Stowe owner Vail Resorts reports fiscal 2018 Q1 results

first_img(18,000) Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures Vail Resorts, Inc.Consolidated Condensed Statements of Operations – Other Data(In thousands)(Unaudited) For the Year Ending Total skier visits Income before provision for income taxes Other (4) 15.2% $ (22,000) $ $ $ 429 Other Data: Change in estimated fair value of contingent consideration Earnings Conference CallThe Company will conduct a conference call today at 11:30 a.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com(link is external) in the Investor Relations section, or dial (800) 289-0438 (U.S. and Canada) or (323) 794-2423 (international). A replay of the conference call will be available two hours following the conclusion of the conference call through December 21, 2017, at 12:30 p.m. eastern time. To access the replay, dial (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (international), pass code 8686839. The conference call will also be archived at www.vailresorts.com(link is external).About Vail Resorts, Inc. (NYSE: MTN)Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. The Company’s subsidiaries operate eleven world-class mountain resorts and three urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Stowe in Vermont; Perisher in New South Wales, Australia; Wilmot Mountainin Wisconsin; Afton Alps in Minnesota and Mt. Brighton in Michigan. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com(link is external)and consumer website is www.snow.com(link is external).Forward-Looking StatementsCertain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including our expectations regarding our fiscal 2018 performance, including our expected Resort Reported EBITDA; Resort EBITDA margin; Real Estate Reported EBITDA; Net Real Estate Cash Flow and net income attributable to Vail Resorts, Inc.; our expected calendar year 2018 capital expenditures at certain resorts and the expected incremental Resort Reported EBITDA we anticipate deriving from the Whistler Blackcomb investments; the payment of dividends; and the expected final total season pass holders. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; unfavorable weather conditions or the impact of natural disasters; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, the cost and availability of travel options and changing consumer preferences; the seasonality of our business combined with adverse events that occur during our peak operating periods; competition in our mountain and lodging businesses; high fixed cost structure of our business; our ability to fund resort capital expenditures; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; risks related to federal, state, local and foreign government laws, rules and regulations; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data; our ability to hire and retain a sufficient seasonal workforce; risks related to our workforce, including increased labor costs; loss of key personnel; adverse consequences of current or future legal claims; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; our ability to successfully integrate acquired businesses or that acquired businesses may fail to perform in accordance with expectations, including Whistler Blackcomb and Stowe or future acquisitions; our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; risks associated with international operations; fluctuations in foreign currency exchange rates, particularly the Canadian dollar and Australian dollar; changes in accounting estimates and judgments, accounting principles, policies or guidelines or adverse determinations by taxing authorities; a materially adverse change in our financial condition; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2017, which was filed on September 28, 2017.All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.Statement Concerning Non-GAAP Financial MeasuresWhen reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America (“GAAP”). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies.Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company’s performance. The Company believes that Reported EBITDA is an indicative measurement of the Company’s operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company’s ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. 3,077 73,656 592,675 Change in estimated fair value of contingent consideration 26,000 21.9% 3,542 Depreciation and amortization (199,000) 53.72 (1) Resort represents the sum of Mountain and Lodging $ 76,866 Mountain and Lodging services and other (1.70) $ 522 3,851 2017 4,355 General and administrative $ 5,077 Real Estate Reported EBITDA 286,000 24.7% 140,397 228.10 Resort stock-based compensation ADR 232,333 $ $ 102,697 3,856 3,322 4,521 (3) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. 498 15,337 (6) Guidance estimates are predicated on an exchange rate of $0.79 between the Canadian Dollar and U.S. Dollar, related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.76 between the Australian Dollar and U.S. Dollar, related to the operations of Perisher in Australia. 646,000 (1) Mountain Reported EBITDA includes approximately $16 million of stock-based compensation. * Resort represents the sum of Mountain and Lodging (In thousands, except per share amounts) Net income 274,818 (0.71) Depreciation and amortization 2016 196.78 832 27.7% 18,302 (48,255) $ 661,000 Payroll cost reimbursements Managed condominium statistics: Three Months Ended October 31, Mountain and Lodging retail and dining cost of products sold 57,682 636 96 Total net revenue Loss before benefit from income taxes 57,863 (55,137) Mountain and Lodging operating expense (1,055) 33.7% Mountain equity investment income, net (58,437) (54,082) General and administrative Real estate held for sale and investment 50,748 $ Net debt Net income attributable to Vail Resorts, Inc. Real Estate 1,410,153 Provision for income taxes 190.61 8.5% 51.14 $ (2.6)% (48,624) 40,211 Gain on sale of real property 93,404 6,466 (31,927) — (300) (56,836) 567 300,000 110,767 $ Three Months Ended October 31, Mountain equity investment income, net ETP Total debt Presented below is a reconciliation of Reported EBITDA to net loss attributable to Vail Resorts, Inc. for the three months ended October 31, 2017 and 2016. $ 1,262,325 Foreign currency loss on intercompany loans 789 1,581 (In thousands, except Average Daily Rate (“ADR”) and Revenue per Available Room (“RevPAR”)) (15,174) Weighted average shares outstanding: (28,385) RevPAR 106,751 Benefit from income taxes $ (40,581) Vail Resorts, Inc. 2017 1,371,779 $ Other operating (expense) income: 3,077 Net loss attributable to Vail Resorts, Inc. $ The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2018 guidance. 363,400 87.38 2017 $ Owned hotel statistics: Transportation Net income attributable to noncontrolling interests Three Months Ended October 31, Lodging Reported EBITDA (550) (0.71) 178,169 (1.70) (125,331) 8.7% 214.83 (Unaudited) (5,313) $ Basic 8,513 61,163 The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2017 and 2016. 15,880 2017 (In thousands)(Unaudited) 33,509 36,834 (12,600) 6.1% $ Net loss Real Estate Reported EBITDA Diluted net loss per share attributable to Vail Resorts, Inc. 16.1% 1,338,317 1.053 (7,346) (125,331) 5.7% (In thousands) Resort Reported EBITDA* (15,600) Key Balance Sheet Data $ $ 638,000 567 Lodging Reported EBITDA $ 3,322 Mountain Reported EBITDA (1) $ 38,422 (56,654) 244,755 (6,531) 10,171 Cash dividends declared per share 220,850 (68) Total segment operating expense Managed condominium rooms 143,348 2016 (1) — Lodging Reported EBITDA (2) 207,084 Depreciation and amortization 31.8% (48,624) 3,322 2017 7,938 Mountain Segment Operating Results Net Mountain revenue: $ 1,401,405 Resort Reported EBITDA* $ RevPAR (Unaudited) 7.0% (718) $ 72,089 Dining $ 7.5% 2,473 1,031 (77,400) (Unaudited) (8,000) 412,400 54,510 4,577 $ 5,077 22,941 $ (53,332) 19.4% Labor and labor-related benefits 41,984 (62,587) Mountain operating expense: 3.2% Golf 4,523 68,780 Resort Reported EBITDA (1) 35,643 36.9% 17.5% 6.4% In thousands)(Unaudited)(As of October 31, 2017) (5) As a result of the adoption of revised accounting guidance related to employee stock compensation during the first quarter of 2018, the provision for income taxes may change materially based on our closing stock price at the time stock compensation awards vest or are exercised.  