NEWRY, Maine — American Skiing Company (NYSE: SKI) announced improved results from its resort operations for its third fiscal quarter ended April 29, 2001. The Company generated record resort revenues and solid year-over-year increases in skier visits primarily as a result of substantial skier visit growth at its eastern resorts and The Canyons in Park City, Utah.

“Excluding non-recurring charges, the Company’s resort operations showed significant improvement over the prior year,” said American Skiing Company chief financial officer Mark Miller. “Skier visits for the 2000-2001 ski season increased 10 percent at our eastern resorts and 5 percent overall. The Company also generated significantly higher revenue per skier visit, due largely to the additional bed base at The Canyons and Steamboat, higher lift ticket yields and improved retail and food and beverage operations throughout our resort network.”

The net income available to common shareholders for the third quarter of fiscal 2001 was $7.2 million, or $0.19 per diluted share, compared with net income of $21.5 million, or $0.42 per diluted share for the third fiscal quarter of 2000. Excluding non-recurring charges and a change to the Company’s income tax adjustments, net income available to common shareholders would have been $14.5 million, or $0.30 per diluted share.

During the third quarter of fiscal 2001, the Company recognized charges of $3.6 million related to its withdrawn merger plan with MeriStar Hotels & Resorts, $2.1 million in corporate restructuring charges and a $0.8 million loss on sale related to the sale of its interest in the Heavenly Grand Summit Hotel development subsidiary in South Lake Tahoe, California. In addition, in light of the restructuring program announced May 30th, the Company has re- evaluated its income tax position and determined that it will reverse the income tax benefits of $13.7 million recognized in the first and second quarters of fiscal 2001 and does not expect to recognize any income tax expense or benefit in the foreseeable future.

Total revenues were $179.6 million for the third quarter of fiscal 2001, compared with $223.1 million for the previous year’s third quarter. Resort revenue was $164.2 million for the quarter, compared with $149.9 million in the third quarter of fiscal 2000. As expected, real estate revenues declined from the prior year during which the Company began recognizing revenues on the Sundial Lodge and Grand Summit Hotel at The Canyons Resort in Park City, Utah. Real estate revenues were $15.4 million, versus $73.2 million for the same period in fiscal 2000.

The Company’s total earnings from operations before interest, income taxes, depreciation, and amortization (“EBITDA”), was $57.8 million in the third fiscal quarter of fiscal 2001, compared with $71.7 million in the same period in fiscal 2000. After adjusting for non-recurring charges, resort EBITDA increased $2.0 million over the comparable period in fiscal 2000 to $64.6 million. Excluding the loss on the sale of the Heavenly Grand Summit, real estate EBITDA was a loss of $0.3 million compared with a gain of $9.7million for the third quarter of 2000. The Company will receive a contingent sales fee as part of the sale of its interest in the Heavenly Grand Summit Hotel development subsidiary. The Company has not recognized the value of the contingent fee in calculating its loss on the sale.

The net loss available to common shareholders for the nine months ended April 29, 2001 was $27.3 million, or $0.90 per basic and diluted share, compared with a net loss of $21.6 million, or $0.71 per basic and diluted share, in the corresponding period of fiscal 2000. The net loss for the first nine months of 2001 included a $2.5 million benefit, net of taxes, from the cumulative effect of a change in accounting principle related to marking interest rate derivatives to their current market value as required by Statement of Financial Accouing Standards No. 133. Excluding this benefit, the aforementioned charges, $0.8 million of hotel start-up charges in the first quarter, and the income tax adjustment, the net loss available to common shareholders would have been $20.5 million, or $0.67 per basic and diluted share. By comparison, the net loss in the first nine months of fiscal 2000 included an extraordinary loss from restructuring the Company’s senior credit facility, the cumulative effect of a change in accounting principle, the write-off of certain deferred tax assets, an after-tax gain related to the sale of certain non-strategic assets and hotel start-up costs. The fiscal 2000 net loss available to common shareholders excluding these non-recurring items was $17.2 million, or $0.57 per basic and diluted share.

Total revenues were $384.0 million for the first nine months of fiscal 2001, compared with $373.1 million for the first nine months of fiscal 2000. Resort revenue was $310.6 million compared with $275.2 million in fiscal 2000. Real estate revenue was $73.3 million, versus $97.8 million for the same period last year.

