Booth Creek Ski Holdings, Inc. Reports Fiscal 2000 Second-Quarter Results; Booth Creek Posts Record Quarter; EBITDA Up 45 Percent Over Prior Year.Business Editors VAIL, Colo.--(BUSINESS WIRE)--June 12, 2000 Booth Creek Ski Holdings, Inc. announced today results for the second fiscal quarter ended April 28, 2000. Total revenues were $65.4 million for the quarter, compared with $56.8 million in the corresponding period of fiscal 1999. Total skier visits for the second quarter of 2000 rose by 47,000 to 1,434,000. Total earnings before interest, taxes, depreciation, amortization and the non-cash cost of real estate sales (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) were $29 million for the second quarter, compared with $20 million for the same period last year, an increase of $9 million or 45 percent. Net income for the second quarter was $18.5 million, compared with net income of $8.8 million for the corresponding period of fiscal 1999. For the six months ended April 28, 2000, Booth Creek generated total revenues of $110.1 million, compared with $103.1 million in fiscal 1999. Resort revenue was $109.3 million for the six months ended April 28, 2000, versus $103.1 million in the 1999 period. Real estate activities contributed $845,000 in sales for the 2000 period. Total EBITDA was $40.9 million for the six months ended April 28, 2000, an increase of $10.9 million, or 37 percent, over the total EBITDA generated for the 1999 period. Net income for the six months ended April 28, 2000 was $19.5 million, compared with net income of $8.6 million for the corresponding period of fiscal 1999. "We are very pleased with revenues being up more than $8 million, EBITDA up $9 million and net income up nearly $10 million in the second quarter," said Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Ryman, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Booth Creek. "At all of our resorts, weather patterns normalized mid-season. This, coupled with diligent dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d expense and labor management, enabled us to post both a record second quarter and a record six months." Resort operations revenue for the three months and six months ended April 28, 2000 include estimated claims proceeds of $1.6 million and $6.6 million, respectively, from paid skier visit insurance policies established for most of Booth Creek's resorts. Betsy Cole, chief financial officer for Booth Creek, observed: "We are particularly proud to post record results during such a challenging year for the industry. Exceptional management at each of our resorts and an effective business risk management program in the form of skier visit insurance enabled us to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the impacts of abnormal
weather conditions."
Booth Creek consists of seven resorts across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , including Northstar-at-Tahoe, Sierra-at-Tahoe and Big Bear Mountain in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ; Waterville Valley, Mt. Cranmore Mountain Resort Cranmore Mountain Resort is located in North Conway, New Hampshire. Currently, it is one of New Hampshire's most successful ski resorts. It was founded in 1937 by a group of businessmen, led by Harvey Dow Gibson of Fryeburg, Maine, who wanted to establish North Conway as the and Loon Mountain Loon Mountain is a mountain in Lincoln, New Hampshire, in Grafton County. It is in the White Mountain National Forest. The 3,065-foot mountain may be best known for Loon Mountain ski resort, which, like most New England mountain resorts, has attempted to expand into an in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). ; and The Summit at Snoqualmie near Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. . 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 the "Forward-Looking Statements" included in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended October 29, 1999, and the Form 10-Q Form 10-Q See 10-Q. for the three months ended June 12, 2000, 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 28, April 30, April 28, April 30,
2000 1999 2000 1999
Statement of Operations Data:
Revenue:
Resort Operations $ 65,415 $ 56,791 $ 109,284 $ 103,090
Real Estate and Other - - 845 -
65,415 56,791 110,129 103,090
Operating Expenses:
Cost of Sales -
Resort Operations 29,474 29,978 55,619 59,267
Cost of Sales -
Real Estate and Other - - 333 -
Depreciation 5,137 5,396 10,024 9,603
Amortization of Goodwill
and Other Intangible Assets 600 596 1,206 1,190
Selling, General and
Administrative Expense 6,955 6,795 13,605 13,866
Operating Income 23,249 14,026 29,342 19,164
Interest Expense
and Other, Net 4,689 5,206 9,737 10,499
Income before
Minority Interest 18,560 8,820 19,605 8,665
Minority Interest (52) (55) (99) (114)
Net Income $ 18,508 $ 8,765 $ 19,506 $ 8,551
Other Financial and Operating Data:
Total Skier Days 1,434,000 1,387,000 2,287,000 2,433,000
Resort Operations Revenue
per Skier Day $ 45.62 $ 40.95 $ 47.78 $ 42.37
Paid Skier Day
Insurance Revenues $ 1,600 $ - $ 6,600 $ -
Noncash Cost of
Real Estate Sales $ - $ - $ 331 $ -
Capital Expenditures
Excluding Real Estate
and Other $ 1,933 $ 3,471 $ 7,184 $ 10,717
Net cash provided
by (used in):
Operating activities $ 9,767 $ 6,128 $ 28,144 $ 19,841
Investing activities $ (2,655) $ (4,207) $ (7,947) $ (12,937)
Financing activities $ (8,291) $ (3,337) $ (20,041) $ (6,731)
Resort Operations EBITDA $ 28,986 $ 20,018 $ 40,060 $ 29,957
Real Estate EBITDA $ - $ - $ 843 $ -
Total EBITDA $ 28,986 $ 20,018 $ 40,903 $ 29,957
EBITDA Margin 44.3% 35.2% 37.1% 29.1%
As of April 28, 2000 Oct. 29, 1999
Balance Sheet Data:
Total Assets $ 214,927 $ 210,346
Total Debt 144,215 160,986
Preferred Stock of Subsidiary 1,888 2,133
Common Shareholders' Equity 38,090 18,584
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