; our
reliance on government permits or approval for our use of federal land or to
make additional improvements; our ability to integrate and successfully
operate future acquisitions; expenses or adverse consequences of current or
future legal claims; shortages or rising costs in construction materials;
adverse changes in the real estate market; and unfavorable weather conditions.
All forward-looking statements attributable to us or any persons acting on our
behalf are expressly qualified in their entirety by these cautionary
statements. AdTools has been
building desktop communicators, ScreenMate(TM ) animated characters, alerts,
games, and groupware applications since 1997 for Fortune 500 and other major
companies in industries such as consumer products, travel and leisure, and
entertainment .

recognize steamboat

1 million under the provisions of APB 25, Accounting
for Stock Issued to Employees, for the three months ended October 31, 2004.5%, to $37.2 million.1%, as
expected, to $3. Beaver Creek is still basking in the blizzards of snow that were
showcased in global television/print exposure arising from the World Cup ski
races held at Beaver Creek this past weekend. And there is still more good
news on the horizon.

Three Months
Ended October 31,
(In thousands , except per share amounts) 2005 2004

Net loss excluding stock-based
compensation expense $(33,266) $(31,400)
Stock-based compensation expense,
before benefit from income taxes (1,742) (91 )
Adjustment to benefit from income taxes 679 35
Net loss $(34,329) $(31,456)

Diluted net loss per common share excluding
stock-based compensation expense $(0.0 is a downloadable,
Internet-connected desktop snow alert application, which provides users with
the most up-to-date snow conditions, live mountain-cam images and more, for
Vail, Beaver Creek, Breckenridge, Keystone and Heavenly Resorts.com .

forecasts bonk

4 million, or 11. Reported EBITDA excluding
stock-based compensation for the Lodging segment improved $3. Our real estate and lodging groups jointly are actively
pursuing intriguing projects across each and all of our mountain resorts.com/snowmate.

snow whitefish

Excluding stock-based compensation expense, Mountain expense
increased $7.5 million, or 12.6 million for the same
period last year.
Reported EBITDA for the Mountain segment decreased $2."
Aron said, "While it is certainly good and encouraging news that Vail
Resorts' fiscal 2006 first quarter results were modestly ahead of
expectations, it is commonly understood that the August/September/October
quarter is a seasonally weak one for Vail Resorts. We
are announcing today that, effective December 1, we secured a management
agreement to run the Austria Haus Hotel, a small but very high end lodging
property in Vail, that will be managed as additional luxury inventory by The
Lodge at Vail, one of our RockResorts properties.9 million in total, with an
expense of $3.4 million and $1.com. Investors are also directed to other risks discussed in documents
filed by the Company with the Securities and Exchange Commission .

Presented below is a reconciliation of net loss excluding stock-based
compensation expense , tax effected, to net loss of the Company calculated in
accordance with GAAP for the three months ended October 31, 2005 and 2004.com.

snowline skiers

7 million, or 80.
Total revenue decreased $12.2 million compared to a negative $28.5%,
to $4.3 million, to a negative $2.4 million excluding stock-based compensation expense recorded
pursuant to APB 25, or $0.
Adam Aron, Chairman and Chief Executive Officer , commented, "Vail Resorts
had many positive developments in the first quarter of fiscal 2006.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
October 31,
2005 2004
Net revenue:
Mountain $40,277 $34,493
Lodging 41,750 46,275
Real estate 3,393 17,115
Total net revenue 85,420 97,883
Segment operating expense:
Mountain 72,291 63,961
Lodging 37,641 43,548
Real estate 6,069 10,061
Total segment operating expense 116,001 117,570
Other operating expense:
Depreciation and amortization (18,923) (21,076)
Asset impairment charge (136) --
Loss on disposal of fixed assets, net (240) (858)
Loss from operations (49,880) (41,621)
Mountain equity investment income, net 850 794
Lodging equity investment loss, net -- (1,918)
Real estate equity investment income (loss), net 69 (35)
Investment income, net 1,188 128
Interest expense (9,437) (10,576)
(Loss) gain on put options, net (992) 213
Other expense, net - - (33)
Minority interest in income of consolidated
subsidiaries, net 1,926 1,900
Loss before benefit from income taxes (56,276) (51,148)
Benefit from income taxes 21,947 19,692
Net loss $(34,329) $(31,456)

