15
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended January 29, 1995 Commission File Number 0-13055
S-K-I Limited
(Exact name of registrant as specified in its charter)
Delaware 03-0294233
(State or other jurisdiction of (I.R.S.Employer Identification No.)
incorporation or organization)
Airport Exec. Plaza, Suite 5
PO Box 5494
West Lebanon, NH 03784
(Address of principal executive office) Zip Code
Registrant's telephone number, including area code : 603-298-5583
c/o Killington Ltd., Killington, VT 05751
(Former name, former address and former fiscal year, if changed since
last report.)
Indicate 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,
and (2) has been subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at January 29, 1995
Common Stock $.10 Par Value 5,783,307
S-K-I LTD.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION: Page No.
Item 1. Financial Statements
Consolidated Statement of Operations (Unaudited)
Three Months Ended January 29, 1995
and January 23, 1994 3
Consolidated Statement of Operations (Unaudited)
Six Months Ended January 29, 1995
and January 23, 1994 4
Consolidated Balance Sheet (Unaudited)
As of January 29, 1995 and
January 23, 1994 5-6
Consolidated Balance Sheet
As of January 29, 1995 (Unaudited) and
July 31, 1994 (Audited) 7-8
Consolidated Statement of Cash Flows (Unaudited)
Six Months Ended January 29, 1995 and
January 23, 1994 9
Notes to (Unaudited) Condensed Consolidated
Financial Statements 10-11
Item 2. Management's Discussion and Analysis
of Financial Condition and Results
of Operations 12-13
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of
Security Holders 14
Item 5. Other Information 14
Item 6. Exhibits and Reports on Form 8-K 14
Signature Page 15
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I Ltd.,
Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd., Sugarloaf Mountain
Corp. and Waterville Valley Ski Area Ltd.
Consolidated Statement of Operations (Note 1) For the Three Months Ended
January 29, January 23,
1995 1994
(Unaudited) (Unaudited)
Revenues $50,104,232 $37,213,628
Expenses:
Cost of operations including
wages, maintenance and supplies 20,731,395 15,529,675
Other taxes 3,266,631 2,731,020
Utilities 4,462,677 3,679,725
Insurance 2,622,260 2,120,949
Selling, general and administrative
expenses 7,334,328 5,335,270
Interest 1,226,650 595,374
Depreciation and amortization(Note 2) 6,755,347 5,269,524
Total expenses 46,399,288 35,261,537
Income before provision for income taxes 3,704,944 1,952,091
Provision for income taxes (Note 2) 1,411,446 800,357
Net income before minority interest 2,293,498 1,151,734
Minority interest in net income of
consolidated subsidiary (Note 9) 128,573 0
Net income $ 2,164,925 $ 1,151,734
Net income per common share (Note 4) $ .37 $ .20
Retained earnings, beginning of period $45,058,970 $42,513,546
Add: Net Income 2,164,925 1,151,734
Less: Dividends paid on common
stock (Note 8) 693,997 635,545
Retained earnings, end of period $46,529,898 $43,029,735
See accompanying Notes to (Unaudited) Condensed Consolidated Financial
Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I Ltd.,
Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd., Sugarloaf Mountain
Corp. and Waterville Valley Ski Area Ltd.
Consolidated Statement of Operations (Note 1) For the Six Months Ended
January 29, January 23,
1995 1994
(Unaudited) (Unaudited)
Revenues $56,221,438 $42,778,865
Expenses:
Cost of operations including
wages, maintenance and supplies 27,667,612 21,090,517
Other taxes 4,237,845 3,579,145
Utilities 5,342,485 4,340,468
Insurance 3,556,281 2,819,406
Selling, general and administrative
expenses 11,457,415 8,375,521
Interest 1,880,819 1,130,901
Depreciation and amortization (Note 2) 6,924,299 5,433,559
Total expenses 61,066,756 46,769,517
(Loss) before income tax benefit ( 4,845,318) ( 3,990,652)
Income tax benefit (Note 2) ( 1,720,466) ( 1,636,167)
Net (loss) before minority interest ( 3,124,852) ( 2,354,485)
Minority interest in net (loss) of
consolidated subsidiary (Note 9) ( 318,039) 0
Net (loss) $( 2,806,813) $( 2,354,485)
Net (loss) per common share (Note 4) $ (.49) $ (.41)
Retained earnings, beginning of period $ 50,030,708 $ 46,019,765
Less: Net (loss) ( 2,806,813) ( 2,354,485)
Less: Dividends paid on common
stock (Note 8) 693,997 635,545
Retained earnings, end of period $ 46,529,898 $ 43,029,735
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I Ltd.,
Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd., Sugarloaf Mountain
Corp. and Waterville Valley Ski Area Ltd.
