Exhibit 99.1

 

News and information

P.O. Box 4552 Park City, UT 84060
Phone: 435-615-0340  Fax: 435-615-4780
e-mail: investinfo@ascresorts.com

 

 

Date: 26 October 2004

Contact:

Release: IMMEDIATE

David Hirasawa

 

Investor & Media Communications

 

435-615-0396

 

 

American Skiing Company Announces Fiscal 2004 Year End
and Fourth Quarter Results

 

Company Achieves Improved Year-Over-Year Consolidated Financial Performance

Company Announces Delay of Filing of Annual Report on Form 10-K

 

PARK CITY, UTAH — October 26, 2004 — American Skiing Company (OTC: AESK) today announced its financial results for the 2004 fiscal year and fourth quarter ended July 25, 2004.  The Company reported significant improvement from ongoing operations.  It credited record financial results from its western resorts and effective costs control measures which mitigated adverse weather conditions at its eastern resorts.  In addition, the sale of remaining unit inventory at The Canyons Grand Summit Hotel, gains on extinguishment of debt and gains on transfer of assets associated with extinguishment of debt, led the Company to post a net loss available to common shareholders of $28.5 million in fiscal 2004, a decrease of $53.5 million compared to a net loss available to shareholders of $82.0 million is fiscal 2003.

 

“Our results out west were nothing short of spectacular,” said CEO B.J. Fair. “The Canyons experienced yet another year of significant growth in skier visits.  And both Steamboat and The Canyons noted increased activity from destination markets,” added Fair. Results in the east were positively impacted by the sale of innovative lift ticket products at its Sunday River and Attitash resorts.  “Our success with the Sunday River-Attitash season pass helped mitigate the impact of weather  and has led us to the creation of the six resort All-For-One season pass.  This new product is expected to dramatically impact our business models in the east,” added Fair.

 

“We took some major steps forward as a company in fiscal 2004,” Fair said.  “We have a host of new initiatives in place to build on those successes, particularly in the area of the guest experience. Significant enhancements in our web strategies, including fully automated web-based bookings at four of our resort reservation centers, provide new industry leading tools for increasing sales and managing the vacation experience,” added Fair.

 

 

The Company has substantially completed work on its Form 10-K for the fiscal year ended July 25, 2004.  On October 25, 2004, the Company’s independent registered public accounting firm, KPMG LLP, advised the Company that it would be unable to deliver its audit report on the Company’s

 


The following information was filed by American Skiing Co Me on Tuesday, October 26, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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