Driven by Strong Performances in Resort Operations and Real Estate, Intrawest Reports Healthy 2001 Fiscal Year Results / Sept 2001

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Driven by Strong Performances in Resort Operations
and Real Estate, Intrawest Reports Healthy
2001 Fiscal Year Results

VANCOUVER, Sept. 10, 2001 - Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced record results for the fiscal year ended June 30, 2001, marking
eight consecutive years of earnings growth. Driven by strong performances in
resort operations and real estate, income per share from continuing operations increased by 20.8 per cent to $1.45 from $1.20 in 2000 as income grew to $63.5 million from $52.1 million. Total revenue for the year increased 13.9 per cent to $922.8 million from $810.5 million. Total Company EBITDA increased 21.1 per cent to $200.3 million from $165.4 million.

"We have had an excellent year on all fronts," said Joe Houssian, chairman, president and chief executive officer. "Our core businesses, real estate and resort operations, are performing well in spite of the current economic slowdown. Barely into the new fiscal year, we already have real estate pre-sales worth $620 million due to close in 2002 and 2003. This provides a solid foundation for another successful year of growth ahead."

For the 12 months ended June 30, 2001, revenue and operating profit from real estate sales increased 21.6 per cent and 28.3 per cent, respectively, compared with last year. Ski and resort revenue and EBITDA were both records for the Company, increasing 10.0 per cent and 15.6 per cent, respectively, from the prior year. Full-year resort operations margins increased to 22.0 per cent from 20.9 per cent in 2000, and real estate margins increased to 18.4 per cent from 17.5 per cent.

"Once again we have achieved record annual results in both revenue and EBITDA," said Daniel Jarvis, executive vice president and chief financial officer. "At the same time we have improved margins in both real estate and resort operations, which speaks to the success of our business model and cost-management initiatives."

Income from continuing operations for the fourth quarter ended June 30, 2001 was $6.0 million, or 14 cents per share compared with $3.3 million or eight cents per share for the three-month period ended June 30, 2000. Revenue for the quarter increased 5.2 per cent to $246.1 million from $234.0 million last year. Total Company EBITDA for the period increased by 11.1 per cent to $42.9 million from $38.6 million.

Real estate revenue in the fourth quarter was $175.4 million, an increase of 9.9 per cent over the same quarter in 2000. Although fewer units were closed during the quarter (496 in 2001 compared with 649 in 2000), average revenue per unit was significantly higher, reflecting unit type and resort mix as well as price escalation. In addition, revenue from the Resort Club increased 14.7 per cent in the quarter to $7.8 million. Operating profit from real estate was $37.7 million in the fourth quarter compared with $26.8 million last year.

For the fourth quarter, resort operations revenue was $66.8 million, down from $72.8 million in the comparable 2000 period. The decline was mainly due to a slower end to the season at Whistler Blackcomb, particularly compared with the very strong season ending last year, and reduced early season golf revenue. In addition, the timing of recognition of season pass revenue was more accelerated in 2001 than in 2000 because of the stronger start to the season. The decrease in revenue for the quarter caused ski and resort operation EBITDA to fall to a loss of $2.2 million compared with income of $6.0 million last year.

INTRAWEST CORPORATION                      Consolidated Statements of Operations
                                    Three months ended          Year ended
                                          June 30                 June 30

                                    2001          2000        2001       2000
                        (in thousands of US dollars, except per share amounts)
     Revenue:
         Ski and
          resort operations    $ 66,793     $ 72,849   $ 492,202 $ 447,350
         Real estate sales       175,367       159,585     415,336    341,455
         Rental properties         3,022         1,944       8,935      6,905
         Income from equity
          accounted investment       731          (998)      3,547     12,449
         Interest and other
          income                     976           633       2,790      2,333
                                 246,889       234,013     922,810    810,492
     Expenses:
         Ski and resort
          operations              68,960        66,821     383,864    353,662
         Real estate costs       137,694       132,769     338,856    281,845
         Rental properties         1,515         1,199       4,426      3,641
         Interest                 12,835        11,205      44,490     35,217
         Depreciation and
          amortization            14,224        12,877      57,934     51,399
         General and
          administrative           2,818         2,542       9,793      7,985
                                 238,046       227,413     839,363    733,749
     Income before
      undernoted                   8,843         6,600      83,447     76,743
     Provision for
      income taxes                 1,446         1,647      10,014     15,394
     Income before
      non-controlling
      interest and
      discontinued
      operations                   7,397         4,953      73,433     61,349
     Non-controlling
      interest                     1,419         1,621       9,904      9,258
     Income from continuing operations     5,978         3,332      63,529     52,091 Results of discontinued operations   (2,899)         (634)     (2,942)       (99)
     Income for the
      period                   $   3,079     $   2,698   $ 60,587 $ 51,992

