Intrawest Income Rises Despite Drop in Visits
SAM Magazine--Vancouver, B.C., May 13, 2004--Intrawest recorded improved revenues for the fiscal 2004 third quarter ended March 31, 2004 despite reduced skier visits.
Total revenue for the quarter was $437.3 million compared with $402.5 million for the same period last year. Total Company EBITDA was $128.1 million compared with $125.5 million in the same quarter last year.
Resort operations revenue for the quarter increased to $299.5 million from $283.4 million, due mainly to the impact of a stronger Canadian dollar. But resort operations profit fell, to $100.9 million from $104.6 million, due to a five per cent decline in skier visits (down four percent in the East, six percent in the West). The stronger Canadian dollar cut into U.S. visits to Whistler, and an exceptionally warm March in Colorado tarnished Copper Mountain's results.
Income from continuing operations was $56.2 million compared with $56.8 million in the year-earlier quarter. Cash flow from continuing operations was $73.1 million compared with $47.4 million. The cash flow improvement stemmed from higher real estate closings and lower capital requirements as a result of Intrawest's creation of the Leisura partnerships. These partnerships allowed Intrawest to improve the profitability of resort operations and drive down debt.
Revenue and total company EBITDA for the nine months ended March 31, 2004 were $1.1 billion and $205.6 million, compared with $729.4 million and $168.5 million, respectively, for the same period last year. Income from continuing operations for the nine months, before one-time items, was $67.6 million compared with $49.2 million for the same period last year. \