Booth Creek Ski Holdings, Inc. Reports Fiscal 2002 Fourth-Quarter and Year-End Results.Business Editors VAIL, Colo.--(BUSINESS WIRE)--Jan. 28, 2003 Booth Creek Ski Holdings, Inc. ("Booth Creek" or the "Company") announced today results for the fourth fiscal quarter and year ended Nov. 1, 2002. Fourth Quarter Ended November November: see month. 1, 2002 Booth Creek's fourth quarter is an off-peak off-peak adj. Not in the period of most frequent or heaviest use: lower rates for telephone calls made during off-peak hours; travelers who take advantage of off-peak fares. period during which the Company completes the majority of its summer maintenance and capital programs. Booth Creek also offers summer activities at some of its resorts, including golf, mountain biking mountain biking Sports medicine A sport in which participants use specialized bicycles to navigate rough, steep trails covered with unforgiving rocks Injury risk Concussions, fractures, death. See Extreme sport, Novelty seeking behavior. , lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a , conference facilities, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. operations and certain other recreational amenities. Resort operations revenues were $4,085,000 for the quarter ended Nov. 1, 2002, compared with $5,271,000 in the corresponding period of 2001. The reduction in resort operations revenues was primarily due to reduced group, conference and other summer business at Northstar, Waterville Waterville, city (1990 pop. 17,173), Kennebec co., S Maine, at the falls of the Kennebec River; settled 1754, inc. as a city 1888. It is the trade and medical center of a lake resort area, with textile and paper and pulp mills. Valley 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 . Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $11,197,000 for the quarter ended Nov. 1, 2002, an increase of $229,000, or 2.1 percent, from the 2001 period, due principally to normal inflationary in·fla·tion·ar·y adj. Of, associated with, or tending to cause inflation: inflationary prices; inflationary policies. Adj. 1. factors. Resort operations incurred an 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 loss (as defined below) of $7,112,000 for the quarter ended Nov. 1, 2002, compared with an EBITDA loss of $5,697,000 for the 2001 period. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the resort segment for the 2002 period was $11,589,000 compared to an operating loss of $12,013,000 for the 2001 period. The improvement in operating loss was primarily due to reduced depreciation and amortization expense in 2002. There were no real estate sales during the fourth quarter of 2002 or 2001. Timber operations contributed revenues of $230,000 and $86,000 for the 2002 and 2001 periods, respectively. Cost of sales, depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and selling, general and administrative expense for the real estate and other segment totaled $829,000 for the quarter ended Nov. 1, 2002, as compared to $277,000 for the 2001 period. The increase was mainly the result of increased harvesting costs and depletion associated with increased timber harvesting activities at Northstar and higher general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . Real estate and other operations incurred an EBITDA loss (excluding the noncash cost of real estate sales) (as defined below) of $502,000 during the quarter ended Nov. 1, 2002, compared with an EBITDA loss of $147,000 generated in the 2001 period. Operating loss for the real estate and other segment was $599,000 for the 2002 period, as compared to $191,000 in the 2001 period. Interest expense was $3,636,000 for the quarter ended Nov. 1, 2002, as compared to $4,407,000 for the 2001 period. The decline in interest expense for the 2002 period was primarily due to lower average interest rates and reduced borrowings. The Company's loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the totaled $16,184,000 for the quarter ended Nov. 1, 2002, an improvement of $671,000 from the Company's loss from continuing operations in the corresponding period of 2001, as a result of the factors discussed above. Total EBITDA loss (excluding the noncash cost of real estate sales) (as defined below) was $7,614,000 for the quarter ended Nov. 1, 2002, as compared to an EBITDA loss of $5,844,000 for the 2001 period. The Company incurred a loss on discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $1,446,000 during the quarter ended Nov. 1, 2002, relating primarily to the former operations of Bear Mountain, Inc. ("Bear Mountain"), which was sold on October October: see month. 10, 2002. The comparable loss during the 2001 period was $1,789,000. The Company's net loss for the quarter ended Nov. 1, 2002, was $17,630,000, compared with a net loss of $18,644,000 for 2001. Year Ended November 1, 2002 Revenues from resort operations for the year ended Nov. 1, 2002, were $108,827,000, versus $107,090,000 (including $1,754,000 of revenues earned under paid skier visit insurance arrangements) in the 2001 period. Total skier visits were 2,154,000 for the 2002 period, a decline of 13,000 visits or slightly less than one percent from the 2001 period. Cost of sales and selling, general and administrative expense for the resort operations segment was $84,537,000 for the year ended Nov. 1, 2002, an increase of $2,648,000, or 3.2 percent, from the 2001 period. Resort operations contributed EBITDA (as defined below) of $24,290,000 for the year ended Nov. 1, 2002, as compared to $25,201,000 for the 2001 period, a decrease of $911,000 or 3.6 percent. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the resort segment for the 2002 period was $7,398,000, compared to $3,148,000 for the 2001 period. The improvement in operating income was primarily due to reduced depreciation and amortization expense in the 2002 period. Real estate sales for the year ended Nov. 1, 2002, were $11,300,000, which were due to the sale of 25 single family lots within the Unit 7 subdivision at Northstar. There were no sales of real estate in 2001. Timber operations contributed revenues of $405,000 in the 2002 period compared to revenues of $276,000 for the 2001 period. Cost of sales and selling, general and administrative expense for the real estate and other segment totaled $4,134,000 (including noncash cost of real estate sales of $2,478,000) for the year ended Nov. 1, 2002, as compared to $1,040,000 for the 2001 period. Real estate and other operations generated EBITDA (excluding the noncash cost of real estate sales) (as defined below) of $10,049,000 for the 2002 period as compared to an EBITDA loss of $764,000 for the 2001 period. Operating income for the real estate and other segment was $7,369,000 for the 2002 period, as compared to an operating loss of $892,000 in the 2001 period. Total EBITDA (excluding noncash cost of real estate sales) (as defined below) for the 2002 period was $34,339,000, an increase of $9,902,000, or 40.5 percent, from the EBITDA of $24,437,000 for the 2001 period. Interest expense was $15,281,000 for the year ended Nov. 1, 2002, compared to $16,822,000 for the 2001 period. The decline was primarily due to lower average interest rates and reduced borrowings in the 2002 period. The Company recognized gains Recognized Gain The amount of gain reported for income tax purposes. Notes: You can defer recognizing some gains until the following year(s). See also: Capital Gain, Capital Loss, Deferred Income Tax, Drought Sale, Exempt Income, Exemption, Gain, Recognized Loss on the early retirement of debt of $2,761,000 and $1,723,000 for the 2002 and 2001 periods, respectively, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of its 12.5% senior notes due 2007 (the "Senior Notes"). The Company's income from continuing operations for the year ended Nov. 1, 2002, was $1,016,000, an increase of $14,672,000 from the loss from continuing operations of $13,656,000 for the 2001 period, as a result of the factors discussed above. On October 10, 2002, the Company consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. the sale of all of the capital stock of Bear Mountain to Snow Summit Ski Corporation for a purchase price of $12,000,000 in cash, subject to certain adjustments for working capital, assumed debt and allocations of off-season operating losses and capital expenditures. As a result of the disposition, the Company has reflected the operating results of Bear Mountain as discontinued operations in its consolidated statement of operations See Income statement. for all periods presented. Based on the terms of the transaction, the Company recognized a loss of $3,235,000 during the year ended Nov. 1, 2002. Bear Mountain generated income from operations of $549,000 for the 2002 period as compared to a loss of $138,000 for the 2001 period. The Company's net loss for the year ended Nov. 1, 2002, was $1,870,000, compared with a net loss of $13,794,000 for 2001. Net loss for the 2002 period reflects a charge of $200,000 for the change in accounting principle for goodwill. Recent Trends and Outlook The Company's ski operations are highly sensitive Adj. 1. highly sensitive - readily affected by various agents; "a highly sensitive explosive is easily exploded by a shock"; "a sensitive colloid is readily coagulated" to weather conditions and the overall strength of the national economy and the regional economies in which the Company operates. Recent trends affecting the Company's early season results for the 2002/03 ski season The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. include the following: -- The opening dates for the Company's resorts for the 2002/03 ski season were as follows:
Northstar.................................... Nov. 22, 2002
Sierra....................................... Dec. 16, 2002
Waterville Valley............................ Nov. 22, 2002
Mt. Cranmore................................. Nov. 29, 2002
Loon Mountain................................ Nov. 15, 2002
The Summit................................... Dec. 27, 2002
-- The Lake Tahoe region experienced relatively dry conditions and a lack of natural snowfall through mid-Dec. 2002. During the period of Dec. 14th to the 21st, the region received a number of powerful storms resulting in over six feet of snowfall at Northstar and Sierra. While the storms provided excellent skiing conditions for the Christmas holiday season, the storms caused prolonged power outages prior to Christmas, difficult road conditions and other factors which negatively affected skier visitation for the Company's Lake Tahoe resorts on a number of days during mid-Dec. 2002.
