AMERICAN SKIING’S EARNINGS REPORT DUE OUT THIS WEEK
STEAMBOAT SPRINGSAmerican Skiing Company faces a deadline this week to file its fourth-quarter earnings report with the Securities and Exchange Commission.
The fourth quarter ended July 29, but ASC obtained an extension on its filing deadline at the end of October.
Attorneys for the company made the case that filing before the sale of the Steamboat Ski Area is concluded would give investors false impressions about the company’s status.
ASC’s stock flirted with the $1 barrier late this week, rising as high as $1.04 Friday in the midst of trading 49,600 shares. The stock slipped to 99 cents at the closing bell on Wall Street.
SKI CORP., CONTINENTAL TO TRIM WINTER SCHEDULE
STEAMBOAT SPRINGSThe Steamboat Ski and Resort Corp. and Continental Airlines have agreed to trim more than 5,000 inbound seats from their winter schedule between Newark and Yampa Valley Regional Airport near Hayden.
Ski Corp. Marketing Vice President Andy Wirth attributed the reduction to continuing indecisiveness on the part of travelers who live in the greater New York metro area. In the wake of the Sept. 11 terrorist attacks, those potential travelers are more inclined to take a wait-and-see attitude than people elsewhere, Wirth said. The ski corp. had placed a high degree of emphasis on the addition of daily flights from Newark throughout the summer.
“The decision was based on current bookings and a lack of pacing for midweek flights in December and January,” Wirth said Tuesday. His use of the term “pacing” means that four to eight weeks out, the rate at which reservations are coming in, doesn’t inspire confidence.
“We’ve had a handful of clients who were re-booked through Houston,” Wirth said.
WILDERNESS RESOLUTION OK’D DESPITE MOFFAT COUNTY CRITICISM
STEAMBOAT SPRINGSThe City Council stood strong in upholding a resolution to support a statewide proposal that would designate 1.6 million acres of federal land in Colorado as wilderness.
The city had been challenged by Moffat County to rescind the resolution because it did not take into account that county’s concerns. None of the new acreage proposed is in Routt County, but more than 300,000 acres is being proposed for Moffat County.
“I am very comfortable with the belief that I represent my constituents when I ask the City Council to uphold the decision it made,” said Councilman Jim Engelken, who had originally proposed signing the resolution.
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