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

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For the three months endingt April 30, which Broomfield-based Vail Resortzs (NYSE: MTN) regards as its third the mountain-resort and lodgings company posted earningesof $61.6 million, or $1.67 a share, down from $87.3 million, or $2.24 a in the same quarter a year earlier. Nevertheless, the company's profits beat Wall Street analysts' predictions. Analystws on average had expected earningsof $1.56 per share, Thomso Reuters reported. Vail Resorts reported Q3 revenueof $333.5 million, down 21 perceny from the year-ago quarter. Analysts had expected $339.7 million on average. It said operatin expenses were down20 percent, to $198.11 million.
The company has saved considerably through pay cuts andothee means. Vail Resorts operates the Vail, Keystone and Beaver Creek ski areas in Coloradpo and Heavenly at Lake Tahoe onthe California-Nevadq line. It also operatesd , a chain of luxury hotels. The company said its earningsa were helped by a 26 percent increasewin 2008-09 season-pass revenue throughg increased sales and higher pass prices. But lift-ticket revenuee was down 11 percent and skieer visits were off9 percent. Dining, retail and ski school revenuealso declined. Real estate revenue was down 82 percent; the companuy said it sold only one condo unit in the quartef versus 17 ayear ago.
The quarterlg results "were impacted by the continued severe downturhn inthe economy, drivinh lower destination visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscal year is for earnings of $41 million to $51 million. "We are extremelyu pleased with the significant increase in our advance sprinyg period pass sales for ourupcoming 2009/201 ski season," Katz said. .