SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended July 31, 1995
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _____ to __________________
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 (IRS Employer
incorporation or organization) Identification No.)
Airport Exec Plaza, Suite 5
PO Box 5494
West Lebanon, New Hampshire 03784
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (603) 298-5583
Securities registered pursuant to Section 12(g) of the Act:
Title of each class Name of each exchange on which registered
Common Stock $ .10 Par Value None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark 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.......
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein,
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X
State the aggregate market value of the voting stock held by non
affiliates of the registrant: $75,962,670 based upon average
bid and asked price on October 2, 1995, of Common Stock, $ .10
Par Value, on the National Association of Securities Dealers
Automated Quotation System (NASDAQ).
Indicate the number of shares outstanding of each of the
registrant's classes of Common Stock: As of October 2, 1995,
there were outstanding 5,787632 shares of Common Stock $ .10 Par
Value.
DOCUMENTS INCORPORATED BY REFERENCE
The following documents, or indicated portions thereof, have
been incorporated herein by reference:
1.The registrant's Annual Report to Stockholders for the fiscal
year ended July 31, 1995 is incorporated by reference as Part
II hereof.
2.The registrant's 1995 Proxy Statement for the Annual Meeting of
Shareholders to be held November 17, 1995 is incorporated by
reference into Part III hereof.
Form 10-K -- 1995
TABLE OF CONTENTS
Page
Part I
Item 1. Business...............................................2
Item 2. Properties.............................................5
Item 3. Legal Proceedings......................................7
Item 4. Submission of Matters to a Vote of Security Holders....7
Item 4A.Executive Officers of the Registrant...................7
Part II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters....................................8
Item 6. Selected Financial Data................................8
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations....................9
Item 8. Financial Statements and Supplementary Data............9
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure....................9
Part III
Item 10. Directors and Executive Officers of the Registrant...9
Item 11. Executive Compensation...............................9
Item 12. Security Ownership of Certain Beneficial Owners and
Management...........................................9
Item 13. Certain Relationships and Related Transactions.......9
Part IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports on Form 8-K.................................10
Signatures....................................................17
PART I
Item 1. Business
S-K-I
S-K-I Ltd. is a holding company incorporated under the laws of the
State of Delaware whose primary assets are five wholly-owned
subsidiaries, Killington Ltd. ("Killington"), Mount Snow Ltd.
("Mount Snow"), Bear Mountain Ltd. ("Bear Mountain"), Sugarloaf Mountain
Corporation ("Sugarloaf/USA" or "Sugarloaf"), Waterville Valley Ski Area
Ltd. ("Waterville") and Ski Insurance Company. Sugarloaf (51% owned)
and Waterville Valley, were acquired in August and October of 1994,
respectively.
Each subsidiary, except for Ski Insurance Company, is engaged in
ski resort operations at its particular location. Ski Insurance
Company, a captive insurance company, was formed to contain the
ever increasing administration costs associated with insurance
policies. (As used in this report, unless the context indicates
otherwise, the terms "registrant" and "S-K-I" mean S-K-I Ltd. and
all of its subsidiaries.)
S-K-I provides several important services as parent company to
these subsidiaries. It acts as a financial intermediary for
purposes of efficient cash and investment management, as well as
providing access to national capital markets. It centralizes
sophisticated management information systems. In addition, it
plots the overall company's strategy for potential growth via
external acquisitions, and coordinates ski industry marketing
strategies on a nationwide basis.
In fiscal year 1995 S-K-I produced record gross revenues of
$113,959,712, virtually all of it generated in the destination
and regional ski resort business and ski industry, in general.
Its Northeast subsidiaries generated $101,086,918 in gross
revenues and its California subsidiary generated $12,872,794 in
gross revenues. In 1995 S-K-I produced operating profits of
$1,727,571 and net income of $1,029,397. S-K-I's business is
seasonal with 88% of its revenues being generated from November
to May. Nonetheless, the majority of S-K-I's payroll is expended on
full, year-round employment relating to skiing, maintenance,
planning and summer resort operations.
