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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
"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:
Real Estate Segment
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.