Intrawest Reports An 18% Increase In Nine-Month Income From Continuing Operations

Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced that income from continuing operations for the third quarter ended March 31, 2001 increased to $50.1 million, or $1.15 per share, from $47.7 million, or $1.10 per share for the quarter ended March 31, 2000. Revenue for the quarter increased to $339.0 million from $306.0 million for the third quarter of 2000. Total Company EBITDA for the period increased 21% to $107.0 million from $88.7 million in the same period in 2000.

Income from continuing operations for the nine months ended March 31, 2001 was 18% higher at $57.6 million, or $1.32 per share, compared with $48.8 million, or $1.13 per share last year. During this period revenue increased 17% to $675.9 million from $576.5 million last year.


“The results achieved reflect the competitive strength of our resorts and offer further evidence of the power of the village-centered business model,” said Joe Houssian, chairman, president and chief executive officer. “Over the past three years our operations EBITDA has grown at an average rate of 17% per annum on a same-resort basis.”

Ski and resort operations revenue was $267.9 million in the third quarter, increasing 12% from the $238.2 million in the corresponding 2000 period. Revenue from the mountain resorts increased to $254.7 million from $224.9 million. Skier visits for the quarter increased 7% with particularly strong growth at the company`s eastern resorts, which benefited from excellent conditions throughout the period and experienced higher regional and day skier traffic. Revenue per visit improved 5% from last year with larger increases at the destination-oriented resorts being partially offset by lower increases or declines at the regionally oriented resorts. These regional resorts had a larger number of local guests who typically generate a lower revenue per visit. Revenue from the warm-weather resorts was $13.2 million, down marginally from $13.3 million last year. Operating profit from ski and resort operations for the third quarter was $93.2 million, up 19% from $78.3 million last year. For the nine-month period ended March 31, 2001, ski and resort operations revenue increased to $425.4 million from $374.5 million for the period ended March 31, 2000. Operating profit from ski and ski resort operations for the nine-month 2001 period was $110.5 million, compared with $87.7 million in the same period last year, an increase of 26%.

The current season has also proven to be very successful for the company`s central reservations business, Resort Reservations. On a fiscal year-to-date basis bookings have grown 76% to $29.1 million and plans are now underway to expand this business to include additional destination resorts.

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Real estate revenue was $65.5 million for the quarter, an increase of 22% from the $53.7 million reported in the third quarter ended March 31, 2000. The majority of the transactions closed during the quarter were for condo-hotel and townhome units at Whistler, Tremblant, Stratton and Keystone. Operating profit from real estate sales in the quarter increased to $12.0 million from $9.1 million in the comparable 2000 period. The margin on sales was 18.3% compared with 17.0% last year, reflecting the mix of resorts and product types. For the nine-month period ended March 31, 2001, real estate revenue and operating profit were 32% and 18% higher, respectively, than the corresponding 2000 period. The real estate results also reflect a strong third quarter from the company`s vacation ownership business with revenue of $13.2 million compared with $11.1 million last year.


Currently the company has a record backlog of real estate contracts with total pre-sales of $554 million, including $124 million which have been put under contract since January 1, 2001. Contracted pre-sales due to close in fiscal 2002 amount to approximately 70% of consensus estimates for real estate sales revenue in that year, excluding the vacation ownership business.


The Board of Directors of the company today declared a dividend of Cdn$0.08 per common share payable on July 25, 2001 to shareholders of record on July 11, 2001.

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