S-K-I's business has to cope constantly with federal and state
environmental laws and regulations. S-K-I is affected by such
provisions most often in its attempt to expand ski area
infrastructure such as additional lifts and trails. Due to its
size S-K-I is able to maintain internal planning and legal
departments which enhance its ability to deal with such issues
successfully.
S-K-I stands out within the ski industry due to its long history
of profitable operations and consistent growth. Many competitors
lack such consistent earnings and the resulting capital
accumulation without which they cannot continue to compete. Such
a situation may eventually lead to additional ski areas joining
S-K-I in order to avail themselves of such strengths and
experience.
Killington
Killington Ltd. operates a six-mountain year-round destination
resort in Sherburne, Vermont. A destination resort offers a
variety of activities and facilities relative to an all-inclusive
vacation for people who may be visiting the resort for more than
one day. Facilities and services provided by Killington include
alpine, telemark and cross-country skiing; snowboarding; ski and
snowboarding lessons for all ability levels, including
introduction to skiing/snowboarding; restaurants; lodging; golf
and tennis; golf and tennis schools; mountain biking; hiking and
similar resort-associated activities. In fiscal 1995, Killington
employed a high of 1,619 persons during the winter and a low of
441 persons during the spring.
Killington's alpine skiing and snowboarding facilities consist
of 165 trails serviced by 20 lifts, including the Skyeship, an 8-
passenger high speed lift with heated cabins, constructed in the
fall of 1994. True lift capacity is determined in terms of
vertical transport feet ("VTF") which is a measure of a lift
system's capacity to transport skiers up mountain elevations.
Killington's system has nearly 40 million VTF, by far the most
capacity in the East. Killington, with 75 miles of trails for
alpine skiing and snowboarding, comprised of 918 acres, offers
the greatest diversity of terrain in the East.
The resort's on-mountain facilities include 7 full-service base
lodges, including one located at the top of Killington Peak; a
licensed children's center providing child care and ski school
programs; and a physician-staffed medical clinic. Killington
also owns and operates an 18-hole championship golf course, a
mountain golf school, a tennis school, a travel and reservation
agency, an 87-room motor lodge in Killington Village and a low-
voltage television station. There is lodging capacity of 4,500
at the base of the mountains, including approximately 500
condominium units for which Killington provides rental services.
Killington attracts skiers and snowboarders from all over the
world, including North and South America, Europe, Japan and
Australia. Due to its proximity to the East's major metropolitan
centers, the vast majority of its customers, however, emanate
from the eastern U.S. Killington's principal competition include
ski areas located in the Northeast as well as the Western U.S.
Killington has consistently been selected as one of the top ski
resorts in the Eastern U.S. and in 1994 was named one of the top
ski resorts in the world. Over the past ten years, Killington
has averaged nearly one million skier days per year. This is
nearly twice as many skiers as its affiliate, Mount Snow, the
second largest ski resort in the eastern U.S.
Mount Snow/Haystack
Mount Snow Ltd. operates two ski resorts in Southern Vermont:
Mount Snow, a year-round destination resort, in West Dover,
Vermont and the nearby Haystack Ski Resort in Wilmington,
Vermont. Mount Snow operated Haystack under a lease arrangement
for three years beginning with the 1991/92 ski season and
exercised its option to purchase Haystack in June, 1994.
Mount Snow and Haystack offer a broad range of recreational
activities including alpine skiing and snowboarding; ski and
snowboarding lessons for all ability levels, including
introduction to skiing/snowboarding; restaurants; lodging; golf;
golf and tennis schools; mountain biking; and hiking. Their
combined skiing and snowboarding facilities consist of 24 lifts
with a total VTF of 29.2 million, second only to Killington in
the eastern U.S. On-mountain facilities include 6 full-service
base lodges; a licensed children's center which provides child
care and ski school programs; and a physician-staffed medical
clinic. Mount Snow also owns and operates an 18-hole
championship golf course, golf schools in Vermont, Ocean City,
Maryland, and Crystal River, Florida; a mountain bike school; a
92-room hotel; and a low-voltage television station. It also
manages approximately 150 condominium units. In fiscal 1995,
Mount Snow employed a high of 1,222 persons during the winter and
a low of 352 persons during the spring.
