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Letter from Jim sullivan to shareholders today
April 21, 2010
Dear Shareholders:
Springtime in Londonderry is in bloom, and as we start to look forward and prepare for the next season at Magic, it seems like a good time to take a moment to reflect upon the past season and to update you all as to where we stand at present and where we need to go in order to move the mountain forward and reach our goal of stability and economic sustainability.
This past season, although not without its trials, was a very positive one in many respects. Despite being constrained by an extremely tight budget we were able to accomplish the necessary tasks throughout the fall while at the same time preserving some of the available capital for early season snow making which enabled us to open the mountain before Christmas week. As we all know, being open for the December holiday week is a critical step toward a successful season. There was not a great deal of natural snow until late February, but our snowmaking crew did an admirable job in solidifying the base and expanding terrain throughout January which enabled us to have a solid January and survive a monsoon like rain storm at the end of the month. February business was fair although weaker than years past due to the time it took to recover from the thaw. The big snow in late February created some “epic” Magic days and set up a solid March. We were able enjoy some classic Magic spring days and remain open through April 3rd which was competitive with most other Vermont ski areas. Overall, the skier visits increased to 19,000 which represents a notable increase above the 16,500 visits of the previous two seasons. As importantly, there was a palpable increase in the spirit and enthusiasm at the mountain which was largely attributable to the tone set by all of you who have purchased shares and committed to Magic’s future. I believe that we have collectively established positive momentum for the mountain which I hope will translate into more skier visits and more people supporting Magic via share purchases.
At present we have sold 174 shares. As you are all aware, we need to hit the 300 threshold before we can actually put The Partnership funds into action. Obviously we have work to do. From a realistic perspective, it is not likely that we will reach 300 shares sold in time to employ the share funds this summer. However, in order to allay some fears, I want to inform you all that I intend to proceed with this project and open the mountain next season. With the revenues from this season we will be doing some work on the mountain this summer on the snow making and lifts together with the extensive maintenance required throughout the fall with an eye toward improving the reliability of our product. At the same time I will continue to pursue share sales with vigor. We have instituted a payment plan for the purchase of shares which will hopefully result in a larger number of people being able to step forward and join our cause.
I want to again thank all of you for your support and enthusiasm. In a sense you are all Magic’s ambassadors and your promotion of the mountain in general and share sales in particular have been and will continue to be instrumental in the mountain’s success. In that light, please continue your efforts, and in addition as we move into next season we may implement some of the suggestions from last January’s shareholder meeting which actually give you all the opportunity to attract additional skiers and shareholders by offering incentives.
As always your input is always appreciated and I am happy to speak or exchange e-mails with any of you at any time. We are moving in the right direction, so keep the faith and continue to extol the virtues of our great mountain.
All the best,
Jim Sullivan
President
Magic Mountain
jsullivan@magicmtn.com
802-824-5645
April 21, 2010
Dear Shareholders:
Springtime in Londonderry is in bloom, and as we start to look forward and prepare for the next season at Magic, it seems like a good time to take a moment to reflect upon the past season and to update you all as to where we stand at present and where we need to go in order to move the mountain forward and reach our goal of stability and economic sustainability.
This past season, although not without its trials, was a very positive one in many respects. Despite being constrained by an extremely tight budget we were able to accomplish the necessary tasks throughout the fall while at the same time preserving some of the available capital for early season snow making which enabled us to open the mountain before Christmas week. As we all know, being open for the December holiday week is a critical step toward a successful season. There was not a great deal of natural snow until late February, but our snowmaking crew did an admirable job in solidifying the base and expanding terrain throughout January which enabled us to have a solid January and survive a monsoon like rain storm at the end of the month. February business was fair although weaker than years past due to the time it took to recover from the thaw. The big snow in late February created some “epic” Magic days and set up a solid March. We were able enjoy some classic Magic spring days and remain open through April 3rd which was competitive with most other Vermont ski areas. Overall, the skier visits increased to 19,000 which represents a notable increase above the 16,500 visits of the previous two seasons. As importantly, there was a palpable increase in the spirit and enthusiasm at the mountain which was largely attributable to the tone set by all of you who have purchased shares and committed to Magic’s future. I believe that we have collectively established positive momentum for the mountain which I hope will translate into more skier visits and more people supporting Magic via share purchases.
At present we have sold 174 shares. As you are all aware, we need to hit the 300 threshold before we can actually put The Partnership funds into action. Obviously we have work to do. From a realistic perspective, it is not likely that we will reach 300 shares sold in time to employ the share funds this summer. However, in order to allay some fears, I want to inform you all that I intend to proceed with this project and open the mountain next season. With the revenues from this season we will be doing some work on the mountain this summer on the snow making and lifts together with the extensive maintenance required throughout the fall with an eye toward improving the reliability of our product. At the same time I will continue to pursue share sales with vigor. We have instituted a payment plan for the purchase of shares which will hopefully result in a larger number of people being able to step forward and join our cause.
I want to again thank all of you for your support and enthusiasm. In a sense you are all Magic’s ambassadors and your promotion of the mountain in general and share sales in particular have been and will continue to be instrumental in the mountain’s success. In that light, please continue your efforts, and in addition as we move into next season we may implement some of the suggestions from last January’s shareholder meeting which actually give you all the opportunity to attract additional skiers and shareholders by offering incentives.
As always your input is always appreciated and I am happy to speak or exchange e-mails with any of you at any time. We are moving in the right direction, so keep the faith and continue to extol the virtues of our great mountain.
All the best,
Jim Sullivan
President
Magic Mountain
jsullivan@magicmtn.com
802-824-5645
