Fiscal 2004 First Quarter Results
On a GAAP basis, net loss available to common shareholders for the first
quarter of fiscal 2005 was $37.7 million, or $1.19 per basic and diluted
common share, compared with a net loss available to common shareholders of
$41.3 million, or $1.30 per basic and diluted common share for the first
quarter of fiscal 2004. Total consolidated revenue was $19.5 million for the
first quarter of fiscal 2005, compared with $18.5 million for the first
quarter of fiscal 2004. Revenue from resort operations was $17.8 million for
the quarter compared with $16.1 million for the first quarter of fiscal 2004.
The increase in resort revenues reflects the improvement in conference
business and increased lodging revenues at Steamboat and The Canyons. Revenue
from real estate operations was $1.7 million for the quarter versus $2.3
million for the comparable period in fiscal 2004. The decrease in real estate
revenue resulted from a reduction of inventory at The Canyons and reduced
sales at Steamboat versus the comparable period in fiscal 2004.
The loss from resort operations was $37.1 million for the first fiscal
quarter of 2005 versus a loss of $35.9 million for the first quarter of fiscal
2004. The wider loss was associated with a $1.5 million increase in resort
interest expense, $1.1 million in increased expenses associated with increased
lodging volume, and a $0.5 million increase in marketing, general and
administrative expenses associated with the All-East pass, offset by increases
in resort revenues mentioned earlier and a $0.1 million reduction in
restructuring charges. The loss from real estate operations was $0.6 million
for the first fiscal quarter of 2005, compared with a loss of $5.4 million for
the first quarter of fiscal 2004. The decrease in the loss was largely a
result of the restructuring of the real estate credit facility in May 2004.

About American Skiing Company
Headquartered in Park City, Utah, American Skiing Company is one of the
largest operators of alpine ski, snowboard and golf resorts in the United
States. Its resorts include Killington and Mount Snow in Vermont; Sunday
River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire;
Steamboat in Colorado; and The Canyons in Utah. More information is available
on the Company's Web site, http://www.peaks.com.
Certain statements contained in this press release constitute forward-
looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended (the Securities Act), and Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act). These forward-looking
statements are not based on historical facts, but rather reflect our current
expectations concerning future results and events. Similarly, statements that
describe our objectives, plans or goals are or may be forward-looking
statements. We have tried, wherever possible, to identify such statements by
using words such as "anticipate", "assume", "believe", "expect", "intend",
"plan", and words and terms of similar substance in connection with any
discussion of operating or financial performance. Such forward-looking
statements involve a number of risks and uncertainties. In addition to
factors discussed above, other factors that could cause actual results,
performances or achievements to differ materially from those projected
include, but are not limited to, the following: changes in regional and
national business and economic conditions affecting both our resort operating
and real estate segments; competition and pricing pressures; negative impact
on demand for our products resulting from terrorism and availability of air
travel (including the effect of airline bankruptcies); failure to maintain
improvements to resort operating performance at the covenant levels required
by our new resort senior credit facility; the possibility of domestic
terrorist activities and their respective effects on the ski, golf, resort,
leisure and travel industries; failure of on-mountain improvements and other
capital expenditures to generate incremental revenue; adverse weather
conditions regionally and nationally; changes in weather patterns resulting
from global warming; seasonal business activity; increased gas and energy
prices; changes to federal, state and local regulations affecting both our
resort operating and real estate segments; failure to renew land leases and
forest service permits; disruptions in water supply that would impact
snowmaking operations; the loss of any of our executive officers or key
operating personnel; and other factors listed from time to time in our
documents we have filed with the Securities and Exchange Commission. We
caution the reader that this list is not exhaustive. We operate in a changing
business environment and new risks arise from time to time. The forward-
looking statements included in this press release are made only as of the date
of this document and under Section 27A of the Securities Act and Section 21E
of the Exchange Act, we do not have or undertake any obligation to publicly
update any forward-looking statements to reflect subsequent events or
circumstances.

American Skiing Company and Subsidiaries
Unaudited Condensed Consolidated Financial Statement Information
(in thousands except per share amounts)

Quarter Ended

October 24, 2004 October 26, 2003
Net revenues:
Resort $17,820 $16,128
Real estate 1,726 2,345
Total net revenues 19,546 18,473

Operating expenses:
Resort 23,609 22,525
Real estate 1,108 1,658
Marketing, general and
administrative 10,817 10,280
Restructuring and asset
impairment - 137
Depreciation and amortization 2,279 2,303
Total operating expenses 37,813 36,903

Loss from operations (18,267) (18,430)

Interest expense, net 19,453 22,828

Net loss available to common
shareholders $(37,720) $(41,258)

Basic and diluted net loss per
common share:
Net loss available to common
shareholders $(1.19) $(1.30)
Weighted average common shares
outstanding - basic and diluted 31,738 31,738

For more information, please refer to the Company's Form 10-Q, filed on
December 8, 2004, with the Securities and Exchange Commission.

American Skiing Company and Subsidiaries
Unaudited Segment Information
(in thousands of dollars)

Quarter Ended

October 24, 2004 October 26, 2003

Loss from resort operations $(37,122) $(35,872)
Loss from real estate operations (598) (5,386)
Net Loss $(37,720) $(41,258)

For more information, please refer to the Company's Form 10-Q, filed on
December 8, 2004, with the Securities and Exchange Commission.

American Skiing Company and Subsidiaries
Unaudited Balance Sheet Data - October 24, 2004
(in thousands of dollars)

Real estate developed for sale $24,767
Total assets $440,613

Total resort debt (1) $591,969
Total real estate debt 28,465
Total debt (1) 620,434