Based on our current stock price, a significant portion of our outstanding awards are significantly in-the-money and, to the extent exercised, could reduce our provision for income taxes, which is not reflected in our Fiscal 2018 guidance. Net debt to Total Reported EBITDA Total Mountain operating expense $ 168,253 3,542 $ Mountain stock-based compensation Resort Reported EBITDA (2) Lodging Reported EBITDA includes approximately $3 million of stock-based compensation. Mountain Reported EBITDA (In thousands, except Effective Ticket Price (“ETP”)) 28,940 ADR 23.1% 38,374 $ 0.81 — (94,400) Interest expense, net Mountain Reported EBITDA Net loss Basic loss per share attributable to Vail Resorts, Inc. $ 586,144 49.94 140,397 (11,964) $ $ PercentageIncrease $ 2016 1,300,747 318,000 $ $ Long-term debt, net (16,000) 19,635 Net Real Estate Cash Flow 67,402 (In thousands) $ Three Months Ended October 31, 11,418 93,404 Non-cash Real Estate cost of sales (90,518) 2,081,000 1,300,747 Retail cost of sales 31.1% 8,539 8,426 Less: cash and cash equivalents Total Lodging operating expense 383 676,000 $ (4) Our guidance includes certain known changes in the fair value of contingent consideration based solely on the passage of time and resulting impact on present value.  Guidance excludes any change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward-looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Net income attributable to Vail Resorts, Inc. 64,325 32,092 5,077 (55,137) 3,309 Investment income and other, net (550) 152,645 — 4,355 * Resort represents the sum of Mountain and Lodging (1.0)% Other 522 — 3.5% 6.9% 8,764 Net loss attributable to Vail Resorts, Inc. 35,679 Owned hotel rooms 33,509 Other Loss from operations 61,003 5.6% 2016 3,309 116,852 (197,200) 645,000 $ 8,521 — (3.1)% 21,426 4,355 2016 $ 23,794 Interest expense, net (56,654) $ 148,125 276,509 Investment income and other, net $ Foreign currency loss on intercompany loans Diluted 18.9% $ Loss before benefit from income taxes 13.3% 178,265 Labor and labor-related benefits $ (58,437) (15,174) Stowe Mountain Resort,Stowe Mountain Resort photo from June 2017.Vermont Business Magazine Vail Resorts, Inc (NYSE: MTN) today reported results for the first quarter of fiscal 2018 ended October 31, 2017, and provided season pass sales results and certain early ski season indicators. Vail has seen immediate positive impact from its recent acquistions of Stowe Mountain Resort (VBM Feb 2017: Vail buys Stowe Mountain Resort) in Vermont and Canada’s Whistler Blackcomb, the largest ski resort in North America. While early season results have been mixed across the Vail network, Whistler Blackcomb and Stowe have had a strong start to the season with early snow and cold temperatures conducive to snowmaking. Colorado and Utah have been challenged with limited early season terrain.HighlightsNet loss attributable to Vail Resorts, Inc. was $28.4 million for the first fiscal quarter of 2018 compared to a net loss attributable to Vail Resorts, Inc. of $62.6 million in the same period in the prior year. Fiscal 2018 first quarter net loss included a tax benefit of approximately $51.8 million(or $1.29 earnings per diluted share) related to employee exercises of equity awards, primarily attributable to the CEO’s exercise of expiring stock appreciation rights (SARs) during the quarter. This tax benefit is recorded in net income (loss) as a result of the adoption of revised accounting guidance related to employee stock compensation.Resort Reported EBITDA loss was $54.1 million for the first fiscal quarter of 2018, which includes $0.7 million of acquisition and integration related costs and approximately $1.9 million of additional payroll taxes related to the CEO’s exercise of expiring SARs, compared to a Resort Reported EBITDA loss of $53.3 million in the same period in the prior year, which included $2.8 million of acquisition and integration related expenses.Season pass sales through December 3, 2017 for the upcoming 2017/2018 North American ski season increased approximately 14% in units and 20% in sales dollars as compared to the period in the prior year through December 4, 2016, including Whistler Blackcomb and Stowe pass sales in both periods, adjusted to eliminate the impact of foreign currency by applying current period exchange rates to the prior period.The Company reaffirmed its core operating guidance for fiscal year 2018, with certain adjustments related to the CEO’s exercise of expiring SARs and currency fluctuations.The Company announced a transformational capital program at Whistler Blackcomb, with a new state-of-the-art gondola and two new high-speed chairlifts, and major improvements at Park City to the culinary experience and to family and beginner terrain.Commenting on the Company’s fiscal 2018 first quarter results, Rob Katz, Chief Executive Officer, said, “Our first fiscal quarter historically operates at a loss given that our North American mountain resorts are not open for ski operations during the period. The quarter’s results are primarily driven by winter operating results from Perisher and our North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses.  Perisher performed very well in the first quarter with outstanding conditions in September that led to strong visitation and revenue growth across the business. Whistler Blackcomb’s robust summer business also performed well with strong performance in its world class mountain biking operations, summer activities and sightseeing. Our U.S. summer business was impacted, as expected, by the same operational challenges we noted last quarter, including the Heavenly Coaster closure due to damage from last winter and the delayed launch of Epic Discovery at Breckenridge, all of which were included in our fiscal 2018 guidance assumptions. Our lodging results for the first fiscal quarter were encouraging with revenue per available room (“RevPAR”) increasing 8.5% compared to the same period in the prior year. In particular, our properties in Colorado benefited from increased visitation to our resort communities and Grand Teton Lodge Company benefited from higher ancillary yields and 6% growth in average daily rate (“ADR”).”Regarding Real Estate, Katz said, “Real Estate Reported EBITDA was a loss of $1.1 million for the first fiscal quarter, as compared to a gain of $5.1 million in the same period the prior year, which included $6.5 million of Real Estate Reported EBITDA related to the sale of a land parcel in Breckenridge.  We remain in discussions with developers on a number of potential land sales at the base of our resorts.”Katz continued, “Our balance sheet at quarter end remains very strong. We ended the quarter with $140.4 million of cash on hand, $95.0 million of borrowings under the revolver portion of our senior credit facility and total long-term debt, net (including long-term debt due within one year) of $1.3 billion. As of October 31, 2017, we had available borrowing capacity under the revolver component of our senior credit facility of $234.0 million. In addition, we had $127.1 million available under the revolver component of our Whistler Blackcomb credit facility. Our Net Debt was 2.0 times trailing twelve months Total Reported EBITDA, which includes $330.2 million of long-term capital lease obligations associated with the Canyons transaction. I am also very pleased to announce that our Board of Directors has declared a quarterly cash dividend on Vail Resorts’ common stock. The quarterly dividend will be $1.053 per share of common stock and will be payable on January 10, 2018 to shareholders of record on December 27, 2017.”Moving on to early ski season indicators, Katz said, “Sales of our season passes continue to deliver outstanding results. As we approach the end of our selling period, season pass sales for the North American ski season are up approximately 14% in units and approximately 20% in sales dollars through December 3, 2017 compared to the prior year period ended December 4, 2016. Whistler Blackcomb pass sales are adjusted to eliminate the impact of foreign currency by applying the current period exchange rates to the prior period. This year, we have continued to drive significant growth in our destination markets which represent approximately 60% of our increase in pass units. We continue to see strength across all geographies, with particularly strong performance in Northern California, the Pacific Northwest and the Northeast and continued solid growth in Colorado and British Columbia. We also saw strong growth across our international markets, with particular strength in Australia, the United Kingdom, Brazil and Asia.  