In a conference call with the investment community today, Joe Houssian, chairman, president and chief executive officer of Intrawest Corporation, indicated that, consistent with the expectations coming into the season, all of the company`s resorts experienced strong growth in revenue and visits over the Christmas/New Year period compared with the same period last year. Based on the holiday results and the bookings in place across all of its resorts, the company is confident that it can meet or exceed the consensus analysts` estimate for growth in company-wide operations EBITDA of 18% for this fiscal year.
The company attributed the strength of the holiday results to an increase of over 3,200 beds at its resorts, particularly within the newest villages, and the overall impact of the large investment in the facilities and villages at its resorts over the past three years. The positive results also reflect the success of a number of new marketing and sales initiatives, including the implementation of its e-commerce strategies.
Commenting on the outlook for its real estate business, the company indicated that it has continued to experience strong demand. The last four projects offered since November, three at Whistler/Blackcomb in British Columbia and the other at Mountain Creek in New Jersey, sold out completely at the launch event.
The company`s vacation booking business, Resort Reservations Network, Inc., continues to experience very rapid growth with bookings of $20.3 million year-to-date compared with $9.5 million for the same period last year, an increase of 114%.
Intrawest is the leading developer and operator of village-centered resorts across North America. The company owns Whistler/Blackcomb, North America`s most popular mountain resort. It also owns Panorama in British Columbia, Blue Mountain in Ontario (50%), Tremblant and Mont Ste. Marie in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe Mountain in West Virginia, Mountain Creek in New Jersey, Mammoth in California (59%), and Sandestin Golf and Beach Resort in Florida. The company is creating world-class, four-season resort villages at Keystone, Colorado; Solitude, Utah; Squaw Valley near Lake Tahoe, California; Les Arcs, France; and Lake Las Vegas Resort, Nevada and has a premier vacation ownership business, Club Intrawest. Intrawest has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits, and a 45% interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world.
Intrawest Corporation`s shares are listed on the New York (IDR) and Toronto (ITW) stock exchanges. The company is headquartered in Vancouver, British Columbia and is located online at www.intrawest.com.
The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Intrawest`s actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company`s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.