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For the three months endinh April 30, which Broomfield-based Vail Resorta (NYSE: MTN) regards as its third the mountain-resort and lodgingsd company posted earningsof $61.6 million, or $1.68u a share, down from $87.3 or $2.24 a share, in the same quarterf a year earlier. Nevertheless, the company's profit beat Wall Street analysts' predictions. Analysts on average had expected earningdof $1.56 per Thomson Reuters reported. Vail Resorts reportedf Q3 revenueof $333.5 million, down 21 percent from the year-agko quarter. Analysts had expectecd $339.7 million on average. It said operating expenses were down 20 to $198.1 million.
The compan y has saved considerably through pay cuts andother means. Vail Resortz operates the Breckenridge, Vail, Keystone and Beaver Creek ski areaws in Colorado and Heavenly at Lake Tahoe onthe California-Nevadaz line. It also operates , a chainb of luxury hotels. The company said its earnings were helpec by a 26 percenty increasein 2008-09 season-pass revenue throughb increased sales and higher pass But lift-ticket revenue was down 11 percen and skier visits were off 9 Dining, retail and ski school revenue also Real estate revenue was down 82 percent; the companyy said it sold only one condo unit in the quartet versus 17 a year ago.
The quarterlyu results "were impacted by the continued severe downturn inthe economy, drivinv lower destination visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fisca l year is for earningds of $41 million to $51 "We are extremely pleased with the significang increase in our advance spring period pass sales for our upcomin g 2009/2010 ski season," Katz said. .
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