Total EBITDA for the first nine months of fiscal 2001 was $69.4 million versus $66.4 million in the comparable period in fiscal 2000. Resort EBITDA was $62.4 million compared to $57.7 million last year. After adjusting for non-recurring charges, resort EBITDA was $69.0 million compared to $57.9 million during the same period in fiscal 2000 representing an increase of 19%. Real estate EBITDA was $7.0 million compared to $8.6 million in fiscal 2000. After adjusting for the loss on the Heavenly Grand Summit sale, real estate EBITDA was $7.9 million for the first nine months of fiscal 2001.

“As we announced on May 30th, we are pursuing a comprehensive restructuring plan designed to improve our capital structure and enhance future operating performance,” said American Skiing Company president and CEO B.J. Fair. “Substantial progress has been made on negotiating amendments to our key debt facilities and securing an additional capital infusion. However, those negotiations are not yet complete. As a result, the Company has entered into a waiver extension with its senior resort lenders to provide the Company with sufficient time to complete negotiations and documentation.”

Because negotiations with its senior resort lenders have not been completed, the Company filed its Form 10Q with a reclassification of the long- term portion of its senior credit facility to current liabilities. Upon completion of the amendment process, which is expected in the near future, the Company will file restated financials that once again reclassify the above debt to long-term. No assurance can be given at this time that these negotiations will be successfully concluded. The inability to successfully renegotiate the senior credit facility’s terms would likely have a material adverse effect on the Company. The Company’s management encourages interested parties to review its recently filed Form 10Q for a more complete discussion of these matters.

“Our management team is squarely focused on reducing debt, improving our financial flexibility and simultaneously creating efficiencies at every level of the organization,” concluded Fair.

The Company’s third quarters of fiscal 2001 and fiscal 2000 were comprised of 13 weeks. Results for the first nine months of fiscal 2001 were based on 39 weeks compared to 40 weeks during fiscal 2000.

FISCAL 2001 BUSINESS OUTLOOK

The Company provided guidance on full year results, exclusive of non- recurring charges, on May 30, 2001 and believes that guidance is still valid. These statements are forward-looking and actual results may differ materially. These statements do not include the potential impact of any mergers, acquisitions, business combinations, divestitures, asset sales, recapitalizations or any other significant business transactions that may be completed after June 13, 2001.

About American Skiing Company

Headquartered in Newry, Maine, American Skiing Company is the largest operator of alpine ski, snowboard and golf resorts in the United States. Its resorts include Steamboat in Colorado; Killington, Mount Snow and Sugarbush in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah; and Heavenly in California/Nevada. More information is available on the company’s Web site, www.peaks.com.

Booth Creek Ski Holdings, Inc. Reports Fiscal 2001 Second-Quarter Results

VAIL, Colo.Booth Creek Ski Holdings, Inc.:

– Booth Creek Posts Record Skier Visit and EBITDA Levels for the

2000/01 Ski Season

– Skier Visits at Booth Creek Resorts Up 16%

Booth Creek Ski Holdings, Inc. announced results for the second fiscal quarter ended April 27, 2001.

Total revenues were $63.6 million for the second quarter of fiscal 2001, compared with $65.4 million in the corresponding period of fiscal 2000. Excluding the effect on the 2000 period of the Grand Targhee resort, which was divested on June 20, 2000, total revenues for the 2001 period increased by $2.2 million, or 4 percent, and total skier visits increased by 84,000 visits, or 6 percent, over the 2000 period.

Total revenues for the second quarter of fiscal 2001 reflect $800,000 in estimated claims revenues under paid skier visit insurance arrangements for the 2000/01 ski season, compared to $1.6 million in claims revenues recognized in the 2000 period.

Total income from operations before depreciation, amortization and the non-cash cost of real estate sales (EBITDA) were $28.3 million for the second quarter of fiscal 2001, compared with $29.0 million for the 2000 period, a decrease of $703,000, or 2 percent. Resort operations contributed EBITDA of $28.5 million for the 2001 period, as compared to $29.0 million for the 2000 period, a decrease of $447,000, or 2%. Excluding the effect on the 2000 period of the Grand Targhee resort, resort operations EBITDA for the 2001 period increased by $1.2 million, or 4%, over the 2000 period. Real estate and other operations incurred an EBITDA loss of $256,000 for the 2001 period. There were no real estate and other activities during the 2000 period.

