1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------------------
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF MARCH 2001
INTRAWEST CORPORATION
(Registrant's name)
SUITE 800, 200 BURRARD STREET, VANCOUVER, BC V6C 3L6 CANADA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F X
--- ---
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-________.
2
TO OUR SHAREHOLDERS
The 18% increase in nine-month income from continuing operations reflects the
competitive strength of our resorts and offers further evidence of the power of
our village-centered business model. We are in a very strong position with our
core operations and real estate businesses, and the success of our newer
businesses, such as Club Intrawest and Resort Reservations, gives us confidence
that we can sustain this rate of growth.
OPERATING RESULTS (ALL DOLLAR AMOUNTS ARE IN US CURRENCY)
Income from continuing operations for the third quarter ended March 31, 2001
increased to $50.1 million, or $1.15 per share, from $47.7 million, or $1.10 per
share for the quarter ended March 31, 2000. Revenue for the quarter increased to
$339.0 million from $306.0 million for the third quarter of 2000. Total Company
EBITDA for the period increased 21% to $107.0 million from $88.7 million in the
same period in 2000. Income from continuing operations for the nine months ended
March 31, 2001 was 18% higher at $57.6 million, or $1.32 per share, compared
with $48.8 million, or $1.13 per share last year. During this period revenue
increased 17% to $675.9 million and Total Company EBITDA increased 24% to $157.3
million.
Further information on the Company's operating results is contained in
Management's Discussion and Analysis below.
LATEST COMPANY DEVELOPMENTS
The success this season of our central reservations business, Resort
Reservations, has attracted the attention of other travel industry players who
want to access our capability. We recently launched Vancouver.com, a city
destination resort. By working closely with the convention visitors' bureau, the
results of this launch have significantly surpassed the Company's initial
expectations. Over the next several months Resort Reservations expects to be
launching an additional three destinations.
To date we have not seen any evidence that the economy is slowing down real
estate sales. On the contrary, the strong demographics of the baby boomers
combined with the limited supply of product at our resorts continue to drive
this business in a very positive way. Contracted pre-sales due to close in
fiscal 2002 now amount to approximately 70% of analysts' consensus estimates for
real estate revenue in that year, excluding the vacation ownership business.
This level of pre-sales is an all-time high.
DIVIDENDS
On May 14, 2001, the Board of Directors of the Company declared a dividend of
Cdn.$0.08 per common share payable on July 25, 2001, to shareholders of record
on July 11, 2001.
NRP SHARES
No NRP shares have been purchased under the current issuer bid which terminates
on January 9, 2002. A quarterly redemption will not be made on July 1, 2001,
since the funds available for distribution are below the threshold of Cdn.$2
million.
OUTLOOK
The Company's performance this year extends its record of solid financial
results and innovation. Our village-centered business model, one of the most
innovative concepts in the leisure industry in the past 20 years, continues to
build significant competitive advantages for us. Many of our resorts are still
in the early stages of evolution and will reap benefits for years to come. Other
innovations which the Company has introduced such as the real estate pre-sale
launch system, pure point-based interval ownership, and one-stop central
reservations, continue to evolve into successful businesses. As the Company
transitions from the heavy capital investments of the last five years to
significant free cash flow from its core businesses in the next five years we
can both support the growth of these new businesses as well as pay down debt - a
powerful combination to drive shareholder value.
On behalf of the board,
/s/Joe S. Houssian
------------------
Joe S. Houssian
Chairman, President and Chief Executive Officer May 14, 2001
/s/Daniel O. Jarvis
-------------------
Daniel O. Jarvis
Executive Vice President and Chief Financial Officer
3
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following management's discussion and analysis ("MD&A") should be read in
conjunction with the more detailed MD&A (which includes a discussion of business
risks) contained in the Company's June 30, 2000 annual report.
THREE MONTHS ENDED MARCH 31, 2001 (THE "2001 QUARTER") COMPARED WITH
THREE MONTHS ENDED MARCH 31, 2000 (THE "2000 QUARTER")
REVIEW OF SKI AND RESORT OPERATIONS
Ski and resort operations revenue was $267.9 million in the 2001 quarter, 12%
higher than the $238.2 million in the 2000 quarter. Revenue from the mountain
resorts increased 13% from $224.9 million to $254.7 million. Skier visits
increased 7% from 4,054,000 to 4,322,000. A number of factors contributed to
this growth, including:
o The addition of approximately 3,200 new beds across the Company's resorts
after the 2000 third quarter.
o A return to more normal early January holiday travel patterns compared with
the Y2K-impacted travel patterns last year.
o A 23% increase in the number of season passes and frequency cards sold
during the year from 153,000 to 188,000.
o Positive weather conditions in the East that resulted in a 13% increase in
skier visits across the Company's six eastern resorts.