Per share amounts:
Basic net loss per share $(0.8)%

Total Net Resort revenue $82,027 $80,768 1.
Also presented is a reconciliation of net loss per diluted share excluding
stock-based compensation, tax effected, to net loss per diluted share of the
Company calculated in accordance with GAAP for the three months ended
October 31 , 2005 and 2004.

About Vail Resorts
Vail Resorts, Inc.com.goskimichigan.

Sites that provide road conditions on routes that are important to winter sports enthusiasts would be a priority due to the relevance and the fact they often contain up to the minute condition reports for car

forecasts skiers

* Financial performance modestly ahead of expectations through first
quarter fiscal 2006 in seasonally low August/September/October quarter

* Record snow to this point at Vail , significant snowfall at other
resorts and solid booking activity provide momentum for
2005 - 2006 ski season

VAIL, Colo.6%, to $82.
The Company reported a first quarter net loss of $34. Transient room night revenue bookings at
our owned and managed hotel and condominium properties in Colorado are up 5%.
Airline bookings into Eagle County airport are up 5 % compared to this time
last season, and up 12% over this same time two years ago. Finally, we
are also announcing today our single-day lift ticket pricing, which will go
into effect at our ticket windows later this month -- Vail and Beaver Creek
will increase $4 or 5."

CONFERENCE CALL
For further discussion of the contents of this press release, please
listen to our live webcast today at 11:00 am EST, available on
http://www.
Readers are cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date hereof.8%

Total Lodging net operating revenue 41,750 46,275 (9.89)
Stock-based compensation expense per
diluted common share, before benefit
from income taxes (0.

(In thousands)
For the Year Ending
July 31, 2006
Low End High End
Range Range

Mountain Reported EBITDA excluding stock-based
compensation $165,000 $175,000
Mountain segment stock-based compensation (3,800) (3,800)

Mountain Reported EBITDA 161,200 171,200
Lodging Reported EBITDA excluding stock-based
compensation 8,000 15,000
Lodging segment stock-based compensation (1,600) (1,600)

Lodging Reported EBITDA 6,400 13,400
*Resort Reported EBITDA excluding stock-based
compensation 175,000 185,000
Resort segment stock-based compensation (5,400) (5,400)

*Resort Reported EBITDA 169,600 179,600
Real Estate Reported EBITDA excluding stock-based
compensation 5,000 10,000
Real Estate segment stock-based compensation (1,500) (1,500)

Real Estate Reported EBITDA 3,500 8,500

Total Reported EBITDA 173,100 188,100

Depreciation and amortization expense (80,200) (80,200)
Loss on disposal of fixed assets (1,200) (1,200)
Investment income, net 1,700 1,700
Interest expense (39 ,900) (39,900)
Mold remediation cost 800 800
Other income (expenses), net -- --
Minority interest in income of consolidated
subsidiaries, net (5,250) (5,750)

Income before provision for income taxes 49,950 64,450
Provision for income taxes (19,980) (25,780)

Net income $29,970 $38,670

* Resort represents the sum of Mountain and Lodging.
The all-new SnowMate has been redesigned and enhanced for the 2005 season.

AdTools Media Contacts:

Mitchel Ahern
(617) 884-3200 x33
mitchelka@adtoolsinc .

