<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

                    For the Seven Months Ended April 30, 1996

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

                          Commission File Number 0-2374

                             CRYSTAL MOUNTAIN, INC.
             (Exact name of registrant as specified in its charter)

                                   WASHINGTON
                            (State of Incorporation)

                                   91-0683256
                                  (IRS Employer
                               Identification No.)


         ONE CRYSTAL MOUNTAIN BLVD., CRYSTAL MOUNTAIN, WASHINGTON 98022
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (360) 825-3865


             Securities registered under Section 12(b) of the Act:

                                      None

          Securities registered pursuant of Section 12(g) of the Act:

        Class A. Common Stock, par value $50 with lift ticket privilege.
                                (Title of class)

        Class B. Common Stock, par value $20 with lift ticket privilege.
                                (Title of class)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.

                                 Yes (X) No ( )

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [X]

Issuer's revenues for the seven month period were $7,458,000.
<PAGE>   2
As of April 30, 1996 there were 26,609 Class A and 710 Class B common shares
outstanding, of which 26,256 shares of Class A and 710 shares of Class B are
held by non-affiliates. Aggregate market value of Class A voting stock held by
non-affiliates of the registrant as of April 30, 1996 is $8,139,360.

The aggregate market value of the Class B common stock cannot be determined
since there is no market for the sale or exchange of shares.

Documents incorporated by reference:

         Annual report to security holders for fiscal year ended 
         April 30, 1996 filed August 12, 1996.

Transitional Small Business Disclosure

         Format (Check one)     Yes         No  X
                                   -----      -----
<PAGE>   3
                       DOCUMENTS INCORPORATED BY REFERENCE


Part I:

<TABLE>
<S>        <C>                                 <C>
Item 1  -  Description of Business             Pages 6-8 of the Fiscal 1996 Annual
                                               Report to Shareholders for the seven
                                               months ended April 30, 1996.

Item 2  -  Description of Property             Pages 6-8 of the Fiscal 1996 Annual
                                               Report to Shareholders for the seven
                                               months ended April 30, 1996.

Part II:

Item 5  -  Market for Common Equity and        Page 1 of the Fiscal 1996 Annual
           Related Stockholder Matters         Report to Shareholders for the seven
                                               months ended April 30, 1996.

Item 6  -  Management's Discussion and         Pages 20-24 of the Fiscal 1996 Annual
           Analysis or Plan of Operation       Report to Shareholders for the seven
                                               months ended April 30, 1996.

Item 7  -  Financial Statements                Pages 8-19 of the Fiscal 1996 Annual
                                               Report to Shareholders for the seven
                                               months ended April 30, 1996.
</TABLE>
<PAGE>   4
PART I

ITEM 1. DESCRIPTION OF BUSINESS

Information required with respect to description of the Registrant's business is
incorporated by reference to pages 6 through 8 of the Fiscal 1996 Annual Report
to Shareholders.


ITEM 2. DESCRIPTION OF PROPERTY

Information required with respect to the Registrant's property is incorporated
by reference to pages 6 through 8 of the Fiscal 1996 Annual Report to
Shareholders.


ITEM 3. LEGAL PROCEEDINGS

The Company is a defendant in various personal injury lawsuits arising in the
ordinary course of business, none of which, if resolved against the Company,
would have a material adverse impact on the operations or results of the
Company. The Company has liability insurance which will cover pending litigation
claims. The Company's deductible under its liability insurance policies on any
single claim is $50,000 up to a maximum of $150,000 for all claims in any single
year. The Company is not a party to any other pending or known legal proceedings
governmental or otherwise.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted during the last month of the fiscal year covered by
this report to a vote of security holders.


PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Information required with respect to the Registrant's common stock and related
shareholder matters is incorporated herein by reference to the caption entitled
"Shareholder Information" on Page 1 of the Fiscal 1996 Annual Report to
Shareholders.
<PAGE>   5
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Information required with respect to the Registrant's financial condition,
changes in financial condition, and results of operations is incorporated herein
by reference to Pages 20 through 24 of the Fiscal 1996 Annual Report to
Shareholders.


ITEM 7. FINANCIAL STATEMENTS

The required financial statements are incorporated herein by reference to Pages
8 through 19 of the Fiscal 1996 Annual Report to Shareholders.


ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

There were no changes in or disagreements with accountants on accounting and
financial statement disclosure during the last two fiscal years.


PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTORS AND CONTROL PERSONS, COMPLIANCE
        WITH SECTION 16(a) OF THE EXCHANGE ACT

The following sets forth the names and ages of all directors and executive
officers of the Company, all positions and officers with the Company held by
such persons, and the principal occupations of each during the past five years.

NOMINEES FOR ELECTION TO THE BOARD OF DIRECTORS FOR TERMS TO EXPIRE IN 1996

Robert E. Carlson          55       Director

    Mr. Carlson has been a director since 1987 and has served as Chairman of the
    Board since June 1994. He is the Manager of the Western Washington Fair
    Association in Puyallup. He is the Chairman of the Executive Committee and
    as Chairman of the Board, Mr. Carlson serves on all standing committees.
<PAGE>   6
Nancy K. Dees              57       Director

    Ms. Dees has been a director since 1990. She holds a Bachelor of Science in
    Nursing and is a member of the Board of Directors of Northwest Regional
    Education Laboratory. Ms. Dees is also a member of the Board of Directors of
    Pierce County Medical Bureau and serves on the General Advisory Council of
    Bates Technical College in Tacoma. She is Vice President of the Puyallup
    School District Board of Directors. Ms. Dees is a member of the Compensation
    Committee.


Lawrence E. Hard           52       Director

    Mr. Hard has been a director since 1987 and has served as Secretary of the
    corporation since 1982. He is an attorney and shareholder of the law firm of
    LeSourd & Patten, P.S. Mr. Hard is the Chairman of the Nominations Committee
    and a member of the Executive Committee.


Thomas F. Leonard          52       President and Director

    Mr. Leonard, has been a director since 1987 and has served as President of
    the corporation for the last eleven years. Prior to joining Crystal, he was
    Vice President, Corporate Administration for Vail, Beaver Creek. He has
    served on the board of the National Ski Areas Association and Washington
    State Ski Industries and is immediate past Chairman of the Pacific Northwest
    Ski Areas Association. Mr. Leonard is a member of the Executive Committee.


MEMBERS OF THE BOARD OF DIRECTORS CONTINUING IN OFFICE WHOSE TERMS EXPIRE IN
1997

William S. Coghill               68         Director

    Mr. Coghill has been a director since 1985. He established the forest
    products industry consulting firm, Coghill & Associates, in 1989, after 25
    years with Weyerhaeuser Company where his last position was Technology
    Marketing Manager. Since September 1995, he has worked for Tom Torrens
    Sculpture & Design, Inc., in Gig Harbor, Washington. Mr. Coghill is a member
    of the Compensation, Marketing and Public Relations Committees.


Peter F. DeLaunay                46         Director

    Mr. DeLaunay, has served as director since 1992. He is a marketing
    professional who has worked with Crystal and Sun Valley resorts, and
    Helly-Hansen ski wear. Mr. DeLaunay is the President of DeLaunay
    Communications, Inc. He was formerly SVP/Director of Client Services for
    Hill and Knowlton, Inc. and EVP/Client Services Director for Elgin Syferd,
    Inc. Mr. DeLaunay serves on the Marketing and Public Relations Committee.
<PAGE>   7
Robert J. Diercks                55         Director

    Mr. Diercks has been a director since 1985. He is an attorney and a partner
    in the law firm of Foster Pepper & Shefelman. Mr. Diercks is currently a
    member of the Compensation Committee.


David W. Gossard                 66         Director

    Mr. Gossard, has served as a director since October, 1994. He is an attorney
    who is currently a sole practitioner whose practice includes advising
    various business clients. Mr. Gossard is an experienced skier and has been a
    shareholder of the Company since 1963.


MEMBERS OF THE BOARD OF DIRECTORS CONTINUING IN OFFICE WHOSE TERMS EXPIRE IN 
1998

William W. Jeude           49       Treasurer and Director

    Mr. Jeude has served as a director since 1992, and has served as Treasurer
    of the corporation for one year. He is the owner and President of the
    Univest group of companies involved in investment banking and brokerage,
    mergers and acquisitions, and real estate brokerage, investment and
    development. Mr. Jeude has been a licensed general securities principal and
    broker since 1982, affiliated with Craig and Associates, Inc., a securities
    brokerage firm, as a registered representative since 1991. Mr. Jeude is a
    CPA and also holds a real estate designated broker license. He is chair of
    the Budget/Finance/Audit Committee.


