• Strong Performance from Abercrombie & Kent and Maui Land Sale Drive 47% Growth in Total Revenue
• Intrawest's Board of Directors Doubles Dividend

Listed: NYSE TSX  
Symbols: IDR (NYSE) ITW (TSX)  

VANCOUVER, BC - Intrawest Corporation, a world leader in destination resorts and adventure travel, announced today the results for the first quarter of fiscal year 2006, ended September 30, 2005. All figures referred to herein are stated in US dollars unless otherwise indicated. 

For the first quarter of 2006, the company reported total revenue of $301.8 million, an increase of 47 per cent year-over-year. Net income increased significantly to $9.2 million, resulting in diluted earnings per share of $0.19. Total Company EBITDA (earnings before interest, income taxes, non- controlling interest, depreciation and amortization and any non-recurring items) more than tripled to $56.6 million for the quarter.

"Our first quarter results mark an excellent start to the fiscal year with record revenue and the unparalleled success of Abercrombie & Kent (A&K), the world leader in luxury adventure travel," said Joe Houssian, chairman, president and chief executive officer. "The tremendous increase in core, recurring revenue at A&K provides a testament to the strength of the A&K brand and the revenue growth potential this entity provides when combined with our existing portfolio of customer experiences."

Recent Highlights

• Abercrombie & Kent reported a 30 per cent increase in adventure-travel revenue
• Announced an agreement to sell Mammoth Mountain Ski Area which will result in a pre-tax profit to Intrawest of approximately $101 million
• Unveiled plans for "The Village of Imagine," a new 30-acre resort village in Orlando, Florida
• Completed the sale of Lot Three Ka'anapali, a 26-acre beachfront parcel in Maui, for a net profit before tax of approximately $25 million.
• Finalized plans for initial launch of the Honua Kai condo-hotel project on the adjacent site in Ka'anapali, Maui.

Houssian continued, "Our early success at Ka'anapali provides a key example of how Placemaking, our real estate division, delivers substantially to our bottom line by opportunistically seeking out highly profitable real estate transactions as well as future development opportunities. Going forward, we remain focused on accelerating our real estate production to maximize shareholder value."

Traditionally, Intrawest has paid a semi-annual dividend of Cdn$0.08 per common share. Today, the Board has decided to double the dividend by declaring a quarterly dividend of Cdn$0.08 per common share payable on January 25, 2006 to shareholders of record on January 11, 2006.

Download the complete release.

For additional information contact:

John Currie

Chief Financial Officer

(604) 669-9777

Tim McNulty

Director, Investor Relations

(604) 623-6620

tmcnulty@intrawest.com
 
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