Bear Mountain
Bear Mountain is a major regional ski resort located at Big Bear
Lake, California in the San Bernardino mountains located within
one to three hour drives from major southern California
population centers like Los Angeles and San Diego. The peak of
Bear Mountain rises to a height of 8,800 feet above sea level.
Bear Mountain operates 11 lifts with more than 10 million VTF
servicing 30 ski trails. It contains a base lodge, a cafeteria
and a cocktail lounge, retail, rental and repair shops, as well
as an alpine ski school. It also owns a nine-hole golf course at
the base of the mountain. In fiscal 1995 Bear Mountain employed
a low of 66 people in the summer and a high of 593 people in the
winter.
Bear Mountain's major competition comes from other California
ski areas located in the southern part of the State. Its
proximity to southern California population centers gives it
great potential for growth.
In September 1995, negotiations were started with Fibreboard Corporation
to sell ski and golf related assets of Bear Mountain Ltd.
Sugarloaf
In August 1994, S-K-I acquired a majority interest in Sugarloaf
Mountain Corporation, owner and operator of Sugarloaf/USA, a destination
resort located in Western Maine.
Sugarloaf/USA is a self-contained destination year-round resort
and conference center, best known as an alpine ski resort, with
14 lifts, 101 trails and the only lift-serviced snowfield skiing
in the East. The area is the largest ski mountain in Maine with
a vertical drop of 2,820 feet and a top lift elevation that is
almost equal to Killington, which has the highest lift skiing in
New England.
Sugarloaf employs approximately 750 people in the ski season and
approximately 250 people in the summer.
Capital provided by Sugarloaf's affiliation with SKI allowed the
area to proceed with a $4.5 million expansion plan to install
a 7,000-foot high speed detachable quad chairlift with 60 acres
of new trails and associated snowmaking. The Sugarloaf SuperQuad boosted
Sugarloaf's vertical transport feet by 35%, prior to the 1994-95
ski season.
Waterville Valley
Waterville Valley Ski Area, one of New Hampshire's largest ski
areas, consists of 255 skiable acres, 13 lifts, 54 trails, 3
lodges, a retail shop, a rental shop, a repair shop, mountain
biking center, cross country ski center, an alpine ski school,
ski wee program, a large conference center, and a medical clinic
staffed weekdays by an EMT and on weekends and holidays by a
physician.
Waterville employs approximately 500 people in the ski season
and approximately 75 people in the summer.
Item 2. Properties
Killington
Most of the Killington Ski Resort is located on land leased from
the State of Vermont consisting of 2,500 acres in the Killington
section of the Calvin Coolidge State Forest. The lease consists
of a series of ten-year terms which Killington has the right to
renew through the year 2060. The present ten-year term under
which Killington is operating extends to the year 2000. The
leases provide that upon completion of the ten-year terms the
State of Vermont has the option to purchase Killington's rights
in the leases for a price based on a formula related to the value
of the capital improvements on the land.
In addition, Killington owns approximately 5,000 acres of land
contiguous to the State Forest. Four hundred of those acres are
contained in a Planned Unit Development zoning district (PUD)
containing the Killington Ski Village. Killington's plans for
developing the PUD contemplate 2,000 condominium dwelling units,
856 hotel units including a conference center, 20 single family
homes and commercial space. Presently, the Village contains 84
hotel units and 700 condominium units.
Killington also owns an 18-hole golf course and golf school which
reside entirely on the land owned by Killington.
Mount Snow/Haystack
The upper elevations of the Mount Snow Ski Resort consist of 985
acres of which 400 acres are skiing terrain used by Mount Snow
pursuant to a special use permit granted by the U.S. Forest
Service. Permit fees are based on adjusted gross revenues
derived from ski related services. The permit expires in December 2029.