-- During the early part of the 2002/03 ski season, the northeastern United States experienced generally colder temperatures and increased snowfall as compared to the record warm winter of 2001/02. As a result, the Company's New Hampshire resorts have experienced generally good operating conditions for the early part of the 2002/03 ski season.
-- From the opening of the 2002/03 ski season through late Jan. 2003, the Pacific Northwest has experienced unseasonably warm temperatures and below-average snowfall. The Company's Summit resort commenced partial operations on Dec. 27, 2002, as compared to a Nov. 30, 2001 opening for the 2001/02 ski season. Further, conditions at the Summit were generally favorable throughout the 2001/02 ski season. The difficult early season conditions at the Summit during the 2002/03 ski season have negatively affected early season skier visitation to a significant extent as compared to the 2001/02 season.
-- A meaningful portion of the Company's customer base is comprised of committed season pass holders. Through mid-Jan. 2003, the Company's 2002/03 season pass sales were approximately 27% higher than the total level of season passes sold for the 2001/02 ski season. A portion of the increase is attributable to the introduction of new pass products which could reduce sales of other lift ticket products.
-- The impact of the relatively weak United States economy on the Company's business is not presently determinable. Although, historically, economic downturns have not had a material adverse effect on the ski industry in general, there can be no assurance that the current economic downturn will not have a material adverse effect on the Company's results of operations.
Booth Creek consists of six 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 and Sierra-at-Tahoe Sierra-at-Tahoe is a ski and snowboard resort in Twin Bridges, California to the south of Lake Tahoe. Sierra-at-Tahoe is approximately 16 miles (26 km) south of Stateline, Nevada and South Lake Tahoe on Highway 50 and is contained within the Eldorado National Forest. in the Lake Tahoe Ta·hoe , Lake A lake on the California-Nevada border west of Carson City, Nevada. It is a popular resort area. region of Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern ; 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 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 Snoqualmie can refer to:
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 "Risk Factors" and "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 November 1, 2002, on file with the Securities and Exchange Commission.
Booth Creek Ski Holdings, Inc.