Consolidated Balance Sheet
January 29, January 23,
1995 1994
ASSETS (Unaudited) (Unaudited)
Current Assets:
Cash and short-term investments
(at cost, which approximates
market value) $ 8,041,141 $ 6,683,382 (1)
Accounts receivable 2,376,720 1,691,802 (1)
Notes receivable 260,670 725,047
Inventories 5,957,245 4,631,766
Prepaid expenses 2,285,860 1,719,500 (1)
TOTAL CURRENT ASSETS 18,921,636 15,451,497
Property and equipment, at cost:
Buildings & grounds 38,607,465 27,386,974 (1)
Machinery and equipment 64,728,155 52,673,763 (1)
Leasehold improvements 61,417,171 52,594,296 (1)
Lifts/liftlines & trails on
corporate property 29,832,397 16,056,245 (1)
194,585,188 148,711,278
Less - accumulated depreciation and
amortization 96,355,574 84,553,066
98,229,614 64,158,212
Construction in progress 16,330,373 13,212,733
Land and development costs 14,494,258 11,118,765
NET PROPERTY AND EQUIPMENT 129,054,245 88,489,710
Deferred charges and other assets 3,248,372 2,354,789 (1)
TOTAL ASSETS $151,224,253 $106,295,996
(1) Reclassified to conform with the Fiscal 1995 presentation.
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I Ltd.,
Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd., Sugarloaf Mountain
Corp. and Waterville Valley Ski Area Ltd.
Consolidated Balance Sheet
January 29, 1995 January 23, 1994
LIABILITIES AND STOCKHOLDERS' EQUITY (Unaudited) (Unaudited)
Current Liabilities:
Current portion of long-term debt
and subordinated debentures $ 2,292,187 $ 700,326
Accounts payable 6,361,648 4,629,110 (1)
Federal income tax refundable(Note 2) ( 1,459,793) ( 1,436,027)
Accrued lease payments - Vermont 509,602 489,902
Accrued wages, profit sharing and
incentive compensation 1,449,801 1,078,705 (1)
Deposits and other unearned revenue 5,371,805 3,980,785 (1)
Other accrued expenses (Note 6) 9,987,709 7,602,691 (1)
TOTAL CURRENT LIABILITIES 24,512,959 17,045,492
Long-term debt 48,185,470 16,352,141
Subordinated 6% debentures 6,493,500 6,840,000
Subordinated 8% debentures 4,906,500 4,906,500
Deferred income taxes (Note 2) 7,757,253 7,792,919 (1)
Other long-term liabilities (Note 6) 3,809,818 3,205,970
Minority interest in consolidated
subsidiary (Note 9) 1,857,099 0
TOTAL LIABILITIES 97,522,599 56,143,022
Stockholders' Equity
Common stock 578,332 577,768
Paid-in capital 6,593,424 6,545,471
Retained earnings 46,529,898 43,029,735
TOTAL STOCKHOLDERS' EQUITY 53,701,654 50,152,974
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $151,224,253 $106,295,996
(1) Reclassified to conform with the Fiscal 1995 presentation.
See accompanying Notes to (Unaudited) Condensed Consolidated Financial
Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I Ltd.,
Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd., Sugarloaf Mountain
Corp. and Waterville Valley Ski Area Ltd.
