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ASC sad these days - Page 2

post #31 of 39
Originally Posted by iskitoofast4u
Nah, the attitude is still there, at least as far as the mountain itself goes...what's missing is cash! Take a look at ASC's stock info from today:

Price: $0.38
Change: Up $0.03
Volume: 2,000
Trades: 2
52 Wk Low: $0.22
52 Wk High: $0.74

I'm a huge geek and have no problem admitting it. I printed the 2004 Annual Report and began to skim it, but I was only able to look at the thing for a few minutes before I felt like throwing up. This is a company that is in it pretty deep...

Our resort segment produced an $66.6 million operating loss in fiscal 2004, compared to a $23.3 million operating loss in fiscal 2003

As is often true when dealing with a financial basketcase like ASC, the details are more horrifying than that statement would lead one to believe. From the website FAQ:

Does American Skiing Company have a mailing list for financial information?

In an effort to control costs, American Skiing Company does not mail quarterly reports to shareholders. For your convenience, the Investor Relations Department has made recent financial statements and all press releases available on our website. Please sign up for our news by email feature which will automatically notify you of all news releases by American Skiing Company.
Does American Skiing Company offer any benefits to shareholders?

We are currently reviewing a number of shareholder benefit programs, however at this time we have not implemented such a program. If a decision were made to launch such a program, shareholders would find such information on our website.

If any other geeks want to have a looksee, the site is


Can any deep-pocketed Bears say, "Hostile Takeover?!"
I don't know if that tells the whole story. Stock price is immaterial for a company like ASC that has been all but bankrupt for several years. Operating losses for the resorts is bad, but you need to think about the real estate that goes with them. ASC can never close a ski resort (or even allow the State or County to operate one) without destroying the value of their real estate developments, so it is not surprising that operating losses pile up.
That was what was wrong with ASC from the beginning. It was a real estate company which tried to finance its growth using the public equity markets. Those markets want stable growth without the volatility that is characteristic of resort real estate.
BTW if anyone thinks that K-mart is looking shabby now, I worked there back in 1999, and the areas where only the employees went looked like the third world, even then.

post #32 of 39
killington website says they are blowing snow at the peak
post #33 of 39
Originally Posted by Phil Pugliese
I would just dread the access road even more if it was a toll road.
You'd have to pay a buck to go up and a buck to ski down. Oh wait, NH takes Ezpass now.
post #34 of 39
Bode Klammer beat me to it. ASC's main asset is real estate. The skiing operations seem to be there to serve that investment. Running lifts at a loss, while not great business can be great marketing and an investment in the future of the company. May not be geek proof logic, but that's the way I see it.
post #35 of 39
ASC have made a string of really bad decisions. The overall strategy is lacking. Pouring money into the Canyons was the first shocker. It was looking like a bad idea when we were there in 1998, and from what people are saying, it's not getting any more sensible.

They bleed the profitable resorts to feed the real estate programme, and you can only bleed resorts for so long before it all goes very pear-shaped. I hear infrastructure at the profit-making Eastern resorts is suffering badly.

The mess with the Steamboat sale was another abysmal decision, incomprehensible.
post #36 of 39
ski VT sat-sun!


it's official!!
though they're closing again sunday 4pm ;-(

post #37 of 39
your forgetting the fact that rain will soon wash away all the new snow. its new england for gods sake, your dreaming if you think one little storm is going to stick.
post #38 of 39

Live for today. If it rains down the road - which it will, it will snow also. Take what you can, man. If we wait for perfect conditions, we will miss all the near perfect conditions. Right now the glass is half full!
post #39 of 39
Originally Posted by paul jones

Live for today. If it rains down the road - which it will, it will snow also. Take what you can, man. If we wait for perfect conditions, we will miss all the near perfect conditions. Right now the glass is half full!
words to live by, too bad ski operations don't think the same way
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