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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,,,,468
Total net revenues 24,,,,391
Operating expenses:
Resort 22,,,,774
Real estate 9,,,,813
Marketing, general
and administrative 9,,,,126
Stock compensation
charge - - 14,254 -
Depreciation and
amortization 3,,,,293
Total operating
expenses 45,,,,006
Income (loss)
from operations (20,,,,385
Interest expense 9,,,,730
Loss before benefit
for income taxes
and minority
interest in loss
of subsidiary (29,,,,345)
Benefit for
income taxes (11,,,613)
Minority interest
in (loss) gain
of subsidiary ) (250)
Loss from continuing
operations (18,,,,482)
Extraordinary expense - - 5,081 -
Net loss (18,,,,482)
Accretion of
discount and
dividends accrued on
mandatorily redeemable
preferred stock 1,,
Net loss available
to shareholders' $(19,692) $(9,095) $(12,294) $(5,926)
Basic and diluted loss per share
Weighted average
shares outstanding 30,,
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,,,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,,,,468
Total net revenues 24,,,,923
Operating expenses:
Resort 22,,,,706
Real estate 9,,,,813
Marketing, general
and administrative 9,,,,000
Stock compensation
charge - - 14,254 -
Depreciation and
amortization 3,,,,380
Total operating
expenses 45,,,,899
Income (loss)
from operations (20,,,,024
Interest expense 9,,,,733
Loss before
benefit for
income taxes and
minority interest in
loss of subsidiary (29,,,,709)
Benefit for
income taxes (11,,,,585)
Minority interest in
(loss) gain
of subsidiary ) (250)
Loss from
continuing
operations (18,,,,874)
Extraordinary
expense - - 5,081 -
Net loss (18,,,,874)
Accretion of
discount and dividends
accrued on mandatorily
redeemable
preferred stock 1,,
Net loss available
to shareholders' $(19,692) $(13,590) $(19,843) $(4,318)
Basic and diluted loss per share
Weighted average
shares outstanding 30,,,,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,,,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,%
Food & beverage 30,,%
Retail 30,,%
Skier development 20,,%
Lodging & property management 29,,%
Summer 9,,%
Other 7,,%
Total resort revenues 255,,%
Real estate sales 8,,%
Total revenues $263,837 $344,%
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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