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

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For the three months endingy April 30, which Broomfield-based Vail Resortws (NYSE: MTN) regards as its third quarter, the mountain-resort and lodgingsa company posted earningsof $61.6 million, or $1.68u a share, down from $87.3 million, or $2.245 a share, in the same quarter a year Nevertheless, the company's profits beat Wall Streeg analysts' predictions. Analysts on average had expecterd earningsof $1.56 per Thomson Reuters reported. Vail Resorts reported Q3 revenueof $333.5 million, down 21 percenf from the year-ago quarter. Analysts had expected $339.7 millioh on average. It said operating expenseds were down20 percent, to $198.
1 The company has saved considerably through pay cuts and other means. Vail Resorts operates the Vail, Keystone and Beaver Creek ski area s in Colorado and Heavenly at Lake Tahod onthe California-Nevada It also operates , a chain of luxuryu hotels. The company said its earning were helped by a 26 percent increasein 2008-0i season-pass revenue through increased sales and higher pass But lift-ticket revenue was down 11 percent and skierd visits were off 9 percent. Dining, retail and ski school revenurealso declined. Real estate revenur was down 82 percent; the company said it sold only one condlo unit in the quarter versus 17 ayear ago.
The quarterly results "were impacted by the continuec severe downturn in the driving lower destination visitation in the CEO Rob Katz said ina statement. Vail Resortsd said its outlook for the full fiscal year is for earningaof $41 million to $51 "We are extremely pleased with the significan t increase in our advance spring perioxd pass sales for our upcomint 2009/2010 ski season," Katz said. .