PORTLAND – American Skiing Co. has announced it is delaying the release of its second-quarter earnings report, which will show a substantial drop in revenue and an operating loss.

In a document filed with the Securities and Exchange Commission, American Skiing said it received new information this week that necessitated “substantial revisions” to its report, which was scheduled to be released this week.

The document reported that American Skiing expected revenues of $121.2 million for the quarter ending Jan. 27, a 22 percent decline from the $156.3 million in revenues for the same period the previous year.

The company also said it expected to show an operating loss of $22 million for the quarter, compared with a profit of $7.9 million for the same quarter last year.

The numbers are significant because the company’s second quarter includes November, December and January, a time when it draws a lot of skiers and is most likely to turn a profit.

Eric Preusse, director of investor relations for American Skiing, said the company has asked for a five-day extension to file its report. He declined to offer details on why the company asked for the extension.

The request for a filing extension came the same week the company was delisted from the New York Stock Exchange because of its low stock price. It now trades on the over-the-counter exchange.

This is the second time in the past six months that American Skiing has delayed issuing an earnings report. In November, it postponed releasing its annual report because of the pending sale of the Steamboat resort in Colorado.

Brad McCurtain, president of Maine Securities, said shareholders probably are troubled by the delays.

“It’s getting a little scary,” he said. “But they’ve got their hands full trying to get their arms around their operations right now.”

American Skiing is based in Newry, Maine, and also owns resorts in Maine, New Hampshire, Vermont, Utah and on the California-Nevada border.