It’s getting better all the time Intrawest’s latest quarterly results are in and early indicators show that fiscally the corporation is doing well. The company announced that total revenue for the first quarter (from July 1 through Sept. 30 1998) increased to $126.8 million. While the ski industry on the whole has averaged a 1 to 2 per cent growth rate in skier visits, Intrawest resorts have managed to grow skier visits at a rate of 9 per cent per annum. This is coupled with the fact that income per share has grown 56 per cent in the last five years. Across Intrawest’s network of resorts, season’s pass and express card sales from this time last year (the second quarter runs from October to December) are up by 34 per cent, reflecting increases at every resort. Lodging bookings are also up from last year by 15 per cent to date. Tremblant has already equalled last season’s entire group bookings. This increase in bookings in the Quebec resort is attributed to an increase in bed base capacity, added attractions and new programming. Dan Jarvis, Intrawest’s executive vice president and chief financial officer, says the company’s success has been due in part to diversification. "The significant increase in revenue this quarter reflects Intrawest’s growing summer business and expansion into warm-weather resorts." Revenue from ski and resort operations was $56.4 million in the first quarter, which is double last year’s first quarter revenue of $27.7 million. Sandestin resort in Florida and the Raven Golf Group added $19.8 million of this revenue and all of the mountain resorts showed an increase except Copper Mountain. Copper’s summer revenue was down because of construction. The operating loss from ski and resort operations for the first quarter was $1.7 million, which is the same as the previous year. Real estate sales totalled $65.3 million for the quarter, almost four times higher than last year as Intrawest increased the volume of sales closed from 48 units to 201 units. These sales generated operation profits of $11.6 million, up significantly from the $3.4 million of last year. "This kind of improvement in the summer, combined with the results we’ve been seeing over the past five years, and early indicators for this year, provide us with considerable optimism for the future. Our strategy to extend the active time at our resorts by adding facilities, lodging, retail and attractions is a proven winner," says Jarvis.
