0 million for
the 26 weeks ended January 25, 2004.

On a GAAP basis, net loss for the 27 weeks ended January 30, 2005 was
$59. However, non-
GAAP financial measures should not be considered in isolation from, or as a
substitute for, financial information prepared in accordance with GAAP., a firefighter and rescue worker safety
apparel manufacturer .
(Photo: http://www.

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6 million. The loss from resort operations was $21. The loss from resort operations was $58.

Contact:
David Hirasawa
Investor and Media Communications
435-615-0396


American Skiing Company and Subsidiaries
Unaudited Condensed Consolidated Financial Statement Information
(in thousands except per share amounts)


14 Weeks 13 Weeks 27 Weeks 26 Weeks
Ended Ended Ended Ended
January January January January
Net revenues: 30, 2005 25, 2004 30, 2005 25, 2004

Resort $103,411 $92,904 $121,231 $109,032
Real estate 2,663 10 ,056 4,389 12,401
Total net revenues 106,074 102,960 125,620 121 ,433

Operating expenses:
Resort 67,786 62,410 91 ,395 84,935
Real estate 2,155 8,538 3,263 10,196
Marketing, general and
administrative 16,210 20,490 27,027 30,770
Restructuring and asset
impairment - - - 137
Depreciation and amortization 14,400 10,631 16,679 12,934
Total operating expenses 100,551 102,069 138,364 138,972

Income (loss) from operations 5,523 891 (12,744) (17,539)

Interest expense and other, net 21,684 22,580 41,137 45,408
Write-off of deferred financing
costs and loss on
extinguishment of senior
subordinated notes 5,983 - 5,983 -
Net loss $(22,144) $(21,689) $(59,864) $(62,947)

Basic and diluted net loss per
common share:
Net loss $(0.98)
Weighted average common shares
outstanding - basic and diluted 31,738 31,738 31,738 31,738

For more information, please refer to the Company 's Form 10-Q, filed on
March 16, 2005, with the Securities and Exchange Commission.
Excluding preferred stock, total debt would be $352,121.com/cgi-bin/prnh/20060203/PHF016-a )
(Photo: http://www. American Firewear, based in Ohatchee, AL,
manufactures a wide variety of complementary products, including gloves,
hoods, equipment bags, wildland gear, extrication gear, jumpsuits and
suspenders.S.

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"
"While we did experience poor early season weather conditions in the East,
excellent skiing and riding conditions now prevail at all of our resorts,"
Fair continued.0 million for the 13 weeks ended January
25, 2004.1 million, or $0. In particular, the
company has excluded deferred financing costs write-off and loss on
extinguishment of Senior Subordinated Notes from net loss.2%) 5,588 5,672 (1. DAYTON, Ohio, Total Fire Group announced today that
it has acquired American Firewear Inc. 'Project HEROES' [Homeland Emergency Response Operational and Equipment
Systems] , a U. They manufacture and
market a full line of personal protective equipment for workers in the general
industrial, fire service and utility/high voltage industries.

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J."
In addition to the financial results through January 30, 2005 the company
also reported a 10. Excluding the deferred financing costs write-off and loss on
extinguishment of Senior Subordinated Notes, the loss from resort operations
was $15. Revenue from resort operations was $121.2
million for the 27 weeks ended January 30, 2005 compared to $109. Excluding the deferred financing costs write-
off and loss on extinguishment of Senior Subordinated Notes, the loss from
resort operations was $52.3 million for the 27 weeks
ended January 30, 2005 compared with a loss of $9. The decrease in the loss was largely due to the
reduced interest expense from the previously mentioned credit facility
restructuring .


