<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------------------
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF MAY 1998
INTRAWEST CORPORATION
(REGISTRANT'S NAME)
200 BURRARD STREET, SUITE 800, VANCOUVER, BC V6C 3L6 CANADA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F X
--- ---
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- .
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INTRAWEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31 MARCH 31
------------------------ ------------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
(IN THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<S> <C> <C> <C> <C>
REVENUE
Ski and resort operations..................... $212,229 $177,250 $319,989 $231,528
Real estate sales............................. 64,317 27,264 165,207 83,515
Rental properties............................. 1,843 1,579 4,385 2,204
Income from equity accounted investment....... -- 2,333 -- 1,467
Interest and other income..................... 470 785 3,258 2,558
-------- -------- -------- --------
278,859 209,211 492,839 321,272
-------- -------- -------- --------
EXPENSES
Ski and resort operations..................... 139,594 115,752 241,570 166,723
Real estate costs............................. 52,424 22,945 135,978 68,899
Rental properties............................. 623 1,102 1,749 1,452
Interest...................................... 6,308 5,810 16,030 14,079
Depreciation and amortization................. 20,219 15,884 30,549 22,382
General and administrative.................... 3,220 2,585 7,093 6,030
-------- -------- -------- --------
222,388 164,078 432,969 279,565
-------- -------- -------- --------
Income before income taxes, non-controlling
interest and discontinued operations........ 56,471 45,133 59,870 41,707
-------- -------- -------- --------
Provision for income taxes
Current..................................... 10,724 7,452 12,988 8,004
Deferred.................................... -- 3,027 -- 1,880
-------- -------- -------- --------
10,724 10,479 12,988 9,884
-------- -------- -------- --------
Income before non-controlling interest and
discontinued operations..................... 45,747 34,654 46,882 31,823
Non-controlling interest...................... 3,104 3,959 3,970 4,293
-------- -------- -------- --------
Income from continuing operations............. 42,643 30,695 42,912 27,530
Results of discontinued operations............ 432 (1,454) (429) (668)
-------- -------- -------- --------
Income for the period......................... $ 43,075 $ 29,241 $ 42,483 $ 26,862
======== ======== ======== ========
Income per common share
Income from continuing operations........... $1.24 $1.02 $1.25 $1.07
Net income.................................. $1.24 $1.02 $1.25 $1.10
======== ======== ======== ========
Weighted average number of common shares
outstanding (in thousands).................. 34,412 30,031 34,386 25,711
======== ======== ======== ========
</TABLE>
<PAGE> 3
INTRAWEST CORPORATION
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
AS AT MARCH 31
--------------------------
1998 1997
----------- -----------
(IN THOUSANDS OF DOLLARS)
(UNAUDITED)
<S> <C> <C>
ASSETS
Current assets
Cash and short-term deposits.............................. $ 74,993 $ 34,029
Other assets.............................................. 42,859 16,197
Amounts receivable........................................ 57,412 67,751
Properties
Resort................................................. 143,607 93,178
Discontinued operations................................ 12,993 14,631
---------- ----------
331,864 225,786
Ski and resort operations................................... 561,322 458,609
Goodwill.................................................... 78,689 23,889
Properties
Resort.................................................... 238,100 182,956
Discontinued operations................................... 46,258 64,680
Amounts receivable.......................................... 52,985 37,494
Other assets................................................ 32,347 40,794
---------- ----------
$1,341,565 $1,034,208
========== ==========
LIABILITIES
Current liabilities
Amounts payable........................................... $ 123,469 $ 69,311
Deferred revenue.......................................... 18,524 11,673
Bank and other indebtedness, current portion
Resort................................................. 72,597 106,211
Discontinued operations................................ 2,356 2,346
---------- ----------
216,946 189,541
Bank and other indebtedness
Resort.................................................... 509,570 353,755
Discontinued operations................................... 32,420 43,560
Due to joint venture partners............................... 18,749 13,994
Deferred revenue............................................ 9,950 5,566