Delight S. Mahalko         61       Director

    Ms. Mahalko has been a director since 1983. Since April of 1991, she has
    been an Executive Secretary for the Pacific Northwest Ski Areas Association.
    She has also served as Secretary for the Washington State Ski Industries.
    Ms. Mahalko worked as an Administrative Assistant for Mel Borgersen
    Consultants, International Ski Resort Consultants from January 1968 to April
    1991. She is a member of the Budget/Finance/Audit Committee.


James C. Martinson         50       Director

    Mr. Martinson, has been a director since 1992. From 1981 through 1992, he
    owned and operated Magic in Motion which manufactures sporting equipment for
    the disabled. In 1992, he merged his corporation with Sunrise Medical and
    now acts as manager of marketing for the Shadow Products division. Mr.
    Martinson is also an Olympic Gold Medalist for the U.S. Disabled Ski Team.
    He is a member of the Marketing and Public Relations Committee.
<PAGE>   8
W. David Schodde, Jr.            54         Director

    Mr. Schodde has been a director since 1983. He has served as Vice Chairman
    of the Board since June 1994. He has been the President of Enumclaw
    Landscape Maintenance, Inc., for the past twenty-four years, and the owner
    of Enumclaw Nursery for ten years. He is Vice Chairman of the Green River
    Community College Board of Trustees. Mr. Schodde is the Chairman of the
    Compensation Committee and a member of the Executive and the
    Budget/Finance/Audit Committees.


EXECUTIVE OFFICER WHO IS NOT A DIRECTOR

Peter G. Gillis                  41         V.P. Mountain Operations

    Mr. Gillis' joined Crystal Mountain in 1990 as Vice President of Mountain
    Operations. Prior to Crystal, he worked as the assistant General Manager for
    Bretton Woods Ski Area in New Hampshire from 1987 through 1990.


   
BENEFICIAL OWNERSHIP AND MANAGEMENT OWNERSHIP

         As of August 12, 1996, there were no beneficial owners of more than
five percent (5%) of the outstanding Class A Shares of the Company. Beneficial
owners of more than five percent (5%) of the Class B Shares as of August 12,
1996 are as follows:

<TABLE>
<CAPTION>
         NAME & ADDRESS OF BENEFICIAL OWNER        CLASS    NUMBER    PERCENTAGE
         ----------------------------------        -----    ------    ----------
         <S>                                        <C>      <C>        <C>
         Wallace T. Staatz                           B       700        98.6%
         PO Box 490
         Orting, WA 98360
</TABLE>

         Directors, nominees for Director and Officers of the Company
beneficially owned the following voting securities of the Company as of 
August 12, 1996: 

<TABLE>
<CAPTION>
         OWNER                                     CLASS    NUMBER    PERCENTAGE
         -----                                     -----    ------    ----------
         <S>                                        <C>      <C>        <C>
         Robert E. Carlson                          A         20         .08%
         William S. Coghill                         A         21         .08%
         Nancy K. Dees                              A         30         .11%
         (Ms. Dees' 30 shares are owned
         jointly with Paul Dees) 
         Peter F. DeLaunay                          A         20         .08%
         Robert J. Diercks                          A         20         .08%
         David W. Gossard                           A         60         .23%
         Lawrence E. Hard                           A         60         .23%
         William W. Jeude                           A         44         .16%
         Thomas F. Leonard                          A          1         .00%
         Delight S. Mahalko                         A         20         .08%
         James C. Martinson                         A          5         .01%
         W. David Schodde, Jr.                      A         50         .19%
         (Of 50 shares shown for Mr. Schodde,
         29 shares are owned jointly by
         Mr. Schodde and his wife, Gretchen
         Allen Schodde, and 21 shares are
         owned of record by his wife.)
                                                   ---       ---        -----
         All directors and officers as group        A        353        1.32%

</TABLE>
    

ITEM 10. EXECUTIVE COMPENSATION

The Summary Compensation Table shows certain information for the Company's
Chairman of the Board who performs the duties of the Chief Executive Officer and
the other executive officer whose annual salary and bonus exceeds $100,000 for
services rendered in all capacities during the seven months of the fiscal year
ended April 30, 1996. The information includes the dollar value of base
salaries, bonuses, the Company's contribution to the 401(k) retirement plan and
certain other compensation, if any, whether paid or deferred.


