Vail Resorts, Inc. finished up their 2005/2006 winter season well ahead of last year and was able to beat internal and street estimates for both top and bottom line results. Mountain revenue for the third quarter of fiscal 2006 was $294.8 million, a 14.8% increase from $256.8 million last year. Mountain operating expense declined 100 basis points to 50.6% of revenues compared to 51.6% last year.

Lodging revenue for the quarter decreased 29.8%, to $39.5 million. Lodging expense increased 50 basis points to 77.2% of revenues compared to 76.7% of revenues last year.

The company reported third quarter net income increased 16.2% to $68.3 million, or $1.75 per diluted share, compared to net income of $58.8 million, or $1.61 per diluted share, for the same period last year.

Year-to-date, skier visits across all of Vail’s resorts increased 6.0% to 6.3 million while lift ticket sales increased 12.8% to $263.0 million. This was partially due to increased skier visits and partially due to a 6.5% increase in the average ticket price.

By resort, Breckenridge is leading Vail’s portfolio with a 10.1% increase in skier days for the season. Every resort except for Heavenly, which reported a 3.3% decline in traffic this year, reported mid-single digit increases for the season.

Vail Resorts’ ski school reported a 13.8% increase in revenues for the year to date while the retail segment, headlined by Specialty Sport Ventures business, increased their sales by 24.6% this year to $131.7 million. For the fiscal third quarter, retail sales increased 24.1% to $53.1 million.