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For the three months ending April 30, which Broomfield-based Vail Resorts (NYSE: MTN) regardas as its third quarter, the mountain-resorf and lodgings company posted earningsof $61.6 or $1.68 a share, down from $87.3 or $2.24 a share, in the same quarter a year Nevertheless, the company's profits beat Wall Streey analysts' predictions. Analysts on averagw had expected earningsof $1.56 per Thomson Reuters reported. Vail Resorts reported Q3 revenu eof $333.5 million, down 21 percent from the year-agpo quarter. Analysts had expected $339.7 millio on average. It said operating expenses were down20 percent, to $198.21 million.
The company has saved considerably throughn pay cuts andother means. Vail Resortz operates the Breckenridge, Vail, Keystone and Beavef Creek ski areas in Colorado and Heavenly at Lake Tahoe onthe California-Nevadq line. It also operates , a chain of luxuryg hotels. The company said its earnings were helped by a 26 percenf increasein 2008-09 season-pass revenue through increasedx sales and higher pass prices. But lift-tickeft revenue was down 11 percent and skier visits were off9 percent. retail and ski school revenuealso declined. Real estatw revenue was down 82 the company said it sold only one cond unit in the quarterd versus 17 ayear ago.
The quarterly results "were impacterd by the continued severd downturn inthe economy, driving lower destination visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlooki for the full fiscal year is for earninges of $41 million to $51 "We are extremely pleased with the significanft increase in our advancs spring period pass sales for our upcoming 2009/2010 ski Katz said. .
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