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For the three months endinbg April 30, which Broomfield-based Vail Resorts (NYSE: MTN) regardsx as its third the mountain-resort and lodgings compangy posted earningsof $61.6 million, or $1.687 a share, down from $87.3 million, or $2.24 a in the same quarter a year earlier. Nevertheless, the company'sd profits beat Wall Street analysts' predictions. Analystsx on average had expected earningsof $1.56 per share, Thomson Reuterz reported. Vail Resorts reported Q3 revenuweof $333.5 million, down 21 percen from the year-ago Analysts had expected $339.7 million on average. It said operatingh expenses were down20 percent, to $198.1 million.
The company has saveds considerably through pay cuts and other Vail Resorts operatesthe Breckenridge, Vail, Keystones and Beaver Creek ski areas in Coloradol and Heavenly at Lake Tahoe on the California-Nevada It also operates , a chain of luxuryh hotels. The company said its earningz were helped by a 26 percent increasein 2008-09 season-pasa revenue through increased sales and higher pass prices. But lift-ticket revenue was down 11 percent and skierr visits were off9 percent. retail and ski school revenusalso declined. Real estate revenue was down 82 percent; the companuy said it sold only one condo unit in the quarteer versus 17 ayear ago.
The quarterly results "were impacted by the continuefd severe downturn inthe economy, driving lower destination visitatiob in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscal year is for earninge of $41 million to $51 "We are extremely pleased with the significanft increase in our advance spring periof pass sales for our upcominvg 2009/2010 ski season," Katz .
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