SAM Magazine--Vail, Colo., March 17, 2004--Booth Creek resort operations revenues rose 2 percent for the first quarter ended Jan. 30, 2004, to $47,315,000, as earlier openings at Sierra-at-Tahoe and the Summit areas in Washington State offset a slower season in the East. Increased snow school, equipment rental, retail and food and beverage sales also contributed to the positive result.

Total skier visits increased to 953,000 visits for the 2004 period, an increase of 4 percent. Skier visits for the Summit increased by 95,000 visits, or 62 percent, from the corresponding period in the prior year. Northstar and Sierra were up a combined 29,000 visits, or 7 percent, from the 2003 period.

Recognized season pass revenues rose 4 percent to $9,963,000 for the 2004 period. Sales of season passes are expected to increase by approximately 11 percent over the $19,772,000 in 2002-03.

Cost of sales and selling, general and administrative expense applicable to the resort segment totaled $33,310,000, up 2 percent from the 2003 period. Operating income for the resort segment was $10,402,000 compared to $10,075,000 for the corresponding period in 2003.

Aided by strong real estate results and reduced borrowing costs, the company's net income totaled $13,637,000 for the fiscal quarter, an increase of $7,006,000 from the corresponding period of 2003. Real estate operating income totalled $6,487,000 for the 2004 period, compared to an operating loss of $300,000 in the 2003 period. Interest expense was $3,056,000 for the 2004 quarter, compared to $3,371,000 for the 2003 period. \