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INTRAWEST REPORTS FISCAL 2005 THIRD QUARTER RESULTS
May 10, 2005
Listed: NYSE TSX Symbols: IDR (NYSE) ITW (TSX)
ALL DOLLAR AMOUNTS ARE IN U.S. CURRENCY
Vancouver, British Columbia - Intrawest Corporation, one of the world’s leading destination resort and adventure-travel companies, announced today the results for its fiscal 2005 third quarter ended March 31, 2005. Total revenue for the quarter was $504.8 million compared with $437.9 million for the same period last year. The year-over-year increase was mainly the result of the inclusion of revenue from Abercrombie & Kent (A&K), which Intrawest acquired in July 2004, partially offset by lower revenue from the real estate division, which was expected.
Total Company EBITDA (earnings before interest, income taxes, non-controlling interest, depreciation and amortization) was $126.1 million compared with $128.1 million in the same period last year. EBITDA from resort and travel operations decreased as adverse weather patterns impacted operations at Whistler Blackcomb, Panorama Mountain Village and Canadian Mountain Holidays. Net income was $68.8 million or $1.44 per share compared with $56.2 million or $1.17 per share in the same period last year.
“The strong performance across our network of resorts and from A&K has allowed us to deliver solid results despite the adverse weather conditions that impacted our resorts in British Columbia,” said Joe Houssian, chairman, president and chief executive officer. “Demand for our resort properties continues to be very high, as evidenced by an average of 91 per cent sell-out at our recent real estate launches.”
On May 9, 2005, the Board of Directors declared a dividend of Cdn$0.08 per common share payable on July 27, 2005 to shareholders of record on July 13, 2005.
For additional information contact:
John Currie Chief Financial Officer (604) 669-9777
Tim McNulty Director, Investor Relations (604) 623-6620 tmcnulty@intrawest.com |