American Skiing Company and Subsidiaries
Unaudited Segment Information and Reconciliation of GAAP to Non-GAAP
Metrics
(in thousands of dollars)


14 Weeks 13 Weeks 27 Weeks 26 Weeks
Ended Ended Ended Ended
January January January January
30, 2005 25, 2004 30, 2005 25, 2004

Loss from resort operations $(21,426) $(17,701) $(58,548) $(53,573)
Loss from real estate operations (718) (3,988) (1,316) (9,374)
Net loss $(22,144) $(21,689) $(59,864 ) $(62,947)

Net loss $(22,144) $(21,689) $(59,864) $(62,947)
Write-off of deferred
financing costs and loss on
extinguishment of senior
subordinated notes 5,983 - 5,983 -
Net loss excluding write-off of
deferred financing costs
and loss on extinguishment of
senior subordinated notes $(16,161) $(21,689) $(53,881) $(62,947)


Loss from resort operations $(21,426) $(17,701) $(58,548) $(53,573)
Write-off of deferred
financing costs and loss on
extinguishment of senior
subordinated notes 5,983 - 5,983 -
Loss from resort operations
excluding write-off of deferred
financing
costs and loss on extinguishment
of senior subordinated notes $(15,443) $(17,701) $(52,565) $(53,573)

American Skiing Company and Subsidiaries
Unaudited Balance Sheet Data - January 30, 2005
(in thousands of dollars)


Real estate developed for sale $24,093
Total assets $457,756

Total resort debt (1) $613,042
Total real estate debt 27,692
Total debt (1) $640,734

(1) Includes preferred stock of $288,613 as a result of the adoption of
SFAS No.3%
Golf, summer activities 23 24 (4.2%


Season-to-Date
January 30, January 25,
Unaudited Skier Visits 2005(1) 2004 % Change
Attitash 75,810 69,865 8.
Total Fire Group is a leading developer, manufacturer and distributor of a
broad range of protective clothing, equipment, and allied products for first
responders in a variety of emergency service fields."
Mary Grilliot summarized, "American Firewear will become another member of
the Total Fire Group family, which includes some of the most respected brands
in Personal Protective Equipment (PPE) - including Morning Pride, PRO-
Warrington, Ranger, Servus, and others - and which means that it will be
represented throughout the United States, Canada and internationally by one of
the most extensive networks of experienced fire service/technical marketing
professionals in place today.

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"We are reaping the benefits of superb recent natural snowfall
in the Northeast, followed by favorable weather conditions at all resorts.1 million for the 14 weeks ended
January 30, 2005, compared with $103.
On a GAAP basis, the net loss for the 14 weeks ended January 30 , 2005 was
$22.4
million for the 14 weeks ended January 30, 2005 versus a loss of $17.98 per basic and diluted common share for the
26 weeks ended January 25, 2004. In
addition to the information contained in this press release, investors should
also review information contained in the company 's Form 10-Q and Form 10-K,
dated March 16, 2005 and November 9, 2004, respectively, as well as other
filings with the Securities and Exchange Commission when assessing the
company's financial condition and results of operations. 150.

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PARK CITY, Utah, American Skiing
Company (OTC: AESK) today announced its financial results for the second
quarter of fiscal 2005.9 million from land parcel sales.7 million decrease in marketing, general and administrative costs and a
reduction of $2.
The loss from real estate operations was $1. More information is available on the
company's Web site, http://www.3%
Mount Snow 217,514 188,642 15.newscom . Add to that the combined resources that now
become available, and we anticipate even more efficient manufacturing levels
at plants in both Ohatchee and Dayton, shortened delivery times, reinforced
quality control standards, and a quickened pace of new product introductions.

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Fiscal 2005 Second Quarter Results
Total consolidated revenue was $106. Without
the extra week in fiscal 2005, skier visits were down approximately 3% as
compared to fiscal 2004 due to lower amounts of natural snowfall and warmer
temperatures in the East, and wind events from the beginning of the ski season
through the end of the Christmas holiday period.4 million for the 26
weeks ended January 25, 2004.5% 12,146 11,326 7.

Total Fire Group Expands Family of Personal Protective Equipment With Acquisition of American Firewear Inc.

Other participants include leading fire service
organizations and major academic institutions - International Association of
Fire Chiefs (IAFC), International Personnel Protection, National Institute for
Occupational Safety and Health's (NIOSH) National Personal Protective
Technology Laboratory (NPPTL), University of Arkansas, and University of
Massachusetts .

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7 million
for the 13 weeks ended January 25, 2004.3 million decrease in marketing, general and administrative
costs, $2.89 per basic and diluted common share, compared with a
net loss of $62.2%
Food and beverage 13,429 11,796 13.4% 19,271 17,810 8.