<PAGE>   9
                           SUMMARY COMPENSATION TABLE

<TABLE>
<CAPTION>
                                                                                                       401(k)
NAME AND PRINCIPAL                 FISCAL                                         RETIREMENT          ALL OTHER
    POSITION                        YEAR          SALARY           BONUS             PLAN            COMPENSATION
------------------                 ------         ------           -----          ----------         ------------
<S>                                <C>          <C>               <C>             <C>                <C>
Robert E. Carlson                   1996        $    7,000        $      0        $       0          $        0
Chairman of the Board               1995            12,000               0                0                   0
                                    1994             3,000               0                0                   0

Thomas F. Leonard                   1996            60,500              (1)              (2)               4,400(3)
President (4)                       1995           110,000               0             4,900               4,400
_______________________             1994            89,700               0             2,027              12,105
</TABLE>

(1)  The amount of the bonus, if any, for 1996 is yet to be determined.

(2)  The employer contribution to the retirement plan has not yet been made for
     1996.

(3)  The President receives the use of a car and rent-free use of living
     quarters located at Crystal Mountain Resort, the combined value of which is
     estimated to be as listed. The Board of Directors feel that it is essential
     that the President live at Crystal Mountain and provides a residence
     because no adequate private housing is otherwise available.

(4)  Effective October 1, 1994, Mr. Leonard was covered by a Deferred
     Compensation Contract by which the Company pays money into a special
     account that will be available to Mr. Leonard when he terminates
     employment. The Company paid $30,000 into the account for Mr. Leonard's
     past years of service and $11,000 for the 1994-1995 fiscal year. It is
     anticipated that the payment for the current fiscal year will be
     approximately $6,325.

The President, Thomas F. Leonard, the Vice President of Mountain Operations,
Peter G. Gillis, and Robert E. Carlson, the Chairman of the Board, received cash
compensation. All other executive officers and directors of the Company receive
the equivalent of two season passes. The value of each season pass is $650 based
on the full 1995-1996 season pass price. The passes were issued to eleven
executive officers and directors for the 1995-1996 ski season.

Effective May 1, 1996 the President, Thomas F. Leonard is covered by a three
year employment agreement that is subject to renewal annually. The agreement
specifies that Mr. Leonard be paid at a rate to be established annually by the
Board of Directors and provides for severance pay. Severance pay varies
depending upon the circumstance of termination. Termination without cause would
result in payment of six months' salary while termination as a result of a sale
or merger would result in payment of three years' salary and to be paid by the
acquiring entity.

   
The Company did not award any Restricted Stock Awards, SARs or other options as 
part of its Executive Compensation.
    

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following person is known to the Company to be the only beneficial owner of
more than five percent of any class of the Company's voting securities, as of
April 30, 1996:

<TABLE>
<CAPTION>
                            NAME AND ADDRESS OF            AMOUNT BENEFICIALLY OWNED
TITLE OF CLASS               BENEFICIAL OWNER                    (NO. OF SHARES)             PERCENT OF CLASS
--------------              -------------------            -------------------------         ----------------
<S>                         <C>                            <C>                               <C>
Class B                     Wallace T. Staatz                         700                           98.6
                            P.O. Box 490
                            Orting, WA  98360
</TABLE>
<PAGE>   10
Directors, nominees for Director and Officers of the Company beneficially owned
the following voting securities of the Company as of April 30, 1996.

<TABLE>
<CAPTION>
                                                               AMOUNT AND NATURE OF
                                        TITLE OF               BENEFICIAL OWNERSHIP
NAME OF BENEFICIAL OWNER                  CLASS                   (NO. OF SHARES)            PERCENT OF CLASS
------------------------                --------               --------------------          ----------------
<S>                                     <C>                    <C>                           <C>
Robert E. Carlson                          A                             20                         .08
William S. Coghill                         A                             21                         .08
Nancy K Dees(1)                            A                             30                         .11
Peter F. DeLaunay                          A                             20                         .08
Robert J. Diercks                          A                             20                         .08
David W. Gossard                           A                             62                         .23
Lawrence E. Hard                           A                             60                         .22
William W. Jeude                           A                             44                         .16
Thomas F. Leonard                          A                              1                         .00
Delight S. Mahalko                         A                             20                         .08
James C. Martinson                         A                              5                         .01
W. David Schodde, Jr.(2)                   A                             50                         .19
                                                                        ---                        ----
All directors and officers as group:       A                            353                        1.32
</TABLE>

-----------------------

      (1) Ms. Dees' 30 shares are owned jointly with Paul Dees.