Sites that provide information and forecasts specific to he needs and geographic (location and elevation ) coverage of winter sports enthusiasts are the focus.

gunflint mammoth

6%, to $71. Excluding stock-based compensation
expense, Resort expense increased $1.3 million, or 43.1 million in the current year first quarter .5 million compared to $0.
Real Estate Reported EBITDA decreased $9.5 million, or
$0.3 million , or $0. Our world-class winter-
peaking resorts traditionally do not open for skiing and snowboarding until
November, and it is logical that our lodging properties at the base of these
resorts would also have seasonally low revenues.93) $(0.
Net Resort Revenue by Business Line
(In thousands)

Three Months Ended
October 31, Percentage
2005 2004 Increase
Business Line
Lift tickets $-- $-- 0%
Ski school -- -- 0%
Dining 3,506 3,986 (12. In addition, because of the significance of long-lived assets to
the operations of the Company and the level of the Company's indebtedness, the
Company also believes that Reported EBITDA and Reported EBITDA excluding
stock-based compensation are useful in measuring the Company's ability to fund
capital expenditures and service debt.com

Nicky DeFord
(970) 845-5721
ndeford@vailresorts.com.

snowcams gunflint

5 million for the comparable period
last year.1 million, or 1.2 million compared to a negative $28.93 per diluted share, compared to a net loss of $31. The Company's subsidiaries operate the mountain resorts of Vail,
Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in California
and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo. Reported EBITDA and Reported EBITDA excluding stock-
based compensation are not measures of financial performance under accounting
principles generally accepted in the United States of America ("GAAP"), and
they might not be comparable to similarly titled measures. Similarly, the high end of the ranges for the Lodging and
Mountain segments do not sum to the high end of the Resort range.
A reconciliation of the low and high ends of the forecasted guidance range
given for net income excluding stock-based compensation for the Company's
fiscal year ending July 31, 2006 is presented below.

snowline avalanche

9 million.4 million.4%, to $116.7%, to $114. The Company retained management
contracts for both the Vail Marriott and Rancho Mirage."
Aron noted, "With abundant snowfall and other uplifting leading
indicators, needless to say, we are encouraged. When we
disclosed our fiscal 2006 guidance in our fiscal 2005 fourth quarter earnings
release, we promised to update guidance after evaluating the total impact of
adopting SFAS 123R.

AdTools and Vail Resorts Launch SnowMate (TM) 2.0 a Desktop Communicator That Provides Up-To-Date Snow Reports Plus Live Webcams Special Offers for Vail Bea

BOSTON, AdTools and Vail Resorts present the latest
in snow alert technology. Vail Resorts
Development Company is the real estate planning, development, construction,
retail leasing and management subsidiary of Vail Resorts, Inc.com

Vail Media Contacts:

Kelly Ladyga
(970) 845-5720
kladyga@vailresorts., MacWilliams advises skiers to call ahead for snow conditions
at the ski area they plan to visit, or to check online.

amounts snowstorms

8 million .3 million.6 million for the prior year
fiscal quarter.1 million from a negative $27. Reported EBITDA for our Resort segment in
total improved by $2. As we consistently have been saying, we believe
that all of these projects will be lucrative for us in the foreseeable future.6 million, $5.90) $(0. For more information,
visit http://www.ereleases.

forecasts snowfall

The Company defines Reported EBITDA for the Mountain, Lodging and Resort (the
combination of mountain and lodging) segments as segment net revenue less
segment operating expense plus segment equity investment income or loss.3 million , or 14. Excluding stock-based compensation expense, Real
Estate expense decreased $4. Resort Reported EBITDA excluding stock-based compensation was a
negative $25.1 million, or 7.89 per diluted share , for the same period last year.1 million or 7. Therefore, rather than
dwelling on first quarter financials, we believe the true measure of first
quarter events for Vail Resorts is the degree to which we set the table for
the ski season immediately to come. Breckenridge has already opened
a month ahead of schedule its new Imperial Express Lift, the highest in North
America terminating at 12,840 feet and providing lift access for the first
time ever to some 400 acres of sensational bowl ski terrain.vailresorts.

