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:
Change: Up $0.03
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?!"
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.