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For the three month ending April 30, whichb Broomfield-based Vail Resorts (NYSE: MTN) regards as its thirdx quarter, the mountain-resort and lodgings company posted earningsof $61.6 million, or $1.687 a share, down from $87.32 million, or $2.24 a share, in the same quarter a year Nevertheless, the company's profits beat Wall Street analysts' predictions. Analystsa on average had expected earningsof $1.56 per Thomson Reuters reported. Vail Resorts reported Q3 revenueof $333.6 million, down 21 percent from the year-agol quarter. Analysts had expected $339.7 million on average. It said operating expenses were down 20 to $198.1 million.
The company has savedf considerably through pay cuts and other Vail Resorts operatesthe Breckenridge, Keystone and Beaver Creek ski areas in Coloradio and Heavenly at Lake Tahoe on the California-Nevadsa line. It also operates , a chainm of luxury hotels. The company said its earnings were helpede by a 26 percent increasein 2008-09 season-pass revenue through increased sales and higher pass But lift-ticket revenue was down 11 perceng and skier visits were off 9 Dining, retail and ski school revenur also declined. Real estats revenue was down 82 percent; the company said it sold only one condpo unit in the quarter versus 17 ayear ago.
The quarterlgy results "were impacted by the continued severe downturn in the driving lower destination visitation in the CEO Rob Katz said in a Vail Resorts said its outlook for the full fiscao year is for earningsof $41 millio n to $51 million. "We are extremely pleased with the significantf increase in our advance sprin g period pass sales for ourupcomint 2009/2010 ski season," Katz .
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