Intrawest shows strong earnings
Squaw Valley’s parent company Intrawest Corporation released strong summer earnings Tuesday.
Company officials, based in Vancouver, British Columbia, told investors that total revenue for the first quarter ending Sept. 30 increased to $132 million from $125.7 million reported last year in the same period.
Ski and other resort operations revenue amounted to $65.4 million, 19 percent more than last year’s first quarter of $55.1 million. Summer revenue increased at every mountain resort except for Blue Mountain in Ontario, Mont Ste. Marie in Quebec and Mountain Creek in New Jersey, which experienced the coldest, wettest summer in more than 20 years.
The publicly traded company also owns Panorama in British Columbia, Tremblant in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe Mountain in West Virginia and Mammoth.
Intrawest management, pleased with the earnings picture, expressed excitement at the prospect of ski resorts’ enjoying a better winter season than last year.
“This year, I don’t think it’s going to be as challenging,” Intrawest Corp. Executive Vice President and Chief Financial Officer Dan Jarvis told investors. “We expect to open all of our resorts on schedule.”
Squaw Valley opens Saturday.
Jarvis raved how the real success story lies with season-pass sales, up almost 40 percent, with Copper, Whistler/Blackcomb and Mammoth coming on especially strong.
“Season passes are up and strong at all resorts,” Jarvis said.
Mammoth is selling season passes for $379. Squaw season passes amount to $1,495, while night skiing passes go for $195.
For overnight visitors, Jarvis boasted a 14 percent increase in lodging bookings through Intrawest’s national destination sales team.
Revenue from the sale of real estate dropped from $67.2 million last year to $63.6 million this quarter. However, the company is heavily weighing in on more units coming on board in the coming quarters, Jarvis indicated.
Some investors even asked about whether the company has beefed up safety standards at ski resorts in light of the recent cable car disaster in Austria that claimed 159 lives.
Jarvis assured investors that safety is an aspect the company has always emphasized in its equipment.
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