Vail Resorts Inc. attributed its second-quarter jump in profits to the strong performance of its mountain and lodging business.

The Broomfield-based resort operator's net income rose by 23 percent to $53 million, or $1.35 a share on revenue of $361 million. That compares with income of $43 million, or $1.12 a share, with revenue of $288 million in the same quarter ended Jan. 31 last year.

Vail CEO Rob Katz said the results "clearly exceeded our expectations."

Vail Resorts Inc. expects to spend as much as $95 million on capital investments in its fiscal year 2007, with about $40 million going into maintaining its five ski resorts, Katz told analysts in a conference call.

He outlined plans to replaces two chairlifts (number 10 and 14) at its Vail ski area, an effort that he said will inmprove access to areas such as Two Elk, China Bowl and Blue Sky Basin. The company also plans to add to its ski school facilities at Beaver Creek and said it will install a new lift at its Heavenly resort in California.

Maintenance funds will go toward mountain equipment, snowmaking and staff uniforms, among other areas.

The company's quarterly results, which roughly reflect the first half of the winter ski season, also got a boost from brisk demand for season ski passes, whose sales jumped 20 percent vs. a year ago. Still, season pass holders visited in the second quarter less than they did last year because of storms around the holidays.

Excluding skier visits from season passes, skier visitation increased 4.8 percent at the company's Colorado resorts. The gains were partly offset by a decrease of 6.2 percent in total skier visits at its Heavenly resort in California, which had less favorable weather during the first part of the season.

On the real estate development front, Katz said the company plans to look at opportunities in Keystone and Heavenly. While it has been actively developing projects at two of its largest areas — Vail and Breckenridge — the company said it does not expect to its real estate segment to be a key factor in its fiscal 2007 profitability.

Vail disclosed that is increasing its ownership in Specialty Sports Venture and will own 69.3 percent of the retail sporting equipment company.