Revenue per skier visit across all the resorts increased 5% from $51.27 to
$53.66, with larger increases at the destination-oriented resorts being
partially offset by lower increases or declines at the regionally oriented
resorts. The regional resorts had a larger number of local guests who typically
generate lower revenue per visit since they spend less on non-ticket items.
Revenue from the Company's non-skier visit related businesses (Alpine, the
Breeze/Max retail chain and Resort Reservations) increased a combined 34% to
$22.8 million in the 2001 quarter compared with the 2000 quarter.
Revenue from the warm-weather resorts was $13.2 million in the 2001 quarter,
down marginally from $13.3 million in the 2000 quarter. Revenue at Sandestin was
22% higher due to a 28% increase in occupied room nights while revenue at Raven
decreased 4% due primarily to wetter than normal weather. Revenue at Swaneset
was $0.4 million compared with $2.1 million last year. Swaneset's revenue for
the 2000 quarter included nine months of operations because, although the
acquisition of the business was completed in the third quarter of 2000, the
acquisition was effective from the beginning of the fiscal year.
The composition of ski and resort operations revenue was as follows:
2001 Quarter 2000 Quarter Increase Change
(Decrease)
(millions) (millions) (millions)
--------------------------------------------------
Mountain operations $ 129.2 $ 118.4 $ 10.8 9%
Retail and rental 46.1 38.6 7.5 19%
Food and beverage 31.7 28.9 2.8 10%
Lodging and property management 27.5 20.7 6.8 33%
Ski school 19.5 16.9 2.6 15%
Golf 6.3 7.3 (1.0) (14%)
Other 7.6 7.4 0.2 3%
--------------------------------------------------
$ 267.9 $ 238.2 $ 29.7 12%
==================================================
o The 9% increase in mountain operations revenue reflects the 7% increase in
skier visits and a 1% increase in average ticket prices.
o The 19% increase in retail and rental revenue was due to higher rental
revenue at the destination-oriented resorts and at the Breeze/Max stores
and the opening of new stores in Copper's newly completed village.
4
o The 10% increase in food and beverage revenue was due to the 7% increase in
skier visits and a 4% increase in average spending per skier visit.
o The 33% increase in lodging and property management revenue was due to a
19% increase in occupied room nights across the resorts and a 9% increase
in the average daily rate. The increase in room nights reflects the 3,200
new beds delivered for this season. Lodging revenue also includes revenue
from the Company's central reservations business, Resort Reservations,
which increased 32%.
o The 15% increase in ski school revenue was due to a higher number of
lessons at all of the Company's resorts, including more higher-priced
private lessons.
o As discussed above, the decline in golf revenue reflects the impact of the
acquisition of Swaneset in the third quarter of 2000. Golf revenue at
Sandestin and Raven increased a combined 20%.
Ski and resort operations expenses were $174.7 million in the 2001 quarter, 9%
higher than the 2000 quarter. Mountain operations expenses, which are
substantially fixed costs relative to skier visits, decreased 2%, however this
was offset by variable cost increases, due to the increase in skier visits, in
the other businesses. EBITDA from ski and resort operations was $93.2 million,
up 19% from $78.3 million in the 2000 quarter. The EBITDA margin improved from
32.9% to 34.8%.
REVIEW OF REAL ESTATE OPERATIONS
Revenue from the sale of real estate increased 22% to $65.5 million in the 2001
quarter from $53.7 million in the 2000 quarter. A total of 171 units were closed
in the 2001 quarter compared with 160 units in the 2000 quarter. The average
price per unit increased 15% reflecting unit type and resort mix as well as
price escalation. Operating profit from real estate sales increased to $12.0
million from $9.1 million and the margin on sales improved to 18.3% from 17.0%.
Relatively more higher-margin townhomes were sold in the 2001 quarter than in
the 2000 quarter.
The real estate results also reflect a strong third quarter from the Company's
vacation ownership business, with revenue of $13.2 million compared with $11.1
million in the 2000 quarter.
REVIEW OF CORPORATE OPERATIONS
Interest and other income for the 2001 quarter was $1.3 million compared with
$10.4 million in the 2000 quarter. During the 2000 quarter the Company sold its
investment in a property management business in Whistler/Blackcomb and recorded
a gain of $5.8 million.