It’s clear that the addition of Whistler Blackcomb and Stowe have further strengthened our network and the appeal of our season pass to destination guests in North America and around the world, while our more sophisticated and more targeted marketing efforts have been critical to driving the success of this program. We expect our total season pass holders this year will exceed 740,000 (including Whistler Blackcomb products and Epic Australia passes), representing an incredible group of highly loyal and passionate guests and the most successful pass program in the worldwide ski industry.”Katz continued, “Overall, lodging bookings for the season ahead are trending slightly ahead of last year at our North American resorts. Based on historical averages, less than 50% of the bookings for the winter season have been made by this time. Our early season results have been mixed across the network. Whistler Blackcomb and Stowe have had a strong start to the season with early snow and cold temperatures conducive to snowmaking. Colorado and Utah have been challenged with limited early season terrain, though all of our U.S. resorts are experiencing colder temperatures that have been more conducive to snowmaking which we expect will allow us to expand our open terrain very soon.”Operating ResultsA more complete discussion of our operating results can be found within the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of the Company’s Form 10-Q for the first fiscal quarter ended October 31, 2017, which was filed today with the Securities and Exchange Commission. The following are segment highlights:Mountain SegmentMountain segment net revenue increased $37.4 million, or 33.7%, to $148.1 million for the three months ended October 31, 2017 as compared to the same period in the prior year, which was primarily attributable to incremental revenue from Whistler Blackcomb and strong growth at Perisher.Mountain Reported EBITDA loss was $58.4 million for the three months ended October 31, 2017, which represents an incremental loss of $1.8 million, or 3.1%, as compared to the Mountain Reported EBITDA loss for same period in prior year.Lodging SegmentLodging segment net revenue (excluding payroll cost reimbursements) increased $4.5 million, or 6.9%, to $68.8 million for the three months ended October 31, 2017 as compared to the same period in the prior year.Lodging Reported EBITDA was $4.4 million for the three months ended October 31, 2017, which represents an increase of $1.0 million, or 31.1%, as compared to the same period in the prior year.Resort – Combination of Mountain and Lodging SegmentsResort net revenue increased $42.0 million, or 23.6%, to $220.2 million for the three months ended October 31, 2017 as compared to the same period in the prior year, which was primarily attributable to incremental revenue from Whistler Blackcomb and strong growth at Perisher.Resort Reported EBITDA loss was $54.1 million for the three months ended October 31, 2017, which includes $0.7 million of acquisition and integration related expenses attributable to the acquisitions of Whistler Blackcomb and Stowe and approximately $1.9 million of payroll taxes related to the CEO’s exercise of expiring SARs. This compares to a Resort Reported EBITDA loss of $53.3 million in the same period in the prior year, which included $2.8 million of acquisition and integration related expenses attributable to the acquisition of Whistler Blackcomb.Total PerformanceTotal net revenue increased $42.6 million, or 23.9%, to $220.9 million for the three months ended October 31, 2017 as compared to the same period in the prior year, which was primarily attributable to incremental revenue from Whistler Blackcomb and strong growth at Perisher.Net loss attributable to Vail Resorts, Inc. was $28.4 million, or a loss of $0.71 per diluted share, for the first quarter of fiscal 2018 compared to a net loss attributable to Vail Resorts, Inc. of $62.6 million, or a loss of $1.70 per diluted share, in the first quarter of the prior year. Net loss for the first quarter of fiscal 2018 included a tax benefit of approximately $51.8 million (or $1.29 earnings per diluted share) related to employee exercises of equity awards (primarily related to the CEO’s exercise of expiring SARs) which, beginning August 1, 2017, is recorded in net income (loss) as a result of the adoption of revised accounting guidance related to employee stock compensation.Return of CapitalThe Company declared a quarterly cash dividend of $1.053 per share of Vail Resorts common stock that will be payable on January 10, 2018 to shareholders of record on December 27, 2017. Additionally, a Canadian dollar equivalent dividend on the exchangeable shares of Whistler Blackcomb Holdings Inc. will be payable on January 10, 2018 to shareholders of record on December 27, 2017. The exchangeable shares were issued to certain Canadian persons in connection with our acquisition of Whistler Blackcomb Holdings Inc.Capital ImprovementsCommenting on the Company’s new improvements for the 2017/2018 winter season, Katz said, “We are thrilled to welcome guests to all of our resorts as the 2017/2018 ski season kicks off. Our integration efforts at Whistler Blackcomb are largely complete, and we are excited to now offer an enhanced experience for local, regional and destination guests at North America’s largest resort. This year marks the first time in our history that we had lift upgrades at all four Colorado resorts, with significant increases to capacity. At Vail Mountain, we have improved lift capacity at one of the resort’s busiest chairlifts by upgrading the Northwoods high-speed four-person chair (#11) to a new high-speed six-person chairlift. At Breckenridge, we upgraded the Peak 10 Falcon Chair from a four-person high-speed chair to a six-person high-speed chair, allowing more guests to experience some of the best intermediate and advanced terrain on the mountain. At Keystone, we invested significant capital to enhance the experience at this outstanding family focused resort. We upgraded the four-person Montezuma chair to a six-person high-speed chair to improve circulation on the front side of the mountain, and have renovated and significantly expanded mountain dining capacity at Labonte’s restaurant by adding 150 indoor seats at the fourth most visited resort in the U.S. At Beaver Creek, we upgraded the fixed grip two-person Drink of Water chair (#5) to a four-person high-speed chair, increasing the capacity for important beginner and intermediate terrain. Including these most recent projects we have invested over $115 million in discretionary projects at our Colorado resorts over the past five years, including 12 new or upgraded lifts, the addition or renovation of four food and beverage locations, significant terrain expansions and extensive additional investments including enhanced and efficient snowmaking.”Regarding calendar year 2018 capital expenditures, Katz said, “We remain committed to reinvesting in our resorts, creating an experience of a lifetime for our guests and generating strong returns for our shareholders. While we will announce our complete capital plan for calendar year 2018 in March 2018, we are pleased to announce several signature investments that we intend to construct in 2018 for the 2018/2019 ski season.”Katz continued, “We are very excited to announce a transformational investment at Whistler Blackcomb to further enhance the most visited mountain resort in North America and refocus the spirit of the previously announced Renaissance project back to the guest experience on the mountain. We plan to make a discretionary investment of approximately $42 million (C$53 million) at Whistler Blackcomb, as part of an approximate $52 million (C$66 million) total capital plan at the resort, the largest annual capital investment in the resort’s history. We believe this plan will dramatically improve the on-mountain experience for our guests with enhanced lift capacity, improved circulation and a significantly elevated experience for skiers, riders and sightseeing guests.  The centerpiece of this investment will be a new gondola running from the base to the top of Blackcomb Mountain, replacing the Wizard and Solar four person chairs with a single state-of-the-art gondola, providing an experience protected from the elements, an expected 47% increase in uphill capacity and a mid-station to allow guests to access and circulate around Blackcomb Mountain.  We also plan to upgrade the four-person Emerald express chairlift to a high speed six-person chairlift, providing increased capacity and reduced lift line wait times for important beginner and intermediate terrain on Whistler Mountain. Finally, we expect to upgrade the three-person fixed grip Catskinner chairlift to a four-person high speed lift with an improved lift alignment to provide increased capacity, better access and improved circulation to critical teaching terrain and terrain parks at the top of Blackcomb Mountain.  Together, these investments are expected to result in an approximate 43% increase in lift capacity relative to the existing lifts that will be replaced. We believe these transformational, mountain-focused investments are the most significant improvements we can undertake to support Whistler Blackcomb’s long-term growth and our commitment to pursue the most impactful projects to enhance the guest experience. We expect these discretionary investments will drive additional Resort Reported EBITDA of C$9 million to C$10 million for the 2018/2019 ski season, incremental to the resort’s typical expected organic growth.  Following this one-time signature investment, we will continue to include Whistler Blackcomb in our normal annual capital improvement plan.  