Steamboat Springs American Skiing Co.'s inability to meet the deadline for filing its annual report with the Securities and Exchange Commission means its stock is trading under a slightly different symbol -- AESKE -- for the next 30 days.
On Monday, the letter "E" was added to the end of American Skiing Co.'s normal ticker symbol, AESK, to notify the public of the company's delayed filings. American Skiing Co.'s common stock is traded on the Over-the-Counter Bulletin Board, or OTCBB.
American Skiing Co. owns and operates the Steamboat Ski Area.
On Oct. 15, American Skiing Co. announced a re-audit of the company's 2000 and 2001 financial statements was required under new Auditing Standards Board rules. These rules indicate that because American Skiing Co. sold California's Heavenly ski resort in 2002, the company must reflect Heavenly's 2002 results as discontinued operations. In addition to preparing its 2002 statements to reflect these rules, American Skiing Co. was informed by its current auditor, KPMG LLP, that it must also prepare comparable reports for 2000 and 2001 showing Heavenly with discontinued operations.
Because Arthur Andersen -- American Skiing Co.'s former auditor -- ceased operations last year, these updated reports will take time for KPMG to compile, said Erik Preusse, American Skiing Co.'s director of corporate communications.
All corporations having at least 500 shareholders and assets of more than $10 million are required to file an audited annual report on Form 10-K with the SEC. Some of the items on the form include the balance sheet, income statement, statement of cash flows and an analysis of financial results.
The form is due within 90 days of the end of the company's fiscal year. American Skiing Co.'s deadline for the 2002 report was Oct. 27, 2002.
The re-audit is not the result of any known issues with previously reported results or the financial condition of American Skiing Co., according to a news release from the company. American Skiing Co. and KPMG are working to complete the re-audit and expect the Form 10-K will be filed with the SEC upon completion of the re-audit, the statement read.