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

http://www.adcangola.org/2010/06/trip-to-china/
For the three months ending April 30, which Broomfield-basec Vail Resorts (NYSE: MTN) regards as its thirfd quarter, the mountain-resort and lodging company posted earningsof $61.6 million, or $1.689 a share, down from $87. million, or $2.24 a share, in the same quartef a year earlier. Nevertheless, the company's profits beat Wall Street analysts ' predictions. Analysts on average had expected earningsof $1.56 per share, Thomsonm Reuters reported. Vail Resorts reported Q3 revenueof $333.4 million, down 21 percent from the year-agok quarter. Analysts had expectee $339.7 million on average. It said operating expenses were down 20 to $198.1 million.
The company has savedd considerably through pay cuts and other Vail Resorts operatesthe Breckenridge, Keystone and Beaver Creek ski areas in Coloradp and Heavenly at Lake Tahoe on the California-Nevada It also operates , a chain of luxuryu hotels. The company said its earnings were helped by a 26 percent increasein 2008-09 season-pass revenue through increase d sales and higher pass prices. But lift-ticketf revenue was down 11 percent and skief visits were off9 percent. Dining, retai l and ski school revenuealso declined. Real estate revenuer was down 82 percent; the company said it sold only one condok unit in the quarter versus 17 ayear ago.
The quarterlyg results "were impacted by the continuerd severe downturn inthe economy, driving lowerf destination visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscao year is for earnings of $41 million to $51 "We are extremely pleased with the significany increase in our advance spring period pass salesz for our upcoming 2009/201p ski season," Katz said. .