Vail Resorts has restated its cash flows for the past three years after discussions with the staff of the Securities and Exchange Commission.

The company had been reporting cash spent for its real estate business as investing cash flows. The change now classifies the line item as an operating activity.

The restatement cuts the company's operating cash flows by 40 percent for the past three-plus years:

• From $285.4 million to $164.3 million in the nine months ended April 30.

• From $193.4 million to $63.7 million in the year ended July 31, 2006

• From $220.3 million to $148.2 million in the year ended July 31, 2005

• From $180.9 million to $153.1 million in the year ended July 31, 2004

There was an equal offsetting change to investing cash flows. There was no impact on the balance sheets or income statements.

This is Vail Resorts' third restatement in five years, with previous errors announced in 2002 and 2003. The company survived a formal investigation of those restatements by the SEC without any action.