Intrawest Reports Fiscal 2017 First Quarter Results

Intrawest Resorts Holdings, Inc. ( NYSE: SNOW), a leading North American mountain resort and adventure company, today reported results for the three months ended September 30, 2016.

First Quarter Highlights
  • Net loss attributable to Intrawest Resorts Holdings, Inc. improved to $44.4 million compared to a net loss of $47.0 million in the first quarter of fiscal 2016.
  • Adjusted EBITDA improved 1.6% to a loss of $13.9 million compared to the prior year period, or 7.4% excluding Intrawest Resort Club Group ("IRCG") during all periods.
  • Total segment revenue decreased 6.5% to $80.2 million compared to the prior year period, or 1.5% excluding IRCG during all periods.
  • Sales of season pass and frequency products for the 2016/2017 season were up approximately 12.4% as of October 30, 2016 versus the same time last year.
  • Canadian Mountain Holidays ("CMH") sales for winter reservations were up approximately 8.6% as of October 30, 2016 versus the same time last year.

"Our first quarter results reflect strong summer visitation at our resorts and diligent management of expenses. We are pleased with the progress we have made the past two years in reducing our first quarter losses, and we consider summer to be an ongoing opportunity for future growth," stated Tom Marano, Chief Executive Officer. "With $116.3 million of cash as of September 30, 2016, and the amendment to our credit agreement in October to reduce the applicable margin on our term loan by 50 basis points, we continue to improve our capital structure and position the Company for long-term growth. Season pass sales and CMH winter reservations remain strong, and we look forward to delivering exceptional experiences to our guests in the upcoming ski season."

Three Months Ended September 30, 2016

Below are the Company's results for the three months ended September 30, 2016 as compared to the prior year period:

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