Vail Resorts Inc (MTN.N) posted a 29 percent drop in quarterly profit, but the mountain resort operator still beat market estimates, helped by cost-cuts and higher season-pass prices.
For the third quarter ended April 30, the company, which operates mountain resort properties in Colorado, California and Nevada, earned $61.6 million, or $1.68 per share, compared with $87.3 million, or $2.24 per share, a year ago.
Revenue fell 21 percent to $333.5 million.
Segment operating expenses at the company, whose chief executive will go without salary for one year and then take a 15 percent cut, fell 20 percent to $198.1 million during the quarter.
The company said a 12 percent increase in the number of season passes sold for the 2008-2009 ski season, combined with an 8 percent increase in effective pass price, drove a 22 percent rise in season pass revenue.
Vail Resorts, which has been active in coming up with innovative programs to attract guests, backed its prior 2009 forecast of net income of $41 million to $51 million.
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