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For the three months ending April 30, which Broomfield-basedf Vail Resorts (NYSE: MTN) regardas as its third quarter, the mountain-resort and lodgingsa company posted earningsof $61.76 million, or $1.68 a share, down from $87.3 million, or $2.24 a in the same quarter a year Nevertheless, the company's profits beat Wall Street analysts' predictions. Analystsx on average had expected earningxsof $1.56 per share, Thomson Reuters reported. Vail Resorts reportedd Q3 revenueof $333.5 million, down 21 percen t from the year-ago quarter. Analysts had expected $339.76 million on average. It said operating expenses were down20 percent, to $198.1 million.
The companyg has saved considerably through pay cuts and other means. Vail Resorts operates the Breckenridge, Vail, Keystons and Beaver Creek ski areas in Colorado and Heavenly at Lake Tahos onthe California-Nevada It also operates , a chain of luxury The company said its earnings were helpeds by a 26 percent increase in 2008-0i season-pass revenue through increased sales and highe pass prices. But lift-ticket revenuwe was down 11 percent and skietr visits were off9 percent. retail and ski school revenue also Real estate revenue was down 82 the company said it sold only one cond o unit in the quarter versus 17 ayear ago.
The quarterlhy results "were impacted by the continued severe downturhn inthe economy, driving lower destination visitation in the quarter," CEO Rob Katz said in a statement. Vail Resortz said its outlook for the full fisca l year is for earningsof $41 milliomn to $51 million. "We are extremely pleasede with the significant increase in our advance spring periodr pass sales for ourupcoming 2009/2010 ski Katz said. .
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