The lower portion of the ski area including the base area
facilities consisting of approximately 655 acres is on land owned
by Mount Snow. Under existing zoning regulations Mount Snow's
base area facilities can support the construction of an
additional 600 dwelling units including hotel beds. There is
presently located at the base of the mountain 92 hotel rooms as
well as 160 condominium units.
Mount Snow also owns an additional 250 acres on which its 18-
hole golf course and golf school facilities are located.
Contiguous with this golf course property is an additional 500
undeveloped acres owned by Mount Snow. It intends to build an
additional 9 holes of golf on this property in the near future
for which it has already received the necessary permits. The
site has the capacity for an additional nine holes as well. Were
Mount Snow to construct the additional 18 holes of golf it would
also have the capacity to build 160 housing units contiguous to
and in the vicinity of its golf courses.
The Haystack Ski Resort consists of approximately 400 acres of
land in its lower elevations owned by Mount Snow and
approximately 300 acres of land in its upper elevations which are
leased by the Town of Wilmington to Mount Snow. The lease
expires in November 2030.
Haystack's skiing facilities consist primarily of 6 lifts, 2
base lodges and 43 trails.
Bear Mountain
Most of the Bear Mountain Ski Resort, including the upper
elevations, is located on 690 acres which are leased under a
special use permit from the U.S. Forest Service. Permit fees are
based on adjusted gross revenues related to ski-related services.
The permit expires in June 2020.
Bear Mountain owns approximately 34 acres at the base of the ski
area on which is located its base area buildings. In addition,
it owns several other parcels utilized for off-site parking and a
nine-hole golf course on 45 acres across from the ski area.
Sugarloaf
Sugarloaf is a 7,000 acre resort with 101 trails covering 505
acres with an additional 895 acres of off-trail skiing terrain.
It operates Maine's largest year-round conference center and
Nordic ski facility. It leases, on a long term basis from the
Town of Carrabassett Valley an 18-hole championship golf course
designed by Robert Trent Jones, Jr. The lease expires in April 2004.
It is home to the largest slopeside ski village in New England
consisting of its base lodge, two large hotels, banquet
facilities for 800 people, a major Sports and Fitness Club, 900
condominium units serviced by ski lifts and trails, rental homes
with shops and restaurants and an extensive recreational path
network.
Waterville Valley
Waterville Valley is a full-service, year round destination
resort located in the heart of New Hampshire's White Mountain
National Forest. It is situated on 706 acres which are leased
under a special use permit from the U.S. Forest Service which
expires in October 2034.
Item 3. Legal Proceedings
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 4A. Executive Officers of the Registrant
The information under this caption is furnished pursuant to
Instruction 3 to Item 401(b) of Regulation S-K:
The following table sets forth certain information with respect
to the executive officers of the registrant, Killington, Mount
Snow, Bear Mountain, Waterville Valley and Sugarloaf. Each such
officer has been employed as set forth for at least the past five
years, except that Robert L. Cook was elected President of Bear
Mountain on August 26, 1993 and both he and Gerald Gormley were
elected Vice President of S-K-I Ltd. on October 4, 1993. Warren C.
Cook was elected Vice President of S-K-I Ltd. on August 24, 1994.
Robert L. Cook was previously employed at Killington for more
than five years prior to his appointment as President of Bear
Mountain Ltd. He served as Vice President in charge of the
Killington Village.
Prior to his employment with S-K-I Ltd. Mr. Gormley served for
over five years as Director of Employee Relations for Textron,
Inc., a large manufacturer of capital equipment. His duties
involved the planning, organizing and directing of personnel
policy and administration for more than 4,500 employees.
Warren C. Cook joined Sugarloaf Mountain Corporation in July of
1986. He was elected President of Sugarloaf Mountain Corporation
in 1987. Prior to joining Sugarloaf Mountain Corporation, he was
President of Chemical Fabrics Corporation. He is a major
stockholder in both companies.
