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American Skiing Company and Subsidiaries
Consolidated Financial Statements
(in thousands of dollars except per share amounts)
Actual
Three Months Ended Year Ended
Net Revenues: July 26, 1998 July 27, 1997 July 26, 1998 July 27, 1997
Resort $12,700 $9,176 $278,577 $166,923
Real estate 12,229 2,485 61,843 8,468
Total net revenues 24,929 11,661 340,420 175,391
Operating expenses:
Resort 22,400 13,582 169,865 109,774
Real estate 9,810 1,933 44,292 6,813
Marketing, general
and administrative 9,465 4,528 42,554 26,126
Stock compensation
charge - - 14,254 -
Depreciation and
amortization 3,491 1,347 37,966 18,293
Total operating
expenses 45,166 21,390 308,931 161,006
Income (loss)
from operations (20,237) (9,729) 31,489 14,385
Interest expense 9,547 5,334 34,575 23,730
Loss before benefit
for income taxes
and minority
interest in loss
of subsidiary (29,784) (15,063) (3,086) (9,345)
Benefit for
income taxes (11,187) (6,162) (774) (3,613)
Minority interest
in (loss) gain
of subsidiary 11 (250) (445) (250)
Loss from continuing
operations (18,608) (8,651) (1,867) (5,482)
Extraordinary expense - - 5,081 -
Net loss (18,608) (8,651) (6,948) (5,482)
Accretion of
discount and
dividends accrued on
mandatorily redeemable
preferred stock 1,084 444 5,346 444
Net loss available
to shareholders' $(19,692) $(9,095) $(12,294) $(5,926)
Basic and diluted loss per share
Weighted average
shares outstanding 30,270 978 25,832 978
Loss per
common share before
extraordinary item ($0.61) ($8.85) ($0.07) ($5.61)
Extraordinary expense - - ($0.20) -
Net loss per share ($0.65) ($9.30) ($0.48) ($6.06)
Other Data
Resort EBITDA $(19,165) $(8,934) $66,158 $31,023
Real estate EBITDA 2,419 552 17,551 1,655
Total EBITDA $(16,746) $(8,382) $83,709 $32,678
American Skiing Company and Subsidiaries
Consolidated Financial Statements
(in thousands of dollars except per share amounts)
Pro Forma
Three Months Ended Year Ended
Net Revenues: July 26, 1998 July 27, 1997 July 26, 1998 July 27, 1997
Resort $12,700 $12,917 $282,183 $255,455
Real estate 12,229 2,485 61,843 8,468
Total net revenues 24,929 15,402 344,026 263,923
Operating expenses:
Resort 22,400 20,344 178,450 163,706
Real estate 9,810 1,933 44,292 6,813
Marketing, general
and administrative 9,465 6,747 47,532 38,000
Stock compensation
charge - - 14,254 -
Depreciation and
amortization 3,491 2,725 39,564 35,380
Total operating
expenses 45,166 31,749 324,092 243,899
Income (loss)
from operations (20,237) (16,347) 19,934 20,024
Interest expense 9,547 6,085 35,395 26,733
Loss before
benefit for
income taxes and
minority interest in
loss of subsidiary (29,784) (22,432) (15,461) (6,709)
Benefit for
income taxes (11,187) (9,036) (5,600) (2,585)
Minority interest in
(loss) gain
of subsidiary 11 (250) (445) (250)
Loss from
continuing
operations (18,608) (13,146) (9,416) (3,874)
Extraordinary
expense - - 5,081 -
Net loss (18,608) (13,146) (14,497) (3,874)
Accretion of
discount and dividends
accrued on mandatorily
redeemable
preferred stock 1,084 444 5,346 444
Net loss available
to shareholders' $(19,692) $(13,590) $(19,843) $(4,318)
Basic and diluted loss per share
Weighted average
shares outstanding 30,270 29,510 29,936 29,510
Loss per common share
before extraordinary
item ($0.61) ($0.45) ($0.31) ($0.13)
Extraordinary
expense - - ($0.17) -
Net loss per share ($0.65) ($0.46) ($0.66) ($0.15)
Other Data
Resort EBITDA $(19,165) $(14,174) $56,201 $53,749
Real estate EBITDA 2,419 552 17,551 1,655
Total EBITDA $(16,746) $(13,622) $73,752 $55,404
American Skiing Company and Subsidiaries
Supplemental Data
(in thousands of dollars except per share amounts)
Pro Forma
FYE FYE
July 27, 1997 July 26, 1998 % Change
Lift tickets $127,231 $136,045 6.9%
Food & beverage 30,188 35,709 18.3%
Retail 30,713 39,563 28.8%
Skier development 20,517 22,325 8.8%
Lodging & property management 29,201 29,745 1.9%
Summer 9,774 9,688 -0.9%
Other 7,747 9,106 17.5%
Total resort revenues 255,369 282,181 10.5%
Real estate sales 8,468 61,843 630.3%
Total revenues $263,837 $344,024 30.4%
Balance Sheet Data: July 26, 1998
Real estate developed
for sale $78,597
Total assets 777,883
Total resort debt 351,539
Total real estate debt 31,411
Total debt 382,950
Less: cash and cash equivalents 16,001
Net debt $366,949
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