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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 SEPTEMBER 2000
INTRAWEST CORPORATION
(Registrant's name)
SUITE 800, 200 BURRARD STREET, 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-________.
<PAGE> 2
TO OUR SHAREHOLDERS
The positive operating results from our first quarter of fiscal 2001 coupled
with the pace of early bookings mark the beginning of what we are confident will
be another successful year for Intrawest.
OPERATING RESULTS (ALL DOLLAR AMOUNTS ARE IN U S CURRENCY)
Total revenue for the first quarter ended September 30, 2000 increased to $132.0
million from $125.7 million in the first quarter of 1999. Total Company EBITDA
for the quarter increased 32% to $15.5 million from $11.7 million compared with
the same quarter last year. This strong performance was offset by higher
interest, depreciation and amortization, and corporate expenses resulting in the
seasonal loss from continuing operations for the period of $3.2 million or $0.07
per share, the same as last year.
Ski and resort operations revenue was $65.4 million, 19% more than last year's
first quarter of $55.1 million. Summer revenue increased at every mountain
resort except for Blue Mountain, Mont Ste. Marie and Mountain Creek, which
experienced the coldest, wettest summer in over 20 years. Increased bed base,
added amenities and successful event planning produced 41% revenue growth at
Copper, 31% at Mammoth and 25% at Snowshoe. The warm-weather resorts also
experienced strong summer business with revenue increases of 18% at Sandestin
and 13% at Raven over last year. These revenue increases, combined with
effective cost control, resulted in EBITDA from the operations division of $1.5
million compared with a loss of $0.8 million last year.
Revenue from the sale of real estate was $63.6 million in the quarter compared
with $67.2 million last year. The Company has a greater weighting of closings in
later quarters this year and is on-track to deliver an increase of more than 25%
overall in real estate revenue with over 80% already closed or committed. A
total of 269 units were delivered in the quarter, slightly more than last year,
however the average revenue per unit was lower reflecting a higher percentage of
condo-hotel and lot deliveries in 2000 than in 1999. The strong performance of
the Resort Club continued into the first quarter with revenue growth of 49% to
$9.1 million. Despite the decline in real estate revenue, operating profit from
real estate sales increased 19% from $10.2 million to $12.1 million, again
reflecting the mix of resorts and product types.
LATEST COMPANY DEVELOPMENTS
Over the past few months, our developments reflect the new growth model we
described in our recent annual report where we will be concentrating less on
major capital investments and more on leveraging our unique capabilities. This
season we have launched several sophisticated e-commerce initiatives, which have
broadened our distribution channels and have enabled us to book customized
vacations suited specifically to our guests' needs.
The most visible new online customer interface is www.intrawest.net where guests
can book their vacation in real-time, online. The technical back-end to this
site is the same one that supports all of our online booking systems across our
resort web sites so that customer information is streamlined. As a result, we
compile detailed customer profiles so that we can deliver highly targeted
marketing campaigns.
<PAGE> 3
Intrawest Vacations is our integrated central reservations division, which
operates under the newly formed banner of Resort Reservations Network, Inc.,
representing Whistler Resort Reservations, Mont Tremblant Reservations and now,
Colorado Resort Reservations. This business is another important e-commerce
initiative that we are expanding. It allows destination leisure travellers the
convenience of one-stop-shopping by planning and booking customized vacation
packages by using a multi-media contact center easily accessible to the
customer. Bookings through this division on a year-to-date basis are running at
$9.6 million for the upcoming season compared with $3.9 million last year. With
a proven track record of performance, we are taking the reservations expertise
we have established with this initiative and are offering it to resorts outside
of the Intrawest network to give us unlimited global opportunities. With
colorado.rezrez.com as our latest addition, other locations in key travel
destination markets will soon be rolling out under the Resort Reservations
Network (rezrez.com) brand name.
Another new initiative for Intrawest is the development of a National Sales
Team. Over the past six months, we have opened offices in key markets including
Los Angeles, Chicago and Toronto, and have hired specialists to increase our
awareness among target consumers, with a particular focus on driving group
business. We intend to launch this concept in other locations, including New
York, over the next year.