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Revenue from real estate
operations was $2.68 per basic and diluted common share for the 13
weeks ended January 25, 2004. The increased loss was associated
with a $6.0 million in reduced operating lease costs as a result of the
conversion to capital leases and the results of the extra week of operations
discussed above. Its resorts include Killington and Mount Snow in Vermont; Sunday
River and Sugarloaf/USA in Maine; Attitash in New Hampshire; Steamboat in
Colorado; and The Canyons in Utah."
"The entire American Firewear management team, including Ernie Paffumi and
Bob Morgan, company co-founders and co-owners, will remain with the company,"
said Bill Grilliot, Total Fire Group president (and an active firefighter)."
Total Fire Group is the manufacturing resource in the "Project HEROES"
team assembled by the IAFF .
Total Fire Group is a part of the Norcross Safety Products (NSP) family of
companies.

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9 million for the 13 weeks ended
January 25, 2004.

About American Skiing Company
Headquartered in Park City, Utah, American Skiing Company is one of the
largest operators of alpine ski, snowboard and golf resorts in the United
States.68) $(1.2%
Miscellaneous revenue 3,194 3,299 (3.newscom.
Their broad product offering includes, among other things, respiratory
protection , protective footwear, hand protection, bunker gear and linemen
equipment.

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As the result of the company being on a 52-53 week fiscal
year, fiscal 2005 includes an extra week of operations compared to fiscal
2004. The company has
provided reconciliations from GAAP financial measures to non-GAAP financial
measures in the tables following this discussion.3% $121,231 $109,032 11.7%
Sunday River 215,850 198,550 8.

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6% increase in revenues for the first four weeks of its
fiscal 2005 third quarter over the first four weeks of its fiscal 2004 third
quarter along with approximately a 4% increase in year over year hotel booking
pace. This resulted in an additional week of operations in the second quarter
of fiscal 2005 compared to the second quarter of fiscal 2004.7 million, or $0.
The loss from real estate operations was $0.7 million for the 14 weeks
ended January 30, 2005, compared with a loss of $4.0 million for the 13 weeks
ended January 25 , 2004.5% over skier visits for the 26 weeks ended January 25, 2004. Total consolidated revenue was $125.2% $52,914 $46,330 14.5%

(1) Represents an additional fiscal week of operations relative to
fiscal 2004.
"The combination of American Firewear into Total Fire Group promises
benefits, not only for our company, but for the dealers of the product lines,
and, most importantly, our customers," explained Mary Grilliot, executive vice
president of Total Fire Group ."
"An important byproduct of this acquisition," Bob Morgan, now vice
president of Total Fire Group-Ohatchee Manufacturing (also an active
firefighter), indicated, "is the improved capability - gained from the glove
and hood engineering experience of American Firewear combined with the
turnout , helmet and boot engineering depth at Total Fire Group - to develop
superior interface area designs , such as those required in CBRN-rated systems
(e. NSP is a leading designer, manufacturer and marketer of branded
products in the personal protection equipment industry.

This section is for ONLINE shopping sites only - selling ski equipment, related gear and clothing.

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"With the introduction of the All For One pass this year, we have
contributed to the financial health of the company, while making skiing and
riding at our network of resorts accessible to many more than in past years.8 million increase in
depreciation and amortization due to asset additions (specifically, the
conversion of operating leases to capital leases), a $4. The company has
provided reconciliations from GAAP financial measures to non-GAAP financial
measures in the tables following this discussion. The sales management team at
American Firewear, Don Rothman and Stephanie Finch, will also remain in place
for uninterrupted and unchanged American Firewear dealer support.

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The success of the All For One program and the increased exposure to the ASC
experience should benefit us for the remainder of the current season and in
the years ahead. As
a result, we remain cautiously optimistic about the remainder of this year's
ski season.7 million in the 13 weeks ended January 25, 2004. We have tried, wherever possible, to identify such statements by
using words such as "anticipate", "assume", "believe", "expect", "intend",
"plan", and words and terms of similar substance in connection with any
discussion of operating or financial performance.89) $(1.