While we remain intrigued by the water park that was previously proposed as part of the Renaissance project, we intend to keep our focus on core mountain improvements and will defer consideration of a water park to our longer-term planning for the resort.”At Park City, we will continue our transformational investments with a focus on enhancing the family, food and service experience for our guests from around the world.  In the Canyons area of Park City, we plan to upgrade the fixed grip High Meadow chair to a four person high speed lift, improve grading and expand snowmaking to create a world-class beginner and family learning zone. We also plan to make two significant investments in the dining experience at Park City.  We will expand Cloud Dine, a unique modern mountain dining experience overlooking the resort, with 200 additional seats and will be renovating and upgrading the Park City Mid-Mountain Lodge to create a signature dining experience that will bring fine-dine quality cuisine to what we expect will be one of the premier fast-casual, on-mountain restaurants in the industry.  Each of these projects reinforces our commitment to Park City’s position as the best resort for families and culinary experiences and continues to build on the significant improvements we’ve made at Park City over the last four years, including the Quicksilver Gondola, the new Miner’s Camp restaurant, the expanded and upgraded Red Pine Lodge and the renovated Summit House restaurant.”At Heavenly, we plan to replace the Galaxy two-person chairlift with a three-person chairlift to increase capacity and allow us to re-open 400 acres of high quality intermediate terrain. At Perisher, we plan to upgrade the Leichhardt T-bar to a four-person chairlift and a significant upgrade to snowmaking, enabling better beginner access and a reduction of crowding and wait times, as well as the addition of new terrain. All of our resort projects are subject to regulatory approval.”We also plan to continue to invest in enhanced enterprise wide technology improvements that support our increased scale, improve the guest experience and continue to build our data-based marketing efforts.”We expect our capital plan for calendar 2018 will total approximately $150 million excluding the integration of Stowe and summer investments.  With the signature one-time discretionary investment at Whistler Blackcomb of approximately US$42 million, we have reduced our spending elsewhere in the network to accommodate the projects and expect to return to our long-term capital guidance in calendar 2019, which, without any new acquisitions or summer investments, would be approximately $131 million.  We will be providing further detail on our calendar year 2018 capital plan, including expected Stowe integration and summer investments, in March 2018.”OutlookCommenting on fiscal 2018 guidance, Katz continued, “Given our first quarter results and the indicators we are seeing for the upcoming season, we remain confident in our outlook for fiscal 2018, which remains predicated on a stable economic environment and normal weather conditions for the key parts of the ski season at our resorts. The ski season has just begun at our North American resorts, with our primary earnings period still in front of us.  While we are reiterating our fiscal 2018 core operating performance expectations included in our September earnings release, we are updating our fiscal 2018 guidance to reflect a few non-core adjustments, including: (i) approximately $1.9 million of lower Resort Reported EBITDA in the first fiscal quarter results associated with payroll tax expense related to the CEO’s exercise of expiring SARs; (ii) approximately $40 million of incremental tax benefit recognized during the first fiscal quarter 2018 primarily related to the CEO’s exercise of expiring SARs, (iii) $4.0 million in lower Resort Reported EBITDA and $1.0 million of reduced depreciation and amortization expense to reflect a decline in the Canadian Dollar from $0.81 to $0.79 and a decline in the Australian Dollar from $0.80 to $0.76, assuming that foreign exchange rates remain at current levels for the remainder of fiscal 2018 and (iv) the first fiscal quarter loss of $7.3 million on intercompany notes related to foreign exchange movements.  We now expect fiscal 2018 Resort Reported EBITDA to be between $646 million and $676 million and net income attributable to Vail Resorts to be between $264 million and $300 million.  Our guidance does not include any benefit to our U.S. taxes from potential legislative changes being discussed to the U.S. tax code.”The following table reflects the forecasted guidance range for the Company’s fiscal year ending July 31, 2018, for Reported EBITDA (after stock-based compensation expense) and reconciles such Reported EBITDA guidance to net income attributable to Vail Resorts, Inc. guidance for fiscal 2018. $ $ Net income attributable to noncontrolling interests (193,000) (32) 47.95 12.0% Owned hotel and managed condominium statistics (combined): Investment income and other, net 320,245 210.49 Real Estate Reported EBITDA (40,581) Benefit from income taxes RevPAR The following table reconciles Net Debt to long-term debt, net and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended October 31, 2017. 45,407 Real Estate Reported EBITDA (31,927) 674,000 Resort net revenue (1) 2.4% 163.23 As of October 31, 383 (In thousands)(Unaudited) Total Reported EBITDA (In thousands)(Unaudited) Three Months Ended October 31, Total Reported EBITDA 564,555 Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate 28,120 (Decrease) Total stock-based compensation Dining 2017 40,211 (In thousands)(Unaudited)Fiscal 2018 Guidance (2) 791 Ski school Mountain Reported EBITDA 25,468 Resort EBITDA margin Less: cash and cash equivalents (2) Represents the mid-point range of Guidance Mountain and Lodging retail and dining 63,483 Lodging stock-based compensation 1,160,350 $ 22,362 Loss on disposal of fixed assets and other, net (Decrease) 24.5% Income before provision for income taxes 181,276 Lodging operating expense: $ $ Real Estate Reported EBITDA 4,438 (56,654) Segment operating expense: 263,409 PercentageIncrease Low EndRange (63,618) (53,332) 114,686 (300) 49,324 (57,298) Net debt Total Reported EBITDA Depreciation and amortization Lodging Reported EBITDA 832 Gain (loss) on disposal of fixed assets, net Lodging Operating Results Total Reported EBITDA 220,214 67,734 4,645 4,553 3,762 (97,127) 2,553 (7,346) ADR Interest expense, net 12,115 Twelve Months Ended October 31, Lodging net revenue: Foreign currency gain on intercompany loans Long-term debt due within one year 1.5% Gain (loss) on disposal of fixed assets, net (2,000) 6.2% Real Estate (68) 7.4% 64,425 1,031 Fiscal 2018 Guidance Lodging Reported EBITDA x 18,063 (62,587) Lift 2017 $ 38,422 Per share amounts: 52.9% $ $ 34,000 Resort operating expense 36,479 (48,255) Long-term debt, net 1,303,402 (58,437) Vail Resorts, Inc. 1,691 18,404 Net revenue: Real Estate stock-based compensation 80.53 Mountain Reported EBITDA Total Lodging net revenue (11,964) $ Change in estimated fair value of contingent consideration $ 617,000 64,080 Resort net revenue 1,485 29,877 Long-term debt due within one year Net loss attributable to noncontrolling interests July 31, 2018 (6) (18,654) Reimbursed payroll costs (97,127) Provision for income taxes (5) (54,082) (1,055) 13,368 Total Vail Resorts, Inc. stockholders’ equity (63,618) 1,262,325 50,183 7.5% $ 6,590 4,523 Total Mountain net revenue (1) The Consolidated Condensed Statement of Operations for the three months ended October 31, 2016 has been revised to separately disclose revenues and costs from retail and dining operations, as well as general and administrative costs. Retail and dining revenues were previously included within Mountain and Lodging revenues, and the related costs were previously included in Mountain and Lodging operating costs. Management considers the change in presentation of our Consolidated Condensed Statement of Operations to be immaterial. There is no change to previously reported total net revenue, operating expense, income (loss) from operations, net income (loss) attributable to Vail Resorts, Inc., per share amounts or segment results. Other $ 1,974 2.0 (28,385) Resort Reported EBITDA (3) 207.34 $ 2016 1,160,350 Retail/rental (103,716) 233,818 (60,000) 264,000 479 Net loss attributable to noncontrolling interests $ (32) Interest expense, net 36,834 (110) High EndRange Total debt Consolidated Condensed Statements of Operations 144.12 $ $ (1,055) Net income Vail Resorts, Inc. SOURCE BROOMFIELD, Colo., Dec. 7, 2017 /PRNewswire/ — Vail Resorts, Inc.www.snow.com(link is external). General and administrative Presented below is a reconciliation of Total Reported EBITDA to net income attributable to Vail Resorts, Inc. calculated in accordance with GAAP for the twelve months ended October 31, 2017. (56,000) Other (3.1)% (Unaudited) (37.3)% $ Non-cash Real Estate stock-based compensationlast_img read more

