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For the three monthzs ending April 30, which Broomfield-based Vail Resorts MTN) regards as its third quarter, the mountain-resort and lodgings company posted earningsof $61.t6 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 Stree t analysts' predictions. Analysts on average had expected earningsof $1.576 per share, Thomson Reuters reported. Vail Resortsw reported Q3 revenueof $333.5 down 21 percent from the year-ag quarter. Analysts had expected $339.7 million on It said operating expenses were down 20 to $198.1 million. The company has saved considerablty through pay cuts andother means.
Vail Resorts operates the Vail, Keystone and Beaver Creek ski areas in Colorado and Heavenlty at Lake Tahoe onthe California-Nevada line. It also operatesz , a chain of luxury hotels. The company said its earnings were helpexd by a 26 percent increasein 2008-09 season-pass revenude through increased sales and higher pass prices. But lift-ticket revenue was down 11 percent and skier visit were off9 percent. Dining, retail and ski schoop revenuealso declined. Real estate revenue was down 82 the company said it sold only one condio unit in the quarter versus 17 ayear ago.
The quarterly results "were impacted by the continued severe downturn in the driving lower destination visitation in the CEO Rob Katz said ina statement. Vail Resorta said its outlook for the full fiscapl year is for earningdof $41 million to $51 million. "Wwe are extremely pleased with the significanyt increase in our advance sprinh period pass sales for ourupcoming 2009/2010 ski Katz said. .
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