Net income for the second quarter of fiscal 2001 was $18.6 million, compared with net income of $18.5 million for the corresponding period of fiscal 2000.

For the six months ended April 27, 2001, Booth Creek generated total revenues of $112.5 million, compared with $110.1 million in fiscal 2000. Resort operations revenue was $112.5 million for the six months ended April 27, 2001, versus $109.3 million in the 2000 period. Real estate revenue for the six months ended April 28, 2000, was $845,000. There were no real estate sales during the 2001 period.

Booth Creek’s resorts generated 2,500,000 total skier visits for the 2000/01 ski season, which represents a record level of skier visits for the Company. Excluding skier visits associated with the Grand Targhee resort during the 2000 period, total skier visits for the 2000/01 season increased by 350,000 visits, or 16 percent, over the total skier visits generated for the 1999/00 ski season. The increase in skier visits was primarily due to the generally improved snow conditions at most of Booth Creek’s resorts during the 2000/01 ski season, as well as increased season pass visits due to a greater number of passes sold and higher estimated pass visits per passholder.

Booth Creek’s total revenues for the six months ended April 28, 2000, included $6.6 million in estimated claims revenues from paid skier visit insurance policies in place for the 1999/00 ski season. Total revenues for the six months ended April 27, 2001, reflect $1,500,000 in estimated claims revenues under paid skier visit insurance arrangements for the 2000/01 ski season, and $254,000 recognized during the period upon the final resolution of the 1999/00 paid skier visit policy claims.

Total EBITDA ng Company

Headquartered in Newry, Maine, American Skiing Company is the largest operator of alpine ski, snowboard and golf resorts in the United States. Its resorts include Steamboat in Colorado; Killington, Mount Snow and Sugarbush in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah; and Heavenly in California/Nevada. More information is available on the company’s Web site, www.peaks.com.

Booth Creek Ski Holdings, Inc. Reports Fiscal 2001 Second-Quarter Results

VAIL, Colo.Booth Creek Ski Holdings, Inc.:

– Booth Creek Posts Record Skier Visit and EBITDA Levels for the

2000/01 Ski Season

– Skier Visits at Booth Creek Resorts Up 16%

Booth Creek Ski Holdings, Inc. announced results for the second fiscal quarter ended April 27, 2001.

Total revenues were $63.6 million for the second quarter of fiscal 2001, compared with $65.4 million in the corresponding period of fiscal 2000. Excluding the effect on the 2000 period of the Grand Targhee resort, which was divested on June 20, 2000, total revenues for the 2001 period increased by $2.2 million, or 4 percent, and total skier visits increased by 84,000 visits, or 6 percent, over the 2000 period.

Total revenues for the second quarter of fiscal 2001 reflect $800,000 in estimated claims revenues under paid skier visit insurance arrangements for the 2000/01 ski season, compared to $1.6 million in claims revenues recognized in the 2000 period.

Total income from operations before depreciation, amortization and the non-cash cost of real estate sales (EBITDA) were $28.3 million for the second quarter of fiscal 2001, compared with $29.0 million for the 2000 period, a decrease of $703,000, or 2 percent. Resort operations contributed EBITDA of $28.5 million for the 2001 period, as compared to $29.0 million for the 2000 period, a decrease of $447,000, or 2%. Excluding the effect on the 2000 period of the Grand Targhee resort, resort operations EBITDA for the 2001 period increased by $1.2 million, or 4%, over the 2000 period. Real estate and other operations incurred an EBITDA loss of $256,000 for the 2001 period. There were no real estate and other activities during the 2000 period.

Net income for the second quarter of fiscal 2001 was $18.6 million, compared with net income of $18.5 million for the corresponding period of fiscal 2000.

For the six months ended April 27, 2001, Booth Creek generated total revenues of $112.5 million, compared with $110.1 million in fiscal 2000. Resort operations revenue was $112.5 million for the six months ended April 27, 2001, versus $109.3 million in the 2000 period. Real estate revenue for the six months ended April 28, 2000, was $845,000. There were no real estate sales during the 2001 period.

