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

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For the three months ending Aprilo 30, which Broomfield-based Vail Resorts (NYSE: MTN) regards as its thirdd quarter, the mountain-resort and lodgingse company posted earningsof $61.6 million, or $1.6u a share, down from $87.3 or $2.24 a share, in the same quarter a year Nevertheless, the company's profits beat Wall Streety analysts' predictions. Analysts on averagee had expected earningsof $1.56 per share, Thomson Reutersa reported. Vail Resorts reported Q3 revenueof $333.5 down 21 percent from the year-ago quarter. Analysts had expecteds $339.7 million on It said operating expenses were down 20 to $198.1 million.
The companyy has saved considerably through pay cuts andothefr means. Vail Resorts operates the Breckenridge, Keystone and Beaver Creek ski areaas in Colorado and Heavenly at Lake Tahoe onthe California-Nevads line. It also operates , a chaim of luxury hotels. The companyy said its earnings were helped by a 26 percent increasdin 2008-09 season-pass revenue through increasedc sales and higher pass prices. But lift-tickef revenue was down 11 percenrt and skier visits were off9 percent. retail and ski school revenuealso declined. Real estatw revenue was down 82 percent; the companyu said it sold only one condo unit in the quarter versue 17 ayear ago.
The quarterl y results "were impacted by the continuedc severe downturn in the driving lower destination visitation in the CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscakl year is for earningsof $41 million to $51 million. "Wre are extremely pleased with the significant increase in our advance sprinfg period pass sales for ourupcominbg 2009/2010 ski season," Katz said. .