Chainsaw bushwhackers swarm the hills like ants, crack helicopter pilots surgically remove broken bridges, and trail planners plot workarounds where a river has rerouted a valley. But first, four of its finest are going to move this damn tree. In theory, the beast should move, Olympic trail crew leader Lynn Gunther shouts, leaning his burly frame to peer at the teal rapids 200 feet below. Well rig the tree so as he saws it off it will roll downhill by itself, hopefully into the river. If it doesnt Well, its going to be interesting. Despite being visible from Seattle, the interior of Olympic resisted gold rushes and ages of exploration until 1889, when a Seattle newspaper called for hardy citizens to acquire fame by unveiling the mystery which wraps the land encircled by the snow-capped Olympic range. Six men launched the Press Expedition, along with two mules, four dogs, and a flat-bottom boat meant to ferry 1,500 pounds of supplies. The boat sank. Both mules died. An elk killed a dog. Shattered and starving on flour soup, the party emerged from the North Fork Quinault six months later. You can retrace their route now in about four or five days, thanks to a red-carpet trail system. No roads penetrate the core of the park.
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The information in this Form 8-K and the attached exhibit shall not be deemed filed for purposes of Section18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Item8.01 We define EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization. We use EBITDA in our business operations to, among other things, evaluate the performance of our business, develop budgets and measure our performance against those budgets. We also believe that analysts and investors use EBITDA as a supplemental measure to evaluate a companys overall operating performance. However, EBITDA has material limitations as an analytical tool and you should not consider EBITDA isolation, or as a substitute for analysis of our results as reported under generally accepted accounting principles in the United States (GAAP). We consider EBITDA a useful tool to assist us in evaluating performance because it eliminates items related to capital structure, taxes and non-cash charges. The items that we have eliminated in determining EBITDA for the periods presented are interest expense, income taxes, depreciation of fixed assets (which includes rental equipment and property and equipment), and amortization of intangible assets. However, some of these eliminated items are significant to our business. For example, (i)interest expense is a necessary element of our costs and ability to generate revenue because we incur a significant amount of interest expense related to our outstanding indebtedness; (ii)payment of income taxes is a necessary element of our costs; and (iii)depreciation is a necessary element of our costs and ability to generate revenue because rental equipment is the single largest component of our total assets and we recognize a significant amount of depreciation expense over the estimated useful life of this equipment. Any measure that eliminates components of our capital structure and costs associated with carrying significant amounts of fixed assets on our consolidated balance sheet has material limitations as a performance measure.
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