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intrawest figures

Intrawest announced revenues from ski and resort operations in its first quarter were up $11 million, to $25.9 million, over last year. The increase was due to the inclusion of summer revenues generated by the company’s recently acquired resorts — Whistler, Copper and Mont Ste. Marie — and higher revenues at Tremblant and Snowshoe. Intrawest’s first quarter ended Sept. 30. "Overall, resort operations revenue was up 11 per cent on a same-resort basis and Tremblant’s first quarter revenues increased 42 per cent," Daniel Jarvis, Intrawest’s chief financial officer and executive vice president, said in a release. "This indicates that all our resorts, and Tremblant in particular, are becoming established four-season destinations." However, including the seasonal losses of the newly acquired resorts, Intrawest’s resort operations group as a whole incurred a seasonal operating loss of $1 million. That’s the same as in 1996 and in line with expectations. Intrawest’s real estate division saw real estate sales decline from $23.8 million in 1996 to $16 million for the first quarter this year. The company said the reduced volume reflects the timing of construction completion, as most units are pre-sold but won’t be recognized as revenue until the second or third quarters. Intrawest was active in the first quarter of 1997, announcing the $500 million millennium project at Tremblant, selling all 139 units of a new lodge at Tremblant, acquiring a golf course and surrounding real estate in Colorado and completing extensive capital programs at Whistler Mountain, Blackcomb and Snowshoe. Intrawest’s annual report shows 1996-97 was the most profitable year in the company’s history, with a 37 per cent increase in total revenue, to $389 million. With the acquisitions of Whistler Mountain, Copper Mountain, Mont Ste. Marie, and a real estate project at Squaw Valley in 1996-97, total assets increased 46 per cent, to $1.098 billion. The annual report shows new acquisitions Whistler Mountain and Copper both deliver significantly less operating profit than other resorts — Whistler Mountain delivering 35 per cent less per visit than Blackcomb — but development of lodging and retail space at the base of both mountains should boost them into line with other Intrawest resorts. Real estate development at all Intrawest resorts is expected to significantly increase the company’s financial performance in the next few years. "... the Company expects to deliver significantly more units per year than the 465 units sold in fiscal 1997," as stated in the annual report. "The company’s current supply of land can support this increased level of activity for the next 15 to 20 years and the Company’s objective is to add to its supply of land at a faster rate than production, but to do so on a risk mitigated basis."

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