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, whicn Broomfield-based Vail Resorts (NYSE: MTN) regards as its third quarter, the mountain-resorty and lodgings company posted earningsof $61.6 or $1.68 a share, down from $87.e million, or $2.24 a share, in the same quartert a year earlier. Nevertheless, the company's profits beat Wall Streef analysts' predictions. Analysts on average had expected earningof $1.56 per share, Thomsonh Reuters reported. Vail Resorts reportexd Q3 revenueof $333.5 million, down 21 percenrt from the year-ago quarter. Analysts had expectex $339.7 million on average. It said operating expenses were down 20 to $198.1 million.
The company has saved considerablyg through pay cuts andother means. Vail Resorts operate the Breckenridge, Vail, Keystone and Beaver Creek ski areas in Colorado and Heavenlty at Lake Tahoe onthe California-Nevadza line. It also operates , a chain of luxuruy hotels. The company said its earnings were helped by a 26 percen t increasein 2008-09 season-pass revenue through increased sales and higher pass But lift-ticket revenue was down 11 percent and skiere visits were off 9 percent. Dining, retailp and ski school revenue also Real estate revenue was down 82 the company said it sold only one cond o unit in the quarter versus 17 ayear ago.
The quarterlt results "were impacted by the continued severe downturhn inthe economy, driving lower destinatio n visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscal year is for earningws of $41 million to $51 million. "We are extremelt pleased with the significant increase in our advance sprinbg period pass sales for ourupcoming 2009/20190 ski season," Katz said. .