Governor Scott signs executive order creating a Community Violence Prevention Task Force

first_imgVermont Business Magazine Governor Phil Scott today signed an executive order creating a Community Violence Prevention Task Force. The executive order, he said in a statement, is one part of the governor’s broader efforts to ensure Vermont continues to be one of the safest states in the country.“I’m hopeful every Vermonter will join in the responsible discussion we must have about ways to reduce violence in our society and keep kids safe in our schools,” Scott said. “Our goal must be to find real solutions and take steps that will make a difference.”“While gun safety and school security can be part of the conversation, we must also focus on the root causes of violence,” Governor Scott said.The Taskforce in the Governor’s Executive Order will be comprised of fourteen members from inside and outside of state government to be appointed within the month. State government officials will include Commissioner of Public Safety, the Secretary of the Agency of Health and Human Services, the Commissioner of the Department of Mental Health, the Agency of Education School Security Liaison Officer and the Secretary of the Agency of Digital Services or designees. The other members of the taskforce may include mental health care professionals, teachers, students, school officials, sportsmen and/or licensed gun dealers, veterans, security consultants, health care providers and others.The Governor’s Executive Order asks the Task Force to:Assess high-quality primary research, including evidence-based Vermont data to the extent it is available regarding the underlying causes of violent behavior in communities.  At the request of the House of Representatives by way of Resolution, this review will also consider the connection between excessive video game playing and the propensity to engage in gun violence;Identify best practices for schools and communities to prevent violent behavior including, but not limited to, identifying warning signs and how to report them, recommending ways to improve prevention and reporting of bullying and harassment and closing the operational gaps among the Department of Children and Families, the Department of Mental Health, the Agency of Education, law enforcement and our schools;Identify opportunities to strengthen existing support systems to ensure every school and community has a local rapid reaction/early intervention team involving educators, mental health/social service professionals and law enforcement when concerning behavioral issues are identified;Review opportunities for expanding school safety prevention and preparedness capacity in the Agency of Education and the Department of Public Safety and supporting the work of the Vermont School Safety Center;Evaluate the adequacy of protections for individuals (students and adults) reporting threats, including consideration of shield laws;Explore the feasibility of stronger open source intelligence gathering by the Vermont Intelligence Center and the cybersecurity center with Norwich University once established; andReview existing State health, mental health, education and criminal laws, regulations, policies, and programs and propose appropriate legislative changes, including changes to eliminate redundancy and break down barriers faced by communities and schools in coordinating action with State government.Preliminary findings and recommendations will be submitted to the Governor no later than December 1, 2018.If you’re interested in serving on the Governor’s Task Force, please send an email to exe.appointments@vermont.gov(link sends e-mail).To view the full text of the Governor’s Executive Order, click here.(link is external)Source: Governor 4.19.2018last_img read more

