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

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For the three months ending Aprikl 30, which Broomfield-based Vail Resortws (NYSE: MTN) regards as its thircd quarter, the mountain-resort and lodgings companyh posted earningsof $61. million, or $1.68 a share, down from $87.3 million, or $2.24 a share, in the same quarted a year earlier. Nevertheless, the company's profits beat Wall Streef analysts' predictions. Analysts on average had expected earningsof $1.5 6 per share, Thomson Reuters reported. Vail Resorts reportec Q3 revenueof $333.5 million, down 21 percent from the year-agok quarter. Analysts had expected $339.7 million on average. It said operating expenses were down 20 to $198.1 million.
The company has saved considerably through pay cuts and other Vail Resorts operatesthe Breckenridge, Keystone and Beaver Creek ski areaws in Colorado and Heavenly at Lake Tahoe on the California-Nevada It also operates , a chain of luxur hotels. The company said its earnings were helped by a 26 percent increasein 2008-09 season-pass revenue through increased sales and higher pass prices. But lift-ticket revenue was down 11 percent and skier visits were off9 Dining, retail and ski school revenure also declined. Real estate revenue was down 82 the company said it sold only one condoi unit in the quarter versus 17 ayear ago.
The quarterlu results "were impacted by the continuedx severe downturn inthe economy, drivinfg lower destination visitation in the CEO Rob Katz said in a statement. Vail Resortzs said its outlook for the full fiscalo year is for earningsof $41 million to $51 "We are extremely pleasec with the significant increase in our advance spring period pass salex for our upcoming 2009/2010 ski season," Katz .