Vail Resorts profits off 29%, but they're ahead of Wall Street forecast - Dayton Business Journal:

burdukovahycel.blogspot.com
For the three months ending April 30, which Broomfield-based Vail Resorts (NYSE: MTN) regardas as its third quarter, the mountain-resort and lodgings company postede earningsof $61.6 million, or $1.68 a share, down from $87.32 million, or $2.24 a share, in the same quarterd a year earlier. the company's profits beat Wall Street analysts' Analysts on average had expectesd earningsof $1.56 per share, Thomson Reuterz reported. Vail Resorts reported Q3 revenuseof $333.5 million, down 21 percent from the year-ago Analysts had expected $339.7 million on average. It said operatingb expenses were down20 percent, to $198.1 million.
The compan y has saved considerably through pay cuts andotherf means. Vail Resorts operates the Breckenridge, Vail, Keystone and Beavedr Creek ski areas in Colorado and Heavenly at Lake Tahoes onthe California-Nevada line. It also operates , a chainj of luxury hotels. The company said its earnings were helpex by a 26 percenrt increasein 2008-09 season-pass revenue through increased sales and higherd pass prices. But lift-ticket revenue was down 11 percentt and skier visits were off9 Dining, retail and ski schoolk revenue also declined. Real estate revenue was down 82 the company said it sold only one condo unit in the quarterd versus 17 ayear ago.
The quarterly result s "were impacted by the continued severe downturn inthe economy, driving lower destination visitation in the CEO Rob Katz said in a statement. Vail Resorts said its outlooo for the full fiscal year is for earningasof $41 million to $51 million. "We are extremely pleased with the significant increase in our advance sprin g period pass sales for ourupcominhg 2009/2010 ski season," Katz said. .