Booth Creek Reports Wider 2003 Loss

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SAM Magazine--Vail, Colorado, Jan. 30, 2004--Booth Creek has reported a loss of $5.4 million for fiscal year 2003, which ended Oct. 31, compared to a loss of $1.9 million in fiscal 2002.

A decline in skier visits contributed to the wider loss. The company said that skier visits declined nine percent, from 2,154,000 visits in 2002 to 1,953,000 in 2003. A 46 percent plunge at The Summit areas in Washington and a 16 percent drop at Sierra-at-Tahoe more than offset 10 to 20 percent increases at Northstar-at-Tahoe and the company's Eastern resorts. Increased sales of season passes, which rose 31 percent to nearly $20 million in sales in 2003, further helped offset the drop in skier visits.

Real estate also contributed to the 2003 loss. Sales fell to $10.1 million, from $11.7 million in 2002, but cost of sales rose to $5.4 million, up from $2.9 million in 2002.

Other key metrics: general and administrative costs were flat at $84.6 million; interest expense was $12.5 million, down from $15.3 million in 2002. \