VAIL, Colorado ??” Booth Creek Ski Holdings, Inc. (“Booth Creek” or the “Company”) announced today results for the fourth fiscal quarter and year ended Oct. 29, 2004.

Fourth Quarter Ended Oct. 29, 2004

Booth Creek’s fourth quarter is an off-peak period. Resort operations revenues were $4,251,000 for the fiscal quarter ended Oct. 29, 2004, compared with $4,449,000 for the fiscal quarter ended Oct. 31, 2003.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $11,813,000 for the fiscal quarter ended Oct. 29, 2004, an increase of $171,000, or 1 percent, from the corresponding period in 2003.

Operating loss for the resort segment for the fiscal quarter ended Oct. 29, 2004, was $10,753,000 compared to an operating loss of $11,362,000 for the corresponding period in 2003. Resort operations incurred an EBITDA loss (as defined below) of $7,562,000 for the fiscal quarter ended Oct. 29, 2004, compared with an EBITDA loss of $6,843,000 for the corresponding period in 2003.

Revenues from real estate operations for the fiscal quarter ended Oct. 29, 2004, were $1,166,000 due to the sale of certain non-strategic development parcels and single family lots at Loon Mountain. Revenues from real estate operations for the fiscal quarter ended Oct. 31, 2003, were $9,184,000 due to the sale of 12 lots within the Unit 7A subdivision at Northstar. Timber operations at Northstar contributed revenues of $126,000 and $238,000 during the fiscal quarters ended Oct. 29, 2004, and Oct. 31, 2003, respectively.

Cost of sales, depletion and selling, general and administrative expense for the real estate and other segment totaled $859,000 for the fiscal quarter ended Oct. 29, 2004, as compared to $5,628,000 for the corresponding period in 2003. The results for the fiscal quarter ended Oct. 29, 2004, included noncash cost of real estate sales (as defined below) of $442,000 for the sale of real estate at Loon Mountain. The results for the fiscal quarter ended Oct. 31, 2003, included noncash cost of real estate sales of $4,294,000 and commissions and closing costs of $735,000 related to the lot sales within the Unit 7A development at Northstar.

Operating income for the real estate and other segment was $433,000 for the fiscal quarter ended Oct. 29, 2004, as compared to $3,794,000 for the corresponding period in 2003. Real estate and other operations generated EBITDA (excluding noncash cost of real estate sales) (as defined below) of $945,000 during the fiscal quarter ended Oct. 29, 2004, as compared to $8,208,000 for the corresponding period in 2003.

Interest expense was $3,159,000 for the fiscal quarter ended Oct. 29, 2004, an increase of $190,000, or 6 percent, from the Company’s interest expense of $2,969,000 for the corresponding period in 2003, as a result of increased borrowings and reduced capitalized interest in the 2004 period.

The Company’s net loss for the fiscal quarter ended Oct. 29, 2004, was $13,920,000, an increase of $2,999,000 from the Company’s net loss of $10,921,000 for the fiscal quarter ended Oct. 31, 2003, primarily as a result of the effect of significant real estate sales in the fiscal 2003 quarter.

Year Ended Oct. 29, 2004

Resort operations revenues for the fiscal year ended Oct. 29, 2004, were $105,377,000, an increase of $414,000 from the level of revenues generated during the fiscal year ended Oct. 31, 2003. Skier visits for fiscal 2004 increased by 28,000 visits, or 1 percent, from fiscal 2003. Season passes revenues, which rose 12 percent to $22,053,000 for fiscal 2004, as well as improved snow school and retail sales, partially offset the impact of reduced lift ticket sales.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $86,126,000 for the fiscal year ended Oct. 29, 2004, an increase of $1,465,000, or 2 percent, from the corresponding period in 2003.

Operating income for the resort segment for the fiscal year ended Oct. 29, 2004, was $5,403,000, as compared to $4,663,000 for the corresponding period in 2003. Resort operations contributed EBITDA (as defined below) of $19,251,000 for the fiscal year ended Oct. 29, 2004, as compared to $20,652,000 for the corresponding period in 2003.

Revenues from real estate operations for the fiscal year ended Oct. 29, 2004, were $9,844,000, which was due to (i) the sale of the final three lots within the Unit 7A subdivision at Northstar for $2,798,000; (ii) the transfer and sale of certain development real estate at Northstar, which contributed revenues of $5,610,000; and (iii) the sale of certain non-strategic development parcels and single family lots at Loon Mountain for $1,436,000. Revenues from real estate operations for the fiscal year ended Oct. 31, 2003, were $9,830,000, which was due to (i) the sale of the final lot within the Unit 7 subdivision at Northstar for $646,000, and (ii) the sale of 12 lots within the Unit 7A subdivision at Northstar for $9,184,000. Timber operations at Northstar contributed revenues of $189,000 and $254,000 during the fiscal years ended Oct. 29, 2004, and Oct. 31, 2003, respectively.

Cost of sales, depletion and selling, general and administrative expense for the real estate and other segment totaled $3,999,000 for the fiscal year ended Oct. 29, 2004, as compared to $6,942,000 for the corresponding period in 2003. The results for fiscal 2004 and fiscal 2003 included noncash cost of real estate sales (as defined below) of $2,292,000 and $4,484,000, respectively.

Operating income for the real estate and other segment was $6,034,000 for the fiscal year ended Oct. 29, 2004, as compared to operating income of $3,142,000 for the corresponding period in 2003. Real estate and other operations generated EBITDA (excluding noncash cost of real estate sales) (as defined below) of $8,422,000 and $7,753,000 for fiscal 2004 and fiscal 2003, respectively.

Interest expense was $12,071,000 for the fiscal year ended Oct. 29, 2004, a decrease of $421,000, or 3 percent, from the Company’s interest expense of $12,492,000 for the fiscal year ended Oct. 31, 2003, as a result of reduced average borrowings.

The Company’s net loss for the fiscal year ended Oct. 29, 2004, was $1,831,000, an improvement of $3,530,000 from the net loss of $5,361,000 generated for the corresponding period in 2003, primarily as a result of the factors discussed above.