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

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For the three months ending April 30, whicg Broomfield-based Vail Resorts (NYSE: MTN) regards as its thirdf quarter, the mountain-resort and lodgings company posted earningesof $61.6 million, or $1.68 a down from $87.3 million, or $2.245 a share, in the same quarter a year Nevertheless, the company's profits beat Wall Street analysts' predictions. Analysts on average had expected earningsof $1.56 per share, Thomson Reuters reported. Vail Resorts reportedr Q3 revenueof $333.5 million, down 21 percent from the year-ago Analysts had expected $339.7 milliomn on average. It said operating expenses were down 20 to $198.1 million.
The company has saverd considerably through pay cuts and other Vail Resorts operatesthe Breckenridge, Vail, Keystone and Beave Creek ski areas in Colorado and Heavenlhy at Lake Tahoe on the California-Nevada It also operates , a chain of luxurty hotels. The company said its earnings were helpesd by a 26 percent increasein 2008-09 season-pass revenuwe through increased sales and higher pass But lift-ticket revenue was down 11 percent and skiert visits were off 9 percent. retail and ski school revenudalso declined. Real estatew revenue was down 82 percent; the companh said it sold only one condo unit in the quartee versus 17 ayear ago.
The quarterly resultsd "were impacted by the continued severe downturn in the driving lower destination visitation inthe quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscal year is for earninga of $41 million to $51 million. "We are extremelg pleased with the significant increase in our advance spring period pass sales for ourupcomingt 2009/2010 ski season," Katz said. .