CVHHH announces 19th Annual Seasons of Life Fashion Show

first_imgVermont Business Magazine 107.1 Frank FM’s TJ Michaels and Auctioneer Extraordinaire Jamie Polli will headline Central Vermont Home Health & Hospice’s 19th Annual Seasons of Life Fashion Show, Live Auction, and Dinner, Friday, October 26 at the Capitol Plaza Hotel & Conference Center in Montpelier.107.1 Frank FM’s TJ Michaels“TJ is a recognizable voice that many central Vermonters know and love,” says Kim Farnum, Manager of Community Relations & Development for CVHHH. “We are excited to welcome TJ, with his distinct voice and contagious smile, to Seasons of Life and to the CVHHH family.” Michaels knows, first hand, the benefits of the type of care that CVHHH provides. “Hospice made an impact on my family by making my grandmother’s remaining time comfortable and as meaningful as possible. I am honored to support Seasons of Life as this year’s emcee,” he said.Jamie Polli, auctioneer and founder of GameShowsVT.com, will offer amazing packages including a beachfront getaway in Placencia, Belize, a spa package for two at Topnotch Resort in Stowe, and a shopping spree to some of the boutiques participating in the show. Attendees can get a start on their holiday shopping at the India Hicks trunk show, with beautiful accessories and jewelry showcased by former CVHHH Board Member Karen Keene, an India Hicks rep. There will also be a Wine Pull featuring a selection of fine wines like the Bollinger Brut Cuvee, perfect for toasting the holidays.“I’d like to personally thank our top sponsors for supporting this event,” says Farnum. “They include Event Sponsor New England Excess Exchange; Venue Sponsor Capitol Plaza Hotel & Conference Center; and Spotlight Sponsors Carmen Beck, in Honor of Paul Beck, Cody Chevrolet-Cadillac, and John Gardner of Gardner Insurance Services.”Seasons of Life is CVHHH’s largest annual fundraiser and event. For more information, visit www.cvhhh.org/SOL2018(link is external).last_img read more

The Psychology Behind Why Toilet Paper, of All Things, Is the Latest Coronavirus Panic Buy

first_imgIt’s natural to want to overprepare Why? Toilet paper does not offer special protection against the virus. It’s not considered a staple of impending emergencies, like milk and bread are. “Unless people have seen … official promises that everyone will be taken care of, they are left to guess at the probability of needing the extra toilet paper, sooner rather than later,” he told CNN. “The fact that there are no official promises might increase those probabilities.” Retailers in the US and Canada have started limiting the number of toilet paper packs customers can buy in one trip. Some supermarkets in the UK are sold out. Grocery stores in Australia have hired security guards to patrol customers. Masks were the first to go. Then, hand sanitizers.Now, novel coronavirus panic buyers are snatching up … toilet paper? So why are people buying up rolls more quickly than they can be restocked? … Some are reacting to the lack of a clear direction from officials Several countries have already imposed mass quarantines. People buying up toilet paper and other household supplies may be preparing for the same thing in their city, said Baruch Fischhoff, a psychologist and professor in the Department of Engineering and Public Policy and the Institute for Politics and Strategy at Carnegie Mellon University.center_img … Reason 4 There may be some practicality in stocking up, says Frank Farley, a professor at Temple University and former president of the American Psychological Association. With the CDC and other international health agencies now advising that certain populations should stay home and avoid contact with other people or crowds, it’s natural to want to prepare, he said. Reason 2 An Australian newspaper went so far as printing eight extra pages in a recent edition — emergency toilet paper, the newspaper said, should Aussies run out. “[The novel coronavirus] is engendering a sort of survivalist psychology, where we must live as much as possible at home and thus must ‘stock up’ on essentials, and that certainly includes toilet paper,” he told CNN. “After all, if we run out of [toilet paper], what do we replace it with?” Read the whole story: CNN More of our Members in the Media >last_img read more

