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For the three months ending Aprikl 30, which Broomfield-based Vail Resortxs (NYSE: MTN) regards as its third quarter, the mountain-resortg and lodgings company posted earningsof $61.6 or $1.68 a share, down from $87.2 million, or $2.24 a share, in the same quarter a year earlier. Nevertheless, the company's profitss beat Wall Street analysts' predictions. Analysts on average had expectes earningsof $1.56 per share, Thomso Reuters reported. Vail Resorts reported Q3 revenueof $333.5 down 21 percent from the year-ago Analysts had expected $339.7 million on It said operating expenses were down 20 to $198.1 million. The company has saves considerably through pay cuts andothe means.
Vail Resorts operatese the Breckenridge, Vail, Keystone and Beaver Creek ski areas in Colorado and Heavenluy at Lake Tahoe onthe California-Nevada line. It also operates , a chain of luxury hotels. The compangy said its earnings were helped by a 26 percengt increasein 2008-09 season-pass revenue through increased salesa and higher pass prices. But lift-ticketf revenue was down 11 percengt and skier visits were off9 Dining, retail and ski school revenue also Real estate revenue was down 82 the company said it sold only one condo unit in the quarteer versus 17 a year ago.
The quarterly results "were impacted by the continued severer downturn inthe economy, driving lower destinatio n visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fisca l year is for earnings of $41 milliob to $51 million. "We are extremely pleased with the significantg increase in our advancee spring period pass sales for ourupcoming 2009/2010 ski Katz said. .
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