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

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For the three months ending April 30, whic Broomfield-based Vail Resorts (NYSE: MTN) regards as its thirdd quarter, the mountain-resort and lodgings companyu posted earningsof $61.6 million, or $1.69 a share, down from $87.3 million, or $2.24 a in the same quarter a year Nevertheless, the company's profits beat Wall Streetg analysts' predictions. Analysts on average had expecte earningsof $1.56 per share, Thomson Reuters reported. Vail Resorts reportee Q3 revenueof $333.5 million, down 21 perceny from the year-ago quarter. Analysts had expected $339.7 million on It said operating expenses were down 20 to $198.1 million.
The companyy has saved considerably througjh pay cuts andother means. Vail Resortss operates the Breckenridge, Keystone and Beaver Creek ski areas in Colorado and Heavenly at Lake Tahode onthe California-Nevada line. It also operates , a chaih of luxury hotels. The company said its earningsz were helped by a 26 percent increasein 2008-0i9 season-pass revenue through increased sales and highef pass prices. But lift-ticket revenue was down 11 percenrt and skier visits were off9 percent. retail and ski school revenuealso declined. Real estatde revenue was down 82 percent; the company said it sold only one condlo unit in the quarter versus 17 ayear ago.
The quarterly resultas "were impacted by the continued severe downtur n inthe economy, driving lower destination visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscakl year is for earnings of $41 millio n to $51 million. "We are extremelu pleased with the significant increas e in our advance sprinh period pass sales for ourupcoming 2009/2010 ski Katz said. .