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Intrawest Reports Fiscal 2017 Second Quarter Results

Intrawest Resorts Holdings, Inc. (NYSE: SNOW), a leading North American mountain resort and adventure company, today reported results for the three and six months ended December 31, 2016. 

Second Quarter Highlights 
  • Net loss attributable to Intrawest Resorts Holdings, Inc. improved to $18.7 million compared to a net loss of $27.3 million in the second quarter of fiscal 2016. 
  • Adjusted EBITDA improved by $14.0 million to $7.1 million compared to a loss of $6.9 million in the prior year period. 
  • Total segment revenue increased by $17.4 million, or 16.8%, to $120.6 million compared to the prior year period. 
  • Sales of season pass and frequency products for the 2016/2017 season were up approximately 12.5% as of January 29, 2017 versus the same time last year. 
  • Canadian Mountain Holidays ("CMH") sales for winter reservations were up approximately 6.6% as of January 29, 2017 versus the same time last year. 
"We are very pleased with our fiscal 2017 second quarter results, which 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,” stated Tom Marano, Chief Executive Officer. “We are now in peak ski season and remain encouraged by conditions at our resorts, our performance to date, and the continued strength of our season pass and frequency product sales and CMH reservations. Based on these factors, I am confident we are well positioned for the remainder of the ski season." 

Three Months Ended December 31, 2016 

Below are the Company's results for the three months ended December 31, 2016 as compared to the prior year period: 

Consolidated Results 
  • Consolidated revenue increased by $17.2 million, or 16.6%, to $121.2 million, primarily driven by a $19.6 million increase in Mountain revenue. 
  • Net loss attributable to Intrawest Resorts Holdings, Inc. improved by $8.6 million, or 31.5%, to $18.7 million, or $(0.47) per diluted share. This growth was primarily attributable to the $17.2 million increase in revenue, offset by a $2.8 million increase in operating expenses and a $5.4 million decrease in other income due to a favorable legal settlement in the prior year period that did not recur in the current year period. 
  • Total Adjusted EBITDA improved by $14.0 million to $7.1 million. The increase was largely driven by the Mountain Segment due to increased Skier Visits. 
Mountain Segment 
  • Mountain revenue increased by $19.6 million, or 24.7%, to $99.0 million, primarily due to a 27.1% increase in Skier Visits driven by the Company's Eastern resorts, which were impacted by unseasonably warm temperatures in the prior year period, and a 23.0% increase in season pass and frequency product revenue recognized during the period. 
  • Mountain Adjusted EBITDA improved by $13.6 million to $8.5 million, primarily due to a $19.6 million increase in Mountain revenue, partially offset by a $6.0 million increase in Mountain operating expense primarily related to variable costs associated with the higher visitation volume. 
Adventure Segment 
  • Adventure revenue increased by $0.9 million, or 7.5%, to $13.3 million, primarily due to an increase in ancillary aviation services revenue driven by the Company's MRO services, which experienced higher billable hours and helicopter part sales. 
  • Adventure Adjusted EBITDA improved by $0.6 million, or 17.8%, to a loss of $2.9 million, primarily due to the $0.9 million increase in Adventure revenue partially offset by a $0.6 million increase in Adventure operating expenses. 
Real Estate Segment 
  • Real Estate revenue decreased by $3.2 million, or 27.9%, to $8.2 million, largely due to the sale of IRCG in the prior year. Excluding IRCG, Real Estate revenue increased by $1.0 million, or 13.7%, due to higher occupancy at our IHM properties. 
  • Real Estate Adjusted EBITDA decreased by $0.2 million, or 13.4%, to $1.5 million, primarily due to a $0.8 million decrease of interest income earned from receivables related to IRCG as a result of the disposition in the prior year and a $3.2 million decrease in Real Estate revenue, partially offset by a $3.9 million decrease in Real Estate operating expenses. Excluding IRCG, Real Estate Adjusted EBITDA grew by $0.5 million, or 54.5%. 
Fiscal 2017 Outlook 

For the full fiscal year 2017, the Company expects Total Segment Revenue in the range of $555 to $585 million, Adjusted EBITDA in the range of $129 to $136 million, and Net income attributable to Intrawest Resorts Holdings, Inc. in the range of $20 to $30 million. The Company's outlook for fiscal 2017 assumes a USD/CAD exchange rate of 1.30 and average snowfall and weather conditions. 

Additionally, the Company 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. 

Webcast and Earnings Conference Call 

The Company will host a conference call via live webcast for investors and other interested parties beginning at 9:00 a.m. Eastern Time on Thursday, February 2, 2017. Participants may access the live webcast by visiting the Company’s investor relations website at ir.intrawest.com. The call can also be accessed by dialing (877) 705-6003, or (201) 493-6725 for international participants. 

The replay of the call will be available from approximately 12:00 p.m. Eastern Time on February 2, 2017 through midnight Eastern Time on February 15, 2017. To access the replay, the domestic dial-in number is (844) 512-2921, the international dial-in number is (412) 317-6671, and the passcode is 13653866. The archive of the webcast will be available on the Company’s website for a limited time. 

About Intrawest Resorts Holdings, Inc. 

Intrawest is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers for over three decades. The Company wholly owns and/or operates six four-season mountain resorts with approximately 8,000 skiable acres and over 1,100 acres of land available for real estate development. Intrawest’s mountain resorts are geographically diversified across most of North America’s major ski regions, including the Eastern United States, the Rocky Mountains, and Canada. The Company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, a leading heli-skiing adventure company in North America. Additionally, the Company operates a comprehensive real estate business through which it manages condominium hotel properties and sells and markets residential real estate. Intrawest Resorts Holdings, Inc. common stock is traded on the New York Stock Exchange (NYSE: SNOW). For more information, visit www.intrawest.com

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