DIVIDENDS
On November 14, 2000, the Board of Directors of the Company declared a dividend
of Cdn.$0.08 per common share payable on January 24, 2001 to shareholders of
record on January 10, 2001.
NRP SHARES
Since July 1, 2000 to date, the Company has purchased 101,800 non-resort
preferred shares under its normal course issuer bid at an average cost of
Cdn.$1.76 per non-resort preferred share. A quarterly redemption will not be
made on January 1, 2001 since the funds available for distribution are below the
threshold of Cdn.$2 million.
OUTLOOK
Early indicators for the season are positive, signaling another great year for
Intrawest. Season pass sales revenue is up 39% over last year with Mammoth,
which introduced a new season pass product, showing strong results. Lodging
bookings are also up 14% compared with last year at this time. We expect all of
our resorts to open on schedule.
We look forward to updating you on what we anticipate will be another season of
strong operating performance.
On behalf of the Board,
/s/ Joe S. Houssian /s/ Daniel O. Jarvis
Chairman, President and Executive Vice President
Chief Executive Officer and Chief Financial Officer
November 14, 2000
<PAGE> 4
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended September 30
(in thousands of U S dollars, except per share amounts) (unaudited)
<TABLE>
<CAPTION>
=================================================================================
2000 1999
---------------------------------------------------------------------------------
<S> <C> <C>
REVENUE:
Ski and resort operations $ 65,358 $ 55,106
Real estate sales 63,615 67,222
Rental properties 1,638 1,445
Interest and other income 1,407 1,945
---------------------------------------------------------------------------------
132,018 125,718
EXPENSES:
Ski and resort operations 63,824 55,904
Real estate costs 51,496 57,002
Rental properties 766 665
Interest 10,640 8,517
Depreciation and amortization 7,531 6,543
General and administrative 2,052 1,693
---------------------------------------------------------------------------------
136,309 130,324
---------------------------------------------------------------------------------
Loss before undernoted (4,291) (4,606)
Provision for income taxes (973) (1,035)
---------------------------------------------------------------------------------
Loss before non-controlling interest
and discontinued operations (3,318) (3,571)
Non-controlling interest (112) (381)
---------------------------------------------------------------------------------
Loss from continuing operations (3,206) (3,190)
Results of discontinued operations 32 238
---------------------------------------------------------------------------------
Loss for the period $ (3,174) $ (2,952)
=================================================================================
Loss per common share:
Loss from continuing operations $ (0.07) $ (0.07)
Net loss $ (0.07) $ (0.07)
=================================================================================
Weighted average number of
common shares outstanding (in thousands) 43,484 43,273
=================================================================================
</TABLE>
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CONSOLIDATED BALANCE SHEETS
As at September 30
(in thousands of US dollars) (unaudited)
<TABLE>
<CAPTION>
==========================================================================================
2000 1999
------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 75,832 $ 53,576
Amounts receivable 60,064 48,761
Other assets 94,929 42,584
Properties:
Resort 306,090 193,931
Discontinued operations 79 8,487
Future income taxes 4,445 --
------------------------------------------------------------------------------------------
541,439 347,339
Ski and resort operations 800,059 714,477
Properties:
Resort 312,654 295,798
Discontinued operations 9,126 10,305
Amounts receivable 38,552 29,671
Other assets 70,590 72,607
Goodwill 15,841 19,484
------------------------------------------------------------------------------------------
$ 1,788,261 $ 1,489,681
==========================================================================================
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Amounts payable $ 107,857 $ 101,665
Deferred revenue 72,456 43,431
Bank and other indebtedness, current portion:
Resort 287,293 185,809
Discontinued operations 82 4,969
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467,688 335,874
Bank and other indebtedness:
Resort 665,011 545,671
Discontinued operations 4,161 3,975
Due to joint venture partners 9,854 18,343
Deferred revenue 20,685 26,826
Future income taxes 82,344 --
Deferred income taxes -- 14,760
Non-controlling interest in subsidiaries 28,440 22,600
------------------------------------------------------------------------------------------
1,278,183 968,049
Shareholders' equity:
Capital stock 414,395 430,473
Retained earnings 128,779 133,336
Foreign currency translation adjustment (33,096) (42,177)
