American Skiing Company and Intrawest Announce Third Quarter Results

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Newry, ME, May 16--Intrawest seta new record with a 33 percent increase in income from continuingoperations for the third quarter ended March 31, 2000, while AmericanSkiing Company (ASC) announced anticipated results for the same quarterthat were a mixed bag.

Intrawest's income from continuing operations went from $35.9 million lastyear to $47.7 million for the same period this year. Revenue increased 19percent to $308.1 million from $258.6 million for the third quarter of1999. Total company EBITDA went from $80.3 million in 1999 to $94.2 million.

Ski and resort operations at Intrawest increased 10 percent to $240.3million for the quarter and real estate revenue went from $35.4 millionlast year to $53.7 million in this year's third quarter. Intrawest's skiervisits for the quarter increased 2 percent and revenue per visit improved 8percent.

At ASC, total revenues for the third quarter are expected to be in therange of $221 to $223 million, compared to $164.6 million last year. ASCanticipates total EBITDA to be in the range of $69 million to $71 millioncompared to $67 million during the 1999 third quarter.

Resort revenue for the quarter, however, is expected to decrease over $4million from $154.3 million last year to between $149 million and $150million. As well, resort EBITDA will go from $65.2 million during the thirdquarter in 1999 to an anticipated $61 million to $62 million this year.

Real estate revenues are expected to increase by over $60 million from$10.3 million last year to $72 million to $73 million for this year's thirdquarter. Real estate EBITDA should be in the $8 million to $9 millionrange, up from $1.8 million last year.