Interest expense was $10.0 million in the 2001 quarter, up from $6.9 million in
the 2000 quarter. The increase was due mainly to interest on borrowings to fund
$91.4 million of ski and resort operations capital expenditures since the 2000
quarter. These capital expenditures were also responsible for the increase in
depreciation and amortization expense to $26.7 million in the 2001 quarter from
$23.6 million in the 2000 quarter.
NINE MONTHS ENDED MARCH 31, 2001 (THE"2001 PERIOD") COMPARED WITH
NINE MONTHS ENDED MARCH 31, 2000 (THE "2000 PERIOD")
REVIEW OF SKI AND RESORT OPERATIONS
Ski and resort operations revenue was $425.4 million in the 2001 period, 14%
higher than the $374.5 million in the 2000 period. Revenue from the mountain
resorts increased from $337.2 million to $385.7 million. Since approximately
two-thirds of this revenue for each year was generated during the third quarter,
most of the explanations above in the comparison of the three months ended March
31, 2001 versus March 31, 2000 apply to the nine months results. In addition
$18.4 million more revenue was generated by the mountain resorts during the
first two quarters of fiscal 2001 compared with fiscal 2000. Revenue for the
first quarter increased 16% as all resorts experienced strong summer results
except for Mountain Creek, Blue Mountain and Mont Ste. Marie, which were
impacted by the coldest, wettest summer
5
in over 20 years. Excellent early season ski conditions, the increased bed base
and the absence of the Y2K travel slowdown resulted in a 19% increase in
mountain resort revenue in the second quarter.
Revenue from the warm-weather resorts increased 6% to $39.7 million in the 2001
period from $37.3 million in the 2000 period. Revenue from Sandestin and
Swaneset both increased 11% on higher volume while revenue from Raven was down
9% due mainly to unusually cold and wet weather in the second and third
quarters.
These revenue increases, combined with effective cost control, led to an
increase in EBITDA from ski and resort operations of 26% to $110.5 million in
the 2001 period from $87.7 million in the 2000 period. The margin on sales was
26.0% in the 2001 period compared with 23.4% in the 2000 period.
REVIEW OF REAL ESTATE OPERATIONS
Revenue from the sale of real estate increased 32% to $240.0 million in the 2001
period from $181.9 million in the 2000 period. A total of 783 units were closed
in the 2001 period compared with 668 units in the 2000 period. The average sales
price per unit increased 13% reflecting unit type and resort mix as well as
price escalation. The Resort Club generated $29.1 million of the real estate
revenue for the 2001 period, 30% more than its revenue for the 2000 period.
Operating profit from real estate sales increased to $38.8 million from $32.8
million. The margin on sales was 16.2% in the 2001 period versus 18.0% in the
2000 period. The lower margin in the 2001 period reflects the mix of units
(relatively more condo-hotel units and relatively less townhome units closed in
the 2001 period) and the relative weighting of closings from the less mature
resort villages.
REVIEW OF CORPORATE OPERATIONS
Interest and other income was $2.8 million in the 2001 period compared with
$13.4 million in the 2000 period due to the sale last year of the Company's
property management business in Whistler/Blackcomb for a gain of $5.8 million
and to higher fee and miscellaneous income. Interest expense and depreciation
and amortization expense increased 32% and 13%, respectively, in the 2001 period
mainly because of the capital expenditures at the resorts during the past two
fiscal years. Corporate general and administrative expense was $7.0 million for
the 2001 period compared with $5.4 million for the 2000 period due primarily to
increased information technology costs as the Company has moved to increasingly
centralize this function.
The income tax rate was 11.5% for the 2001 period compared with 19.6% for the
2000 period. The income tax expense for the 2001 period included a non-cash
income tax recovery of $5.2 million related to a reduction in the recorded
amount of the Company's future income tax liabilities due the tax rate
reductions announced in the October 2000 Canadian federal budget.
