Intrawest Second Quarter Revenues Rise

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09 February 2015

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SAM Magazine—Denver, Colo., Feb., 9, 2015—Intrawest reduced its year-over-year second quarter loss for the period ending Dec. 31 and reported increased revenues for the quarter. The improvements were largely due to the company's IPO in February 2014 and the acquisition of Blue Mountain, Ontario, in September 2014.

The company reported a net loss of $31.1 million for the period versus a net loss of $122.2 million in the same period last year, before the company's IPO was completed. That move reduced Intrawest's interest expense considerably and is largely responsible for the improved performance.

Revenue came in at $120.8 million in the quarter, up from $102.1 million in 2013. Most of the increase came as a result of owning Blue Mountain, Canada, in which Intrawest formerly held a 50 percent interest. Excluding Blue Mountain, which Intrawest purchased in September 2014, Intrawest cited a 4.7 percent increase in mountain revenue for the quarter, and a 2.2 percent increase in skier and snowboarder visits at its ski resorts.

Intrawest revised its year-end revenue projection downward, to between $552 million and $557 million, due to the relative strength of the U.S. dollar against the Canadian dollar. Nearly half of the company's revenue comes from its Canadian operations. The previous projection was for revenues of $570 million to $590 million.

"Overall, we are pleased with our fiscal second quarter results, we enjoyed a strong opening in Colorado and achieved revenue and skier visit growth despite some challenging early season weather and conditions in the East," stated Tom Marano, CEO.

The company recently brought on board a new CEO, COO and CFO. In addition to Blue Mountain, Intrawest's resorts include Steamboat and Winter Park Resort in Colo., Stratton Mountain, Vt., Snowshoe, W. Va., and Mont Tremblant, Canada. The company also owns and operates heli-skiing giant Canadian Mountain Holidays.