Intrawest reports successful scal year
COPPER MOUNTAIN – Intrawest, owner of Copper Mountain and Winter Park resorts, issued a glowing company report Tuesday for its fiscal year that ended in June, despite the fact both of the company’s Colorado resorts recorded decreases in skier numbers for the 2003-2004 ski season. Copper Mountain saw an 8.8 percent decline in skier days and dropped below the 1 million mark by serving 931,143 skiers, compared to 1,058,016 during the prior season. Winter Park posted more skier days than Copper with 955,615 visits, a 4 percent decline from the resort’s 2002-2003 season.
At Copper, only 230 inches of snow fell last year whereas the resort averages 280 inches annually, said spokeswoman Jamie Wilson. Warm temperatures in March also reduced visits from Colorado Front Range skiers, she said. “Although mountain conditions were great at the end of the season, warmer temperatures in the Front Range impacted their choice to drive up to the mountains,” Wilson said.Ski areas across the state logged a 3.4 percent decline in skier visits during last season.Executives at Intrawest also blamed weather Tuesday for a 3 percent reduction in skier numbers at the company’s Western resorts, which include its Colorado areas, Whistler/Blackcomb in British Columbia and Mammoth, Calif.
Skier visits were down 7 percent at its Eastern resorts. “From 9/11 up until now, these weren’t the easiest years for anyone in this industry,” said Joe Houssian, the company’s chief executive. “But that is behind us, and now we’ll move forward.”Intrawest pays down debtIntrawest’s revenues and net income were up over fiscal year 2003, but a substantial reduction in the company’s debt represented the brightest financial information for the year. This will allow the company to use increased cash flow to attract new customers, Houssian said.
The company reported $1.5 billion in revenue compared to $1.1 billion the previous year. “We overachieved on all our internal goals and projections,” Houssian said during a conference call. Net income totaled $60 million for the fiscal year, compared to $34 million in 2003.The company turned its balance sheet around by increasing cash flow to $423 million compared to a negative cash flow of $21 million last year. The cash