(1) Reported EBITDA margin is defined as segment Reported EBITDA divided
by segment revenues.
The SnowMate includes an animated Snow Guide named Trevvor .

snowfall skiboard

The
Company defines Reported EBITDA for the Real Estate segment as segment net
revenue less segment operating expense plus gain on transfer of property plus
segment equity investment income or loss.3 million, or 13. Lodging expense decreased $5.7 million for the
quarter.
Loss from operations for the quarter increased $8.8 million in the first fiscal quarter of last year. Excluding stock-based
compensation expense required to be recorded pursuant to the adoption of FAS
123R in fiscal 2006, the Company's net loss for the first quarter of fiscal
2006 would have been $33.4 % to $73.

Vail Resorts, Inc. is the leading mountain resort operator in the United
States .
Vail Resorts is a publicly held company traded on the New York Stock
Exchange (NYSE: MTN ).snow. More information is available at
http://www.adtoolsinc.

snowline gunflint

6%, to
$37.1%, to $108.
Real Estate revenue for the quarter fell $13.7 million, or
462.8 million, or 2.2%
Total Mountain net operating revenue 40,277 34,493 16.02 0. Trevvor
appears whenever there is new snow with messages such as, "Sweet! New snow!"
He also performs a variety of skiing and snowboarding tricks.

Soft Snow Long Days Great Discounts Make Spring Skiing Snowboarding Ideal

snowline skiboards

3 million.0%, to $5.4 million.7%,
to a negative $31.9 million in the comparable period
last year . Ski school advance
reservations are quite strong. The
Company's subsidiary, RockResorts, a luxury resort hotel company, manages
casually elegant properties across the United States.6%

Note: Certain reclassifications have been made to the Mountain segment
operating results as of and for the three months ended October 31,
2004 to conform to the current period presentation.

(In thousands)
As of October 31,
2005 2004
Key Balance Sheet Data:
Real estate held for sale and investment $194,697 $132,726
Total stockholders' equity 519,944 460,562

Total debt 530,302 651,811
Less: cash and cash equivalents 58,692 31,618
Net debt $471,610 $620,193

Reconciliation of Non-GAAP Financial Measures

Resort, Mountain, Lodging and Real Estate Reported EBITDA and Resort,
Mountain Lodging and Real Estate Reported EBITDA excluding stock-based
compensation have been presented herein as measures of the Company's financial
operating performance.com, or to
download your very own SnowMate go to http://www. The
Company also operates its subsidiary, RockResorts, a luxury resort hotel
company with 10 distinctive properties across the United States.

mammoth snoweye

0%, to
$72.4 million, or 2. Real Estate expense decreased $4.6%, improvement to a negative
$27. On this score, the news for Vail Resorts
is bright indeed, and we believe Vail Resorts is solidly on track for fiscal
2006. Reported EBITDA
and Reported EBITDA excluding stock-based compensation do not purport to
represent cash provided by operating activities and should not be considered
in isolation or as a substitute for measures of performance prepared in
accordance with GAAP.89)

A reconciliation of the low and high ends of the forecasted guidance range
given for Reported EBITDA and Reported EBITDA excluding stock-based
compensation for the Company's fiscal year ending July 31, 2006 is presented
below. Live mountain
webcams can be viewed and detached for constant viewing , all without
leaving the SnowMate desktop application.

amounts hemisphere

, Vail Resorts, Inc.8 million, or 16.2%, to $109.3 million, or 20.9 million compared to a loss of $41.8 million for the same period last
year . For the
first quarter of fiscal 2005, Lodging reported EBITDA includes revenue of
$7.9%, to a
negative $27.0 million in the comparable period last year.8 million, $1. Reiterating that
call , and excluding the impact of stock-based compensation expense, Mountain
Reported EBITDA is expected to range between $165 and $175 million, Lodging
Reported EBITDA is expected to range between $8 and $15 million, Resort
Reported EBITDA is expected to range between $175 and $185 million, Real
Estate Reported EBITDA is expected to range between $5 and $10 million, and
net income is expected to range between $34 and $43 million.

