United States
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED JANUARY 25, 1998
_____________________________
Commission File Number 333-33483
_____________________________
American Skiing Company
(Exact name of registrant as specified in its charter)
Maine 04-3373730
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 450 04217
Bethel, Maine
(Address of principal executive office) (Zip Code)
(207) 824-5196
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since
last report.)
Indicated by checkmark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.
Yes [X] No [ ]
The number of shares outstanding of each of the issuer's classes
of common stock were 14,760,530 of class A common stock $.01 par value
and 15,365,072 shares of common stock $.01 par value outstanding as of
March 9, 1998.
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American Skiing Company and Subsidiaries
Condensed Consolidated Balance Sheet
(in thousands)
January 25, 1998 July 27, 1997
(Unaudited)
LIABILITIES, MANDATORILY REDEEMABLE
PREFERRED STOCK AND SHAREHOLDERS' EQUITY
Current liabilities
Line of credit and current portion
of long-term debt $24,905 $39,748
Accounts payable and other current
liabilities 56,672 25,738
Deposits and deferred revenue 29,647 4,379
Due to stockholder 1,933 1,933
------------------------
Total current liabilities 113,157 71,798
Long-term debt 215,374 46,833
Subordinated notes and debentures 127,867 149,749
Minority interest - 626
Other long-term liabilities 23,046 7,898
Deferred income taxes 16,370 28,514
-----------------------
Total liabilities 495,814 305,418
Mandatorily redeemable preferred stock 37,359 16,821
Shareholders' equity
Common stock, Class A 148 10
Common stock 154 -
Paid-in capital 264,457 2,786
Retained earnings (accumulated
deficit) (8,142) 12,305
-----------------------
Total equity 256,617 15,101
-----------------------
Total liabilities, mandatorily
redeemable preferred stock and equity $789,790 $337,340
=======================
See accompanying Notes to (Unaudited) Condensed Consolidated Financial
Statements.
6[PAGE]
SIGNATURES
Pursuant to the requirements of the Securities Exchange
act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.
AMERICAN SKIING COMPANY
Date: March 12, 1998 /s/ Thomas M. Richardson
Thomas M. Richardson
Senior Vice President
Finance Chief Financial
Officer (Principal
Financial and Accounting
Officer)
Date: March 12, 1998 /s/ Christopher E. Howard
Christopher E. Howard
Chief Administrative
Officer and General
Counsel (Duly Authorized
Officer)
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