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Box 450 Bethel ME 04217
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Phone: 000-000-0000 Fax: 000-000-0000
e-mail: xxxx@xxxxxxxxxxx.xxx
News and information
Contacts:
Xxxx Xxxx, American Skiing Company Media Relations, 000-000-0000
Xxxx Xxxxxxx, American Skiing Company Investor Relations, 000-000-0000
Xxxxxx Xxxxxx-Xxx/Xxxxxxx Xxxxxx, Xxxxxxx Public Relations, 000-000-0000
Date: 28 March 2001
Release: Immediate
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Xxxxxx X. Xxxxx Resigns; Xxxxxxx X. Xxxx Named CEO of
American Skiing Company
Company Gives Outlook for Fiscal Year
Newry, ME, March 28 -- The Board of Directors of American Skiing Company (NYSE:
SKI) announced today that Xxxxxxx "X.X." Xxxx, currently American Skiing
Company's chief operating officer, has been named chief executive officer of the
company.
Following the resignation of Xxxxxx X. Xxxxx, who had served as chairman and
chief executive officer of American Skiing Company, X.X. Fair will assume the
chief executive duties, effective today.
"I've been proud to lead the American Skiing team over the past 21 years," said
Xxxxx. "We have built a remarkable company, and I am confident that the
company's future under X.X.'s leadership will continue to improve as it moves
into its next phase of development. Since discussions of the Meristar merger
began last summer, I have been investigating plans outside of American Skiing
Company and intend to pursue those options."
Xxxxxx X. Xxxxxx, Board member of the company and a managing partner at Oak Hill
Capital Management, Inc., stated, "I would like to thank Xxx Xxxxx for the
vision and energy that he brought to the company. He's achieved tremendous
success by building this company from a single small ski area in Maine into one
of the country's leading operators with nine world-class ski resorts in both the
Eastern and Western United States. The Board and everyone at American Skiing
appreciates his substantial accomplishments and wishes him success in his new
endeavors."
"X.X. Xxxx's appointment as chief executive is a natural progression in the
company's management structure. X.X. has made significant contributions in
driving the business forward in the twelve months that he has been at American
Skiing Company," said Xxxxxx. "He brings an exceptional level of experience in
both resort management and real estate development to the company. The Board of
Directors is confident that American Skiing Company will thrive under X.X.'s
leadership and direction."
Xxxx joined American Skiing Company in March 2000 as chief operating officer of
American Skiing Company's resort operations. Prior to his involvement at
American Skiing Company, Xxxx served as president of Universal Studios' Port
Aventura theme park where he was responsible for the ongoing development and
operation of the park. Also at Universal, Xxxx served as senior vice president
of Universal Creative. Earlier, in his role as director of finance and business
planning for Disney Development Company, Fair was a principal negotiator and led
financing and development efforts for the Disney's California Adventure
expansion and related development in Anaheim, Calif.
"I joined American Skiing Company because of the company's world class portfolio
of assets and because I believed we could achieve substantial upside in
financial performance from improved operational execution," Fair said. "While
the company has made large strides during the past twelve months, we are capable
of accomplishing far more."
Outlook
Fair commented on his outlook for the company for the immediate future.
"Although the company faces near-term challenges, I am confident that
substantial shareholder value can be created at American Skiing during the next
few years. I am eager to work closely with the rest of the senior management
team to achieve our game plan," said Fair.
Fair noted that American Skiing Company is experiencing growth in revenue and
earnings in this fiscal year. At this time, the company anticipates that resort
EBITDA will likely be at or slightly below the low end of the previously guided
range of $50-$60 million, although results are subject to change as there are
still approximately four months remaining in the year.
To further strengthen operations and drive future results, Fair will accelerate
some of the efforts the management team began while he was chief operating
officer. His immediate priorities include:
- improving cost management at both the resort and corporate levels in the
coming months
- revising the organizational structure and management systems to better
align the efforts of resort and real estate managers with one another, as
well as with shareholders
- strengthening the company's marketing and sales functions at both the
corporate level and in the field to improve skier volumes and to strengthen
the share of American Skiing Company resorts in their respective markets
- enhancing the company's capital structure and financial flexibility
The American Skiing Company team of managers assembled over the past few years
remains in place to work with Fair in his new role. In particular, Xxxxxx
Xxxxxxxx, who joined as chief operating officer of Real Estate Operations in May
2000, will continue to lead the real estate business. Xxxx Xxxxxx, who has
served as chief financial officer since 1998, will assume additional
responsibilities.
About American Skiing Company:
Headquartered in Newry, Maine, American Skiing Company is the largest operator
of alpine ski, snowboard and golf resorts in the United States. Its resorts
include Steamboat in Colorado; Killington, Mount Snow and Sugarbush in Vermont;
Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire;
The Canyons in Utah; and Heavenly in California/Nevada. Additional information
is available on the company's Web site, xxx.xxxxx.xxx.
The historical and forward-looking statements about American Skiing Company
contained in this press release are not based on historical facts, but rather
reflect American Skiing Company's current expectations concerning future results
and events. Similarly, statements that describe the Company's objectives, plans
or goals are or may be forward-looking statements. Such forward-looking
statements involve a number of risks and uncertainties. In addition to factors
discussed above, other factors that could cause actual results, performances or
achievements to differ materially from those projected include, but are not
limited to, the following: changes in regional and national business and
economic conditions affecting both American Skiing Company's resort operating
and real estate segments; competition and pricing pressures; failure to renew or
refinance existing financial liabilities and obligations or attain new outside
financing; failure of on-mountain improvements and other capital expenditures to
generate incremental revenue; adverse weather conditions regionally and
nationally; seasonal business activities; changes to federal, state and local
land use regulations; changes to federal, state and local regulations affecting
both American Skiing Company's resort operating and real estate segments;
litigation involving ant-trust, consumer and other issues; failure to renew land
leases and forest service permits; disruptions in water supply that would impact
snowmaking operations and impact operations; the loss of any of our executive
officers or key operating personnel; control of American Skiing Company by
principal stockholders; failure to hire and retain qualified employees and other
factors listed from time-to-time in American Skiing Company's documents filed by
the Company with the Securities Exchange Commission. The forward-looking
statements included in this document are made only as of the date of this
document and under Section 27A of the Securities Act and Section 21E of the
Exchange Act, we do not have any obligation to publicly update any
forward-looking statements to reflect subsequent events or circumstances.
xxx.xxxxx.xxx