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7 million for the 14 weeks ended January 30, 2005 versus
$10.9 million , or $1. Management believes that non-GAAP financial measures which exclude
certain items provide useful information to investors regarding the company's
ongoing financial condition and results of operations. In addition to
factors discussed above, other factors that could cause actual results ,
performances or achievements to differ materially from those projected
include, but are not limited to, the following: changes in regional and
national business and economic conditions affecting both our resort operating
and real estate segments; competition and pricing pressures; negative impact
on demand for our products resulting from terrorism and availability of air
travel (including the effect of airline bankruptcies); failure to maintain
improvements to resort operating performance at the covenant levels required
by our new resort senior credit facility; the possibility of domestic
terrorist activities and their respective effects on the ski, golf, resort,
leisure and travel industries; failure of on-mountain improvements and other
capital expenditures to generate incremental revenue; adverse weather
conditions regionally and nationally; changes in weather patterns resulting
from global warming; seasonal business activity; increased gas and energy
prices; changes to federal , state and local regulations affecting both our
resort operating and real estate segments; failure to renew land leases and
forest service permits; disruptions in water supply that would impact
snowmaking operations; the loss of any of our executive officers or key
operating personnel; and other factors listed from time to time in our
documents we have filed with the Securities and Exchange Commission .2% 9,868 9,115 8.com/cgi-bin/prnh/20060203/PHF016-b )
Dayton, OH-based Total Fire Group believes the acquisition makes them the
largest producer worldwide in most if not all of their key product lines.
"And, not only will the factory in Ohatchee continue to be the manufacturing
site for American Firewear products," he emphasized, "but we will fold
production of much of our Morning Pride brand of gloves, hoods, and bags into
the manufacturing process there.

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Fair.4
million increase in interest expense due to compound interest associated with
the junior subordinated notes and the accretion of discount and dividends on
mandatorily redeemable preferred stock and an additional week of outstanding
borrowings, a $4.

Fiscal 2005 to Date Results
Skier visits company-wide for the 27 weeks ended January 30, 2005
increased 9. Such forward-looking
statements involve a number of risks and uncertainties.2%) 3,530 3,443 2.5%
Lodging and property 12,675 11,914 6.5%
The Canyons 182,949 169,206 8. Included are clothing,
helmets, hoods, gloves, footwear, "Kore Kooler" rehab chairs, and a state -of-
the-art thermal imaging camera.

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"We entered this season poised to capture additional skier visits on the
strength of our new creative marketing efforts, and I am pleased to report
that our innovative All For One pass products have done just that," said CEO
B.5
million for the 27 weeks ended January 30, 2005 versus a loss of $53.0 million in operating lease costs as a result of the
conversion to capital leases. We
caution the reader that this list is not exhaustive.8% 17,914 15,336 16.9%
Total Skier Visits 1,699,138 1,551,278 9.

g.

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The decrease in the loss was largely due to the
reduced interest expense during fiscal 2005 as result of the restructuring of
the real estate credit facility in May 2004. The
increase was due to the extra week of operations in fiscal 2005 compared to
fiscal 2004 to date, and the increased season pass visits associated with the
All For One pass products. The increase in resort revenue reflects
an additional week of operations in the second quarter of fiscal 2005 compared
to the second quarter of fiscal 2004, as discussed above, and strong fiscal
2005 first quarter group and conference business at Steamboat and The Canyons.peaks. Similarly, statements that
describe our objectives, plans or goals are or may be forward-looking
statements. "Our expanded purchasing levels should enable
us to better control raw material acquisition costs and, in turn, minimize
price increases to our customers. The American Firewear
products, which have wide acceptance in this country and in regions globally,
will continue to be operated as an independent line, and its dealers will
continue to enjoy American Firewear dealership privileges, whether they are
currently Total Fire Group customers or not.

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All For One Program Drives Increase in Season Pass Visitation; Excellent Snow
Conditions Provide Momentum Heading Into Third Quarter. Highlights of the ski season to date include an
increase in group and conference business and increases in season pass
visitation as a result of the successful introduction of the All For One pass
at the company's resorts in the East, which allows guests to ski throughout
the ski season for as little as $349.9 million, or $1 .0 million in deferred financing costs write-off and loss on
extinguishment of Senior Subordinated Notes, a $3.
The company has provided reconciliations from GAAP financial measures to non-
GAAP financial measures in the tables following this discussion. Since the company has historically reported non-GAAP results
to the investment community, management also believes the inclusion of non-
GAAP measures provides consistency in its financial reporting.

