Mad River Glen Cooperative
Finance Committee Conference Call
March 13, 2014
Telephone Conference began at 8:15 am
Attending: Lars Bruns, Jim Elkind, Pete Ludlow, John Stetson, Jamey Wimble, Roy Liu, Bruce Button, Annika Holtan.
Schedule and Agenda Review:
- Jamey reviewed February 2014 and FY to date financial results:
- Basebox revenue was higher than budget due to additional volume driven in part by the Anniversary Gala party
- YTD P&L is running approximately $300k behind last year YTD at net income; primary variance was due to bigger Xmas holiday week in previous season.
- Jamey reviewed the current cash flow projections:
- Capital spending forecast for the summer is currently set at zero, pre-season pass sales are forecasted at historical average of roughly $300k. Forecast for cash at fiscal year end under the current forecasting scenario is $194k, negative $106k prior to pre-season sales.
- John Stetson gave a brief overview of the snow-making exploratory committee activities; impacts on capex planning, expenses and revenues would be reviewed by FC.