(In thousands )
Three Months Ended
October 31,
2005 2004

Mountain segment net operating revenue $40 ,277 $34,493
Mountain segment expense excluding
stock-based compensation expense (71,336) (63,908)
Mountain equity investment income, net 850 794

Mountain Reported EBITDA excluding
stock-based compensation expense (30,209) (28,621)

Mountain segment stock-based compensation
expense (955) (53)

Mountain Reported EBITDA (31,164) (28,674)

Lodging segment net operating revenue 41,750 46,275
Lodging segment expense excluding
stock-based compensation expense (37,235) (43,530)
Lodging equity investment loss, net -- (1,918)

Lodging Reported EBITDA excluding
stock-based compensation expense 4,515 827

Lodging segment stock -based compensation
expense (406) (18)

Lodging Reported EBITDA 4,109 809

Resort Reported EBITDA (27,055) (27,865)
Resort Reported EBITDA excluding
stock-based compensation expense (25,694) (27,794)

Real Estate segment net operating revenue 3,393 17,115
Real Estate segment expense excluding
stock-based compensation expense (5,688) (10,041)
Real Estate equity investment
income (loss), net 69 (35)

Real Estate Reported EBITDA excluding
stock-based compensation expense (2,226) 7,039

Real Estate segment stock-based compensation
expense (381) (20)

Real Estate Reported EBITDA (2,607) 7,019

Total Reported EBITDA (29,662) (20,846)
Depreciation and amortization expense (18,923) (21,076)
Asset impairment charge (136) --
Loss on disposal of fixed assets (240) (858)
Investment income , net 1,188 128
Interest expense (9,437) (10,576)
(Loss) gain on put options, net (992 ) 213
Other income (expenses), net -- (33)
Minority interest in income of consolidated
subsidiaries, net 1,926 1,900

Loss before benefit from income taxes (56,276) (51,148)
Benefit from income taxes 21,947 19,692

Net loss $(34,329) $(31,456)

* Resort represents the sum of Mountain and Lodging.

(In thousands)
For the Year Ending
July 31, 2006
Low End High End
Range Range

Net income excluding stock-based compensation $34,110 $42,810
Stock-based compensation expense,
before benefit from income taxes (6,900) (6,900)
Adjustment to provision for income taxes 2,760 2,760
Net income $29,970 $38,670

snow backcountry

8%, increase from $34. Mountain expense increased $8.6%, to $6.3 million, or 412.9 million related to these entities.6 million, as expected, compared
to the first fiscal quarter of last year due to the timing of real estate
transactions.3 million, or
$0."
Commenting on the current 2005-2006 ski season, Aron said, "We are excited
by the momentum we have recently established for the 2005 -2006 ski season. Vacation revenue in dollars booked
through our central reservation system is approximately 2% ahead of last year
at this time, but those same bookings are up over 6% in the past four weeks
since the snow has started to fly.com.93) $(0.snow. The Company's subsidiaries operate the mountain resorts of Vail,
Beaver Creek, Breckenridge and Keystone in Colorado, Heavenly in California
and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyo.

hemisphere skiboards

0 million.7 million for the
comparable period last year. Reported EBITDA excluding stock-based
compensation for the Mountain segment decreased $1.6%, to a
negative $30.
Reported EBITDA for the Lodging segment improved $3. And Keystone has
some 2500 acres of terrain open for skiing and snowboarding, the most terrain
open at this time of year in Keystone's 35 year history, while Heavenly got
three to five feet of snow at various points across the mountain in a single
day last week.5 million included
in the Mountain, Lodging , Resort and Real Estate segments, respectively.
And finally, we are projecting net income in fiscal 2006 to range from
$30 million to $39 million.