American Skiing Company and Subsidiaries
Unaudited Supplemental Revenue Data
(in thousands of dollars)

14 Weeks 13 Weeks 27 Weeks 26 Weeks
Ended Ended Ended Ended
January January January January
30 , 25, % 30, 25, %
2005(1) 2004 Change 2005(1) 2004 Change
Resort revenues
Lift tickets $52,871 $46,285 14 .1%
Killington 430,801 394,120 9."
Paffumi, now the vice president and general manager of the American
Firewear division of Total Fire Group, noted that "there will be no changes in
the existing American Firewear product line, but we anticipate adding more
proprietary and patented products to that line shortly.

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1 million for the 13 weeks ended January 25, 2004, when the company
recognized $8.0 million deferred financing costs write-off and loss on
extinguishment of Senior Subordinated Notes relating to the refinancing of
Senior Debt , Subordinated Notes and Preferred Stock this past November 2004, a
$3. The increased loss was associated
with $6.

Use of Non-GAAP Financial Information
The company uses both GAAP and non -GAAP metrics to measure its financial
results.com.

Equipment Manufacturers and Name brand sites that do not offer shopping should be listed in:
Sports/Skiing/Equipment/Manufacturers/
The Accessories subcategory is for 'miscellaneous' items, and can range from travel and ski bags to videos , posters, footwarmers, and furniture.

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4 million for the 14 weeks
ended January 30, 2005 compared to $92.70 per basic and diluted common share, compared to a net
loss of $21. Management
believes these non-GAAP metrics are useful to investors because they remove
certain items that occur in the affected periods and provide a basis for
measuring the company's results of operations and financial condition against
other periods.5%)
Total resort revenues $103,411 $92,904 11.
Terms of the acquisition, between the two companies, were not disclosed. NSP sells
products under trusted , long-standing and well-recognized brand names,
including North, Morning Pride, Ranger, Servus, PRO -Warrington and Salisbury.

An exception may be sites that offer rentals reservations online.

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4 million for the 14 weeks ended January 30, 2005 compared to a loss
of $17.
Revenue from real estate operations was $4.4 million for the 27 weeks ended
January 30, 2005 versus $12. We operate in a changing
business environment and new risks arise from time to time.

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Revenue
associated with the additional week was approximately $11.6 million for
the 27 weeks ended January 30, 2005, compared with $121.8 million increase in
interest expense due to compound interest associated with the junior
subordinated notes and the accretion of discount and dividends on mandatorily
redeemable preferred stock and an additional week of outstanding borrowings, a
$3.
Certain statements contained in this press release constitute forward-
looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended (the Securities Act), and Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act). The forward-
looking statements included in this press release are made only as of the date
of this document and under Section 27A of the Securities Act and Section 21E
of the Exchange Act, we do not have or undertake any obligation to publicly
update any forward -looking statements to reflect subsequent events or
circumstances.

Ski shops that do not offer online shopping should submit to their regional category.

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Strong visitation through the February holiday period was cited as a
driver of increased ticket product and resort amenity revenues. Revenue from resort operations was $103.8 million increase in depreciation and amortization due to asset additions
(specifically , the conversion of operating leases to capital leases), a $3.6 million
for the 26 weeks ended January 25, 2004.6 million for the 27 weeks ended January 30, 2005
compared to a loss of $53.4 million for the 26 weeks
ended January 25, 2004. These forward-looking
statements are not based on historical facts, but rather reflect our current
expectations concerning future results and events.7%
Steamboat 429,017 412,814 3. Department of Homeland Security -funded program, spearheaded
by the International Association of Fire Fighters [IAFF]). The program is
designed to provide firefighters improved chemical, biological, radiological,
and nuclear [CBRN] defense without sacrificing important thermal protection,
comfort and functionality.

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American Skiing Company Announces Fiscal 2005 Second Quarter Results

4 million for the 26 weeks ended January 25 , 2004,
including the previously mentioned land parcel sales.6 million for the 26 weeks ended January 25, 2004.70) $(0.8%
Retail sales 11,447 10,553 8.2%
Skier development 9,772 9,033 8.3%
Sugarloaf/USA 147,197 118,081 24.

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