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

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For the three months ending April 30, whichn Broomfield-based Vail Resorts (NYSE: MTN) regardds as its third quarter, the mountain-resort and lodgings company postedr earningsof $61.6 million, or $1.68 a share, down from $87.4 million, or $2.24 a share, in the same quartee a year earlier. Nevertheless, the company'w profits beat Wall Street analysts' predictions. Analyst s on average had expected earningsof $1.56 per Thomson Reuters reported. Vail Resortes reported Q3 revenueof $333.r million, down 21 percent from the year-ago Analysts had expected $339.y million on average. It said operatinhg expenses were down20 percent, to $198.q1 million.
The company has saved considerably through pay cuts andothef means. Vail Resorts operates the Breckenridge, Vail, Keystonde and Beaver Creek ski area in Colorado and Heavenly at Lake Tahoe onthe California-Nevadsa line. It also operates , a chain of luxury hotels. The company said its earningsx were helped by a 26 percent increasein 2008-09 season-pasz revenue through increased sales and highere pass prices. But lift-ticket revenue was down 11 percent and skiert visits were off9 percent. Dining, retailp and ski school revenue also Real estate revenue was down82 percent; the companyg said it sold only one condl unit in the quarter versus 17 a year ago.
The quarterluy results "were impacted by the continued sever e downturn inthe economy, drivingg lower destination visitation in the CEO Rob Katz said in a statement. Vail Resortx said its outlook for the full fiscal year is for earningsof $41 milliomn to $51 million. "We are extremely pleases with the significant increase in our advance spring period pass sales for ourupcoming 2009/201p ski season," Katz said. .