Booth Creek Ski Holdings announced results for the fiscal quarter ended Jan. 30, 2004. Resort operations revenues were $47.3 million for the fiscal quarter ended Jan. 30, 2004, an increase of $800,000, or 2%, from 2003 revenues. Total skier visits increased 4.4% from 913,000 visits for the 2003 period to 953,000 visits for the 2004 period, due to the combined effect of the following:

    --  Total skier visits for the Company's Lake Tahoe resorts
        (Northstar and Sierra) for the fiscal quarter ended Jan. 30,
        2004 increased by 29,000 visits, or 7 percent, from the 2003
        period, primarily as a result of an earlier opening at Sierra
        as compared to the prior season.

    --  For the first half of the 2003/04 ski season, the northeastern
        United States experienced relatively inconsistent weather
        patterns, including, at varying times, major snowstorms, warm
        temperatures, periods of heavy rainfall, and, for most of
        January 2004, extended periods of bitterly cold temperatures.
        Due to the weather volatility, skier volumes at the Company's
        New Hampshire resorts for the fiscal quarter ended Jan. 30,
        2004 declined by 84,000 visits, or 25 percent, from the level
        of skier visitation during the comparable period of the
        2002/03 season.

    --  As compared to the difficult 2002/03 season, the Pacific
        Northwest experienced a return to more normal weather patterns
        for the first half of the 2003/04 ski season, resulting in a
        significant rebound in skier visitation at the Company's
        Summit resort in Washington. For the 2003/04 season, the
        Summit opened slightly ahead of schedule on Nov. 29, 2003 as
        compared to an opening date of Dec. 27, 2002 for the 2002/03
        season. As a result of the earlier opening for the 2003/04
        season and substantially improved conditions, skier visits for
        the Summit for the fiscal quarter ended Jan. 30, 2004
        increased by 95,000 visits, or 62 percent, from the
        corresponding period in the prior year.

For the fiscal quarter ended Jan. 30, 2004, recognized season pass
revenues, which rose 4 percent to $9,963,000 for the 2004 period, as
well as increased snow school, equipment rental, retail and food and
beverage sales, offset the impact of reduced lift ticket sales due to
changes in the mix of skier visits at certain of the Company's
resorts. Sales of season pass products, which are expected to increase
by approximately 11 percent in total for the 2003/04 season as
compared to the $19,772,000 in season passes sold for the 2002/03
season, are recognized ratably over the expected ski season. The
difference between the level of increase in recognized season pass
revenues between the first fiscal quarters of 2004 and 2003 and the
expected increase in total season pass products between the 2003/04
and 2002/03 seasons is primarily due to later scheduled openings for
the 2003/04 season.

Cost of sales and selling, general and administrative expense
applicable to the resort segment totaled $33,310,000 for the fiscal
quarter ended Jan. 30, 2004, an increase of $693,000, or 2 percent,
from the 2003 period.

Operating income for the resort segment for the fiscal quarter
ended Jan. 30, 2004 was $10,402,000 compared to operating income of
$10,075,000 for the corresponding period in 2003. Resort operations
contributed EBITDA of $14,005,000 for the fiscal
quarter ended Jan. 30, 2004, compared with resort operations EBITDA of
$13,898,000 for the corresponding period in 2003.

Revenues from real estate operations for the fiscal quarter ended
Jan. 30, 2004 were $8,498,000, which was due to (i) the close of
escrow on the final three lots within the Unit 7A subdivision at
Northstar for an aggregate sales price of $2,798,000, (ii) the
transfer and sale of certain development real estate at Northstar,
which contributed revenues of $5,610,000 and (iii) the sale of a
single family lot at Loon Mountain for $90,000. There were no real
estate sales during the 2003 period. Timber operations at Northstar
contributed revenues of $16,000 for the 2003 period.

Cost of sales, depletion and selling, general and administrative
expense for the real estate and other segment totaled $2,011,000 for
the fiscal quarter ended Jan. 30, 2004, as compared to $316,000 for
the 2003 period. The results for the 2004 period included noncash cost
of real estate sales (as defined below) of $1,590,000 related to the
real estate sales described above.

Operating income for the real estate and other segment was
$6,487,000 for the 2004 period, as compared to an operating loss of
$300,000 in the 2003 period. Real estate and other operations
generated EBITDA of $8,077,000 for the fiscal quarter ended Jan. 30,
2004, compared with an EBITDA loss from real estate and other
operations of $293,000 in the 2003 period.

