intrawest quarter 

Whistler-Blackcomb and Snowshoe in West Virginia were the stars in the Intrawest stable outperforming other mountain resorts in generating revenue for the corporation this quarter. Intrawest announced it has posted a 124 per cent increase in earnings for the second quarter ending Dec. 31 and the corporation says the best is still on the horizon. "With our strongest quarters yet to come, our results to date speak to the power of our village-centred resorts as well as our success in building complementary businesses around them," said Joe Houssian, Intrawest chairman, president and CEO. "This unique business approach will continue to drive strong earnings growth." The corporation reports income from continuing operations for the second quarter grew to $4.3 million, or 10 cents per share, compared to $1.9 million, or five cents per share for the quarter ended Dec. 31, 1998. Revenue for the quarter is reported to have increased 45 per cent to $146.1 million, from $100.8 million the previous year. Total company earnings for the period increased 68 per cent to $26.7 million compared with $15.9 million in the comparable period the previous year. Ski and resort operations revenue was $82.5 million the second quarter, increasing 33 per cent from the $61.8 million last year. Revenue from Intrawest mountain resorts increased from $57.1 million to $72.6 million. Overall skier visits for the second quarter were comparable to the second quarter for the previous year. Intrawest says this highlights the benefits of geographic diversification as excellent early season conditions in the Pacific Northwest offset warm weather in the East and in Colorado. While Whistler-Blackcomb and Snowshoe helped boost same-resort earnings by nine per cent over the same period last year, revenue from Intrawest’s warm-weather resorts more than doubled to $9.9 million in the quarter from $4.7 million the previous year. Both Sandestin and Raven showed the most significant improvements. Operating profit from ski and resort operations for the second quarter was $10.1 million, increasing 64 per cent from $6.2 million last year. Revenue growth combined with effective cost control during the early season ramp-up of operations increased margins and operating profits. Real estate revenue increased 62 per cent to $60.9 million for the quarter. About half the sales closed during that period were generated by the delivery of Intrawest’s first condo-hotel project at Mammoth in California. The company’s Club Intrawest also saw strong performance for the quarter with revenue increasing from $2.8 million to $5.2 million. Operating profit from real estate sales totalled $13.4 million, up 63 per cent over the previous year. "Our geographic diversity, coupled with our well-balanced revenue stream, has once again allowed us to deliver strong results for the quarter," said Daniel Jarvis, executive vice president and chief financial officer. "We consistently meet or exceed the street estimates."

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