VANCOUVER, Feb.- Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced the sale of Mont Ste. Marie ski operation and golf course in Quebec to Camp Fortune Resorts of Ottawa, Ontario. Intrawest is retaining developable land at the base of the mountain. Further terms of the sale were not disclosed.
“We are very proud of our accomplishments at Mont Ste. Marie,” said Joe Houssian, Intrawest’s chairman, president and chief executive officer. “During the past five years, Mont Ste. Marie’s management and staff have turned the resort around. We are confident Mont Ste. Marie will continue to thrive under Camp Fortune Resorts with its focus on the Gatineau region.”
Intrawest is retaining approximately 800 hectares (2,000 acres) of real estate for future development including Lac a la Truite, lands surrounding the golf course and the base of the mountain and Lac Ste-Marie.
Mont Ste. Marie General Manager Steve Paccagnan will serve as acting general manager during the ownership transition. After the transition period he will remain with Intrawest as a senior manager.
Intrawest acquired Mont Ste. Marie in December 1996. Since then, annual skier visits to the resort have increased by 51 per cent to 97,000 in 2000/2001, golf rounds have increased by 40 per cent, and gross revenue has increased by 81 per cent and the operation is now profitable.
Camp Fortune Resorts, a private company owned by Robert and Peter Sudermann, also owns and operates Camp Fortune Ski Resort, which is the most popular ski resort in the National Capital Region. Camp Fortune Resorts anticipates that the addition of Mont Ste. Marie will create a tightly focused western Quebec-based ski resort company with more than 300,000 skier visits annually. For more information visit www.campfortune.com.
Intrawest Corporation (IDR:NYSE; ITW:TSE) 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 significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli- skiing operation in the world. The company is headquartered in Vancouver, British Columbia and is located on the World Wide Web at www.intrawest.com.
Intrawest reports 2002 second quarter results
VANCOUVER, Feb. 19 /PRNewswire-FirstCall/ – Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced results for its fiscal 2002 second quarter ended December 31, 2001.
Revenue for the second quarter was $231.4 million compared with $207.0 million for the quarter ended December 31, 2000. Total company EBITDA (earnings before interest, taxes, non-controlling interest, depreciation and amortization) increased 15 per cent to $40.0 million from $34.7 million in the same period last year. Income from continuing operations for the quarter was $6.0 million or $0.14 per share, on a fully diluted basis, compared with $10.7 million (including a one-time, non-cash income tax recovery of $5.3 million) or $0.24 per share in the same quarter fiscal 2001. Excluding this non- recurring income tax recovery, income from continuing operations would have been $5.4 million or $0.12 per share in the second quarter last year.
“Contrary to some expectations, the weak North American economy and the events of September 11 have not had a dramatic impact on our business,” said Joe Houssian, Intrawest’s chairman, president and chief executive officer.
Revenue and total company EBITDA for the six months ended December 31, 2001 were $325.1 million and $$47.2 million, respectively, compared with $336.9 million and $50.3 million, respectively, in the same period last year. Intrawest incurred a loss from continuing operations of $3.7 million for the six months compared with income from continuing operations of $7.5 million ($2.2 million excluding the one-time income tax recovery) last year.
Ski and resort operation revenue was $87.5 million in the second quarter, down from $94.3 million in the same quarter of fiscal 2001 due to late season openings at the eastern resorts caused by unusually warm weather conditions in November and December. This decline in revenue decreased ski and resort operations EBITDA for the quarter to $14.1 million from $15.7 million last year. Tight control over costs, and the delayed hiring of seasonal staff as planned, reduced the impact on earnings of the late start to the season in the East and changes in leisure travel patterns following September 11.
“Solid results at our western resorts tempered the effects of the slow start to the season at our eastern resorts,” said Daniel Jarvis, executive vice president and chief financial officer. “Our performance during these exceptionally challenging times reflects the success of our early cost-control measures and the strength of our resort network.”
Real estate revenue was $141.0 million for the second quarter, an increase of 27 per cent from $110.8 million reported in the same quarter last year. Intrawest closed 450 units during the quarter compared with 343 in the same quarter last year. Real estate profit was $21.1 million compared with $14.7 million in the same period last year. Resort Club sales in the quarter were $7.2 million, six per cent more than the second quarter last year.