INTRAWEST CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands of
United States dollars) JUNE 30, 2006 JUNE 30, 2005 (UNAUDITED)
(AUDITED)
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(Restated) ASSETS CURRENT ASSETS: Cash and cash equivalents $
120,374 $ 140,878 Amounts receivable 200,648 194,258 Other assets
179,135 166,029 Resort properties 348,515 388,510 Future income
taxes 33,528 29,927
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882,200 919,602 Amounts receivable 46,788 78,877 Resort and travel
operations 1,046,397 1,034,187 Resort properties 398,241 403,252
Other assets 133,783 107,363 Investment in and advances to real
estate partnerships 138,200 109,037 Goodwill 21,473 27,483
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$ 2,667,082 $ 2,679,801
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LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Amounts
payable $ 295,579 $ 275,176 Deferred revenue and deposits 193,428
233,469 Bank and other indebtedness 45,072 82,144
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534,079 590,789 Deferred revenue and deposits 104,290 132,866 Bank
and other indebtedness 907,433 941,279 Future income taxes 70,774
92,010 Non-controlling interest 50,014 76,339
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1,666,590 1,833,283 SHAREHOLDERS' EQUITY: Capital stock 491,095
469,162 Retained earnings 445,864 342,013 Foreign currency
translation adjustment 63,533 35,343
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1,000,492 846,518
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$ 2,667,082 $ 2,679,801
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(Accompanying notes to Consolidated Financial Statements can be
found on http://www.intrawest.com/) INTRAWEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (in
thousands of United States dollars, except per share amounts)
(unaudited) THREE MONTHS ENDED JUNE 30 YEAR ENDED JUNE 30 2006 2005
2006 2005
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(Restated) (Restated) RESORT AND TRAVEL OPERATIONS: Revenue $
193,919 $ 145,462 $ 936,116 $ 806,553 Expenses 210,966 160,901
847,428 707,002
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Resort and travel operations contribution (17,047) (15,439) 88,688
99,551
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MANAGEMENT SERVICES: Revenue 43,893 49,122 172,540 176,687 Expenses
37,380 42,262 135,536 133,658
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Management services contribution 6,513 6,860 37,004 43,029
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REAL ESTATE DEVELOPMENT: Revenue 203,056 338,318 488,610 627,515
Expenses 166,666 295,129 345,563 561,915
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36,390 43,189 143,047 65,600 Income from equity accounted
investments 3,519 (271) 4,542 2,039
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Real estate development contribution 39,909 42,918 147,589 67,639
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Income before undernoted items 29,375 34,339 273,281 210,219
Interest, other income and other expenses 842 (318) 8,625 5,620
Interest expense (13,978) (12,509) (47,562) (44,165) Corporate
general and administrative expenses (11,041) (5,235) (33,405)
(20,571) Depreciation and amortization (30,235) (16,259) (104,409)
(71,837) Call premium and unamortized costs of senior notes
redeemed - - - (30,173) Write-down of stand-alone golf course
assets - (17,568) - (17,568)
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Income before income taxes and non-controlling interest (25,037)
(17,550) 96,530 31,525 Recovery of (provision for) income taxes
1,970 (3,282) (8,120) 1,990 Non-controlling interest (1,206) 907
(33,079) (9,448)
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Income from continuing operations (24,273) (19,925) 55,331 24,067
Results of discontinued operations - 725 59,879 8,748
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Net income (24,273) (19,200) 115,210 32,815
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Retained earnings, beginning of period as previously stated 473,242
369,985 345,348 318,883 Prior period adjustment - (5,654) (3,335)
(3,536)
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Retained earnings, beginning of period as restated 473,242 364,331
342,013 315,347 Share repurchase adjustment - - (1,245) - Dividends
(3,105) (3,118) (10,114) (6,149)
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Retained earnings, end of period $ 445,864 $ 342,013 $ 445,864 $
342,013
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Income from continuing operations per common share Basic $ (0.49) $
(0.42) $ 1.14 $ 0.50 Diluted $ (0.49) $ (0.41) $ 1.12 $ 0.50 Net
income per common share Basic $ (0.49) $ (0.40) $ 2.37 $ 0.69
Diluted $ (0.49) $ (0.40) $ 2.33 $ 0.68
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Weighted average number of common shares outstanding (in thousands)
Basic 49,049 47,882 48,686 47,814 Diluted 49,936 48,175 49,407
47,924
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INTRAWEST CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands of United States dollars)(unaudited) THREE MONTHS ENDED
JUNE 30 YEAR ENDED JUNE 30 2006 2005 2006 2005
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(Restated) CASH PROVIDED BY (USED IN): OPERATIONS: Net income
(loss) $ (24,273) $ (19,200) $ 115,210 $ 32,815 Items not affecting
cash: Results of discontinued operations - (725) (59,879) (8,748)
Depreciation and amortization 30,235 16,259 104,409 71,837 Income
from equity accounted investment (3,519) 271 (4,542) (2,039)
Amortization of financing costs 660 663 2,608 2,484 Stock-based
compensation 265 229 1,056 883 Amortization of benefit plan - 292 -
1,159 Non-controlling interest 1,206 (907) 33,079 9,448 Write-down
of stand- alone golf assets - 17,568 - 17,568 Loss (gain) on asset
disposals 1,474 (177) 1,179 372
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Funds from continuing operations 52 (14,887) 162,916 101,461
Recovery of costs through real estate sales 160,170 312,529 339,067
534,315 Acquisition and development of properties held for sale
(238,907) (208,993) (526,292) (486,629) Changes in long-term
amounts receivable, net 3,633 (41,188) 20,846 2,703 Changes in
non-cash operating working capital 4,727 67,715 (43,793) 56,824
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(70,325) 115,176 (47,256) 208,674 Funds from discontinued
operations (10,806) 1,272 (10,541) 14,947
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(81,131) 116,448 (57,797) 223,621 FINANCING: Proceeds from bank and
other borrowings 33,450 (63,928) 115,973 486,175 Repayments of bank
and other borrowings (22,919) (13,363) (147,735) (476,646) Issue of
common shares for cash 1,511 1,762 21,745 3,635 Purchase of common
shares - - (2,423) - Dividends received - - 19,862 - Distributions
to non-controlling interests 6,176 (1,801) (22,290) (17,734)
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15,113 (80,448) (24,982) (10,719) INVESTMENTS: Proceeds from
(expenditures on): Resort and travel operations assets (8,043)
(13,784) (99,449) (79,375) Investment in real estate partnerships
25,284 (4,048) 27,452 (59,912) Other assets (17,891) (7,803)
(29,465) (22,227) Business acquisitions, net of cash acquired -
(44) - (21,788) Proceeds on sale of business, net of cash disposed
of 20,813 - 149,087 - Asset disposals 13,590 1,079 14,650 1,462
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33,753 (24,600) 62,275 (181,840)
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Increase (decrease) in cash and cash equivalents (32,265) 11,400
(20,504) 31,062 Cash and cash equivalents, beginning of period
152,639 129,478 140,878 109,816
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Cash and cash equivalents, end of period $ 120,374 $ 140,878 $
120,374 $ 140,878
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CONTACT: Mr. John Currie, chief financial officer, at (604)
669-9777 or Mr. Tim McNulty, director, investor relations, at (604)
623-6620 or at ; If you would like to receive future news releases
by email, please contact DATASOURCE: Intrawest Corporation CONTACT:
PRNewswire - - 09/12/2006
Copyright