ME-based American Skiing Co. (ASC) announced a net loss
of $52.5M, or $1.73 per share, for FY'00, compared with a
loss of $32.3M, or $1.07 per share for FY'99, according to
William Spain of CBS MarketWatch.com. The loss per share
for ASC's fourth quarter just ended was $1.01, which was
more than the First Call "consensus" of a loss of $0.71 for
the quarter and $1.24 for the year. ASC, which operates
nine ski resorts, including Killington, Heavenly and
Steamboat, has a total debt of about $400M on its market cap
of $32M, leaving the company "far more vulnerable than its
competitors." ASC's "huge debt has not kept" the company
from some "ambitious expansions" that include continuing
real estate development at The Canyons resort in UT and a
project in South Lake Tahoe (CBS MarketWatch, 10/16). The
AP reports that ASC's fourth quarter net loss was $30.8M.
Revenues for the quarter ended July 30 totaled $51.1M,
compared to $18.1M for the same period last year. Higher
real estate revenue accounted for the "sharp increase." ASC
reported that sales and closings "shortfalls" at The Canyons
Grand Summit Hotel and cost overruns at The Canyons resort
"had a negative impact" on real estate earnings (AP, 10/17).