LIQUIDITY AND CAPITAL RESOURCES
The major sources and uses of cash in the three and nine months ended March 31,
2001 and March 31, 2000 were as follows:
Three Months Nine Months
Ended March 31 Ended March 31
2001 2000 2001 2000
-----------------------------------
(millions) (millions)
Cash flow from continuing operations $ 82.4 $ 76.3 $ 102.7 $ 93.2
Working capital for real estate developed for sale (15.5) 5.6 (47.4) (40.3)
Expenditures on acquisitions - (18.9) (4.3) (18.9)
Expenditures on resort operations improvements (20.1) (26.6) (76.1) (103.2)
-----------------------------------
46.8 36.4 (25.1) (69.2)
Increase (reduction) in payables and other net receipts 9.9 9.8 (29.8) 15.8
-----------------------------------
Net cash flows before non-construction financing 56.7 46.2 (54.9) (53.4)
Net financing inflows (repayments) excluding construction financing (31.3) (14.4) 68.6 78.2
-----------------------------------
Increase in cash $ 25.4 $ 31.8 $ 13.7 $ 24.8
-----------------------------------
Net new investment in real estate developed for sale $(53.9) $(17.2) $(136.5) $(90.4)
Less: net proceeds from construction financing 38.4 22.8 89.1 50.1
-----------------------------------
Working capital for real estate developed for sale $(15.5) $ 5.6 $ (47.4) $(40.3)
-----------------------------------
6
Cash flow from continuing operations generated $82.4 million of cash in the
three months ended March 31, 2001, up from $76.3 million in the same period last
year. For the nine-month period cash flow from continuing operations was $102.7
million compared with $93.2 million. The components of, and changes in, cash
flow from continuing operations have been discussed earlier in the review of
operations.
Real estate developed for sale (net of proceeds from construction financing)
used $15.5 million of cash in the third quarter of 2001 compared with a recovery
of $5.6 million in the third quarter last year. The increase in use of cash
reflects the increased number of units under construction. During the nine-month
period real estate development used $47.4 million cash, up from $40.3 million in
the nine months last year. The real estate development business has been a user
of cash due to expenditures on up-front infrastructure costs and the ramp-up of
building construction at all of the resorts that have been acquired over the
past five years. The Company expects working capital for real estate development
to generate cash starting in 2002 as infrastructure spending begins to decline
and the production of units levels off.
Two years ago the Company announced that it planned to spend less on
acquisitions and capital improvements at its resorts and focus on increasing
returns from existing assets. As a result $80.4 million was spent on these items
in the nine months ended March 31, 2001 ($20.1 million in the third quarter)
compared with $122.1 million last year ($45.5 million in the third quarter). The
Company expects to spend approximately $20 million on capital improvements in
the final quarter of fiscal 2001, for an annual total of about $100 million, a
decrease of $37 million from fiscal 2000. This downward trend in spending on
acquisitions and capital improvements is expected to continue in fiscal 2002 and
2003.
During the nine months ended March 31, 2001, $29.8 million of cash was used to
reduce payables net of miscellaneous receipts. In the same period last year
payables increased significantly resulting in positive inflow of $15.8 million.
In summary, the Company generated total net cash flow of $56.7 million in the
third quarter of 2001 of which $31.3 million was used to repay debt. This
compares with net cash flow of $46.2 million in the third quarter last year of
which $14.4 million was used to repay debt. The third quarter has typically been
the largest quarter of positive cash flow because of the seasonality of the
mountain resort operations. During the third quarter of 2001 the Company also
issued $125 million of 10.5% debentures due in 2010, the proceeds of which were
substantially used to repay other debt. For the nine months the Company used
total cash flow of $54.9 million, which was funded by borrowings of $68.6
million.
The statements which are not historical facts contained in this report 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 Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission.