Consolidated Balance Sheet
January 29, 1995 July 31, 1994
ASSETS (Unaudited) (Audited)
Current Assets:
Cash and short-term investments
(at cost, which approximates
market value) $ 8,041,141 $ 2,704,302
Accounts receivable 2,376,720 1,423,430
Notes receivable 260,670 371,739
Inventories 5,957,245 3,472,492
Prepaid expenses 2,285,860 1,456,222
TOTAL CURRENT ASSETS 18,921,636 9,428,185
Property and equipment, at cost:
Buildings & grounds 38,607,465 32,730,561 (1)
Machinery and equipment 64,728,155 71,690,813 (1)
Leasehold improvements 61,417,171 39,066,623 (1)
Lifts/liftlines & trails on
corporate property 29,832,397 16,162,939 (1)
194,585,188 159,650,936
Less - accumulated depreciation and
amortization 96,355,574 86,638,454
98,229,614 73,012,482
Construction in progress 16,330,373 8,996,570
Land and development costs 14,494,258 12,762,352
NET PROPERTY AND EQUIPMENT 129,054,245 94,771,404
Deferred charges and other assets 3,248,372 2,590,419
TOTAL ASSETS $151,224,253 $106,790,008
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I Ltd.,
Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd., Sugarloaf Mountain
Corp. and Waterville Valley Ski Area Ltd.
Consolidated Balance Sheet
January 29,1995 July 31, 1994
LIABILITIES AND STOCKHOLDERS' EQUITY (Unaudited) (Audited)
Current Liabilities:
Current portion of long-term debt
and subordinated debentures $ 2,292,187 $ 955,746
Accounts payable 6,361,648 1,741,131
Federal income tax (receivable)
payable (Note 2) ( 1,459,793) 257,684
Accrued lease payments - Vermont 509,602 1,171,865
Accrued wages, profit sharing and
incentive compensation 1,449,801 464,907
Deposits and other unearned revenue 5,371,805 695,328
Other accrued expenses (Note 6) 9,987,709 4,184,664
TOTAL CURRENT LIABILITIES 24,512,959 9,471,325
Long-term debt 48,185,470 17,766,857
Subordinated 6% debentures 6,493,500 6,493,500
Subordinated 8% debentures 4,906,500 4,906,500
Deferred income taxes (Note 2) 7,757,253 7,478,492
Other long-term liabilities (Note 6) 3,809,818 3,487,042
Minority interest in consolidated
subsidiary (Note 9) 1,857,099 0
TOTAL LIABILITIES 97,522,599 49,603,716
Stockholders' Equity
Common stock 578,332 578,144
Paid-in capital 6,593,424 6,577,440
Retained earnings 46,529,898 50,030,708
TOTAL STOCKHOLDERS' EQUITY 53,701,654 57,186,292
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $151,224,253 $106,790,008
See accompanying Notes to (Unaudited) Condensed Consolidated Financial
Statements.
S-K-I LTD.
Item 1. Financial Statements
Company or group of companies for which report is filed: S-K-I Ltd.,
Killington Ltd., Mount Snow Ltd., Bear Mountain Ltd., Sugarloaf Mountain
Corp. and Waterville Valley.
