SAM Magazine-Broomfield, Colo., Mar. 10, 2008-Vail Resorts officials blamed dismal early-season conditions for a drop in the company's net income in the fiscal second quarter, which ended Jan. 31. The company reported net income of $51.3 million compared with prior year net income of $53 million.

The company's flagship resort, Vail, opened approximately one week late as warm temperatures hampered snowmaking efforts and Mother Nature was similarly unhelpful, with major storms failing to materialize until early December. VR's other resorts faced a similar fate.

While much of the drop can be contributed to the weather-lift ticket revenue plunged 13.6 percent-the holiday season, which was bolstered by record snowfalls in December, saw a 11.1 percent gain on lift ticket revenue over the previous season.

Real estate also contributed to the slide in net revenue, as earnings from real estate dropped 19 percent from the previous year, to $45.5 million.