Signs are pointing to another tough winter ahead for Vail Resorts. The company sold 12% fewer passes through Sept. 18 for the coming North American ski season, compared with the same period last year. Days sold and pass revenues also decreased. For the full year, Vail’s resort-reported revenue decreased $131.9 million, or 4.5%, which it attributes primarily to record-low snowfall out West. Its full-fiscal-year profit was nearly halved. Vail shares fell 2% in after-hours trading, after closing up 1.5% at $138.09.

Last winter’s lack of snow in the Rockies was punishing, but Vail’s model of selling multi-resort ski passes faces a more existential challenge: It has largely maxed out the pool of dedicated skiers. To recruit younger skiers, the company cut the price of the Epic Pass by 20% for skiers ages 13 to 30.

Based on current sales trends, CFO Angela Korch told investors the company doesn’t expect to make up the shortfall. Executives said the decline was likely driven by less-committed skiers delaying decisions, not a structural change in demand. Vail CEO Rob Katz has said the company’s future includes better guest experience.

Vail faces pressure from activist firm Oasis Management, which holds about a 7.4% stake and intends to nominate four director candidates, including former Disney CEO Bob Chapek and retired Olympic gold medalist skier Picabo Street. Katz said the company is evaluating the proposals.