Consolidated Statement of Cash Flows For the Six Months Ended
January 29, 1995 January 23, 1994
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net (loss) $( 2,806,813) $( 2,354,485)
Non-cash items included in net loss):
Minority interest in net loss of
subsidiary ( 318,039) 0
Depreciation and amortization 6,924,299 5,433,559
SUBTOTAL 3,799,447 3,079,074
Changes in assets and liabilities:
Increase in accounts receivable ( 726,526) ( 697,919) (1)
Decrease in notes receivable 111,069 10,134
Increase in inventories ( 2,035,408) ( 1,373,482)
Decrease in non-current note receivable 0 296,621
Increase in prepaid expenses ( 351,615) ( 806,753) (1)
Increase in accounts payable 3,967,327 3,862,359 (1)
Decrease in income taxes payable ( 1,721,807) ( 1,756,843)
Decrease in accrued lease
payments - Vermont ( 662,263) ( 632,126) (1)
Increase in accrued wages,profit
sharing and incentive compensation 984,894 5,392 (1)
Increase in deposits and other
unearned revenue 3,930,286 3,472,164 (1)
Increase in other accrued expenses 3,971,937 4,179,884 (1)
Increase in other long-term
liabilities 601,537 160,597
CASH FLOW PROVIDED BY OPERATING
ACTIVITIES AFTE CHANGES IN ASSETS
AND LIABILITIES 11,868,878 9,799,102
Cash flows from investing activities:
Additions to property and equipment (17,310,439) ( 9,913,524)
Deletions to land and development 1,450 0
Net book value of property and
equipment sold 39,310 0
Other ( 578,022) 0
Business acquired less cash on
hand from business acquired (12,552,020) 0
NET CASH USED FOR INVESTING ACTIVITIES (30,399,721) ( 9,913,524)
Cash flows from financing activities:
Proceeds from issuance of
long-term debt 24,206,022 18,000,000
Reductions in long-term debt and
subordinated debentures ( 996,956) (18,020,266)
Increase(decrease) in current
portion of long-term debt and
subordinated debentures 1,336,441 ( 125,969)
Proceeds from issuance of common stock 16,172 96,114
Payment of dividend ( 693,997) ( 635,545)
Other 0 ( 16,915)
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 23,867,682 ( 702,581)
Net increase(decrease) in cash and
short-term investments 5,336,839 ( 817,003) (1)
Cash and short-term investments at
beginning of year 2,704,302 7,500,385
CASH AND SHORT-TERM INVESTMENTS AT
END OF PERIOD $ 8,041,141 $ 6,683,382 (1)
Interest paid $ 1,477,308 $ 1,091,811
Income taxes paid, net of refunds 281,350 404,564
(1) Reclassified to conform with the Fiscal 1995 presentation.
See accompanying Notes to (Unaudited) Condensed Consolidated
Financial Statements.
S-K-I LTD.
PART 1. NOTES TO (UNAUDITED) CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
1. In the opinion of the Company, the accompanying
unaudited condensed consolidated financial statements
contain all adjustments necessary to present fairly the
financial position as of January 29, 1995, January 23,
1994 and July 31, 1994, the results of operations for
the three months and six months ended January 29, 1995
and January 23, 1994 and cash flows for the six months
ended January 29,1995 and January 23, 1994. All such
adjustments are of a normal recurring nature. The
unaudited condensed consolidated financial statements
should be read in conjunction with the following notes
and the consolidated financial statements in the 1994
Annual Report to the Securities and Exchange Commission
on Form 10-K.
2. Income Taxes
The provision for taxes on income is based on a
projected annual effective tax rate. The Company has
reflected an effective tax rate through the second
quarter of approximately 36%. The difference from the
Company's Fiscal 1994 actual annual effective tax rate
of 40.5% is due to the fiscal year to date losses at
Sugarloaf Mountain Corp., for which a tax benefit has
not been recorded.
Deferred income taxes include the cumulative reduction
in current taxes payable resulting principally from the
excess of depreciation reported for tax purposes over
that reported for financial purposes.
3. Seasonal Business
Results for interim periods are not indicative of
results to be expected for the year, due to the
seasonal nature of the business (skiing resorts).
4. Net Income per Common Share
Earnings per Common Share figures are based on the
average shares outstanding during the second quarter of
5,782,995 and year to date of 5,782,503 (5,764,020 in
second quarter Fiscal 1994 and 5,727,707 year to date
Fiscal 1994). Shares issuable upon the exercise of
stock options grants have not been included in the per
share computation because they would not have a
material effect on earnings per share.
5. Stock Options
The 1988 Incentive Stock Option Plan authorized 168,750
shares of common stock to be optioned. On November 18,
1994 the stockholders approved an additional 100,000
shares. In the second quarter of Fiscal 1995, options
for 22,750 shares were granted, 625 shares were
exercised and no shares were forfeited.
In the first quarter of Fiscal 1995, options for 25,500
were granted, 1,250 shares were exercised and 2,000
shares were forfeited.
The 1982 Stock Option Plan authorized 187,500 shares of
common stock to be optioned. No shares were granted,
exercised or forfeited under this plan during the first
or second quarters 1995.
