Intrawest First Quarter Results Up


o Significant improvement in Total Company EBITDA and net income

o $133-million positive swing in cash flow from continuing operating activities

Vancouver, November 10, 2003 – Intrawest Corporation, the world’s leading operator anddeveloper of village-centered resorts, announced today its results for the fiscal 2004 first quarterended September 30, 2003. Total revenue for the quarter was $227.8 million compared with$114.5 million for the same period last year. Income from continuing operations was $0.9 millionor $0.02 per share compared with a loss of $11.1 million or $0.23 per share in 2002. TotalCompany EBITDA (earnings before interest, income taxes, non-controlling interest, depreciationand amortization) was $25.5 million compared with $6.5 million in 2002.Cash flow from continuing operating activities was $18.0 million in the first quarter of fiscal2004 compared with negative cash flow of $114.9 million in the same period last year. Thispositive swing in cash of $132.8 million was mainly due to increased real estate closings and theimpact of selling the first four projects to Leisura.

“Our successful migration to a less capital-intensive model is reflected in the positive swing incash flow this quarter,” said Joe Houssian, Intrawest’s chairman, president and chief executiveofficer.The format of the statement of operations has been changed to reflect the company’s move to amore expertise-based business model and the growth in management services income. Revenueand expenses are now broken out into three primary sources: resort operations, managementservices and real estate development. Management services mainly comprise lodging andproperty management fees, golf course management fees, RezRez reservations and licensing fees,and real estate development and sales services fees.

Resort operations revenue and profit contribution increased to $54.4 million and $3.5 million,respectively, from $49.1 million and $1.7 million due mainly to strong summer results frommountain operations and food and beverage. Management services revenue and profitcontribution increased to $24.5 million and $2.6 million, respectively, from $18.1 million and$2.4 million primarily as a result of higher lodging and property management fees and increasedreal estate development and sales services fees. While occupied room nights in the first quarterwere approximately the same as the first quarter last year, average daily rates increased five percent.

Revenue from real estate development increased to $144.5 million from $47.1 million in 2002 as317 units were closed compared with 87 units last year. The timing of unit closings is tied to asignificant degree to construction completion and two major projects at Sandestin and Lake LasVegas completed construction during the first quarter, allowing the closing of 229 units. Theprofit contribution from real estate development increased to $14.5 million from $3.1 million lastyear. Resort Club sales in the quarter were $12.4 million, up from $12.1 million last year.

Closed real estate units and pre-sold units scheduled to close in fiscal 2004 now amount toapproximately $480 million. In addition, Leisura has pre-sales of approximately $280 million dueto close in fiscal 2004 and 2005. The Leisura partnerships were established earlier in 2003 withManulife Capital in Canada and JPMorgan Fleming in the U.S. to take on the production phase ofIntrawest’s real estate development business.Intrawest’s Board of Directors today declared a dividend of Cdn$0.08 per common share payableon January 21, 2004 to shareholders of record on January 7, 2004.

The term EBITDA does not have a standardized meaning prescribed by generally acceptedaccounting principles (GAAP) and may not be comparable to similarly titled measures presentedby other publicly traded companies.