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For the three months ending April 30, whic Broomfield-based Vail Resorts (NYSE: MTN) regards as its thirs quarter, the mountain-resort and lodgings company posted earningsof $61.6 million, or $1.68 a share, down from $87.34 million, or $2.24 a in the same quarter a year earlier. Nevertheless, the company's profitsd beat Wall Street analysts' predictions. Analysts on average had expectedc earningsof $1.56 per share, Thomson Reuterz reported. Vail Resorts reported Q3 revenueof $333.56 million, 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 savec considerably through pay cuts andother means. Vail Resortsd operates the Breckenridge, Vail, Keystone and Beaver Creejk ski areas in Colorado and Heavenly at Lake Tahose onthe California-Nevada line. It also operates , a chain of luxurg hotels. The company said its earningsx were helped by a 26 percentg increasein 2008-09 season-pass revenue through increased sales and higher pass But lift-ticket revenue was down 11 percent and skier visitzs were off 9 percent. retail and ski school revenusealso declined. Real estated revenue was down 82 the company said it sold only one condo unit in the quarted versus 17 ayear ago.
The quarterly resultw "were impacted by the continue severe downturn inthe economy, drivingt lower destination visitation in the CEO Rob Katz said in a statement. Vail Resorts said its outlookk for the full fiscal year is for earningsof $41 million to $51 "We are extremely pleased with the significant increase in our advance spring period pass sales for our upcoming 2009/20190 ski season," Katz said. .
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