Steamboat Springs The trading symbol "SKI" was expected to disappear from the New York Stock Exchange this morning, and American Skiing Company's shares were expected to re-emerge on the Over the Counter Bulletin Board under the new symbol, "AESK."
Late yesterday, the company issued an abbreviated version of its second quarter earnings report, and predicted a loss of $22 million, almost three times more than it lost in the corresponding quarter that ended in late January 2001.
Shareholders can track the fortune of the stock on the Internet by going to www.otcbb.com and tying the symbol into the site's search engine.
AESK was not reflected in the OTCBB "daily list index" of new stocks at late afternoon Wednesday.
There was anticipation among financial reporting institutions that American skiing company would issue its second quarter earnings report after the end of the trading day on Wednesday. By early evening, the company had indicated that late developments dictated filing for an extension. ASC released a synopsis of its earnings forecast that foresees its total revenue from operations for the fiscal quarter ended Jan. 27, 2002 will be approximately $121.2 million, compared to $156.3 million for its fiscal quarter ended Jan. 28, 2001.
The Company anticipates that its loss from operations for the Company's fiscal quarter ended Jan. 27, 2002, will be approximately $22 million, compared with $7.9 million the same period last year.
American Skiing's stock finished its last day of trading on the New York Exchange at 26 cents, up 2 cents on volume of 67,000 shares.
The company's CEO, B.J. Fair, expressed disappointment last week over the impending de-listing of his company by the New York Exchange. However, he said the change would not affect his company's daily operations or its ongoing efforts to restructure its finances.
Fair's remarks can be taken, by extension, to mean the pending sale of the Steamboat Ski Area for $91.4 million to an investor group led by Tim and Diane Mueller won't be affected.
ASC is pinning much of its hopes to get out from under oppressive debt on the sale of Steamboat, and has committed the proceeds of the sale to de-leveraging.
There is a report out of California today that ASC might sell another of its resorts to take that de-leveraging further.
A columnist for the Sacramento Bee wrote that there is a persistent rumor that Vail Resorts Inc. is in the process of performing due diligence leading up to a possible purchase of Heavenly Ski Resort.
Heavenly and Steamboat were wrapped into one deal when ASC purchased the ski areas from the privately held Japanese firm, Kamori Kanko Ltd., in 1997.