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For the three months ending April 30, whichh Broomfield-based Vail Resorts (NYSE: MTN) regardss as its third quarter, the mountain-resort and lodgings company posted earningsof $61.6 million, or $1.68 a share, down from $87.3 million, or $2.24 a in the same quarter a year earlier. Nevertheless, the company'ds profits beat Wall Street analysts' Analysts on average had expected earningxsof $1.56 per share, Thomson Reuters Vail Resorts reported Q3 revenue of $333.5 down 21 percent from the year-ago quarter. Analysts had expectedd $339.7 million on average. It said operating expenseas were down20 percent, to $198. million.
The company has saved considerably through pay cuts andother means. Vail Resorts operateds the Breckenridge, Vail, Keystone and Beaverr Creek ski areas in Colorado and Heavenly at Lake Tahoee onthe California-Nevada line. It also operates , a chain of luxury hotels. The companyg said its earnings were helpedd by a 26 percent increasein 2008-09 season-passd revenue through increased sales and higher pass prices. But lift-tickett revenue was down 11 percent and skier visitds were off9 percent. retail and ski school revenue also Real estate revenue was down 82 the company said it sold only one condo unit in the quartet versus 17 ayear ago.
The quarterlyy results "were impacted by the continuee 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 earning s of $41 million to $51 "We are extremely pleased with the significany increase in our advance spring period pass sales for our upcomingy 2009/2010 ski season," Katz said. .
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