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Intrawest first quarter numbers up from last year

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Compared to figures from last year, Intrawest is holding strong in the first fiscal quarter with company revenues nearly doubling.

Results from the 2004 first quarter, which ended on Sept. 30, show company revenue for the quarter of almost $228 million, compared with $114.5 million for the same period last year.

Likewise income from continuing operations was $900,000 this quarter, compared to a more than $11 million loss for the same quarter last year.

A lot of revenue came from real estate development, which increased from just over $47 million to $144.5 million in a year. Most of the real estate was sold in two major projects at Sandestin Resort in Florida and Lake Las Vegas in Nevada.

The Vancouver-based company, which owns Whistler-Blackcomb and several other resorts, also reported an increase in cash flow. Cash flow was $18 million in the first fiscal quarter this year, compared to a negative cash flow of almost $115 million for the same time period last year.

The increase is due in part to the real estate sales but also because construction debt on real estate projects is now carried by the newly created Leisura Developments.

"Our successful migration to a less capital-intensive model is reflected in the positive swing in cash flow this quarter," said Joe Houssian, Intrawest’s chairman, president and CEO.

The earnings amount to two cents a share compared to a loss of 23 cents a share last year.

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