American Skiing faces stock trouble Struggling company falls below NYSE criteria, could be dropped from exchange

NEWRY – American Skiing Co. said Monday it was advised by the New York Stock Exchange that it has fallen below the listing criteria for market capitalization and stockholders’ equity.

American Skiing also said it had fallen below the threshold, which requires an average closing price of not less than $1 a share over 30 consecutive trading days.

The stock closed Monday at 48 cents, down 6 cents, or more than 11 percent.

The company said it was committed to maintaining its NYSE listing and has asked the exchange to grant it 18 months to get back into compliance.

The exchange requires a minimum market capitalization of at least $50 million, over a 30-day trading period, and stockholders’ equity of no less than $50 million.

American Skiing’s market capitalization at Monday’s close was $15.2 million.

Market capitalization is the number of issued shares multiplied by price per share. Shareholder equity is the value of the company minus its debt.

Earlier this month, Moody’s Investors Service Inc. downgraded the debt-laden company’s credit rating, citing a reduction in skier visits after the Sept. 11 terrorist attacks.

During the past two fiscal quarters, American Skiing posted losses totaling nearly $180 million.

American Skiing owns Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; The Canyons in Utah; and Heavenly on the California-Nevada border.