ASC Reports 1999 Year-End Results and Fourth Quarter

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Newry, ME October 7--American Skiing Company (ASC) today announced financial results for the 1999 fiscal year and fourth quarter ended July 25, 1999.

For fiscal 1999, total revenues were $317.1 million compared with pro forma revenues of $342.2 million in fiscal 1998. Resort revenue increased four percent for fiscal 1999 to $292.6 million from $281.2 million for fiscal 1998. Real estate revenue was $24.5 million compared to $61.0 million in the prior fiscal year.

Total earnings from operations before interest, income taxes, depreciation and amortization (EBITDA) was $40.6 million for fiscal 1999 versus $73.8 million for the prior fiscal year.

Fourth quarter total revenues were $18.1 million compared to $24.8 million in last year's fourth quarter. Resort revenue for this quarter was $14.7 million versus $13.4 for the same quarter in 1998 and real estate revenue was $3.4 million compared to $11.4 million. Total EBITDA for the fourth quarter was a loss of $22.7 million versus a loss of $16.7 million in the same quarter last year.

"Fiscal 1999 was clearly a challenging year for the company," said Leslie B. Otten, chairman and CEO. "With the closing of the Oak Hill transaction...we enter fiscal 2000 a stronger and more efficient organization."