Position with:
Name and S-K-I Ltd Killington Mount Bear Waterville Sugarloaf
Age Snow Valley
Preston Chief Chairman Chairman Chairman Chairman Director
Leete Smith Executive and Chief and Chief and Chief and Chief
65 Officer Executive Executive Executive Executive
Officer Officer Officer Officer
Joseph D. Chairman
Sargent of the
65 Board
Martel D. Vice Chief Chief Treasurer Chief
Wilson, Jr. President, Financial Financial Financial
58 Chief Officer Officer Officer and
Financial Treasurer
Officer and
Treasurer
Foster T. Vice
Chandler, President
Jr. and
56 Director of
Marketing
Henry B. President President President President Chief
Lunde Executive
51 Officer
Christopher Vice Vice
S. Diamond President President
49 Corporate
Development
Robert L. Vice President
Cook President
56
Gerald Vice
Gormley President
46 Human Resources
Warren C. Vice President
Cook President
50
There is no family relationship between any of the foregoing officers.
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters
The information provided in the "Report on Operations" Section
of the Registrant's 1995 Annual Report under the caption "Common
Stock" at Page 12 of said report is incorporated herein by
reference.
Item 6. Selected Financial Data
The selected financial data for the five years ended July
31, 1995 which appear on Page 25 of the Registrant's 1995 Annual
Report is incorporated herein by reference.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition
and Results of Operation is incorporated herein by reference from
Pages 28 and 29 of Registrant's 1995 Annual Report.
Item 8. Financial Statements and Supplementary Data
The financial statements, together with Price Waterhouse LLP's
report thereon dated August 31, 1995, appearing on pages 13
through 24 of the accompanying 1995 Annual Report, and the
information under "Interim Financial Information (Unaudited)" on
page 26 of the accompanying 1995 Annual Report, are incorporated
by reference in this Form 10-K Annual Report. With the exception
of the aforementioned information and the information
incorporated in Items 5, 6 and 7, the 1995 Annual Report is not
to be deemed filed as part of this Form 10-K Annual
Report.
Item 9.Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the
Registrant
The information under "Meeting Item Number 1: Election of
Directors" on Pages 1 and 2 of the Registrant's 1995 Proxy
Statement is incorporated herein by reference.
Information regarding executive officers of the Registrant is
included as Item 4A of Part I as required by Instruction 3 to
Item 401(b) of Regulation S-K.
Item 11. Executive Compensation
The information under "Executive Compensation" on pages 5, 6 and
7 of the Registrant's 1995 Proxy Statement is incorporated
herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
The information under "Stock Ownership" on pages 3 and 4 of the
Registrant's 1995 Proxy Statement is incorporated herein
by reference.
Item 13. Certain Relationships and Related Transactions
The information appearing under the caption "Certain
Transactions" on page 4 of the Registrant's 1995 Proxy Statement
is incorporated herein by reference.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following are filed as part of this report: Page in
Annual Report*
(1) Financial Statements:
Report of Independent Accountants 19
Consolidated Statement of Income
for the three years ended July 31, 1995 13
Consolidated Balance Sheet as of
July 31, 1995 and 1994 14-15
Consolidated Statement of Cash Flows
for the three years ended July 31, 1995 16
Consolidated Statement of Changes
in Stockholders' Equity for the
three years ended July 31, 1995 17
Notes to Consolidated Financial Statements 18-24
Page in 10-K
(2) Financial Statement Schedules:
Report of Independent Accountants on Financial Statement Schedules
For the three years ended July 31, 1995
V - Property, Plant and Equipment 14
VI - Accumulated Depreciation and Amortization of
Property, Plant and Equipment 15
X - Supplementary Income Statement Information 16
All other schedules are omitted because they are not applicable
or the required information is shown in the financial statements
or notes thereto.
* Incorporated by reference from the indicated pages of the
Registrant's 1995 Annual Report.
(b) Reports on Form 8-K
No report on Form 8-K was filed during the last quarter
of the period covered by this report.
(c) Exhibits
The exhibits listed below are filed with this Form 10-K
pursuant to Item 601 of Regulation S-K.
Page
Number
Exhibit
Number Description
3.1* Certificate of Incorporation of the Registrant, filed as n/a
Exhibit 3A to the Registrant's Form S-14 and included as
Exhibit B to the Prospectus included therein, Registration
No.2-93834, as filed with the Commission on October 18, 1984.
