American Skiing Company reported strong results in its Christmas/New Years and Presidents' Day holiday periods, and slightly lower skier visits than in the prior fiscal year in the East in January. However, at Steamboat and The Canyons in the West, the company recorded a 12% increase in skier visits for the winter operating season to date.
Year-to-date, total skier visits at ASC's eastern resorts decreased by approximately 3% compared to last year. This decrease was primarily due to weather difficulties in January, but partially offset by year over year increases in business volumes in the Christmas/New Years holiday period. Total skier visits at the company's western resorts increased by 12% due to “generally positive operating conditions.”
Total consolidated revenue was $112.5 million for the second quarter of fiscal 2006, compared with $106.1 million for the second quarter of fiscal 2005. Revenue from resort operations was $109.9 million for the second quarter of fiscal 2006 compared with $103.4 million for the second quarter of fiscal 2005, a 6.3% increase.
In spite of the increases in the top line and stronger skier visits in the west, AESK was not able to post a profit for the quarter, but it was able to cut its net loss considerably.
The loss from resort operations was $9.6 million for the second fiscal quarter of 2006 versus a loss of $21.4 million for the second quarter of fiscal 2005. Net loss attributable to common shareholders for the second quarter of fiscal 2006 was $11.3 million, or 36 cents per diluted share, compared with a net loss attributable to common shareholders of $22.1 million, or 70 cents per diluted common share for the second quarter of fiscal 2005.