6. General Liability
Provision is made for the estimated costs under the
deductible portion of S-K-I's general liability
insurance policies. The balance of such reserves at
January 29, 1995, July 31, 1994 and January 23, 1994
were $3,556,741, $4,707,558, and $3,740,298
respectively. Of such amounts, $3,048,634, $3,487,042
and $3,205,970 are included in other long-term
liabilities at January 29, 1995, July 31, 1994 and
January 23, 1994, respectively, with the remaining
balance included in other accrued expenses.
7. Postretirement Health Care and Life Insurance Benefits
The Company does not provide health care and life
insurance benefits for retired employees who reach
normal retirement age. The adoption of SFAS No. 106,
Employer's Accounting for Postretirement Benefits Other
Than Pensions, has no effect on the Company's financial
position or results of operation.
8. Dividend Paid
During November 1994, the Board of Directors declared a
$.12 per share dividend on Common Stock payable to
stockholders of record on December 16, 1994. The
dividend was paid on January 20, 1995.
9. Business Developments
On August 24, 1994, the Company acquired 51% of the
outstanding shares of capital stock of Sugarloaf
Mountain Corporation ("Sugarloaf"), a ski resort in
western Maine. The fair market value of the assets
acquired was approximately $13,596,938 and liabilities
assumed were $9,424,751, before consideration of the
49% minority interest. The amounts in minority
interest at January 29, 1995 represent the 49%
ownership of Sugarloaf's outstanding capital stock held
by the minority shareholders of Sugarloaf.
On October 31, 1994, the Company acquired the ski
related assets of the Waterville Valley Ski Area for a
purchase price of $10,037,631. On November 1, 1994 the
Company purchased the Waterville Valley Conference
Center for a purchase price of $1,200,000. Waterville
Valley is one of New Hampshire's largest ski areas.
10. Subsequent Events
On February 13, 1995, S-K-I Ltd. announced that the
company has received expressions of interest from
certain outside parties concerning a potential merger
with or acquisition of S-K-I Ltd.
S-K-I LTD.
PART I.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
I. Revenue and expense changes for the second quarter of
Fiscal 1995 compared to the second quarter of Fiscal
1994:
Revenues increased by 35% primarily due to the addition
of Sugarloaf and Waterville Valley ski areas. Revenues
increased 28% at Bear Mountain, reflecting the
favorable early season weather conditions in
California.
Cost of Operations increased 34% primarily due to the
addition of Sugarloaf and Waterville Valley ski areas
as well as an 18% increase at Bear Mountain attributed
to an increase in revenue.
Other Taxes increased 19% primarily due to the addition
of Sugarloaf and Waterville Valley ski areas. Bear
Mountain's taxes also increased due to the 28% increase
in revenues.
Selling, General and Administrative increased 38% due
to the addition of Sugarloaf and Waterville Valley ski
areas, increased advertising relating to the promotion
of the newly acquired Haystack, Waterville Valley, and
Sugarloaf ski areas and to the opening of the Skyeship
lift at Killington Ski Area.
The increases in Utilities (21%), Insurance (24%) and
Interest (102%) were due primarily to the addition of
Sugarloaf and Waterville Valley.
II. Balance Sheet changes at the end of the second quarter
of Fiscal 1995 compared to the end of the second
quarter of Fiscal 1994.
Cash and Short Term Investments increased approximately
$1,358,000 primarily due to cash being accumulated and
being invested by Ski Insurance Company, a wholly owned
Vermont captive insurance company as well as the
additions of Sugarloaf and Waterville Valley ski areas.
Notes Receivable decreased approximately $465,000
primarily due to payments received on three notes.
Fixed Assets, net of accumulated depreciation and
amortization, increased $34,071,402 primarily due to
the addition of the new Killington Skyeship, Sugarloaf
and Waterville Valley ski areas, offset by the write-
off of the 25 year old Killington Gondola.
Construction in Progress increased approximately
$3,117,640 primarily due to the construction of the new
Skyeship lift at Killington, and the additions of
Sugarloaf and Waterville Valley ski areas.
Land and Development increased approximately $3,375,000
primarily due to the addition of Sugarloaf and
Waterville Valley ski areas, and to the purchase of
land at Bear Mountain.
