American Skiing Co. Posts Higher Revenues, Smaller Loss
SAM Magazine-Park City, Ut., Mar. 16, 2006-American Skiing Company (ASC) reported total consolidated revenue of $112.5 million for the second quarter of fiscal 2006, up 6 percent from $106.1 million for the year-earlier period. Revenue from resort operations was $109.9 million compared with $103.4 million in 2005. This year's total represents a record level on a same-resort basis, accounting for the sale of Heavenly in fiscal 2002.
The increase in resort revenues reflects higher business volumes at Steamboat and The Canyons; the areas recorded a 12 percent increase in skier visits through the end of January 2006. The company's eastern resorts saw skier visits decrease by 3 percent.
The loss from resort operations was $9.6 million for the second fiscal quarter of 2006 versus a loss of $21.4 million for the second quarter of fiscal 2005. Excluding one-time and other items, the net loss was $11.3 million, compared to a net loss of $16.2 million for the second quarter of fiscal 2005.
Revenue from real estate operations was $2.6 million for the quarter versus $2.7 million for the comparable period in fiscal 2005. The loss from real estate operations was $1.7 million for the second fiscal quarter of 2006 compared with a $0.7 million loss in 2005.