Booth Creek Ski Holdings, Inc. Reports Fiscal 2004 Second Quarter Results.Business Editors VAIL, Colo.--(BUSINESS WIRE)--June 15, 2004 Booth Creek Ski Holdings, Inc. ("Booth Creek" or the "Company") announced today results for the second fiscal quarter ended April 30, 2004. Operating Conditions and Skier Visitation VISITATION. The act of examining into the affairs of a corporation. 2. The power of visitation is applicable only to ecclesiastical and eleemosynary corporations. 1 Bl. Com. 480; 2 Kid on Corp. 174. Total skier visits for the fiscal quarter ended April 30, 2004, were 1,028,000, a decline of 12,000 visits, or 1 percent, from the fiscal quarter ended May 2, 2003. For the six months ended April 30, 2004, total skier visits were 1,981,000, an increase of 28,000 visits, or 1 percent from the 2003 period. "The 2003/04 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. was challenging on several fronts. Our 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). resorts faced very volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. and frustrating frus·trate tr.v. frus·trat·ed, frus·trat·ing, frus·trates 1. a. To prevent from accomplishing a purpose or fulfilling a desire; thwart: weather conditions for the better part of the ski season, although conditions did begin to moderate during mid-February n. 1. the middle part of February. Noun 1. mid-February - the middle part of February period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue and March," said Betsy Betsy is an English name for females, used as a nickname for Elizabeth. It is also a surname. Famous uses or users of Betsy include:
A lake on the California-Nevada border west of Carson City, Nevada. It is a popular resort area. , our resorts were performing well through early March. However, the 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 region experienced the balmiest March in 70 years, with daily high temperature records set for 13 of 14 days in Sacramento Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. . As the unseasonably warm weather continued into April, interest in skiing skiing, sport of sliding over snow on skis—long, narrow, flexible runners. Water skiing is a warm-weather sport in which a motor-propelled craft tows a skier through the water. in Lake Tahoe waned for the last quarter of the season. "On a positive note," continued Cole, "we were pleased to see the expected rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in visitation at the Summit this season, as weather and operating conditions returned to a more normal state following the 2002/03 season, which was the most difficult season in many years at the Summit and throughout the Pacific Northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. . We are also pleased with the continued success of our season pass programs and the resulting benefit of improved revenue stability. In addition, a significant step forward on the real estate front was the commencement in April of the construction of the new Village at Northstar." Second Quarter Results Resort operations revenues were $50,918,000 for the fiscal quarter ended April 30, 2004, an increase of $487,000, or 1 percent, from the level of revenues generated during the fiscal quarter ended May 2, 2003. Total skier visits for the 2004 period declined by 1 percent to 1,028,000 visits. Season pass revenues, which rose 18 percent to $12,048,000 for the 2004 period, more than offset the impact of reduced lift ticket sales. Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $30,580,000 for the fiscal quarter ended April 30, 2004, a decrease of $12,000 from the 2003 period. 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 fiscal quarter ended April 30, 2004 was $16,772,000 compared to operating income of $15,935,000 for the corresponding period in 2003. Resort operations contributed 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 (as defined below) of $20,338,000 for the fiscal quarter ended April 30, 2004, compared with resort operations EBITDA of $19,839,000 for the corresponding period in 2003. Revenues from real estate operations for the fiscal quarter ended April 30, 2004, were $180,000, which was due to the sale of two single family lots at 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 . Revenues from real estate operations during the 2003 period were $646,000, due to the sale of the final lot within the Unit 7 development at Northstar. Cost of sales and selling, general and administrative expense for the real estate and other segment declined by $357,000 for the fiscal quarter ended April 30, 2004 due to the effect of sales launch costs incurred in the 2003 period to market the Unit 7A development at Northstar. 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 real estate and other segment was $225,000 for the 2004 period, as compared to an operating loss of $116,000 in the 2003 period. Real estate and other operations incurred an EBITDA loss (excluding noncash cost of real estate sales) (as defined below) of $218,000 for the fiscal quarter ended April 30, 2004, compared with EBITDA from real estate and other operations of $74,000 in the 2003 period. Interest expense was $2,893,000 for the fiscal quarter ended April 30, 2004, as compared to $3,089,000 for the 2003 period, a reduction of $196,000, or 6 percent. The decline in interest expense for the 2004 period was primarily due to reduced borrowings and lower average interest rates. The Company's total debt was $104,773,000 as of April 30, 2004, a reduction of $8,719,000 over the past year. The Company's net income totaled $13,381,000 for the fiscal quarter ended April 30, 2004, an increase of $909,000 from the Company's net income in the corresponding period of 2003, primarily as a result of the factors discussed above. Total EBITDA (excluding noncash cost of real estate sales) (as defined below) was $20,120,000 for the fiscal quarter ended April 30, 2004, as compared to total EBITDA of $19,913,000 for the 2003 period. Year to Date Results Revenues from resort operations for the six months ended April 30, 2004 were $98,233,000, an increase of $1,287,000, or 1 percent, as compared to the 2003 period. Skier visits for the 2004 period increased by 28,000 visits, or 1 percent, from the 2003 period. Season pass revenues, which rose 11 percent to $22,011,000 for the 2004 period, as well as increased snow school, retail and 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. sales, offset the impact of reduced lift ticket sales. Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $63,890,000 for the six months ended April 30, 2004, an increase of $681,000, or 1 percent, compared to the 2003 period. Operating income for the resort segment for the six months ended April 30, 2004 was $27,174,000 compared to operating income of $26,010,000 for the corresponding period in 2003. Resort operations contributed EBITDA (as defined below) of $34,343,000 for the six months ended April 30, 2004, compared with resort operations EBITDA of $33,737,000 for the corresponding period in 2003. Revenues from real estate operations for the six months ended April 30, 2004 were $8,678,000, which was due to (i) the sale of the final three lots within the Unit 7A subdivision at Northstar for an aggregate sales price of $2,798,000, (ii) the transfer and sale of certain development real estate at Northstar, which contributed revenues of $5,610,000 and (iii) the sale of three single family lots at Loon Mountain for $270,000. Revenues from real estate operations for the six months ended May 2, 2003 were $646,000, due to the sale of the final lot within the Unit 7 development at Northstar. 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 $2,416,000 for the six months ended April 30, 2004, as compared to $1,078,000 for the 2003 period. The results for the 2004 and 2003 periods included noncash cost of real estate sales (as defined below) of $1,597,000 and $190,000, respectively, related to the real estate sales described above. Operating income for the real estate and other segment was $6,262,000 for the 2004 period, as compared to an operating loss of $416,000 in the 2003 period. Real estate and other operations generated EBITDA (excluding noncash cost of real estate sales) (as defined below) of $7,859,000 for the six months ended April 30, 2004, compared with an EBITDA loss from real estate and other operations of $219,000 in the 2003 period. Interest expense was $5,949,000 for the six months ended April 30, 2004, as compared to $6,460,000 for the 2003 period, a reduction of $511,000, or 8 percent. The Company's net income totaled $27,018,000 for the six months ended April 30, 2004, an increase of $7,915,000 from the Company's net income in the corresponding period of 2003, primarily as a result of the factors discussed above. Total EBITDA (excluding noncash cost of real estate sales) (as defined below) was $42,202,000 for the six months ended April 30, 2004, as compared to total EBITDA of $33,518,000 for the 2003 period. Northstar Village Project In April 2004, affiliates of East West Partners, Inc. commenced construction of the new Village at Northstar. The initial phase of the Village, which consists of (i) 100 luxury ski-in/ski-out condominiums and related owner amenities, (ii) approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 60,000 square feet of commercial space encompassing a collection of distinctive shops and restaurants and (iii) an outdoor skating skating: see ice skating; ice dancing; roller skating. skating Sport in which bladelike runners or sets of wheels attached to shoes are used for gliding on ice or on surfaces other than ice. rink, is scheduled to be completed by November November: see month. 2005. "We are very excited to begin the transformation of Northstar into a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. four-season resort," 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 Ryman is a British stationery retailer. It was founded in 1893 and was successfully owned and managed by the Ryman family until the 1970s. After it was sold it had a chequered history for a couple of decades, changing hands several times and experiencing some periods of poor , 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. "In addition to the development of a new vibrant Village and the significant infrastructure investments we have made at Northstar in the past five years, we will continue to enhance our on-mountain amenities at Northstar to provide a memorable experience for our guests." 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 region of Northern California; 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, 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; 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 "Forward-Looking Statements" included in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended April 30, 2004 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 visit)
(Unaudited)
Three Months Ended Six Months Ended
--------------------- ---------------------
April 30, May 2, April 30, May 2,
2004 2003 2004 2003
---------- ---------- ---------- ----------
Statement of Operations
Data:
Revenue:
Resort Operations $50,918 $50,431 $98,233 $96,946
Real Estate and Other 180 646 8,678 662
---------- ---------- ---------- ----------
Total Revenue 51,098 51,077 106,911 97,608
Operating Expenses:
Cost of Sales - Resort
Operations 24,409 24,598 50,682 50,694
Cost of Sales - Real
Estate and Other 39 197 1,830 218
Depreciation and Depletion 3,566 3,904 7,169 7,734
Selling, General and
Administrative Expense 6,537 6,559 13,794 13,368
---------- ---------- ---------- ----------
Total Operating Expenses 34,551 35,258 73,475 72,014
---------- ---------- ---------- ----------
Operating Income 16,547 15,819 33,436 25,594
Other Income (Expense):
Interest Expense (2,893) (3,089) (5,949) (6,460)
Amortization of Deferred
Financing Costs (277) (281) (557) (563)
Gain on Early Retirement
of Debt - - - 506
Other Income 4 23 88 26
---------- ---------- ---------- ----------
Other Income (Expense),
Net (3,166) (3,347) (6,418) (6,491)
---------- ---------- ---------- ----------
Net Income $13,381 $12,472 $27,018 $19,103
========== ========== ========== ==========
Other Financial and
Operating Data:
Total Skier Visits 1,028,000 1,040,000 1,981,000 1,953,000
Revenue per Skier Visit(a) $49.53 $48.49 $49,59 $49.64
Capital Expenditures for
Property and Equipment $(889) $(888) $(2,514) $(3,227)
Net Cash Provided By (Used
In):
Operating Activities $(1,354) $2,661 $21,802 $17,339
Investing Activities $(1,003) $(1,087) $(3,037) $(3,657)
Financing Activities $(761) $(2,542) $(19,166) $(13,431)
Total EBITDA $20,113 $19,723 $40,605 $33,328
Noncash Cost of Real Estate
Sales $7 $190 $1,597 $190
Total EBITDA (Excluding
Noncash Cost of Real
Estate Sales) $20,120 $19,913 $42,202 $33,518
Resort Operations EBITDA $20,338 $19,839 $34,343 $33,737
Real Estate and Other
EBITDA (Excluding Noncash
Cost of Real Estate Sales) $(218) $74 $7,859 $(219)
As of
-------------------------------------------
April 30, 2004 Oct. 31, 2003 May 2, 2003
---------------- -------------- -----------
Balance Sheet Data:
Working Capital (Deficit),
Including Revolving Credit
Facility Borrowings $(22,683) $(52,233) $(31,137)
Total Assets $149,680 $154,866 $160,981
Long-term Debt $96,037 $98,382 $101,332
Total Debt (b) $104,773 $122,561 $113,492
Shareholder's Equity
(Deficit) $24,220 $(2,798) $21,666
Notes to Consolidated Condensed Financial and Operating Information:
(a) Reflects revenue from resort operations divided by total skier
visits.
