intrawest 

Intrawest continues to perform well for investors. Financial results for the company’s third quarter, which ended March 31, show income from continuing operations was $42.6 million, compared to $30.7 million for the same period last year. Revenue from ski and resort operations was up 20 per cent over the same period last year, $212 million compared to $177 million. While Intrawest has more resorts than it did at this time last year — Mont Ste. Marie in Quebec and Mountain Creek at Vernon in New Jersey have been acquired in the last year, while Intrawest has increased its stake in Mammoth — the increase in revenue was primarily due to a 12 per cent increase in same-resort revenues and the proportionate consolidation of Mammoth. That reflects a strong winter season for most Intrawest resorts. Blackcomb alone surpassed 1 million visitors this winter, the first Canadian mountain to do so. Several other Intrawest resorts had record skier visits and overall skier visits to Intrawest resorts (to the end of April) were up 6 per cent over last year. "The successful results for the quarter reflect strong performance right across our resort operations as well as continuing strength in real estate operating profit," said Dan Jarvis, executive vice president and chief financial officer. Resort real estate sales totalled $64.3 million for the third quarter, well above the $27 million for the same period last year. Margins on real estate sales also increased, from 15.8 per cent to 18.5 per cent. "On the real estate side of the business, we have continued to increase sales prices while maintaining control over costs," Jarvis said. Revenues from rental properties was also up over last year, to $1.8 million compared with $1.5 million for the same quarter a year ago. As of March 31 Intrawest’s assets were listed at $1.341 billion, compared to $1.034 billion at the same time last year.

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