Deferred income taxes....................................... 5,804 1,880
Non-controlling interest in subsidiaries.................... 10,098 11,853
---------- ----------
803,537 620,149
---------- ----------
SHAREHOLDERS' EQUITY
Capital stock............................................... 375,465 293,806
Retained earnings........................................... 151,381 114,162
Foreign currency translation adjustment..................... 11,182 6,091
---------- ----------
538,028 414,059
---------- ----------
$1,341,565 $1,034,208
========== ==========
</TABLE>
<PAGE> 4
INTRAWEST CORPORATION
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31 MARCH 31
-------------------- --------------------
1998 1997 1998 1997
-------- -------- -------- --------
(IN THOUSANDS OF DOLLARS)
(UNAUDITED)
<S> <C> <C> <C> <C>
Retained earnings -- beginning of period...... $108,306 $ 84,921 $111,649 $ 89,148
Income for the period......................... 43,075 29,241 42,483 26,862
Dividends..................................... -- -- (2,751) (1,848)
-------- -------- -------- --------
Retained earnings -- end of period............ $151,381 $114,162 $151,381 $114,162
======== ======== ======== ========
</TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOW FROM OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31 MARCH 31
------------------------ ------------------------
1998 1997 1998 1997
---------- ---------- ---------- ----------
(IN THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<S> <C> <C> <C> <C>
Income before non-controlling interest and
discontinued operations..................... $ 45,747 $ 34,654 $ 46,882 $ 31,823
Items not affecting cash
Depreciation and amortization............... 20,219 15,884 30,549 22,382
Income from equity accounted investment..... -- (2,333) -- (1,467)
Deferred income taxes....................... -- 3,027 -- 1,880
-------- -------- -------- --------
Cash flow from operations..................... $ 65,966 $ 51,232 $ 77,431 $ 54,618
======== ======== ======== ========
Cash flow per common share*................... $ 1.78 $ 1.54 $ 2.08 $ 1.91
======== ======== ======== ========
</TABLE>
- ---------------
* Cash flow per common share is calculated after providing for non-controlling
interest.
<PAGE> 5
INTRAWEST CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31 MARCH 31
--------------------- ----------------------
1998 1997 1998 1997
-------- --------- --------- ---------
(IN THOUSANDS OF DOLLARS)
(UNAUDITED)
<S> <C> <C> <C> <C>
CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
Cash flow from operations.................. $ 65,966 $ 51,232 $ 77,431 $ 54,618
Recovery of costs through real estate
sales.................................... 52,424 22,945 135,978 68,899
Increase in amounts receivable, net........ (4,002) (19,299) (17,579) (24,287)
Acquisition and development of properties
for sale................................. (62,782) (32,340) (193,766) (101,662)
Other changes in non-cash operating working
capital.................................. (1,936) 3,854 48,782 4,337
Cash provided by discontinued operations... 6,788 6,452 9,796 30,996
-------- --------- --------- ---------
56,458 32,844 60,642 32,901
-------- --------- --------- ---------
FINANCING ACTIVITIES
Bank and other borrowings, net............. (23,721) 9,026 116,628 40,070
Issue of capital stock..................... 909 95,396 2,210 95,627
Redemption of non-resort preferred
shares................................... -- -- (9,015) --
Dividends paid............................. -- -- (2,751) (1,848)
Distributions to non-controlling
interests................................ (1,179) (1,180) (2,339) (2,346)
-------- --------- --------- ---------
(23,991) 103,242 104,733 131,503
-------- --------- --------- ---------
INVESTING ACTIVITIES
Proceeds from revenue-producing properties,
net...................................... 9,209 4,026 9,496 4,956
Expenditures on ski and resort operation
assets................................... (12,155) (9,263) (90,264) (32,593)
Acquisition of ski resort assets........... (39,911) (131,499) (69,332) (131,499)
-------- --------- --------- ---------
(42,857) (136,736) (150,100) (159,136)
-------- --------- --------- ---------
Increase (decrease) in cash and
short-term deposits...................... (10,390) (650) 15,275 5,268
Cash and short-term deposits -- beginning
of period................................ 85,383 34,679 59,718 28,761
-------- --------- --------- ---------
Cash and short-term deposits -- end of
period................................... $ 74,993 $ 34,029 $ 74,993 $ 34,029
======== ========= ========= =========
</TABLE>
<PAGE> 6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on behalf by the
undersigned, thereunto duly authorized.
INTRAWEST CORPORATION
Date: May 26, 1998 By /s/ ROSS MEACHER
--------------------------
Name: Ross Meacher
Title: Corporate Secretary