     Income per common
      share:
         Income from
          continuing
          operations           $    0.14     $    0.08   $    1.45 $    1.20
         Net income            $    0.14     $    0.08   $    1.45 $    1.20

     Weighted average
      number of common
      shares outstanding
      (in thousands)              43,891        43,448      43,665     43,362

INTRAWEST CORPORATION
Consolidated Balance Sheets As at June 30 (in thousands of US dollars)

                                                      2001            2000
     Assets
     Current assets:
         Cash and cash equivalents              $     86,430     $    78,985
         Amounts receivable                           82,536          72,233
         Other assets                                105,545          78,966
         Properties:
             Resort                                  329,177         254,801
             Discontinued operations                    -                103
         Future income taxes                           4,168           4,445
                                                     607,856         489,533
     Ski and resort operations                       813,741         784,725
     Properties:
         Resort                                      371,451         314,481
         Discontinued operations                       7,080           9,521
     Amounts receivable                               50,416          35,262
     Other assets                                     86,640          67,999
     Goodwill                                         19,128          15,834
                                                $ 1,956,312     $ 1,717,355

     Liabilities and Shareholders' Equity
     Current liabilities:
         Amounts payable                        $    146,464     $   146,648
         Deferred revenue                             81,537          70,832
         Bank and other indebtedness,
          current portion:
             Resort                                  201,558         158,144
             Discontinued operations                      82              84
                                                     429,641         375,708
Bank and other indebtedness:
         Resort                                      804,991         670,539
         Discontinued operations                       3,363           4,394
     Due to joint venture partners                     8,818          16,963
     Deferred revenue                                 26,750          26,974
     Future income taxes                              83,771          82,522
     Non-controlling interest
      in subsidiaries                                 30,616          28,983
                                                   1,387,951       1,206,083
Shareholders' equity:
         Capital stock                               414,220         413,719
         Retained earnings                           187,922         131,953
         Foreign currency translation adjustment                     (33,780)        (34,400)
                                                     568,362         511,272
                                                $ 1,956,312     $ 1,717,355

     Breakdown of Ski and Resort Operations Revenue
                                    Three months ended      12 months ended
                                          June 30               June 30
                                    2001         2000      2001        2000
                                   US$000s      US$000s   US$000s     US$000s
     Mountain operations            18,116       20,407   192,142     177,060
     Retail and rental              10,087       12,557    84,040      72,854
     Ski school                      3,279        3,413    29,782      25,791
     Food and beverage              10,046       10,860    64,144      60,105
     Lodging and property
      management                     7,708        9,242    58,013      48,726
     Golf                            9,695       10,890    32,992      30,899
     Other                           7,862        5,480    31,089      31,915
                                    ------------------------------------------
                                    66,793       72,849   492,202     447,350

Intrawest is the leading developer and operator of village-centered resorts across North America. The company owns 10 mountain resorts, including Whistler Blackcomb, North America's most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. The company has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest Corporation's shares are listed on the New York (IDR) and Toronto (ITW) stock exchanges. The company is headquartered in Vancouver, British Columbia.

Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements.

###
Contact:

Intrawest Corporation
Stephen Forgacs
manager, corporate communications and
investor relations
604-623-6620
[email protected]
www.intrawest.com

Also See	Compagnie des Alpes and Intrawest Developing 800 residential units and European Spa at the Village Les Arcs, France / July 2000
	Sunterra Corporation Files Voluntary Chapter 11 Petition; Debtor-In-Possession Financing Sought / May 2000

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