American Skiing Company (NYSE: SKI) announced financial results for the three months and nine months ended April 30, 2000. Net income available to common shareholders was $21.5 million, or $0.42 per diluted share, for the third quarter of fiscal 2000, compared with $21.2 million, or $0.68 per diluted share, for the third quarter of fiscal 1999.(a)

Total revenues for the third quarter of fiscal 2000 were $223.1 million compared with $164.6 million for the corresponding period in fiscal 1999. Resort revenue for the third quarter of fiscal 2000 was $149.9 million, compared with $154.3 million for the corresponding period in fiscal 1999. Real estate revenue was $73.2 million for the third quarter of fiscal 2000 versus $10.3 million for the corresponding period in fiscal 1999.

Total earnings from operations before interest, income taxes, depreciation and amortization (“EBITDA”) were $71.7 million for the third quarter of fiscal 2000 compared with EBITDA of $67.0 million for the third quarter of fiscal 1999. Resort EBITDA for the third quarter of fiscal 2000 was $62.0 million versus $65.2 million for the third quarter of fiscal 1999, and real estate EBITDA was $9.7 million for the third quarter of fiscal 2000 versus $1.8 million for the corresponding period in fiscal 1999.

For the nine-month period ended April 30, 2000, the net loss available to common shareholders was $21.6 million, or a loss of $0.71 per diluted share compared with a net loss of $9.8 million, or a loss of $0.32 per diluted share for the corresponding period of fiscal 1999.

Total revenues for the nine months ended April 30, 2000 were $373.1 million versus total revenue of $298.9 million for the corresponding period in fiscal 1999. Resort revenue was $275.2 million for the nine-month period ended April 30, 2000, compared with resort revenue of $277.8 million for the nine-month period of the previous fiscal year. Real estate revenue was $97.8 million for the nine-month period ended April 30, 2000, compared with $21.1 million in the corresponding period of fiscal 1999.

Total EBITDA for the nine-month period ended April 30, 2000 was $66.4 million versus $63.3 million in the corresponding period of fiscal 1999. Resort EBITDA for the nine-month period ended April 30, 2000 was $57.7 million compared to $62.7 million for the corresponding period in fiscal 1999. Real estate EBITDA for the nine-month period ended April 30, 2000 was $8.6 million versus $0.6 million for the comparable period in fiscal 1999. Total skier visits for the ski season through May 29, 2000 were 5,006,431 visits versus 5,089,876 visits for the previous year.

“As we indicated in our release dated May 15, 2000, an early end to the ski season for most of our eastern resorts created a challenge during the third quarter,” said Leslie B. Otten, American Skiing’s chairman and chief executive officer. “Although unseasonably warm weather in late March and early April closed many of our ski resorts one or two weeks earlier than normal, we have made substantial progress in executing our growth strategy with the opening of two new real estate projects at the Canyons and the anticipated opening of the Steamboat Grand this summer. The Sundial Lodge and Grand Summit Hotels are expected to produce substantial benefits for the Canyons resort in the years to come. We continue to be encouraged by the strong performance of our western resorts. This season Heavenly extended its reach as the market leader in Lake Tahoe and Steamboat displayed strong growth in visitation as well as per capita spending despite a down year for the Colorado market as a whole.

“Although unseasonable weather prevented the 1999/2000 ski season from meeting our expectations, our financial results this quarter demonstrate that American Skiing is on a solid foundation,” said Otten. “We have made substantial progress in improving operations across all of our resort properties, and our strategic investments in real esttate are just beginning to generate what we believe will be strong future returns.”

“Looking ahead, we remain confident about the prospects for our business, both in real estate and resorts. The addition of B.J. Fair as Chief Operating Officer and Hernan Martinez as Chief Operating Officer of Real Estate will significantly strengthen our management team. Our capital projects, including a new 8-passenger gondola at Heavenly, a major new snow making water project at Killington and a 300 acre terrain expansion at the Canyons, are well underway and are generating market excitement. For the fourth quarter our focus is on reducing our off-season losses and recognizing the significant real estate revenue potential of our development projects at The Canyons,” Otten concluded.

As of April 30, 2000 the Company had drawn approximately $12 million under its $100 million senior revolving credit facility.