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Tuesday April 27, 8:13 am Eastern Time

Company Press Release

SOURCE: American Skiing Company

American Skiing Company Expects Good Third Quarter

Company Expects To Meet Senior Revolver Clean Down Provision

NEWRY, Maine, April 27 /PRNewswire/ -- American Skiing Company (NYSE: SKI -
news) today announced that it expects third quarter Resort EBITDA to be
comparable to last year's approximately $66 million.

``As the 1998/1999 ski season comes to a close, I am pleased to announce
that the Company has recovered strongly from what began as a difficult and
challenging
start,'' said Leslie B. Otten, Chairman and Chief Executive Officer of
American Skiing Company. ``The diversity of our network did offset much of
the early season
impact as weather patterns improved and became more consistent during the
third quarter. Notwithstanding a lack of momentum coming out of the second
quarter,
the Company's skier visits are expected to show a modest improvement over
last year's third quarter. These strong third quarter results give us
confidence that this
year's unusual second quarter weather will not dampen skier demand for the
1999/2000 ski season,'' Otten said.

Additionally, the Company announced today that it expects to successfully
complete the annual clean down requirement of its senior revolving credit
facility. The
revolver is held through a bank syndicate led by the Company's primary
lender, BankBoston, N.A. In order to meet the provisions of the clean down,
the Company
must have a borrowing capacity of at least $55 million for a 30-day period
which includes April 30, 1999. The Company has had borrowing capacity in
excess of
$55 million since April 1st and expects to continue to do so until Friday
April 30th. The Company will then be able to draw to the full extent of the
credit line to fund
operating requirements leading up to the 1999/2000 ski season.

``The tremendous investment we have made in building and enhancing our
resort network over the past few years, coupled with this year's difficult
ski season, has
produced a capital structure that limits our Company's financial
resources,'' said Otten. ``We are currently exploring a variety of
alternatives which will provide our
Company with a firm financial foundation from which we can reap the benefits
of our past investment as well as realize the significant growth
opportunities that lie
ahead. As a result, the Company has retained Donaldson, Lufkin & Jenrette
and ING Barings to explore strategic alternatives for the Company, which may
include
the raising of equity to delever the Company and/or possible business
combinations,'' Otten concluded.

Headquartered in Newry, Maine, American Skiing Company is the largest
operator of alpine ski, snowboard and golf resorts in the United States. Its
resorts include
Steamboat in Colorado; Killington, Mount Snow and Sugarbush in Vermont;
Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New
Hampshire;
The Canyons in Utah; and Heavenly in California/Nevada.

Statements in this press release, other than statements of historical
information, are forward-looking statements that are made pursuant to the
safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to certain risks and uncertainties
that could cause actual results
to differ materially from those projected. Readers are cautioned not to
place undue reliance on these forward-looking statements which speak only as
of the date
hereof. Please refer to the 'Risk Factors' included in the Form 10-K dated
October 27, 1998 and Form 10-Q dated March 9, 1999 on file with the
Securities and
Exchange Commission.

SOURCE: American Skiing Company

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