3.2* By-laws of the Registrant, filed as Exhibit 3B to the n/a
Registrant's Form S-14, Registration No.2-93834, as filed
with the Commission on October 18, 1984.
4.1* The following indenture agreements are not submitted but are n/a
identical in all material respects with the exception of the
interest rate, maturity dates, and aggregate principal amounts,
which are noted herein:
Aggregate
Indenture Interest Maturity Principal
Agreement Date Rate Date Amount
October 25, 1976 6% 5/1/97 500,000
December 12, 1977 6% 5/1/99 500,000
October 20, 1978 6% 5/1/00 750,000
September 19, 1979 8% 5/1/01 750,000
September 14, 1981 8% 5/1/02 1,500,000
October 14, 1982 8% 5/1/03 1,500,000
November 3, 1983 8% 5/1/04 1,500,000
December 21, 1984 8% 5/1/10 1,500,000
September 25, 1986 6% 5/1/12 1,500,000
November 5, 1987 6% 5/1/13 1,500,000
October 13, 1989 6% 5/1/15 1,500,000
October 24, 1990 6% 5/1/16 1,500,000
4.2* S-K-I Ltd. Credit Agreement dated March 2, 1988. n/a
10.1* Lease of Real Estate between Killington Ltd.and the State n/a
of Vermont Department of Forests and Parks dated
November 10, 1960, filed as Exhibit 10.1 to
Sherburne Corporation's report on Form 10-K
for the fiscal year ended July 31, 1984.
10.2* Ski Area Term Special Use Permit between the U.S. Forest E-1
Service and Mount Snow Ltd.
10.3* Ski Area Term Special Use Permit between the U.S. Forest E-2
Service and Bear Mountain Ltd.
10.3 Lease between Mount Snow Ltd. and the Town of Wilmington E-3
regarding land at the Haystack Ski Area dated
June 21, 1994.
10.3 Shareholder's agreement between SKI Ltd. and the minority E-4
shareholders of Sugarloaf Mountain Corporation dated
August 24, 1994.
10.3 Employment agreement between SKI Ltd., Sugarloaf Mountain E-5
Corporation and Warren C. Cook dated August 24, 1994.
10.5* 1982 Incentive Stock Option Plan adopted by the Board of n/a
Directors of Killington Ltd. on November 20, 1982, filed
as Exhibit 10.5 to Sherburne Corporation's report on
Form 10-K for the fiscal year ended July 31, 1984.
10.8* 1988 Stock Option Plan adopted by the Board of Directors n/a
and shareholders of S-K-I Ltd. November 18, 1988.
13 Registrant's 1995 Annual Report to its Stockholders. (copy attached)
21 Subsidiaries of the Registrant. E-21
22 Registrant's Proxy Statement relating to its 1995 Annual
Meeting of Stockholders. (copy attached)
(EDGAR DEF 14A)
__________________________________________
* Incorporated by reference from documents previously filed
with the Commission.
Report of Independent Accountants on Financial Statement Schedules
To the Board of Directors of S-K-I Ltd.
Our audits of the consolidated financial statements referred to
in our report dated August 31, 1995, appearing on page 17 of the
1995 Annual Report to Stockholders of S-K-I Ltd. (which report and
consolidated financial statements are incorporated by reference
in this Annual Report on Form 10-K) also included an audit of the
Financial Statement Schedules listed in Item 14(a)(2) of this
Form 10-K. In our opinion, these Financial Statement Schedules
present fairly, in all material respects, the information set
forth therein when read in conjunction with the related
consolidated financial statements.
PRICE WATERHOUSE LLP
Hartford, Connecticut
August 31, 1995
<TABLE>
S-K-I LTD.
