Press Release
June 6, 2001
VAIL, CO -- Booth Creek Ski Holdings, Inc.:
Booth Creek Ski Holdings, Inc. announced yesterday results for the second fiscal quarter ended April 27, 2001.
Total revenues were $63.6 million for the second quarter of fiscal 2001, compared with $65.4 million in the corresponding
period of fiscal 2000. Excluding the effect on the 2000 period of the Grand Targhee resort, which was divested
on June 20, 2000, total revenues for the 2001 period increased by $2.2 million, or 4 percent, and total skier visits
increased by 84,000 visits, or 6 percent, over the 2000 period.
Total revenues for the second quarter of fiscal 2001 reflect $800,000 in estimated claims revenues under paid skier
visit insurance arrangements for the 2000/01 ski season, compared to $1.6 million in claims revenues recognized
in the 2000 period.
Total income from operations before depreciation, amortization and the non-cash cost of real estate sales (EBITDA)
were $28.3 million for the second quarter of fiscal 2001, compared with $29.0 million for the 2000 period, a decrease
of $703,000, or 2 percent. Resort operations contributed EBITDA of $28.5 million for the 2001 period, as compared
to $29.0 million for the 2000 period, a decrease of $447,000, or 2%. Excluding the effect on the 2000 period of
the Grand Targhee resort, resort operations EBITDA for the 2001 period increased by $1.2 million, or 4%, over the
2000 period. Real estate and other operations incurred an EBITDA loss of $256,000 for the 2001 period. There were
no real estate and other activities during the 2000 period.
Net income for the second quarter of fiscal 2001 was $18.6 million, compared with net income of $18.5 million for
the corresponding period of fiscal 2000.
For the six months ended April 27, 2001, Booth Creek generated total revenues of $112.5 million, compared with
$110.1 million in fiscal 2000. Resort operations revenue was $112.5 million for the six months ended April 27,
2001, versus $109.3 million in the 2000 period. Real estate revenue for the six months ended April 28, 2000, was
$845,000. There were no real estate sales during the 2001 period.
Booth Creek's resorts generated 2,500,000 total skier visits for the 2000/01 ski season, which represents a record
level of skier visits for the Company. Excluding skier visits associated with the Grand Targhee resort during the
2000 period, total skier visits for the 2000/01 season increased by 350,000 visits, or 16 percent, over the total
skier visits generated for the 1999/00 ski season. The increase in skier visits was primarily due to the generally
improved snow conditions at most of Booth Creek's resorts during the 2000/01 ski season, as well as increased season
pass visits due to a greater number of passes sold and higher estimated pass visits per passholder.
Booth Creek's total revenues for the six months ended April 28, 2000, included $6.6 million in estimated claims
revenues from paid skier visit insurance policies in place for the 1999/00 ski season. Total revenues for the six
months ended April 27, 2001, reflect $1,500,000 in estimated claims revenues under paid skier visit insurance arrangements
for the 2000/01 ski season, and $254,000 recognized during the period upon the final resolution of the 1999/00
paid skier visit policy claims.
Total EBITDA for the six months ended April 27, 2001, was $41.7 million, compared with $40.9 million for the 2000
period, an increase of $772,000, or 2 percent. Resort operations contributed record EBITDA of $42.1 million for
the 2001 period, as compared to $40.1 million for the 2000 period, an increase of $2.0 million, or 5%. Excluding
the effect on the 2000 period of the Grand Targhee resort, resort operations EBITDA for the 2001 period increased
by $4.5 million, or 12%, over the 2000 period. Real estate and other operations incurred an EBITDA loss of $398,000
for the 2001 period as compared to EBITDA generated from real estate activities of $843,000 for the 2000 period.
``We are extremely pleased with the operating performance of our resorts,'' said Chris Ryman, president and chief
operating officer of Booth Creek Ski Holdings, Inc. ``The record skier visit levels and EBITDA performance achieved
by the Company for the 2000/01 season are a gratifying testimony to both our business strategies and the diligent
efforts of our resort management teams.''
Net income for six months ended April 27, 2001, was $22.5 million, compared with net income of $19.5 million for
the corresponding period of fiscal 2000.