7
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Nine months ended
March 31 March 31
--------------------------------------------------------------------------------------------------
2001 2000 2001 2000
--------------------------------------------------------------------------------------------------
(in thousands of US dollars, except per share amounts)(unaudited)
REVENUE:
Ski and resort operations $267,932 $238,210 $425,409 $374,501
Real estate sales 65,508 53,732 239,969 181,870
Rental properties 2,490 1,902 5,913 4,961
Interest and other income 1,269 10,446 2,816 13,447
Income from equity accounted investment 1,814 1,700 1,814 1,700
--------------------------------------------------------------------------------------------------
339,013 305,990 675,921 576,479
EXPENSES:
Ski and resort operations 174,688 159,878 314,904 286,841
Real estate costs 53,550 44,598 201,162 149,076
Rental properties 1,106 956 2,911 2,442
Interest 10,028 6,903 31,655 24,012
Depreciation and amortization 26,725 23,599 43,710 38,522
General and administrative 2,725 2,459 6,975 5,443
--------------------------------------------------------------------------------------------------
268,822 238,393 601,317 506,336
--------------------------------------------------------------------------------------------------
Income before undernoted 70,191 67,597 74,604 70,143
Provision for income taxes 12,670 13,224 8,568 13,747
--------------------------------------------------------------------------------------------------
Income before non-controlling interest
and discontinued operations 57,521 54,373 66,036 56,396
Non-controlling interest 7,456 6,706 8,485 7,637
--------------------------------------------------------------------------------------------------
Income from continuing operations 50,065 47,667 57,551 48,759
Results of discontinued operations (130) 467 (43) 535
--------------------------------------------------------------------------------------------------
Income for the period $ 49,935 $ 48,134 $ 57,508 $ 49,294
--------------------------------------------------------------------------------------------------
Income per common share:
Income from continuing operations $ 1.15 $ 1.10 $ 1.32 $ 1.13
Net income $ 1.15 $ 1.10 $ 1.32 $ 1.13
--------------------------------------------------------------------------------------------------
Weighted average number of
common shares outstanding (in thousands) 43,721 43,381 43,590 43,333
--------------------------------------------------------------------------------------------------
8
CONSOLIDATED BALANCE SHEETS
As at March 31
(in thousands of US dollars) (unaudited)
-------------------------------------------------------------------------------
2001 2000
-------------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 92,718 $ 107,241
Amounts receivable 56,564 58,871
Other assets 84,111 64,522
Properties:
Resort 330,811 270,091
Discontinued operations 77 --
Future income taxes 4,528 --
-------------------------------------------------------------------------------
568,809 500,725
Ski and resort operations 808,818 768,789
Properties:
Resort 370,757 301,437
Discontinued operations 8,548 10,311
Amounts receivable 39,936 48,007
Other assets 80,780 66,579
Goodwill 20,077 17,988
-------------------------------------------------------------------------------
$1,897,725 $1,713,836
-------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Amounts payable $ 125,327 $ 143,333
Deferred revenue 73,684 60,976
Bank and other indebtedness, current portion:
Resort 218,133 134,025
Discontinued operations 79 550
-------------------------------------------------------------------------------
417,223 338,884
Bank and other indebtedness:
Resort 770,327 718,564
Discontinued operations 3,691 4,025
Due to joint venture partners 11,517 13,443
Deferred revenue 3,811 34,854
Future income taxes 86,411 --
Deferred income taxes -- 3,513
Non-controlling interest in subsidiaries 35,361 29,551
-------------------------------------------------------------------------------
1,328,341 1,142,834
Shareholders' equity:
Capital stock 412,472 423,740
Retained earnings 187,138 183,179
Foreign currency translation adjustment (30,226) (35,917)
-------------------------------------------------------------------------------
569,384 571,002
-------------------------------------------------------------------------------
$1,897,725 $1,713,836
-------------------------------------------------------------------------------
9
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
Three months ended Nine months ended
March 31 March 31
-----------------------------------------------------------------------------------------------
2001 2000 2001 2000
-----------------------------------------------------------------------------------------------
(in thousands of US dollars)(unaudited)
Retained earnings, beginning of period $137,203 $135,045 $131,953 $136,288
Income for the period 49,935 48,134 57,508 49,294
Dividends -- -- (2,323) (2,403)
-----------------------------------------------------------------------------------------------
Retained earnings, end of period $187,138 $183,179 $187,138 $183,179
-----------------------------------------------------------------------------------------------
INFORMATION ON COMMON SHARES
As at March 31, 2001
Authorized
200,000,000 without par value
--------------------------------------------------------------------------------
Number of
common shares Amount
--------------------------------------------------------------------------------
(in thousands
of US dollars)
(unaudited)
Issued
