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Ski resorts good to Intrawest Third quarter results boosted by Whistler, Mammoth Intrawest reports revenue from ski and resort operations was $331.4 million for its third quarter, ending March 31, compared with $212.2 million in the third quarter last year. "Revenue increased at every one of our resorts from the third quarter last year, and Whistler-Blackcomb, Tremblant, Panorama, Stratton and Snowshoe all experienced record third quarter business," said Dan Jarvis, executive vice president and chief financial officer. Revenue was driven by an overall 13 per cent increase in same-resort visits for the quarter. Intrawest also reported a 6 per cent increase in revenue per visit on a same-resort basis. Income from continuing operations for the third quarter was $54.6 million ($1.38 per share) , compared with $42.6 million ($1.24 per share), last year. Year-to-date income from continuing operations was $54.9 million, up from $42.9 million. The nine month results also include revenue from Intrawest’s warm weather resorts as well as Blue Mountain in Ontario and Canadian Mountain Holidays heli-skiing operations. Real estate sales are also helping Intrawest’s economic picture. Jarvis said the ski resorts operated by Intrawest are expanding and ensure continued positive impact on the operation income of the resorts, including Panorama and Mont Tremblant, which both sold real estate in March totalling some $42 million. "These record results validate the power of our resort villages," Jarvis said. "These villages, together with our proven operational expertise and our geographically balanced network, have resulted in both high growth and predictability in income." "We now have over $440 million in pre sales representing over 1,000 total units to close in 2000 and 2001." Jarvis added. "The addition of these units will have a significant positive impact in the operating income of our resorts, as well as having a substantial effect on our real estate income." In April, Intrawest successfully launched its first quarter ownership project in Whistler, with more than $20 million in real estate being sold, representing more than 90 per cent of the total project. In May, Intrawest successfully launched the Sandstone project at Mammoth in California, selling all 77 units in less than three hours for more than $41 million.

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