|VANCOUVER, British Columbia, March 31, 1999 - Intrawest
Corporation (NYSE: IDR; Toronto: ITW) Intrawest Corporation today announced
that overall skier visits season-to-date are up 6% from the prior year
on a same-resort basis. Spending was also strong with revenue per visit
up 6% for a total same-resort revenue increase of 12%. Results were led
by exceptionally strong performance at Whistler/Blackcomb, which is up
318,000 visits, and Tremblant, which is up 55,000 visits over the previous
year. The company's US resorts have also generally outperformed their competition.
"This success is not an accident," said Daniel Jarvis, executive vice president and chief financial officer. "We have been saying for some time that Intrawest has a fundamentally different approach to the industry. This year was a tough weather year but it wasn't the first and it won't be the last. We're structured to deal with weather volatility. When you've got geographic diversity, huge snowmaking capability and destination visitors who book in advance, you can show predictable visit growth."
The company also announced that pre-sales of real estate slated to close in 2000 and 2001 have reached approximately Cdn$310 million. This includes recent highly successful launches in February and March at Copper, Panorama and Tremblant. Revenue from these events totaled approximately Cdn$160 million. At Copper, 220 units -- the entire core of the Village at Copper -- sold in a few hours in two launches in February. And this past weekend Intrawest sold all 126 units at Westin Resort Tremblant in 12 hours.
Over the next four weeks the company will be launching projects at Solitude in Utah, Mammoth in California and Whistler/Blackcomb in British Columbia.
"The people who visit our resorts know that Intrawest makes a difference to the total resort experience and they want their families to be part of the excitement," said Jarvis.
At the core of the Intrawest strategy is the creation of a warm-bed "must-see" village at each of its resorts. This has been the chief contributor to Whistler/Blackcomb's emergence as the number one resort in North America and Tremblant's rise to number one in Eastern North America. Both resorts have seen destination visits grow in direct proportion to the creation and completion of their villages.
"Destination visits fill the mid-week periods and provide the highest revenue per visit," said Jarvis. "Consequently the success of these recent launches is not only driving future real estate income but is expanding our villages, which adds growth and stability to our operating income."
Intrawest is the leading developer and operator of mountain resorts across North America. The company owns Whistler/Blackcomb, rated North America's No. 1 resort. It also owns Panorama in British Columbia, Blue Mountain in Ontario, Tremblant and Mont Ste. Marie in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe in West Virginia, Mountain Creek in New Jersey, Mammoth in California, and Sandestin, a golf and beach resort in Florida. The company is creating world-class, four-season resort villages at Keystone, Colorado, Solitude, Utah and Squaw Valley near Lake Tahoe, California and has a premier timeshare business. Intrawest has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits, and a 45% 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 Stock Exchange (IDR) and the Toronto and Montreal exchanges (ITW). The company is headquartered in Vancouver, British Columbia.
The statements which are not historical facts contained in this release 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. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the U.S. Securities and Exchange Commission.
|Also See:||Intrawest Sells $53 Million in Condos at Copper Mountain Resort, Colorado / Feb 1999|
|Intrawest and Compagnie des Alpes to Form International Alliance; Unique Partnership Links Premier Ski Resorts in Europe and North America / May1998|