Booth Creek’s resorts generated 2,500,000 total skier visits for the 2000/01 ski season, which represents a record level of skier visits for the Company. Excluding skier visits associated with the Grand Targhee resort during the 2000 period, total skier visits for the 2000/01 season increased by 350,000 visits, or 16 percent, over the total skier visits generated for the 1999/00 ski season. The increase in skier visits was primarily due to the generally improved snow conditions at most of Booth Creek’s resorts during the 2000/01 ski season, as well as increased season pass visits due to a greater number of passes sold and higher estimated pass visits per passholder.

Booth Creek’s total revenues for the six months ended April 28, 2000, included $6.6 million in estimated claims revenues from paid skier visit insurance policies in place for the 1999/00 ski season. Total revenues for the six months ended April 27, 2001, reflect $1,500,000 in estimated claims revenues under paid skier visit insurance arrangements for the 2000/01 ski season, and $254,000 recognized during the period upon the final resolution of the 1999/00 paid skier visit policy claims.

Total EBITDA for the six months ended April 27, 2001, was $41.7 million, compared with $40.9 million for the 2000 period, an increase of $772,000, or 2 percent. Resort operations contributed record EBITDA of $42.1 million for the 2001 period, as compared to $40.1 million for the 2000 period, an increase of $2.0 million, or 5%. Excluding the effect on the 2000 period of the Grand Targhee resort, resort operations EBITDA for the 2001 period increased by $4.5 million, or 12%, over the 2000 period. Real estate and other operations incurred an EBITDA loss of $398,000 for the 2001 period as compared to EBITDA generated from real estate activities of $843,000 for the 2000 period.

“We are extremely pleased with the operating performance of our resorts,” said Chris Ryman, president and chief operating officer of Booth Creek Ski Holdings, Inc. “The record skier visit levels and EBITDA performance achieved by the Company for the 2000/01 season are a gratifying testimony to both our business strategies and the diligent efforts of our resort management teams.”

Net income for six months ended April 27, 2001, was $22.5 million, compared with net income of $19.5 million for the corresponding period of fiscal 2000.

Booth Creek consists of seven resorts across North America, including Northstar-at-Tahoe, Sierra-at-Tahoe and Big Bear Mountain in California; Waterville Valley, Mt. Cranmore Mountain Resort and Loon Mountain in New Hampshire; and the Summit at Snoqualmie near Seattle, Washington. Booth Creek is the fourth-largest ski resort operator in the country (www.boothcreek.com).

Vail Resorts Announces Fiscal 2001 Third Quarter and Nine Month Results

VAIL, Colo., — Vail Resorts, Inc. (NYSE: MTN) announced financial results for the third fiscal quarter and nine months ended April 30, 2001. For clarity of analysis, the year-over-year information in the following text highlights performance excluding the impact of Reduced Skier Day Insurance in fiscal 2000, and the impact of one-time non-recurring taxes owed for prior years charged in the second quarter of fiscal 2001.

THIRD QUARTER, FISCAL 2001

Resort revenue (which excludes revenue from real estate and technology operations) for the quarter ended April 30, 2001 was $219.0 million, a 1.6% increase from $215.7 million in the comparable period last year (excluding $7.4 million of Reduced Skier Day Insurance revenue booked in the third quarter of fiscal 2000).

Total revenue for the quarter (which includes revenue from real estate and technology operations) decreased 6.7% from $242.4 million in fiscal 2000 (again excluding $7.4 million of Reduced Skier Day Insurance revenue in fiscal 2000) to $226.1 million this year.

Earnings from resort operations before interest, income taxes, depreciation and amortization (“Resort EBITDA”) for the third fiscal quarter was $97.2 million, a 5.6% increase from $92.0 million for the same period last year (excluding $6.2 million of net proceeds from Reduced Skier Day Insurance in fiscal 2000).

Real estate revenue for the third quarter of fiscal 2001 was $6.4 million compared to $26.0 million during the same period of the prior year, a sizeable decrease which was fully anticipated. Real estate operating income for the quarter showed a loss of $0.8 million, compared to operating income of $2.8 million in fiscal 2000, which was also fully anticipated.

As previously announced, Technology is being reported for the first time as a separate reportable business segment this quarter. Technology revenue for the third quarter was $0.7 million and Technology operating income for the quarter was a loss of $0.5 million. The Technology business segment is engaged in the development and sale of technology-based products and services to third parties, and includes the RTP joint venture and the Datalex joint venture.

Net income for the quarter was $40.8 million, or $1.16 per diluted share, compared to $39.4 million, or $1.13 per diluted share, for the same quart