Vancouver, BC - Intrawest Corporation, a world leader in destination resorts and adventure travel, announced today the results for the referred to herein are stated in US dollars unless otherwise indicated. 

For the second quarter of fiscal 2006 the company reported net income, including discontinued operations, of $69.3 million or $1.41 per diluted share compared to a net loss of $7.1 million or $0.15 per diluted share last year.  During the second quarter the company closed on the sale of a majority of its interest in Mammoth Mountain Ski Area for a net gain of $60.0 million after income taxes of $47.3 million. The gain and Mammoth Mountain's results to the sale date are classified as discontinued operations. 

Income from continuing operations was $11.3 million compared to a loss of $10.5 million during the same period last year, resulting in earnings of $0.23 per diluted share versus a loss of $0.22 per diluted share. Income from continuing operations in the second quarter of last year included call premium and other redemption costs of $28.1 million as the company refinanced senior notes to take advantage of lower interest rates. Total Company EBITDA (earnings before interest, income taxes, non-controlling interest, depreciation and amortization and any non-recurring items) for the quarter decreased to $38.4 million from $52.0 million during the same period last year due mainly to a strike by unionized employees at Tremblant and reduced destination visitors in the early winter season at resort operations in British Columbia.
   
"Completing the sale of Mammoth Mountain Ski Area has strengthened our balance sheet considerably and we remain focused on our strategy of maximizing return on capital," said Joe Houssian, chairman, president and chief executive officer of Intrawest Corporation. "Although our second quarter operating results were impacted by the strike at Tremblant and reduced destination visitors at our resort operations in British Columbia, other parts of our business such as Abercrombie & Kent performed extremely well."

Quarter Highlights

• The sale of a majority interest in Mammoth Mountain Ski Area resulted in an after-tax gain of $60 million. Intrawest has retained a 15 per cent interest in the world-class resort;
• Abercrombie & Kent reported a 42 per cent increase in adventure-travel tour EBITDA;
• A strike at Tremblant and reduced destination visitors in the early winter season at resort operations in British Columbia led to a reduction in resort and travel operations EBITDA;
• December 2005 was a record month for real estate launches achieving pre-sale revenues of $534 million.

"Our real estate division had an impressive quarter, achieving record pre-sale revenue of $534 million in December," added Houssian. "With our recent pre-sale success at Honua Kai on Maui and The Village of Imagine in Orlando, we will continue to seek out opportunities to add warm-weather locations to our real estate portfolio."

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For further information: please contact Mr. John Currie, chief financial officer, at (604) 669-9777 or Mr. Tim McNulty, director, investor relations at (604) 623-6620 or at tmcnulty@intrawest.com; www.intrawest.com