American Skiing Company Posts Smaller Loss

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SAM Magazine--Park City, Utah, June 10, 2004--American Skiing Company reported a loss for the nine months ended April 25 of $38.4 million, slightly less than the $42.8 million loss a year earlier. The company credited increased season's pass revenues, cost controls and coordinated marketing for the improved financial performance despite a slight decline in skier days.

Skier visits were off a reported 2 percent across the seven ASC areas. Visits were up 12 percent at the Canyons, but fell nearly 10 percent at Mt. Snow and Killington. ASC reported slight increases at Sunday River and Attitash, due in part to a joint discounted season's pass program.

Total consolidated revenue was $267.1 million for the first 39 weeks of fiscal 2004, compared with $248.7 million for fiscal 2003. Resort revenue was $237.1 million in fiscal 2004 compared with $238.0 million for fiscal 2003. Real estate revenue was $30.0 million, versus $10.7 million for the comparable period in fiscal 2003. \