Vail Resorts , Inc.89)
Other Data:
Mountain Reported EBITDA $(31,164) $(28,674)
Mountain Reported EBITDA excluding stock-based
compensation $(30,209) $(28,621)
Lodging Reported EBITDA $4,109 $809
Lodging Reported EBITDA excluding stock-based
compensation $4,515 $827
Resort Reported EBITDA $(27,055) $(27,865)
Resort Reported EBITDA excluding stock-based
compensation $(25,694) $(27,794)
Real Estate Reported EBITDA $(2,607) $7,019
Real Estate Reported EBITDA excluding
stock-based compensation $(2,226) $7,039

Vail Resorts, Inc. The Company has presented these non-GAAP measures
as it believes that this presentation provides a more comparable measure of
the Company's results from ongoing operations for the three months ended
October 31, 2005 compared to October 31, 2004.snow. The Vail Resorts company website is
http://www.

skiboard snowline

(NYSE: MTN) announced today financial results for the first quarter of fiscal
2006 ended October 31, 2005.
Effective August 1, 2005, the Company adopted the fair value recognition
provisions of SFAS 123R, Share-Based Payments, using the modified prospective
method . As a result, the Company recorded total pre-tax stock-based
compensation expense of $1.
Lodging revenue for the quarter decreased $4.5 million, or 9.6 million, or 1.6 million, or 5. In fiscal 2005 the Company sold its 49% interest in the joint venture
that owned the Ritz-Carlton, Bachelor Gulch ("BG Resort"), and the assets
constituting the Vail Marriott Mountain Resort + Spa ("Vail Marriott ") and The
Lodge at Rancho Mirage ("Rancho Mirage"); consequently the first quarter of
fiscal 2006 results do not reflect the operations of the sold assets.
Our ski areas in Colorado especially have received fabulous early season
snowfall and attendant publicity."
Aron added, "The various metrics for the 2005-2006 ski season at our
disposal are telling, and where we need them to be at this point.2 % year-over-year to $81, Breckenridge and Keystone
will increase $4 or 5. The only changes in our guidance stem from the
inclusion of stock-based compensation expense.2%
Other 15,066 13,308 13.00
Diluted net loss per common share $(0. The Company provides
Reported EBITDA and Reported EBITDA excluding stock -based compensation ranges
for the Mountain and Lodging segments, as well as for the two combined .
The Vail Resorts SnowMate will enable the resorts to stay in ongoing
communication with their audience in an efficient and fun way.

For example a site that provides a forecast for Steamboat Springs , Colorado but doesn't recognize that users are more concerned with the forecast for conditions up on the mountain than down in town would be less relevant in the category.

meteorologist recognize

7 million in the three months ended October 31,
2005, as compared to $0.9 million, or 13.
Resort revenue, the combination of Mountain and Lodging revenues, rose
$1.
Excluding stock-based compensation expense, total segment operating expense
decreased $3.0 million, operating expense of $7.9 million and equity investment loss of
$1.7 million, a $2."
Aron continued, "As for our Real Estate business, we continue to expect as
we have said before that it will produce a much larger contribution starting
in fiscal years 2007 and 2008, while its contribution to fiscal year 2006 will
be relatively modest, even compared to prior years. So far this year,
construction of the sold-out Arrabelle and Gore Creek Place projects are well
underway, and we continue to make good progress in securing the necessary
governmental approvals for our proposed Vail Front Door and Ritz-Carlton
Residences, Vail projects. Real
Estate Reported EBITDA should range from $4 to $9 million for fiscal 2006. Vail Resorts
Development Company is the real estate planning, development, and construction
subsidiary of Vail Resorts, Inc.snow. Additionally, the company believes that reported EBITDA excluding
stock-based compensation is an important measurement for comparability
purposes as prior periods do not reflect the impact of the adoption of
SFAS 123R.
Presented below is a reconciliation of Reported EBITDA and Reported EBITDA
excluding stock-based compensation to net loss of the Company calculated in
accordance with GAAP for the three months ended October 31, 2005 and 2004.
This desktop application provides weather conditions, frequently updated
photos, videos, and travel deals for all five Vail resorts .