Interest expense was $3,056,000 for the fiscal quarter ended Jan.
30, 2004, as compared to $3,371,000 for the 2003 period, a reduction
of $315,000, or 9 percent. The decline in interest expense for the
2004 period was primarily due to reduced borrowings and lower average
interest rates.

The Company's net income totaled $13,637,000 for the fiscal
quarter ended Jan. 30, 2004, an increase of $7,006,000 from the
Company's net income in the corresponding period of 2003, primarily as
a result of the factors discussed above.

Total EBITDA was $22,082,000 for the fiscal quarter ended Jan. 30,
2004, as compared to total EBITDA of $13,605,000 for the 2003 period.

Booth Creek Ski Holdings, Inc.
Consolidated Condensed Financial and Operating
 Information
(Dollars in thousands, except revenue per
 skier visit)
(Unaudited)
                                                 Three Months Ended
                                              ------------------------
                                               Jan. 30,     Jan. 31,
                                                  2004         2003
                                              -----------  -----------
Statement of Operations Data:
Revenue:
 Resort Operations                               $47,315      $46,515
 Real Estate and Other                             8,498           16
                                              -----------  -----------
Total Revenue                                     55,813       46,531
Operating Expenses:
 Cost of Sales - Resort Operations                26,273       26,096
 Cost of Sales - Real Estate and Other             1,791           21
 Depreciation and Depletion                        3,603        3,830
 Selling, General and Administrative Expense       7,257        6,809
                                              -----------  -----------
Total Operating Expenses                          38,924       36,756
                                              -----------  -----------
Operating Income                                  16,889        9,775
Other Income (Expense):
 Interest Expense                                 (3,056)      (3,371)
 Amortization of Deferred Financing Costs           (280)        (282)
 Gain on Early Retirement of Debt                      -          506
 Other Income                                         84            3
                                              -----------  -----------
Other Income (Expense), Net                       (3,252)      (3,144)
                                              -----------  -----------
Net Income                                       $13,637       $6,631
                                              ===========  ===========

Other Financial and Operating Data:
Total Skier Visits                               953,000      913,000
Revenue per Skier Visit (a)                       $49.65       $50.95
Capital Expenditures for Property and
 Equipment                                       $(1,625)     $(2,339)
Net Cash Provided By (Used In):
 Operating Activities                            $23,156      $14,678
 Investing Activities                            $(2,034)     $(2,570)
 Financing Activities                           $(18,405)    $(10,889)
Total EBITDA                                     $20,492      $13,605
Noncash Cost of Real Estate Sales                 $1,590           $-
Total EBITDA (Excluding Noncash Cost of Real
 Estate Sales)                                   $22,082      $13,605
Resort Operations EBITDA                         $14,005      $13,898
Real Estate and Other EBITDA (Excluding
 Noncash Cost of Real Estate Sales)               $8,077        $(293)
                                                  As of
                                   -----------------------------------
                                    Jan. 30,    Oct. 31,    Jan. 31,
                                       2004        2003        2003
                                   ----------- ----------- -----------
Balance Sheet Data:
Working Capital (Deficit),
 Including Revolving Credit
 Facility Borrowings                 $(36,024)   $(52,233)   $(45,159)
Total Assets                         $158,966    $154,866    $169,586
Long-term Debt                        $98,731     $98,382    $103,066
Total Debt (b)                       $105,372    $122,561    $116,030
Shareholder's Equity (Deficit)        $10,839     $(2,798)     $9,194

Notes to Consolidated Condensed Financial and Operating
Information:

    (a) Reflects revenue from resort operations divided by total skier
        visits.

    (b) Includes revolving credit facility borrowings, current portion
        of long-term debt and long-term debt.

    Skier Visit Information:

Total skier visits generated by each of the Company's resorts for
the three months ended Jan. 30, 2004 and Jan. 31, 2003 were as
follows:

                        Three Months Ended
----------------------------- Percentage
Jan. 30, Jan. 31, Increase Increase
2004 2003 (Decrease) (Decrease)
-------- ----------- ---------- ----------
(In thousands)
Northstar 260 266 (6) (2)%
Sierra 198 163 35 21
Waterville Valley 74 106 (32) (30)
Mt. Cranmore 37 51 (14) (27)
Loon Mountain 136 174 (38) (22)
The Summit 248 153 95 62
----- ------ -----
953 913 40 4
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