Intrawest Results Improved in Second Quarter
SAM Magazine—Denver, Feb. 10, 2017—Intrawest Resorts Holdings, Inc., reported improved numbers for the second quarter ending Dec. 31, 2016, compared to the same period last year.
For this period, consolidated revenue increased by 16.6 percent, to $121.2 million, primarily driven by a $19.6 million increase in mountain segment revenue. Mountain segment revenue was up 24.7 percent, to a total of $99 million, fueled by a 27.1 percent increase in skier visits driven by the company's Eastern resorts. Adjusted EBITDA improved by $14 million, to $7.1 million, compared to a loss of $6.9 million in the prior year period. Sales of season pass and frequency products for the 2016-17 season were up approximately 12.5 percent as of Jan. 29, 2017, versus the same time last year.
Intrawest CEO Tom Marano said these results “represent not only significant growth over the prior year period, which was impacted by below average conditions in the East, but also a new company record adjusted EBITDA for the second quarter since fiscal 2011, the first year for which we provided results publicly. Our previous best was in fiscal 2014, and this quarter's adjusted EBITDA exceeded that period by more than $6.7 million.”
Intrawest plans to invest between $46 million and $50 million in capital expenditures in calendar year 2017, including an expected $10 million to $12 million of growth and discretionary capital, and $36 million to $38 million of maintenance capital.