Intrawest Reports Eighth Consecutive Year Of Earnings Growth With Strong 2001 Fiscal Year-End Result

Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced record results for the fiscal year ended June 30, 2001, marking eight consecutive years of earnings growth. Driven by strong performances in resort operations and real estate, income per share from continuing operations increased by 20.8 per cent to $1.45 from $1.20 in 2000 as income grew to $63.5 million from $52.1 million. Total revenue for the year increased 13.9 per cent to $922.8 million from $810.5 million. Total Company EBITDA increased 21.1 per cent to $200.3 million from $165.4 million.

“We have had an excellent year on all fronts,” said Joe Houssian, chairman, president and chief executive officer. “Our core businesses, real estate and resort operations, are performing well in spite of the current economic slowdown. Barely into the new fiscal year, we already have real estate pre-sales worth $620 million due to close in 2002 and 2003. This provides a solid foundation for another successful year of growth ahead.”

For the 12 months ended June 30, 2001, revenue and operating profit from real estate sales increased 21.6 per cent and 28.3 per cent, respectively, compared with last year. Ski and resort revenue and EBITDA were both records for the Company, increasing 10.0 per cent and 15.6 per cent, respectively, from the prior year. Full-year resort operations margins increased to 22.0 per cent from 20.9 per cent in 2000, and real estate margins increased to 18.4 per cent from 17.5 per cent.

“Once again we have achieved record annual results in both revenue and EBITDA,” said Daniel Jarvis, executive vice president and chief financial officer. “At the same time we have improved margins in both real estate and resort operations, which speaks to the success of our business model and cost-management initiatives.”

Income from continuing operations for the fourth quarter ended June 30, 2001 was $6.0 million, or 14 cents per share compared with $3.3 million or eight cents per share for the three-month period ended June 30, 2000. Revenue for the quarter increased 5.2 per cent to $246.1 million from $234.0 million last year. Total Company EBITDA for the period increased by 11.1 per cent to $42.9 million from $38.6 million.


Real estate revenue in the fourth quarter was $175.4 million, an increase of 9.9 per cent over the same quarter in 2000. Although fewer units were closed during the quarter (496 in 2001 compared with 649 in 2000), average revenue per unit was significantly higher, reflecting unit type and resort mix as well as price escalation. In addition, revenue from the Resort Club increased 14.7 per cent in the quarter to $7.8 million. Operating profit from real estate was $37.7 million in the fourth quarter compared with $26.8 million last year.

For the fourth quarter, resort operations revenue was $66.8 million, down from $72.8 million in the comparable 2000 period. The decline was mainly due to a slower end to the season at Whistler Blackcomb, particularly compared with the very strong season ending last year, and reduced early season golf revenue. In addition, the timing of recognition of season pass revenue was more accelerated in 2001 than in 2000 because of the stronger start to the season. The decrease in revenue for the quarter caused ski and resort operation EBITDA to fall to a loss of $2.2 million compared with income of $6.0 million last year.