Consolidated Condensed Financial and Operating Information
(Dollars in thousands, except revenue per skier day )
(Unaudited)
Three Months Ended Year Ended
------------------ -----------------
Nov. 1, Nov. 2, Nov. 1, Nov. 2,
2002 2001 2002 2001
---- ---- ---- ----
Statement of Operations Data:(a)
Revenue:
Resort Operations $ 4,085 $ 5,271 $108,827 $107,090
Real Estate and Other 230 86 11,705 276
------- ------- ------- -------
4,315 5,357 120,532 107,366
Operating Expenses:
Cost of Sales - Resort
Operations 6,869 6,583 63,137 61,290
Cost of Sales - Real Estate
and Other 183 44 2,920 211
Depreciation, Depletion
and Amortization(b) 4,588 6,360 17,094 22,181
Selling, General and
Administrative Expense 4,863 4,574 22,614 21,428
------- ------- ------- -------
Operating Income (Loss) (12,188) (12,204) 14,767 2,256
Other Income (Expense):
Interest Expense (3,636) (4,407) (15,281) (16,822)
Amortization of Deferred
Financing Costs (309) (240) (1,126) (966)
Gain on Early Retirement of
Debt - - 2,761 1,723
Other Income (Expense) (51) (4) (105) 153
------- ------- ------- -------
Other Income (Expense), Net (3,996) (4,651) (13,751) (15,912)
------- ------- ------- -------
Income (Loss) from Continuing
Operations Before Change in
Accounting Principle (16,184) (16,855) 1,016 (13,656)
Discontinued Operations:
Income (Loss) from
Discontinued Operations
of Bear Mountain Resort (1,411) (1,789) 549 (138)
Loss on Sale of Bear Mountain
Resort (35) - (3,235) -
------- ------- ------- -------
Loss on Discontinued
Operations (1,446) (1,789) (2,686) (138)
------- ------- ------- -------
Loss Before Change in
Accounting Principle (17,630) (18,644) (1,670) (13,794)
Change in Accounting
Principle for Goodwill(b) - - (200) -
------- ------- ------- -------
Net Loss $(17,630) $(18,644) $ (1,870) $(13,794)
======= ======= ======= =======
Other Financial and Operating Data:
Total Skier Days(c) - - 2,154,000 2,167,000
Paid Skier Visit Insurance
Policy Revenues $ - $ - $ - $ 1,754
Revenue (Excluding Paid
Skier Visit Insurance
Policy Revenue) per Skier
Day(d) NM NM $ 50.52 $ 48.61
Capital Expenditures for
Property and Equipment $ 5,001 $ 4,915 $ 11,638 $ 12,944
Net Cash Provided By (Used In):
Operating Activities $ (5,325) $ (8,022) $ 23,523 $ 13,366
Investing Activities(e) $ 6,536 $ (6,180) $ (782) (15,280)
Financing Activities $ (1,260) $ 13,815 $(22,535) $ 1,676
Total EBITDA $ (7,600) $ (5,844) $ 31,861 $ 24,437
Noncash Cost of Real
Estate Sales $ (14) $ - $ 2,478 $ -
Total EBITDA (Excluding
Noncash Cost of Real
Estate Sales) $ (7,614) $ (5,844) $ 34,339 $ 24,437
Resort Operations EBITDA $ (7,112) $ (5,697) $ 24,290 $ 25,201
Real Estate and Other
EBITDA (Excluding the
Noncash Cost of Real
Estate Sales) $ (502) $ (147) $ 10,049 $ (764)
As of
----------------------------------
Nov. 1, 2002 Nov. 2, 2001
------------ ------------
Balance Sheet Data:
Working Capital (Deficit),
Including Revolving
Credit Facility Borrowings $(35,935) $(46,221)
Total Assets $166,600 $189,218
Long-term Debt $120,195 $128,664
Total Debt(f) $127,157 $148,040
Preferred Stock of Subsidiary $ - $ 1,136
Common Shareholder's Equity $ 2,563 $ 4,433
Notes to Consolidated Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Financial and Operating Information: (a) Pursuant to Statement of Financial Accounting Standards No. 144 "Accounting for the Impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. or Disposal of Long-Lived long-lived adj. 1. Having a long life: a long-lived aunt. 2. Lasting a long time; persistent: a long-lived rumor. 3. Assets," the historical results of operations and loss on sale of the Bear Mountain resort are presented as discontinued operations in the Company's consolidated statements of operations. (b) In June 2001, the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). issued Statement of Financial Accounting Standards No. 142 "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. " ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142"). The Company adopted SFAS No. 142 effective as of Nov. 3, 2001. Under the new rules, goodwill will no longer be amortized but will be subject to annual impairment tests in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the pronouncement. In connection with the adoption of SFAS No. 142, the Company performed a transitional impairment test for recorded goodwill as of Nov. 3, 2001, for each resort. Based on the transitional impairment test, the Company wrote down goodwill by $200,000 for one resort, which has been reflected as the cumulative effect of a change in accounting principle for the year ended Nov. 1, 2002. The following table reflects the amount of recorded goodwill amortization and adjusted net loss excluding such goodwill amortization for the periods indicated:
