Intrawest Reports 2003 Second Quarter Results



VANCOUVER, Feb. – Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, announced results for its fiscal 2003 second quarter ended December 31, 2002.

Revenue for the second quarter was $208.0 million compared with $231.4 million for the quarter ended December 31, 2001. Total company EBITDA (earnings before interest, income taxes, non-controlling interest, depreciation and amortization) for the quarter was $36.4 million compared with $40.0 million in the same period last year. Income from continuing operations for the quarter was $3.4 million or $0.07 per share compared with $6.0 million or $0.14 per share in the same quarter of fiscal 2002. Income from operations for the quarter exceeded the same quarter last year but was offset by the timing of real estate closings, which was consistent with previous guidance and reflects a heavier weighting of closings in Intrawest’s third and fourth quarters this year.

Ski and resort operations revenue was $108.9 million in the second quarter, up from $87.5 million in the same quarter of fiscal 2002. This increase was driven by strong performances at all resorts through the December holiday season and by strong season starts at most resorts. The results reflect the inclusion of Winter Park from December 24, 2002. On a same-resort basis, skier visits for the second quarter increased by 20 per cent to 1.3 million and revenue per visit was up two percent.

“Our resorts performed extremely well in the quarter, with strong attendance during the holiday from coast to coast,” said Joe Houssian, Intrawest’s chairman, president and chief executive officer. “We closed the quarter with Colorado’s Winter Park joining the Intrawest resort family on December 24. This will add a million skier visits a year to the Intrawest resort total.”

Higher skier visit numbers were supported in part by strong season pass and frequency card sales during the quarter. Excluding Winter Park, revenue from season pass sales across all resorts increased by 12.4 percent. Frequency card revenue increased by 23.2 percent over the same period a year ago.

Real estate revenue was $99.4 million for the second quarter compared with $141.0 million reported in the same quarter last year. This decrease was expected due to a greater weighting of real estate project closings in the third and fourth quarters of fiscal 2003 compared with fiscal 2002. In line with previous guidance, Intrawest closed 243 units during the quarter compared with 450 in the same quarter last year. Real estate profit was $13.9 million compared with $21.1 million in the same period last year. Resort Club sales in the quarter were $7.6 million, five per cent more than the second quarter last year.

Revenue and total company EBITDA for the six months ended December 31, 2002 were $320.8 million and $43.0 million, respectively, compared with $325.1 million and $47.2 million, respectively, in the same period last year. Intrawest incurred a loss from continuing operations of $7.6 million for the six months compared with a loss from continuing operations of $3.7 million last year.

Intrawest Corporation (IDR:NYSE; ITW:TSX) is the leading developer and operator of village-centered resorts across North America. The company owns or controls 10 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.comm.