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Management Response to Lost Ski Area Revenue

1/3/2012

BOGUS BASIN BOARD AND MANAGEMENT ANNOUNCE RESPONSE TO LOST SKI AREA REVENUE


For immediate release January 3,2012

In a special board meeting and a meeting with all year-round employees on Monday, January 2, Mike Shirley, general manager, and Alan Moore, chief financial officer of Bogus Basin Mountain Recreation Area, announced further cost-reduction plans to offset revenue losses from the lack of snow and record late opening at the local non-profit recreation area.

While several hundred seasonal employees have been recruited and trained, none will be on the payroll until there is sufficient snow to prepare for an opening.

Management proposed, and the board approved, the following plans to reduce costs and cash outflow, while maintaining the ability to open immediately with professionally staffed operations when snow conditions allow:

- The general manager and the CFO will work without compensation for an extended period, and other positions have been eliminated.

- Compensation for all other year-round employees will be reduced by 10%, and hours will be reduced or eliminated where appropriate.

- Arrangements will be made to eliminate or defer as many other significant operating costs or payments as may be possible.

- There will be no capital spending on the mountain this coming summer, and staffing will be appropriately reduced.

As snow arrives, it is management’s plan to open—as quickly as possible—all of the mountain that is safe to ski; and full operations will be resumed at the earliest possible time.

Mike Shirley emphasized, “Bogus Basin is fortunate to have a staff of professional management and supervision that is truly unmatched in the industry, and our intent is to do everything possible to get through this rough patch with this wonderful team intact. As the community knows, we have a brand new high-speed quad on Superior ready to go when we get the snow, and we have also added new equipment to the grooming fleet. The condition and quality of the physical plant matches the professionalism of the staff, and we all are eager and more than ready to open the mountain for the benefit of the Treasure Valley Community!”

For media inqueries/interview:
Mike Shirley
208-866-4974
Alan Moore
208-869-6624

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