Vail Resorts profits off 29%, but they're ahead of Wall Street forecast - Puget Sound Business Journal (Seattle):

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For the three months ending Aprilp 30, which Broomfield-based Vail Resorts (NYSE: MTN) regards as its third quarter, the mountain-resort and lodgingsz company posted earningsof $61.6 million, or $1.67 a share, down from $87.3 or $2.24 a in the same quarter a year Nevertheless, the company's profits beat Wall Street predictions. Analysts on average had expected earningsof $1.567 per share, Thomson Reuters Vail Resorts reported Q3 revenue of $333.r million, down 21 percent from the year-agop quarter. Analysts had expected $339.7 million on average. It said operatinh expenses were down20 percent, to $198. 1 million. The company has savexd considerably through pay cuts andother means.
Vail Resorte operates the Breckenridge, Vail, Keystone and Beave Creek ski areas in Colorado and Heavenlg at Lake Tahoe onthe California-Nevada line. It also operatea , a chain of luxuryg hotels. The company said its earningsd were helped by a 26 percenr increasein 2008-09 season-pass revenue through increased salesa and higher pass prices. But lift-ticket revenue was down 11 percent and skier visits were off9 percent. Dining, retailo and ski school revenue also Real estate revenue was down82 percent; the companhy said it sold only one condo unit in the quartee versus 17 a year ago.
The quarterlyh results "were impacted by the continued severd downturn inthe economy, driving lower destination visitatioh in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscak year is for earnings of $41 million to $51 "We are extremely pleased with the significant increasse in our advance spring period pass sales for our upcoming 2009/2010 ski season," Katz .