      (2) Of of 50 shares shown for Mr. Schodde, 29 shares are owned jointly by
Mr. Schodde and his wife, Gretchen Allen Schodde, and 21 shares are owned of
record by his wife.


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

During the period October 1, 1995 through April 30, 1996, the Company paid
approximately $50,270 for legal services and costs to LeSourd & Patten, P.S.
Lawrence E. Hard, a Director and officer of the Company, is a member of that
firm. The Company paid approximately $16,920 for public relations services to
DeLaunay Communications, Inc. Peter F. DeLaunay, a Director of the Company, is
the President of that firm.
<PAGE>   11
ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(a)      The following are filed as part of this report:

         (1)   Financial Statements

               See Annual Report to Shareholders incorporated by reference.

<TABLE>
<CAPTION>
                                                                                              Page in Annual
                                                                                             Report to Shareholders
                                                                                             ----------------------
<S>                                                                                          <C>
               Financial Statements Index:

               Independent Auditors' Report                                                         8

               Balance Sheet as of April 30, 1996 and September 30, 1995                            9

               Statement of Operations for the seven months ended
               April 30, 1996 and year ended September 30, 1995                                    10

               Statement of Cash Flows for the seven months ended
               April 30, 1996 and year ended September 30, 1995                                    11

               Statement of Changes in Stockholders' Equity for the seven months
               ended April 30, 1996 and year ended
               September 30, 1995                                                                  12

               Notes to the Financial Statements                                                  12-19
</TABLE>

         (2)   Exhibits:  See subparagraph (c) below

(b)      The Company filed Form 8-K on March 21, 1996 covering Item 8. No
         financial statements were included in the filing.

(c)      See Exhibit Index on Pages 14 through 16.
<PAGE>   12
                                   SIGNATURES

Pursuant to the requirement of Section 13 or 15(d) of the Securities Exchange
Commission Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

Crystal Mountain, Inc.
(Registrant)


/s/  Thomas F. Leonard
-----------------------
Thomas F. Leonard
President

/s/  Peter G. Gillis
-----------------------
Peter G. Gillis
Vice President, Mountain Operations


Pursuant to the requirements of the Securities and Exchange Act of 1934, this
report has been signed on behalf of the Registrant and in the capacities and on
the dates indicated.

<TABLE>
<CAPTION>
Signatures                                       Title                              Date
----------                                       -----                              ----
<S>                                              <C>                                <C>
/s/  Robert E. Carlson                           Chairman of the Board,
--------------------------                       Director                           August 5, 1996
Robert E. Carlson


/s/  W. David Schodde, Jr.                       Vice Chairman of
--------------------------                       the Board, Director                August 5, 1996
W. David Schodde, Jr.


/s/  Thomas F. Leonard
--------------------------                       President and Director             August 5, 1996
Thomas F. Leonard


/s/  Lawrence E. Hard
--------------------------                       Secretary and Director             August 5, 1996
Lawrence E. Hard


/s/  William F. Jeude
--------------------------                       Treasurer and Director             August 5, 1996
William F. Jeude
</TABLE>
<PAGE>   13
<TABLE>
<S>                                              <C>                                <C>
/s/  William S. Coghill
--------------------------
William S. Coghill                               Director                           August 5, 1996


/s/  Nancy K. Dees
--------------------------
Nancy K. Dees                                    Director                           August 5, 1996


/s/  Peter F. DeLaunay
--------------------------
Peter F. DeLaunay                                Director                           August 5, 1996


/s/  Robert J. Diercks
--------------------------
Robert J. Diercks                                Director                           August 5, 1996


/s/  Delight S. Mahalko
--------------------------
Delight S. Mahalko                               Director                           August 5, 1996


/s/  James C. Martinson
--------------------------
James C. Martinson                               Director                           August 5, 1996


/s/  David W. Gossard
--------------------------
David W. Gossard                                 Director                           August 5, 1996
</TABLE>
<PAGE>   14
                                  EXHIBIT INDEX

Exhibit
Number
-------
1.1            * Form of best efforts underwriting agreement

1.2            * Form of supplement to underwriting agreement

2.0            * Boyne USA, Inc. Letter of Intent to acquire Crystal Mountain,
                 Inc. dated July 31, 1996.

3.1            * Articles of incorporation

3.2            * Bylaws

5.1            * Opinion of LeSourd & Patten, P.S.