March 31, 2001 43,765,294 $ 398,514
Stock options outstanding 3,356,600
10
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended Nine months ended
March 31 March 31
--------------------------------------------------------------------------------------------------------------------
2001 2000 2001 2000
--------------------------------------------------------------------------------------------------------------------
(in thousands of US dollars)(unaudited)
CASH PROVIDED BY (USED FOR)
OPERATIONS:
Income from continuing operations $ 50,065 $ 47,667 $ 57,551 $ 48,759
Items not affecting cash:
Depreciation and amortization 26,725 23,599 43,710 38,522
Future income taxes -- -- (5,276) --
Income from equity accounted investment (1,814) (1,700) (1,814) (1,700)
Non-controlling interest 7,456 6,706 8,485 7,637
--------------------------------------------------------------------------------------------------------------------
Cash flow from continuing operations 82,432 76,272 102,656 93,218
Recovery of costs through real estate sales 53,550 44,598 201,162 149,076
Increase in amounts receivable, net (4,336) (7,579) (8,603) (5,280)
Acquisition and development of properties held for sale (107,403) (61,829) (337,693) (239,483)
Changes in non-cash operating working capital 20,060 24,484 (2,628) 34,120
--------------------------------------------------------------------------------------------------------------------
Cash provided by (used for) continuing operating activities 44,303 75,946 (45,106) 31,651
Cash provided by (used for) discontinued operations (395) 463 3,965 7,807
--------------------------------------------------------------------------------------------------------------------
43,908 76,409 (41,141) 39,458
FINANCING:
Bank and other borrowings, net 7,099 8,463 157,703 128,318
Issue of capital stock 1,106 1,335 2,541 1,465
Redemption of non-resort preferred shares (1,673) (7,240) (3,788) (15,945)
Dividends paid -- -- (2,323) (2,403)
Distributions to non-controlling interests -- (1,302) (1,283) (1,302)
--------------------------------------------------------------------------------------------------------------------
6,532 1,256 152,850 110,133
INVESTMENTS:
Proceeds from (expenditures on) revenue-producing
properties, net 87 1,033) (4,161) 3,442
Expenditures on ski and resort operation assets, net (20,092) (26,620) (76,074) (103,246)
Proceeds from (expenditures on) other assets, net (5,006) 741 (13,423) (6,098)
Expenditures on business acquisitions,
net of cash acquired -- (18,905) (4,318) (18,905)
--------------------------------------------------------------------------------------------------------------------
(25,011) (45,817) (97,976) (124,807)
--------------------------------------------------------------------------------------------------------------------
Increase in cash and cash equivalents 25,429 31,848 13,733 24,784
Cash and cash equivalents, beginning of period 67,289 75,393 78,985 82,457
--------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 92,718 $107,241 $ 92,718 $ 107,241
--------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION:
Interest paid $ 23,794 $ 18,945 $ 63,147 $ 44,256
Taxes paid 1,461 828 4,346 1,203
NON-CASH FINANCING ACTIVITIES:
Issue of capital stock $ -- $ -- $ -- $ 1,420
Bank and other borrowings -- 5,709 2,092 5,709
NON-CASH INVESTING ACTIVITIES:
Business acquisitions $ -- $ 5,709 $ 2,092 $ 5,709
11
SEGMENT DISCLOSURES
The following table presents the Company's results from continuing operations by
reportable segment:
Three months ended Nine months ended
March 31 March 31
-----------------------------------------------------------------------------------------------
2001 2000 2001 2000
-----------------------------------------------------------------------------------------------
(in thousands of US dollars)(unaudited)
REVENUE FROM EXTERNAL CUSTOMERS
Ski and resort $254,708 $224,932 $385,747 $337,155
Real estate 67,997 55,634 245,881 186,831
Warm-weather 13,224 13,278 39,662 37,346
Corporate and all other 3,085 12,146 4,632 15,147
-----------------------------------------------------------------------------------------------
$339,013 $305,990 $675,921 $576,479
-----------------------------------------------------------------------------------------------
OPERATING INCOME BEFORE INTEREST,
DEPRECIATION AND AMORTIZATION,
AND INCOME TAXES
Ski and resort $ 91,868 $ 77,232 $107,321 $ 84,440
Real estate 13,340 10,080 41,807 35,313
Warm-weather 1,376 1,100 3,184 3,220
Corporate and all other 3,085 12,146 4,632 15,147
-----------------------------------------------------------------------------------------------
109,668 100,558 156,943 138,120
Less
Interest 10,028 6,903 31,655 24,012
Depreciation and amortization 26,725 23,599 43,710 38,522
General and administrative 2,725 2,459 6,975 5,443
-----------------------------------------------------------------------------------------------
39,478 32,961 82,340 67,977
-----------------------------------------------------------------------------------------------
$ 70,191 $ 67,597 $ 74,604 $ 70,143
-----------------------------------------------------------------------------------------------
There have been no changes from the June 30, 2000 audited consolidated financial
statements in the basis of segmentation or in the basis of measurement of
segment profit or loss.
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf by the
undersigned, thereunto duly authorized.
INTRAWEST CORPORATION
Date: May 30, 2001 By /s/ ROSS MEACHER
------------------------------------
Name: Ross Meacher
Title: Corporate Secretary