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Booth Creek Announces Strong First Quarter, Reduced Role of Gillett

Booth Creek Announces Strong First Quarter, Reduced Role of Gillett

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

Vail, CO, Mar. 16--Booth Creek Ski Holdings, Inc.announced results for the first quarter ended January 28, 2000.

Booth Creek owns ski areas including: Big Bear, CA, Cranmore, NH, Grand Targhee, WY, Loon Mountain, NH, Northstar-at-Tahoe, CA; Sierra-at-Tahoe, CA, The Summit at Snoqualmie, WA, and Waterville Valley, NH.

Total earnings before interest, depreciation and amortization (EBITDA) andthe noncash costs of real estate were $11.9 million for the quartercompared with $9.9 million for the same period last year. Resort EBITDA was$11.1 million for the quarter and real estate EBITDA was $843,000. Netincome for the quarter was $998,000, compared with a net loss of $214,000in the same period last year. Resort operations revenue included $5 millionin estimated claims proceeds from paid skier visit insurance policiesestablished for the majority of Booth Creek's resorts.

Booth Creek also announced that it is soliciting consent to amend theindenture under which its 12.5 percent senior notes due March 15, 2007 wereissued. If consent is given, Booth Creek and East West Partners would enterinto a joint venture to complete Northstar-at-Tahoe's real estate andmountain development plan.

In addition, the consent would allow George N. Gillett, Jr., chairman ofBooth Creek, to reduce his management responsibilities in order to pursueother interests. Strategic direction and operations would then betransitioned to President and COO Chris Ryman and his management team.

"With my increasing focus on independent business interests, I genuinelylook forward to turning the reins of Booth Creek Ski Holdings over to Chrisand his senior management team," Gillett said.

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