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American Skiing Company Announces Second Quarter Results

American Skiing Company Announces Second Quarter Results

By the SAM Resort News
posted: 01/01/2000

Newry, Maine, Mar. 7--American Skiing Company (ASC)announced second quarter and six-month results ended January 30, 2000,which are above the previously-announced revenue and EBITDA (earningsbefore interest, taxes, depreciation and amortization) range.

Total revenues were $126.6 million for the quarter, compared with $109.5million for the same quarter in fiscal 1999. Resort revenue was $104.5million versus $103.2 million last year and real estate revenue was $22.1million compared with $6.3 million for the second quarter of 1999. TotalEBITDA was $14.3 million compared with $14.5 million for the same periodlast year. Resort EBITDA was $14.7 million compared to $16 million lastyear and real estate EBITDA was a loss of $0.3 million for the secondquarter versus a loss of $1.5 million in 1999.

Six-month results showed a net loss of $43.1 million versus a loss of $31million for the corresponding period last year. Total revenues were up$15.7 million to $150 million. However, total six-month EBITDA was a lossof $5.4 million versus a loss of $3.7 million in fiscal 1999. Resort EBITDAwas a loss of $4.3 million compared to a loss of $2.6 million last year andreal estate EBITDA for the six-month period was a loss of $1.1 million,unchanged from last year.

As of March 2, 2000, ASC had approximately $75 million of availableborrowing capacity under its $100 million senior revolving credit facility.Additionally, ASC announced that it has received consent from its seniorlenders for an amendment to the company's senior credit agreement, whichbrings financial covenants in line with second quarter results.

"We look forward to delivering the highest quality resort experience to ourguests and better financial performance for the remainder of the 1999/2000ski season," said Les Otten, chairman and CEO of ASC.

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