Jasper Engines Names Matt Weinzapfel VP of Engine Manufacturing

first_imgJASPER, Ind. — Jasper Engines & Transmissions has named Matt Weinzapfel vice president of engine manufacturing. AdvertisementClick Here to Read MoreAdvertisement Weinzapfel’s duties will be to oversee the remanufacturing processes of the Gas Engine and Diesel Engine Divisions, as well as the Jasper Authentic Custom Drivetrains Division. “Matt was selected based on his recent experience as Diesel Division manager, and his prior work as manager of JASPER’s Crawford County operations,” said Mike Schwenk, executive vice president of production. “I appreciate the opportunity to serve the JASPER family in this new role,” said Weinzapfel. “It’s an exciting time at JASPER, due to solid sales growth and our recent move to 100 percent associate ownership. I look forward to working with all JASPER associates on our journey of continuous improvement.” Weinzapfel began his career at JASPER in May of 1994 working in branch auditing and accounting for four years. After that, Weinzapfel spent five years as general manager of JASPER’s Crawford County operations. Weinzapfel later spent three years as general manager of Gas and Diesel Engine operations for the Jasper and Crawford facilities, two years as a member of the JASPER Production System and, most recently, was Diesel Division manager for the past three years. In conjunction with Weinzapfel’s new appointment Ryan Dooley has been named Diesel Division manager. Dooley will oversee the day-to-day duties within the Diesel Division. Dooley began his JASPER career in July 1997, when he was assigned to the Gas Engine Failure Analysis Department. After that, Ryan spent 11 years in Customer Service, including two years as department manager. Since August of 2008, Ryan’s recent position has been manager of the Diesel Fuel Room, where he established JASPER’s Fuel Components Program in February of 2010.last_img read more

Five critical questions

first_imgWould you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.last_img

Jamaica allows medical marijuana, but now what?

first_img(Miami Herald) The tour bus pulls up in front of the “Legal Cannabis Sold Here” billboard at the entrance of the old Casa Blanca hotel along this resort town’s popular tourist strip, when a young woman looking for a smoke jumps out. “This is it?” she asks, strolling through the venue’s cozy courtyard. An employee starts escorting her past a red carpet and into the non-smoking Lounge 2727, where bartenders are pouring drinks, tourists are snapping selfies and reggae is playing in the background, when she stops and abruptly says: “No. We’re going to Island Strains.” The employee motions to his right. The young woman heads to a secure door, shows her ID and waits to be buzzed in. Inside, she walks over to a corner where a medical practitioner, who isn’t even a doctor, poses a few questions and then, for $10, hands her a medical card that allows her to buy locally grown marijuana. This is the medical marijuana experience in Jamaica, where permission to legally smoke takes all but five minutes. No local address needed. No medical record requested— not even a physical exam is required. Aug 13, 2019 CDB to decide on financing for marijuana industry “Right now, this — this is a phenomenon,” Christopher “Birdheye” Gordon, the owner of Island Strains Herb House, said sitting inside the smoke room where patrons can consume cannabis on the spot, unlike in the U.S. where some states are only now pitching the idea of smoking lounges. “Smoking indoors,” he explained, as he lit up his third joint under the surveillance of mandated security cameras, “it’s a phenomenon, it’s groundbreaking…. Jamaica is advanced in that sense.” Perhaps. Read more at: Miami Herald Share this:PrintTwitterFacebookLinkedInLike this:Like Loading… Jamaica Stepping Forward In Ganja Trials For Pain Relief –… Caribbean’s different gender gap: women rise, men stagnateKINGSTON, Jamaica (AP) — When the young woman was preparing to open a business in Jamaica selling pipes, vaporizers and other smoking paraphernalia, some acquaintances suggested she would have difficulty succeeding in a niche trade dominated by men. Now, about a year-and-a-half after its launch at a hotel complex in…February 17, 2015In “CARICOM”Jamaica Stepping Forward In Ganja Trials For Pain Relief – Shaw(Jamaica Gleaner) There is an insistence from Audley Shaw, the minister of industry, commerce, agriculture and fisheries, that the rescheduling of marijuana will be crucial if the country is to gain maximum benefit from its emergence as an industry. “The scheduling of cannabis as a schedule-1 drug poses multiple challenges,…October 21, 2019In “Agriculture”Development of marijuana industry urgent – Jamaica Finance Minister[su_pullquote align=”right”]”One simple breakthrough in any of these areas will contribute billions of dollars to our economy.” – Jamaica Finance Minister, Audley Shaw[/su_pullquote]Minister of Finance and the Public Service, Hon. Audley Shaw, says Jamaica must move with urgency to develop a medical marijuana industry. He pointed out that exploiting the…May 16, 2016In “CARICOM”Share this on WhatsAppcenter_img Oct 21, 2019 Marijuana laws coming up for debate in Barbados Related Posts Feb 16, 2020last_img read more

