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American Skiing Company and Subsidiaries
Consolidated Financial Statements
(in thousands of dollars except per share amounts)
(Unaudited)
Actual
Three Months Ended
Net revenues: April 25, April 26,
1999 1998(B)
Resort $ 154,317 $ 144,245
Real estate 10,324 40,914
Total net revenues 164,641 185,159
Operating expenses:
Resort 74,573 66,094
Real estate 8,554 28,451
Marketing, general
and administrative 14,519 11,429
Stock compensation
charge -- --
Depreciation and
amortization 19,731 17,960
Total operating
expenses 117,377 123,934
Income from operations 47,264 61,225
Interest expense 10,144 7,486
Income (loss) before
provision for
(benefit from)
income taxes and
minority interest in
loss of subsidiary 37,120 53,739
Provision for
(benefit from)
income taxes 14,787 20,958
Minority interest
in loss of subsidiary -- --
Income (loss) before
extraordinary items 22,333 32,781
Extraordinary loss,
net of income
tax benefit -- --
Income (loss) before
preferred stock dividends 22,333 32,781
Accretion of discount
and dividends
accrued on mandatorily
redeemable preferred stock 1,096 1,091
Net income (loss)
available to
common shareholders $ 21,237 $ 31,690
Basic earnings (loss)
per share:
Income (loss) before
extraordinary items $0.70 $ 1.05
Extraordinary loss -- --
Net income (loss) available
to common shareholders $0.70 $ 1.05
Weighted average shares
outstanding - basic 30,287 30,266
Diluted earnings (loss)
per share:
Income (loss) before
extraordinary items $0.69 $1.03
Extraordinary loss -- --
Net income (loss) available
to common shareholders $0.69 $1.03
Weighted average shares
outstanding - diluted 30,630 30,840
Other Data
Resort EBITDA $ 65,225 $ 66,722
Real estate EBITDA 1,770 12,463
Total EBITDA $ 66,995 $ 79,185
Actual Pro Forma
Nine Months Ended Nine Months Ended
April 25, April 26, April 26,
Net revenues: 1999 1998(A)(B) 1998
Resort $ 277,833 $ 264,141 $ 267,747
Real estate 21,109 49,614 49,614
Total net revenues 298,942 313,755 317,361
Operating expenses:
Resort 171,897 147,313 155,898
Real estate 20,459 34,706 34,706
Marketing, general
and administrative 43,267 31,281 36,259
Stock compensation charge -- 14,254 14,254
Depreciation and amortization 41,450 34,475 36,073
Total operating expenses 277,073 262,029 277,190
Income from operations 21,869 51,726 40,171
Interest expense 29,213 25,028 25,848
Income (loss) before
provision for
(benefit from) income
taxes and minority
interest in loss
of subsidiary (7,344) 26,698 14,323
Provision for (benefit from)
income taxes (768) 10,413 5,587
Minority interest in
loss of subsidiary -- (456) (456)
Income (loss) before
extraordinary items (6,576) 16,741 9,192
Extraordinary loss,
net of income
tax benefit -- 5,081 5,081
Income (loss)
before preferred
stock dividends (6,576) 11,660 4,111
Accretion of discount
and dividends accrued
on mandatorily redeemable
preferred stock 3,234 4,262 4,262
Net income (loss)
available to
common shareholders $ (9,810) $ 7,398 $ (151)
Basic earnings (loss)
per share:
Income (loss)
before extraordinary
items ($0.32) $0.51 $0.16
Extraordinary loss -- (0.21) (0.17)
Net income (loss)
available to
common shareholders ($0.32) $0.30 ($0.01)
Weighted average
shares outstanding - basic 30,286 24,313 29,824
Diluted earnings
(loss) per share:
Income (loss) before
extraordinary items ($0.32) $0.51 $0.16
Extraordinary loss -- (0.21) (0.17)
Net income (loss)
available to
common shareholders
Weighted average ($0.32) $0.30 ($0.01)
shares outstanding - diluted 30,286 24,656 30,378
Other Data
Resort EBITDA $ 62,669 $ 85,547 $ 75,590
Real estate EBITDA 650 14,908 14,908
Total EBITDA $ 63,319 $ 100,455 $ 90,498
(A) Actual results include income from operations of Steamboat and
Heavenly resorts from their acquisition date of November 12, 1997.
(B) Certain prior period amounts have been reclassified to conform with
the current period presentation.
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