Booth Creek Reports First Quarter Financial Results

Booth Creek Ski Holdings, Inc. Reports First-Quarter Financial Results for Fiscal 2002; Booth Creek Enters Into New Senior Credit Facility

VAIL, Colo.–Booth Creek Ski Holdings, Inc. (“Booth Creek” or the “Company”) announced today results for the fiscal quarter ended Feb. 1, 2002.

Total revenues were $60,144,000 for the quarter ended Feb. 1, 2002, compared with $48,963,000 for the quarter ended Jan. 26, 2001. Resort operations revenues were $56,844,000, compared with $48,963,000 in the first quarter of fiscal 2001.

Real estate revenues for the quarter ended Feb. 1, 2002, were $3,300,000, due to the close of escrow on seven lots within the Unit 7 development at Northstar-at-Tahoe. There were no real estate sales in the first quarter of fiscal 2001. In the second quarter of 2002, the Company and its affiliates have continued their sales and marketing efforts for the remaining unsold lots within the Unit 7 single family lot subdivision at Northstar, and market interest has been strong.

Total income from operations before depreciation and amortization expense (“EBITDA”) was $20,982,000 for the first quarter of fiscal 2002, compared with EBITDA of $13,392,000 for the same period last year, an improvement of $7,590,000 or 57 percent. Resort operations contributed EBITDA of $18,544,000 for the 2002 quarter as compared to $13,534,000 for the 2001 quarter, an increase of $5,010,000 or 37 percent. Real estate and other operations generated EBITDA, excluding the noncash cost of real estate sales (as defined below), of $3,103,000 for the 2002 quarter as compared to an EBITDA loss from real estate activities of $142,000 for the 2001 quarter.

Net income for the first quarter of fiscal 2002 was $11,509,000, an improvement of $7,646,000 from the net income of $3,863,000 for the corresponding quarter in fiscal 2001.

The period from Jan. 27 to Feb. 1 of each year is part of the Company’s core earnings season, and the shift in timing of the 2002 and 2001 fiscal quarters had a significant effect on the comparability of operating results for such periods. The Company’s resorts generated approximately 106,000 skier visits and related revenues of approximately $4,800,000 for the period from Jan. 27, 2002, to Feb. 1, 2002. Approximately half of the increase in resort operations EBITDA for the quarter was associated with the shift in timing.

“The operating performance of our resorts was strong,” said Chris Ryman, president and chief operating officer of Booth Creek. “We have demonstrated continued success with our season pass programs, the sales of which have increased significantly over last year.”

Total skier days at the Company’s resorts increased from 1,062,000 visits in the first quarter of 2001 to 1,202,000 visits for the 2002 period, reflecting the additional six days at the end of the fiscal 2002 period, as well as generally improved weather and terrain conditions at the Company’s Lake Tahoe and Washington resorts during the first half of the 2001/02 ski season. The Company’s operations are significantly impacted by weather conditions, and a summary of weather and operating trends for each resort or region through the first half of March 2002 is as follows:

— The Lake Tahoe region received significantly above-average snowfall in the first half of December of 2001, which provided favorable conditions going into the Christmas holiday period and the first half of January. However, during January and

February of this year, total snowfall received at Northstar and Sierra were roughly 20 percent and 30 percent, respectively, of historical averages, which negatively impacted business volumes in late February and early March.

— Southern California’s Big Bear Mountain also enjoyed above-average snowfall and good snowmaking temperatures prior to the Christmas holiday period, providing favorable conditions and positive business activity through the first half of January. During February and early March, below-avverage snowfall and warm temperatures negatively impacted business volumes at Bear Mountain.

— For the 2001/02 season, the Northeast has experienced drought conditions and one of the warmest winters on record. In the prior season, conditions were generally favorable for the Company’s New Hampshire resorts.

— The Company’s Summit resort in Washington has enjoyed plentiful snowfall during the 2001/02 season, which has positively impacted business, compared to significantly below-average snowfall at the Summit during the 2000/01 season.

Effective March 15, 2002, the Company and its subsidiaries entered into an Amended and Restated Credit Agreement (the “Senior Credit Facility”) with certain financial institutions. The Senior Credit Facility provides a revolving credit facility (the “Revolving Facility”) with borrowing availability of up to $25,000,000, and a term loan facility (the “Term Facility”) with borrowing availability of up to $25,000,000. Borrowings under the Revolving Facility may be used for working capital and other general corporate purposes. Borrowings under the Term Facility may be used to repurchase the Company’s 12.5 percent senior notes due 2007 (the “Notes”) and for other specified purposes. As of March 18, 2002, the Company had repurchased approximately $16,500,000 aggregate principal amount of the Notes in privately negotiated transactions through borrowings under the Term Facility.

Booth Creek consists of seven resorts across the United States, 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, Wash. Booth Creek is the fourth-largest ski resort operator in the country (