5.2            * IRS determination letter as to the qualification of the 401(k)
                 plan

8.1            * Opinion of LeSourd & Patten, P.S.

8.2            * Opinion of LeSourd & Patten, P.S.

10.1           * Term note with Seattle Trust and Savings Bank dated August 14,
                 1985

10.2           * Term note with Seattle Trust and Savings Bank dated July 9,
                 1986

10.3           * Revolving promissory note with Seattle Trust and Savings Bank
                 dated March 1, 1987

10.4           * Loan agreement with Seattle Trust and Savings Bank dated June
                 30, 1985, with amendments

10.5           * Security agreement for liabilities to Seattle Trust and Savings
                 Bank

10.6           * Deed of trust, security agreement and assignment for term note
                 and revolving promissory note

10.7           * Employment contract with Thomas F. Leonard

10.8           * Thirty-year term special use United States Forestry Service
                 permit issued April 6, 1962

10.9           * Year-to-year United States Forest Service permit issued April
                 9, 1962

10.10          * Form of Escrow Agreement with Key Trust Company of the
                 Northwest

10.11          * Form of Subscription Agreement with Harber, McLean & Co.
                 (California and Washington residents)

10.12          * Form of Subscription Agreement (existing with shareholders
                 residing in states other than Washington and California)

10.13          * Loan Commitment from Key Bank of Puget Sound dated January 7,
                 1988

10.14          * Forty-year ski area term special use United States Forest
                 Service permit issued April 1, 1992

10.15          * Lease agreements between the Company and Zion Credit
                 Corporation dated September 30, 1993

10.16          * Lease agreement between the Company and National Lease
                 Financing Services dated June 7, 1994

10.17          * Term note with Seattle First National Bank dated October 5,
                 1990

10.18          * Amendments to term note with Seattle First National Bank 
<PAGE>   15
10.19          * Letter dated October 24, 1994 from Seattle First National Bank
                 to the Company waiving certain matters related to term note
                 between Seattle First National Bank and the Company

10.20          * Crystal Mountain 401(k) Retirement Savings Plan dated January
                 1, 1991

10.21          * Term note with Seafirst Bank dated September 14, 1995

10.22          * Lease agreement between the Company and the CIT Group/Equipment
                 Financing, Inc. dated December 7, 1994

10.23          * Employment agreement with Thomas F. Leonard dated February 2,
                 1995

10.24          * Deferred compensation plan and agreement with Thomas F. Leonard
                 dated February 2, 1995

10.25          * Employment agreement with Peter G. Gillis dated February 25,
                 1995

10.26          * Deferred compensation plan agreement with Peter G. Gillis dated
                 February 2, 1995

10.27          * Letter dated November 7, 1995 from Seattle First National Bank
                 to the Company waiving certain matters related to the term note
                 between Seattle First National Bank and the Company

10.28          * Amendments to term note with Seattle First National Bank dated
                 June 30, 1996

10.29          * Lease agreement between the Company and CIT Group/ Equipment
                 Financing, Inc. dated November 14, 1995

10.30          * Employment agreement with Thomas F. Leonard effective May 1,
                 1996

10.31          * Employment agreement with George Schmidt effective May 1, 1996

10.32          * Employment agreement with Peter G. Gillis effective May 1, 1996

10.33          * Amendment for Term Special Use United States Forestry Service
                 Permit dated April 25, 1996

13.1           * Annual report to security holders dated September 30, 1994

13.2           * Annual Report to Security Holders dated September 30, 1995

13.3             Annual Report to Security Holders dated April 30, 1996

15.1           * Letter of Langlow Tolles & Company, P.S. regarding unaudited
                 interim financial information

16.1           * Letter from the Registrant's former independent accountant

22.1           * Proxy Statement for annual meeting of shareholders filed
                 November 11, 1995

23.1           * Consent of LeSourd & Patten, P.S.

23.2           * Consent of Davis Wright & Jones

23.3           * Consent of Langlow Tolles & Company, P.S.

23.4           * Consent of Garvey, Schubert & Barer

24.1           * Power of attorney

27.1           * Financial Data Schedule Fiscal Year Ended September 30, 1995

27.2           * Financial Data Schedule Quarter Ended December 31, 1995

<PAGE>   16

27.3           * Financial Data Schedule Quarter Ended March 31, 1996

27.4           * Financial Data Schedule Fiscal Year Ended April 30, 1996

28.1           * Master plan for Crystal Mountain Resort


*  Previously filed