SCHEDULE V - PROPERTY, PLANT AND EQUIPMENT
<CAPTION>
Bal. Other Bal. at
at Beg. Additions Charges, End of
Classification ofPeriod at Cost Retirements Add(Deduct) Period
for the year ended July 31,1993
<S> <C> <C> <C> <C> <C> <C>
Bldgs and Grnds $25,376,074 $2,101,583 ($90,683) $27,386,974
Mach. and Equip. 64,864,985 7,826,596 (6,053,428) 66,638,153
Lsehold Impvmnt. 34,601,079 2,637,106 (358,350) 36,879,835
Lifts, Liftlns
and Trails on
Corp. Prop. 17,358,790 175,475 (352,855) 17,181,410
C.I.P. 4,284,928 (980,471) 3,304,457
Land and
Devlpmt Costs 10,141,589 546,394 10,687,983
__________ __________ __________ __________ ______________
$156,627,445 12,306,683 ($6,855,316) $0 $162,078,812
__________ __________ __________ __________ ______________
__________ __________ __________ __________ ______________
for the year ended July 31, 1994
Bldgs and Gnds $27,386,974 $5,358,201 ($14,614) $32,730,561
Mach. and Equip. 66,638,153 6,637,288 (1,584,628) 71,690,813
Lsehold Impvmnt. 36,879,835 1,890,289 296,499<F1> 39,066,623
Lifts, Liftlines
and Trails on
Corp. Prop. 17,181,410 1,455,855 (2,474,326) 16,162,939
C.I.P. 3,304,457 5,692,113 8,996,570
Land and
Developmnt Csts 10,687,983 1,648,836 425,533<F1> 12,336,819
___________ _________ __________ _______ __________
$162,078,812 $22,682,582 ($4,073,568) $722,032 $181,409,858
___________ _________ __________ ________ __________
___________ _________ __________ ________ __________
for the year ended July 31, 1995
Bldgs and Gnds. $32,730,561 $9,173,230 ($345,953) $41,557,838
Mach. and Equip. 71,690,813 17,045,425 (15,613,180) 73,123,058
Lsehold Impvmnt. 39,066,623 9,047,304 (31,358) 48,082,570
Lifts, Liftlnes
and Trails on
Corp. Prop. 16,162,939 17,626,678 (2,405) 33,787,212
C.I.P. 8,996,570 (7,312,128) 1,684,442
Land and
Developmnt Costs 12,762,352 707,290 13,469,642
__________ __________ _________ _______ __________
$181,409,858 $46,287,799 ($15,992,895) $0 $211,704,762
__________ __________ _________ _______ __________
__________ __________ _________ _______ __________
<FN>
<F1>
(1) Other changes in Fiscal 1994 result from the adoption of SFAS 109
"Accounting for Income Taxes" effective August 1, 1993.
</FN>
</TABLE>
<TABLE>
S-K-I LTD.
SCHEDULE VI - ACCUMULATED DEPRECIATION AND AMORTIZATION OF
PROPERTY, PLANT AND EQUIPMENT
<CAPTION>
Classification Balance Additions Other
at Charged to Changes, Balance at
Beginning Costs & Add,(Deduct) End of Period
of Period Expense Retirements
for the year ended July 31, 1993
<S> <C> <C> <C> <C> <C> <C>
Bldgs and Gnds $9,645,510 $1,309,483 ($90,862) $10,864,131
Mach. and Equip. 41,529,811 6,714,510 (5,974,220) 42,270,101
Lsehold Impvmts. 13,575,967 1,953,425 (358,350) 15,171,042
Lifts, Liftlines
and Trails
on Corp. Prop. 9,913,228 925,452 (352,855) 10,485,825
_________ _________ _________ ________ __________
$74,664,516 $10,902,870 ($6,776,287) $0 $78,791,099
_________ _________ _________ ________ __________
_________ _________ _________ ________ __________
for the year ended July 31, 1994
Bldgs and Gnds $10,864,131 $1,420,778 ($14,613) $12,270,296
Mach. and Equip. 42,270,101 7,021,245 (1,512,827) 47,778,519
Lsehold Impvmts. 15,171,042 2,042,340 328,408<F1> 17,541,790
Lifts, Liftlines
and Trails on
Corp. Prop. 10,485,825 929,377 (2,367,353) 9,047,849
__________ ________ _________ _______ _________
$78,791,099 $11,413,740 ($3,894,793) $328,408 $86,638,454
__________ ________ ________ _______ __________
__________ ________ ________ _______ __________
for the year ended July 31, 1995
Bldgs and Gnds $12,270,296 $2,806,026 ($403,364) $14,672,958
Mach. and Equip. 47,778,519 9,555,943 (13,178,083) 44,156,379
Lsehold Impvmnts 17,541,790 2,502,948 (31,358) 20,013,380
Lifts, Liftlines
and Trails on
Corp. Prop. 9,047,849 2,041,751 (2,403) 11,087,197
_________ _________ _________ _______ __________
$86,638,454 $16,906,668 ($13,615,208) $0 $89,929,914
_________ ________ _________ _________ __________
_________ ________ _________ _________ __________
<FN>
<F1>
(1) Other changes in Fiscal 1994 result from the adoption of SFAS 109
"Accounting for Income Taxes" effective August 1, 1993.