Three Months Year
Ended Ended
Nov. 2, Nov. 2,
2001 2001
------------ -----------
(In Thousands)
Reported Net Loss $(18,644) $(13,794)
Goodwill Amortization 586 2,343
------- -------
Adjusted Net Loss $(18,058) $(11,451)
======= =======
(c) Total skier days associated with Bear Mountain's operations have been excluded from the Company's reported total skier days disclosed in Other Financial and Operating Data. (d) Reflects revenue from resort operations divided by total skier days. For the year ended Nov. 2, 2001, the amount presented for revenue per skier day excludes the effect of paid skier visit insurance policy revenue of $1,754,000. (e) Cash flows from investing activities for the three months and year ended Nov. 1, 2002, reflects proceeds received from the sale of the Bear Mountain resort of $11,954,000. (f) Includes revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility borrowings, current portion of long-term debt Current Portion Of Long-Term Debt A portion of the balance sheet that represents the total amount of long-term debt that must be paid within the next year. The balance sheet has a liability section, which is broken down into long-term and current debt. and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . The financial information presented above includes information on "Total EBITDA," "Noncash Cost of Real Estate Sales," "Total EBITDA (Excluding Noncash Cost of Real Estate Sales)," "Resort Operations EBITDA," and "Real Estate and Other EBITDA (Excluding Noncash Cost of Real Estate Sales)." "Total EBITDA" represents operating income (loss) before depreciation, depletion and amortization expense. "Noncash Cost of Real Estate Sales" represents the allocated portion of real estate development expenditures previously capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. (including acquisition costs allocated to real estate development) which relate to current real estate sales. Although EBITDA is not a measure of performance under accounting principles generally accepted in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), the information is presented because management believes it provides useful information regarding a company's ability to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. and service debt. Further, Total EBITDA (Excluding Noncash Cost of Real Estate Sales) is calculated consistent with the manner that "EBITDA" is calculated under the indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the Company's Senior Notes, and therefore, management believes this measure is meaningful to holders of the Senior Notes. EBITDA should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating activities and other income or cash flow statement data prepared in accordance with GAAP, or as a measure of profitability or liquidity. In addition, the EBITDA measures as determined by the Company may not be comparable to related or similar measures as reported by other companies and do not represent funds available for discretionary use. The following table reconciles operating income (loss) from the Company's consolidated statements of operations to the related EBITDA measures for the periods indicated:
Three Months Ended Year Ended
Nov. 1, Nov. 2, Nov. 1, Nov. 2,
2002 2001 2002 2001
---- ---- ---- ----
(In Thousands)
Operating Income (Loss) $(12,188) $(12,204) $ 14,767 $ 2,256
Depreciation and Depletion 4,588 5,740 17,094 19,776
Amortization of Goodwill
and Other Intangible Assets - 620 - 2,405
------- ------- ------- -------
Total EBITDA (7,600) (5,844) 31,861 24,437
Noncash Cost of Real Estate
Sales (14) - 2,478 -
------- ------- ------- -------
Total EBITDA (Excluding
Noncash Cost of Real Estate
Sales) $ (7,614) $ (5,844) $ 34,339 $ 24,437
======= ======= ======= =======
Operating Income (Loss) for
Resort Operations Segment $(11,589) $(12,013) $ 7,398 $ 3,148
Depreciation 4,477 5,696 16,892 19,648
Amortization of Goodwill
and Other Intangible Assets - 620 - 2,405
------- ------- ------- -------
Resort Operations EBITDA $ (7,112) $ (5,697) $ 24,290 $ 25,201
======= ======= ======= =======
Operating Income (Loss) for
Real Estate and Other
Segment $ (599) $ (191) $ 7,369 $ (892)
Depletion 111 44 202 128
Noncash Cost of Real Estate
Sales (14) - 2,478 -
------- ------- ------- -------
Real Estate and Other EBITDA
(Excluding Noncash Cost of
Real Estate Sales) $ (502) $ (147) $ 10,049 $ (764)
======= ======= ======= =======
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