Five Men Are Charged With Sexual Abuse

first_imgFour men, apparently all Bridgehampton residents, and all related, were arraigned in Southampton Town Justice Court Thursday, June 7, all charged with sexual abuse of a teen.The most serious charges the four are facing are rape and committing a criminal sexual act in the first degree, both considered violent felonies with mandatory prison time if convicted. The identity of the female victim, who is younger than 17, is being withheld due to her age and the nature of the charged crimes.Refugio Saldivar, 31, has been charged with rape in the first degree and sexual abuse in the first degree. Bail was set at $500,000 Thursday morning during his arraignment in Southampton Town Justice Court in front of Town Justice Andrea Schiavoni.Marco Saldivar, 35, is facing two charges of committing a criminal sex act in the first degree, as well as sexual abuse in the first degree. Bail was set at $300,000. According to his attorney, Brian DeSesa, there is an outstanding warrant from Immigration and Customs Enforcement for Marco Saldivar.Felix Saldivar, 72, is charged with one count of sexual abuse in the first degree, as is Miguel Saldivar, 38. Bail for those two is $100,000. None of the men immediately made bail and were taken to county jail in Riverside.“We are looking forward to our day in court, and clearing his name,” DeSesa said about Marco Saldivar. Because all four men are co-defendants, each is required, by law, to be represented by a different attorney. DeSesa was appointed by the court to defend Marco Saldivar, under a program called 18B, which guarantees strong legal representation for every co-defendant. Two other private attorneys were appointed, with the Legal Aid Society representing the fourth.A fifth man with the same last name, Gregorio Saldivar, 41, pleaded not guilty to charges of first-degree rape and sexual abuse at his arraignment on Friday, June 8. Saldivar, who needed an interpreter, entered the courtroom wearing blue jeans and a black dress shirt and scanned the left side of the courtroom to look for family members.Assistant District Attorney Dana Castaldo said Saldivar admitted to raping the girl, noting in his statement to investigators, that he had a “moment of weakness” and began to rub her body, placed his fingers inside her, and then raped her. Saldivar, who has a detainer placed on him by ICE, was ordered held without bail by Justice Gary Weber. Weber also approved an order of protection to prevent Saldivar from contacting the victim.His attorney, Keith O’Halloran of Hauppauge, said he did not know where Saldivar lived and declined to comment on the case.The arresting agency, Southampton Town Police, also declined comment on the case.Under the law, the district attorney’s office has until Tuesday, June 12, to obtain an indictment from a grand jury against the men, or they will all have to be released. All five men are scheduled to appear again in court on that date.Peggy Spellman Hoey contributed additional reporting to this story. Sharelast_img read more

Lawyers lick their lips over banking work

first_imgToday’s official (but much leaked) announcement of the government’s plans for Lloyds and RBS comes as both banks are carrying out reviews of their legal panels. Law firms big and small, in the City or in the regions, must be licking their lips at the thought of being party to all this restructuring work.Lloyds will sell 600 of its branches over the next four years, mortgage broker Cheltenham & Gloucester, online division Intelligent Finance, and its TSB brand. RBS will sell 318 of its branches over the next four years, RBS Insurance, its NatWest brand in Scotland, its card payment arm Global Merchant Services, and its stake in commodities trader RBS Sempra Commodities. The severance and subsequent hoovering up of these pieces of bank will generate millions of pounds of legal work across the country, be it through the multi-million pound sale of an entire business unit or the renegotiation of staff employment contracts at a bank branch. Internal reorganisation work at each bank will also generate millions, although that will be left to the City elite. But some of the bigger City firms might be reticent to jump straight onto either bank’s panel. The pieces cut from each bank will need to be bought, and many buyers will demand legal advice untainted by any conflict of interest. True, some general counsel may be more lenient on conflicts, and firms might be allowed to manage conflicts internally, but there is always a limit to their lenience. I would imagine that firms’ relationship partners are checking exactly where they stand at the moment.last_img read more

How to survive… an office romance

first_imgThat frisson of excitement you felt when you met across a crowded photocopier is starting to develop into something more meaningful. Going to work each morning has become a joyous experience, and your exuberance is starting to show. But how should you play it? And what will you do if it all goes horribly wrong? Read on and weep…1. Never toy with emotions. Only get involved romantically with someone at work if you are seriously interested. Innocent flirting is all very well but take it further flippantly and lord knows what frightening repercussions it may have. Beware of the bunny boiler, the serial stalker or the trophy hunter. And if you can’t stand the heat, get out of the kitchen/canteen/store cupboard asap. 2. Do your research. Most women don’t need to be told this, but for all those hopeless males out there, it’s a good idea to check out your intended’s personality, so that you can be sure he/she is worth the effort. If you can get your mitts on their HR file, so much the better. Ultimately, it’s best never to have a relationship with someone at work if you can avoid it. Especially with your boss. 3. Try to make sure they don’t have a wife/husband/partner. You don’t want to be beaten to a pulp in the office.4. Try to make sure you don’t have a wife/husband/partner. Unless you want your entire wardrobe shredded and your company car keyed.5. Be discreet. If you are in the early stages of a romantic tryst, it pays to be very, very careful. You don’t want tongues wagging and ruining your chances with your intended. Plus you want to play it cool – if people start gossiping about how keen you are, you’re done for. 6. Keep it hush-hush. However open and broadminded companies claim to be, most would rather you pillow-talked to someone who works elsewhere. So it’s best to keep your ardour under wraps for as long as possible. Obviously, once the wedding bells are ringing, it’s time to come out of the stationery closet and look for a new job.7. Do not commit email hari-kari. Cutesy messages, graphic sexual fantasies or, heaven forfend, a love poem will be recorded for posterity and could be used against you. Furthermore, never send a ‘padded bear’ Valentine. Or write salacious messages on the office birthday card.8. Exercise self-restraint in potentially hairy situations. Like the Christmas party or leaving do’s. The volatile mix of work colleagues and alcohol is a recipe for disaster. Never go past first base in the workplace: couples caught in flagrante on the company’s CCTV are hilarious – unless it happens to be you.9. Try not to chuck him/her before you know that one of you is leaving the company. Otherwise your formerly ‘cute habits’ will be scrawled over company whiteboards, your laptop will be sabotaged and checking your email will become an act of heroism. It will also be time to kiss promotion and perhaps your job goodbye (particularly if your boss is the jilted party).10. “But I’m the one who’s been chucked!” If you’ve been binned, there’s not much you can do… well, actually there is. Lick your wounds in private but in public pretend that life is a bed of roses. Always have a smile at work and laugh uproariously in your ex’s presence who will be so mortified that you’re having a good time that he/she will try to worm their way back into your affections. You pays your money you takes your choice.last_img read more