(b) Includes revolving credit facility borrowings, current portion of
long-term debt and long-term debt.
Skier Visit Information Total skier visits generated by each of the Company's resorts for the three and six month periods ended April 30, 2004 and May 2, 2003 were as follows:
Three Months Ended
---------------------- Percentage
April 30, May 2, Increase Increase
2004 2003 (Decrease) (Decrease)
--------- ------- ---------- ---------
(In thousands)
Northstar 275 304 (29) (10)%
Sierra 174 190 (16) (8)
Waterville Valley 101 117 (16) (14)
Mt. Cranmore 65 68 (3) (4)
Loon Mountain 186 185 1 1
The Summit 227 176 51 29
---------- ---------- -----------
1,028 1,040 (12) (1)
========== ========== ===========
Six Months Ended
---------------------- Percentage
April 30, May 2, Increase Increase
2004 2003 (Decrease)(Decrease)
-------- ------- ---------- ---------
(In thousands)
Northstar 535 570 (35) (6)%
Sierra 372 353 19 5
Waterville Valley 175 223 (48) (22)
Mt. Cranmore 102 119 (17) (14)
Loon Mountain 322 359 (37) (10)
The Summit 475 329 146 44
----------- ---------- -----------
1,981 1,953 28 1
=========== ========== ===========
Reconciliation of Non-GAAP Financial Measures: 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 (Excluding Noncash Cost of Real Estate Sales)" represents net income (loss) before (i) extraordinary gains and losses, (ii) interest expense and amortization of deferred financing costs, (iii) depreciation and depletion expense, (iv) noncash cost of real estate sales, and (v) other noncash charges Noncash charge A cost, such as depreciation, depletion, and amortization, that does not involve any cash outflow. That is, this is treated as an accounting expense -- not a real expense that demands cash. and credits. "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. In addition, management uses EBITDA measures to assess the Company's operating performance and to make capital investment decisions. 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 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 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 net income from the Company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of operations to the related EBITDA measures for the periods indicated:
Three Months Ended Six Months Ended
--------------------- ------------------
April 30, May 2, April 30, May 2,
2004 2003 2004 2003
----------- --------- --------- --------
(In thousands)
Net Income $13,381 $12,472 $27,018 $19,103
Other Income (4) (23) (88) (26)
Gain on Early Retirement of
Debt - - - (506)
Amortization of Deferred
Financing Costs 277 281 557 563
Interest Expense 2,893 3,089 5,949 6,460
----------- --------- --------- --------
Operating Income 16,547 15,819 33,436 25,594
Depreciation and Depletion 3,566 3,904 7,169 7,734
----------- --------- --------- --------
Total EBITDA 20,113 19,723 40,605 33,328
Noncash Cost of Real Estate
Sales 7 190 1,597 190
----------- --------- --------- --------
Total EBITDA (Excluding
Noncash Cost of Real Estate
Sales) $20,120 $19,913 $42,202 $33,518
=========== ========= ========= ========
Operating Income for Resort
Operations Segment $16,772 $15,935 $27,174 $26,010
Depreciation 3,566 3,904 7,169 7,727
----------- --------- --------- --------
Resort Operations EBITDA $20,338 $19,839 $34,343 $33,737
=========== ========= ========= ========
Operating Income (Loss) for
Real Estate and Other Segment $(225) $(116) $6,262 $(416)
Depletion - - - 7
Noncash Cost of Real Estate
Sales 7 190 1,597 190
----------- --------- --------- --------
Real Estate and Other EBITDA
(Excluding Noncash Cost of
Real Estate Sales) $ (218) $ 74 $7,859 $(219)
=========== ========= ========= ========
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