Booth Creek consists of seven resorts across North America, including Northstar-at-Tahoe, Sierra-at-Tahoe and Big
Bear Mountain in California; Waterville Valley, Mt. Cranmore Mountain Resort and Loon Mountain in New Hampshire;
and the Summit at Snoqualmie near Seattle, Washington. Booth Creek is the fourth-largest ski resort operator in
the country (www.boothcreek.com).
Except for historical matters, the matters discussed in this press release are forward-looking statements that
involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's current
views and assumptions and involve risks and uncertainties that could significantly affect expected results. The
Company wishes to caution the reader that certain factors could significantly and materially affect the Company's
actual results, causing results to differ materially from those in any forward-looking statement. Please refer
to ``Forward-Looking Statements'' included in the Company's Form 10-K for the year ended October 27, 2000, and
the Form 10-Q for the three months ended April 27, 2001, on file with the Securities and Exchange Commission.
Booth Creek Ski Holdings, Inc.
Consolidated Financial Statements
(Dollars in thousands, except revenue
per skier day)
Three Months Ended Six Months Ended
------------------ ----------------
April 27, April 28, April 27, April 28,
2001 2000 2001 2000
---- ---- ---- ----
Statement of Operations Data:
Revenue:
Resort Operations $ 63,559 $ 65,415 $ 112,522 $ 109,284
Real Estate and Other - - - 845
------- ------- ------- -------
63,559 65,415 112,522 110,129
Operating Expenses:
Cost of Sales -- Resort
Operations 28,498 29,474 56,671 55,619
Cost of Sales -- Real
Estate and Other - - - 333
Depreciation 5,549 5,137 10,836 10,024
Amortization of Goodwill and
Other Intangible Assets 595 600 1,190 1,206
Selling, General and
Administrative Expense 6,778 6,955 14,176 13,605
------- ------- ------- -------
Operating Income 22,139 23,249 29,649 29,342
Interest Expense and Other,
Net (4,240) (4,689) (8,827) (9,737)
------- ------- ------- -------
Income before Minority Interest
and Extraordinary Item 17,899 18,560 20,822 19,605
Minority Interest (33) (52) (69) (99)
------- ------- ------- -------
Income Before Extraordinary
Item 17,866 18,508 20,753 19,506
Extraordinary Gain on Early
Retirement of Debt 747 - 1,723 -
------- ------- ------- -------
Net Income $ 18,613 $ 18,508 $ 22,476 $ 19,506
======= ======= ======= =======
Other Financial and Operating Data:
Total Skier Days 1,438,000 1,433,000 2,500,000 2,287,000
Paid Skier Visit Insurance
Revenues $ 800 $ 1,600 $ 1,754 $6,600
Resort Operations Revenue per
Skier Day (excluding Paid
Skier Visit Insurance
Revenue) $ 43.64 $ 44.53 $ 44.31 $44.90
Noncash Cost of Real Estate
Sales $ - $ - $ - $331
Capital Expenditures Excluding
Real Estate and Other $ 1,460 $ 1,933 $ 5,885 $7,184
Net Cash Provided By (Used In):
Operating Activities $ 9,936 $ 9,767 $ 28,415 $ 28,144
Investing Activities $ (1,499) $ (2,655) $ (6,396) $ (7,947)
Financing Activities $ (4,482) $ (8,291) $(14,596) $(20,041)
Resort Operations EBITDA $ 28,539 $ 28,986 $ 42,073 $ 40,060
Real Estate EBITDA $ (256) $ - $ (398) $ 843
Total EBITDA $ 28,283 $ 28,986 $ 41,675 $ 40,903
EBITDA Margin 44.5% 44.3% 37.0% 37.1%
As of
---------
April 27, October 27,
2001 2000
---- ----
Balance Sheet Data:
Total Assets $ 199,972 $ 199,063
Cash and Cash Equivalents 8,119 696
Total Debt 131,490 144,498
Preferred Stock of Subsidiary 1,387 1,638
Common Shareholders' Equity 40,703 18,227
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Contact:
Peeples Ink PR Ltd.
Pat Peeples, 970/845-8525
www.boothcreek.com