</FN>
</TABLE>
S-K-I LTD.
SCHEDULE X - SUPPLEMENTARY INCOME STATEMENT INFORMATION
1995 1994 1993
Maintenance and repairs $5,843,480 $5,311,432 $4,669,778
__________ __________ __________
Taxes, other than payroll
and income taxes
Sales $2,511,442 $2,819,437 $2,718,624
Real Estate 1,257,675 1,089,762 1,147,527
Rooms, food and liquor 1,019,505 967,197 997,532
__________ __________ __________
$4,788,622 $4,876,396 $4,863,683
__________ __________ __________
Advertising costs $9,249,984 $7,809,332 $7,607,704
__________ __________ __________
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
(Registrant) S-K-I Ltd.
_____________________________________________
By ________________________________________ ________
* Preston Leete Smith, Chief Executive Officer Date
By ________________________________________ ________
* Martel D. Wilson, Jr., Vice President, Date
Chief Financial Officer and Chief
Accounting Oficer
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the
dates indicated.
By ________________________________________________ _________
* Joseph D. Sargent, Chairman of the Board Date
By ________________________________________________ _________
Walter N. Morrison, Director Date
By ________________________________________________ _________
Jose' M. Calhoun, Director Date
By ________________________________________________ _________
F. Ray Keyser, Jr., Director Date
By ________________________________________________ _________
Mary T. Sargent, Director Date
By ________________________________________________ _________
Thomas C. Webb, Director Date
* Also Directors
EXHIBIT 21
SUBSIDIARIES OF THE REGISTRANT:
Killington Ltd. - A Vermont corporation located in Sherburne, Vermont
Mount Snow Ltd. - A Vermont corporation located in West Dover, Vermont
Bear Mountain Ltd. - A California corporation located in Big Bear
Lake, California
Sugarloaf Mountain Corp. - A Maine corporation located in Carrabassett
Valley, Maine
Waterville Valley Ski Area - A New Hampshire corporation located
in Waterville Valley, New Hampshire
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1995
<PERIOD-END> JUL-31-1995
<CASH> 2,790,645
<SECURITIES> 0
<RECEIVABLES> 2,922,209
<ALLOWANCES> 0
<INVENTORY> 3,955,722
<CURRENT-ASSETS> 11,029,036
<PP&E> 211,704,762
<DEPRECIATION> 89,929,914
<TOTAL-ASSETS> 136,721,513
<CURRENT-LIABILITIES> 14,181,057
<BONDS> 11,400,000
<COMMON> 578,593
0
0
<OTHER-SE> 56,983,660
<TOTAL-LIABILITY-AND-EQUITY> 136,721,513
<SALES> 23,648,797
<TOTAL-REVENUES> 113,959,712
<CGS> 15,146,037
<TOTAL-COSTS> 51,557,343
<OTHER-EXPENSES> 56,855,905
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,818,893
<INCOME-PRETAX> 2,026,520
<INCOME-TAX> 997,123
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,029,397
<EPS-PRIMARY> .18
<EPS-DILUTED> .18
</TABLE>
