VANCOUVER, Nov. 12 – Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced results for its fiscal 2003 first quarter ended September 30, 2002. Total revenue for the quarter was $112.7 million compared with $93.7 million for the same period last year. Net loss from continuing operations was $11.1 million or $0.23 per share compared with a loss of $9.8 million or $0.22 per share in 2001. Total company EBITDA (earnings before interest, income taxes, non-controlling interest, depreciation and amortization) was $6.5 million compared with $7.2 million in 2001.
Revenue from ski and resort operations for the quarter was $65.4 million compared with $58.7 million in the same quarter of 2001 as higher occupancy levels and room nights generated increased revenue in lodging, retail and food and beverage. During the period the revenue contribution from warm-weather resorts increased to $19.9 million from $17.7 million last year. Ski and resort operations EBITDA for the quarter increased to $3.2 million from $2.0 million.
Results from ski and resort operations were offset by lower real estate earnings. Revenue from real estate increased to $47.1 million from $33.1 million in 2001 while real estate profit declined from $4.9 million to $3.9 million. The first quarter represents just six per cent of expected closings for the year and profitability was significantly affected by higher than expected start-up costs associated with a new Club Intrawest location at Sandestin. Resort Club sales in the quarter were $12.1 million, up from $8.9 million last year due primarily to the opening of the Sandestin location.
“The improvement in results from ski and resort operations for the first quarter and encouraging indicators for the year ahead suggest that we will continue to perform well despite uncertain economic and political conditions,” said Joe Houssian, Intrawest’s chairman, president and chief executive officer. “This solid base of performance is allowing us to maintain forward momentum for our business strategy, while at the same time moving towards our balance sheet and cash flow objectives.”
Closed real estate units and pre-sold units scheduled to close in fiscal 2003 now amount to approximately $400 million. An additional $290 million of pre-sale contracts are scheduled to close in fiscal 2004.
Intrawest’s Board of Directors today declared a dividend of Cdn$0.08 per common share payable on January 22, 2003 to shareholders of record on January 8, 2003.
The term EBITDA does not have a standardized meaning prescribed by generally accepted accounting principles (GAAP) and may not be comparable to similarly titled measures presented by other publicly traded companies. A reconciliation between net earnings as determined in accordance with Canadian GAAP and EBITDA is presented in the Additional Information table below.
Intrawest Corporation (IDR:NYSE; ITW:TSX) is the leading developer and operator of village-centered resorts across North America. The company owns nine mountain resorts, including Whistler Blackcomb, North America’s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. The company has a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia and is located on the World Wide Web at www.intrawest.com.