Other Assets increased approximately $894,000 due to
the increased investments of Ski Insurance Company, and
the addition of Sugarloaf and Waterville Valley ski
areas.
Other Accrued Expenses increased approximately
$2,385,000 primarily due to the addition of Sugarloaf
and Waterville Valley as well as an increase in
insurance and sales tax accruals.
Other Long-Term Liabilities increased $604,000 due to
an increase in net accruals for liability insurance and
workers' compensation.
The remaining balance sheet increases: Accounts
Receivable, Inventories, Prepaid Expenses, Current and
Long-term Notes Payable, Accounts Payable, Accrued
Wages, and Deposits and Other Unearned Revenue were
primarily due to the addition of Sugarloaf and
Waterville.
III. Balance Sheet changes at the end of the second quarter
of Fiscal 1995 compared to the year ended July 31,
1994.
Cash, Prepaid Expenses, Inventories, Construction in
Progress, Accounts Payable, Income Taxes Payable,
Deposits and Other Accrued Expenses usually reflect
large increases or decreases due to the seasonal nature
of the business. The additions of Sugarloaf and
Waterville Valley ski areas also contributed to these
fluctuations.
Deferred Charges and Other Assets increased by
approximately $658,000 primarily due to the final
settlement of a finder's fee relating to the
acquisition of Bear Mountain, the increase in the cash
surrender value of insurance policies, and the
additions of Sugarloaf and Waterville Valley ski areas.
Current and Long Term Notes Payable increased
approximately $31,000,000 due to additional funds
needed to finance the large capital program which
included the Killington Skyeship and the acquisitions
of Sugarloaf and Waterville Valley.
IV. Liquidity
Cash generated from operations during the first six
months of Fiscal 1995 was $11,868,878 as compared to
cash generated during the first six months of Fiscal
1994 of $9,799,102 . Cash used for investing
activities was $30,431,286 and $9,913,524 during the
first six months of Fiscal 1995 and 1994, respectively.
Due to the seasonality of the Company's business and a
significant increase to capital assets in the first six
months of Fiscal 1995 the Company utilized its bank
facilities to meet its cash needs during the first
quarters of Fiscal 1995 and 1994.
S-K-I LTD.
PART II
OTHER INFORMATION
January 29, 1995
Item 4 - Submission of Matters to a Vote of Security Holders
On November 18, 1994 the Company held its annual meeting of
stockholders at which time Jose M. Calhoun, F. Ray Keyser,
Jr. and Walter N. Morrison were elected to three year terms
on the Board of Directors. The continuing members of the
Company's Board of Directors are Joseph D. Sargent, Susanne
H. Smith, Mary T. Sargent, Preston Leete Smith, Thomas C.
Webb and Martel D. Wilson, Jr. The following votes were
cast for each of the three directors:
For Withheld/Against
Jose M. Calhoun 4,476,247 13,766
F. Ray Keyser, Jr. 4,475,904 14,109
Walter N. Morrison 4,476,029 13,984
Also approved by stockholders was the allocation of an
additional 100,000 shares to the company's existing stock
option plan.
Item 5 - Other Information
On October 31, 1994, the company acquired the ski related
assets of the Waterville Valley Ski Area for a purchase
price of $10,037,631. Waterville Valley is one of the
largest ski areas in New Hampshire. On November 1, 1994,
the company purchased the Waterville Valley Conference
Center for a purchase price of $1,200,000.
S-K-I Ltd. announced on February 13, 1995, that the company
has received expressions of interest from certain outside
parties concerning a potential merger with or acquisition of
S-K-I. S-K-I has retained Wertheim Schroder & Co.
Incorporated as its financial advisor in connection with its
evaluation of these expressions of interest and other
strategic matters. To date, the company has not received
any firm offers and there is no assurance that such
expressions of interest will result in a definite agreement.
Item 6 - Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K have been filed during the
quarter for which this report is filed.
S-K-I LTD.
SIGNATURE OF CHIEF FINANCIAL OFFICER
Pursuant to the requirement 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.
S-K-I LTD.
Dated: 3-4-95 By:______________________________
Martel D. Wilson, Jr.
Vice President & Chief Financial Officer
Signature on file
