VAIL, Colorado ??” Booth Creek Ski Holdings, Inc. (“Booth Creek” or the “Company”) announced today results for the fiscal quarter ended Jan. 28, 2005.

Resort operations revenues were $42,777,000 for the fiscal quarter ended Jan. 28, 2005, a decrease of $4,538,000, or 10 percent, from the level of revenues generated during the fiscal quarter ended Jan. 30, 2004. Total skier visits decreased from 953,000 visits for the 2004 period to 798,000 visits for the 2005 period, a decrease of 16 percent, due to the combined effect of the following:

• Total skier visits for the Company’s Lake Tahoe resorts (Northstar and Sierra) for the fiscal quarter ended Jan. 28, 2005, increased by 43,000 visits, or 9 percent, from the 2004 period, primarily as a result of an earlier opening at Sierra for the current season.
• For the three months ended Jan. 28, 2005, the Company’s New Hampshire resorts (Waterville Valley, Mt. Cranmore and Loon Mountain) generated an increase of 8,000 skier visits, or 3%, as compared to the comparable quarter in fiscal 2004.
• Through the current date, the Company’s Summit resort in Washington has experienced one of the lowest snowfall seasons on record. Additionally, the two most significant snow storms this season were followed by substantial rainfall, which materially eroded the snow pack at the resort. As a result, the resort opened on a limited basis on Jan. 1, 2005, and wasforced to close on Jan. 22, 2005, due to inadequate snow coverage.
• By comparison, conditions at the Summit during the first half of the 2003/04 season were generally favorable. Due to these conditions, the Summit generated 42,000 skier visits during the three months ended Jan. 28, 2005, a decline of 206,000 visits, or 83%, as compared to skier visitation levels for thethree months ended Jan. 30, 2004. The Summit’s revenues for the 2005 period decreased by $5,982,000 as compared to the 2004 period. Since the end of January 2005, the Summit has conducted extremely limited operations due to the continued lack of snowfall.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $34,171,000 for the fiscal quarter ended Jan. 28, 2005, an increase of $861,000, or 3 percent, from the 2004 period. Resort cost of sales for the 2005 period included $546,000 in nonrecurring costs for the provision of interim facilities at Northstar to address the impacts of a major redevelopment of the resort’s Village.

Operating income for the resort segment for the fiscal quarter ended Jan. 28, 2005, was $5,339,000, as compared to operating income of $10,402,000 for the corresponding period in 2004. Resort operations contributed EBITDA (as defined below) of $8,606,000 for the fiscal quarter ended Jan. 28, 2005, compared with resort operations EBITDA of $14,005,000 for the corresponding period in 2005.

“Five of our six resorts are performing very well,” said Booth Creek’s chief financial officer, Betsy Cole. “Unfortunately our Summit resort, like every other resort in the Pacific Northwest, has presented challenges due to the very poor snow year in the region. Despite these challenges, our business prospects on many other fronts — including our development efforts at Northstar — continue to be positive.”

There were no real estate sales during the three months ended Jan. 28, 2005. Revenues from real estate operations for the fiscal quarter ended Jan. 30, 2004, were $8,498,000, which was due to (i) the close of escrow on the final three lots within the Unit 7A subdivision at Northstar for an aggregate sales price of $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 a single family lot at Loon Mountain for $90,000.

Cost of sales and selling, general and administrative expense for the real estate and other segment totaled $451,000 for the fiscal quarter ended Jan. 28, 2005, as compared to $2,011,000 for the 2004 period. The results for the 2004 period included noncash cost of real estate sales (as defined below) of $1,590,000 related to the real estate sales described above.

Operating loss for the real estate and other segment was $451,000 for the 2005 period, as compared to operating income of $6,487,000 in the 2004 period. Real estate and other operations generated an EBITDA loss (excluding noncash cost of real estate sales) (as defined below) of $451,000 for the fiscal quarter ended Jan. 28, 2005, compared with EBITDA of $8,077,000 in the 2004 period.

Interest expense was $3,267,000 for the fiscal quarter ended Jan. 28, 2005, as compared to $3,056,000 for the 2004 period, an increase of $211,000, or 7 percent. The increase in interest expense for the 2005 period was primarily due to increased borrowings and higher average interest rates.

The Company’s net income totaled $1,155,000 for the fiscal quarter ended Jan. 28, 2005, a decrease of $12,482,000 from the Company’s net income in the corresponding period of 2004, primarily as a result of the timing of real estate sales and the effect of operating challenges during the 2004/05 season at the Company’s Summit resort.

Total EBITDA (excluding noncash cost of real estate sales) (as defined below) was $8,155,000 for the fiscal quarter ended Jan. 28, 2005, as compared to total EBITDA of $22,082,000 for the 2004 period.

Due to the extraordinary weather challenges experienced at the Company’s Summit resort during the first half of the 2004/05 season, the Company did not achieve certain financial covenants and other conditions under its Amended and Restated Credit Agreement dated March 15, 2002 (as amended, the “Senior Credit Facility”). On March 18, 2005, the Company entered into an amendment and waiver to the Senior Credit Facility. As a result of the waiver, the Company is in compliance with the terms of the Senior Credit Facility.