------------------------------------------------------------------------------------------
510,078 521,632
------------------------------------------------------------------------------------------
$ 1,788,261 $ 1,489,681
==========================================================================================
</TABLE>
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CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
For the three months ended September 30
(in thousands of US dollars) (unaudited)
<TABLE>
<CAPTION>
==============================================================================
2000 1999
------------------------------------------------------------------------------
<S> <C> <C>
Retained earnings, beginning of period $ 131,953 $ 136,288
Loss for the period (3,174) (2,952)
------------------------------------------------------------------------------
Retained earnings, end of period $ 128,779 $ 133,336
==============================================================================
</TABLE>
INFORMATION ON COMMON SHARES
As at September 30, 2000
AUTHORIZED
200,000,000 without par value
<TABLE>
<CAPTION>
===============================================================================
Number of
common shares Amount
-------------------------------------------------------------------------------
(in thousands
of US dollars)
(unaudited)
<S> <C> <C>
ISSUED
September 30, 2000 43,519,394 $ 396,263
STOCK OPTIONS OUTSTANDING 3,638,000
</TABLE>
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CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended September 30
(in thousands of US dollars) (unaudited)
<TABLE>
<CAPTION>
=================================================================================================
2000 1999
-------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH PROVIDED BY (USED FOR)
OPERATIONS:
Loss from continuing operations $ (3,206) $ (3,190)
Items not affecting cash:
Depreciation and amortization 7,531 6,543
Non-controlling interest (112) (381)
-------------------------------------------------------------------------------------------------
Cash flow from continuing operations 4,213 2,972
Recovery of costs through real estate sales 51,496 57,002
Increase in amounts receivable, net (4,019) (1,125)
Acquisition and development of properties held for sale (97,372) (77,097)
Changes in non-cash operating working capital (62,684) 10,407
-------------------------------------------------------------------------------------------------
Cash used for operating activities (108,366) (7,841)
Cash provided by discontinuing operations 1,390 1,037
-------------------------------------------------------------------------------------------------
(106,976) (6,804)
FINANCING:
Bank and other borrowings, net 120,856 1,871
Issue of capital stock 676 --
Redemption of non-resort preferred shares -- (8,705)
-------------------------------------------------------------------------------------------------
121,532 (6,834)
INVESTMENTS:
Expenditures on revenue-producing properties, net (489) (206)
Expenditures on ski and resort operation assets, net (16,948) (12,910)
Expenditures on other assets, net (272) (2,127)
-------------------------------------------------------------------------------------------------
(17,709) (15,243)
-------------------------------------------------------------------------------------------------
Decrease in cash and cash equivalents (3,153) (28,881)
Cash and cash equivalents, beginning of period 78,985 82,457
-------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 75,832 $ 53,576
=================================================================================================
SUPPLEMENTAL INFORMATION:
Interest paid $ 26,110 $ 14,924
Taxes paid 1,683 181
NON-CASH FINANCING ACTIVITIES:
Issue of capital stock $-- $ 1,420
</TABLE>
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SEGMENT DISCLOSURES
The following table presents the Company's results from continuing operations by
reportable segment:
For the three months ended September 30
(in thousands of US dollars) (unaudited)
<TABLE>
<CAPTION>
================================================================================
2000 1999
--------------------------------------------------------------------------------
<S> <C> <C>
REVENUE FROM EXTERNAL CUSTOMERS
Ski and resort $ 47,610 $ 40,984
Real estate 65,253 68,667
Warm-weather 17,748 14,122
Corporate and all other 1,407 1,945
--------------------------------------------------------------------------------
$ 132,018 $ 125,718
================================================================================
OPERATING INCOME (LOSS) BEFORE INTEREST,
DEPRECIATION AND AMORTIZATION,
AND INCOME TAXES
Ski and resort $ (1,438) $ (3,263)
Real estate 12,991 11,000
Warm-weather 2,972 2,465
Corporate and all other 1,407 1,945
--------------------------------------------------------------------------------
15,932 12,147
Less
Interest 10,640 8,517
Depreciation and amortization 7,531 6,543
General and administrative 2,052 1,693
--------------------------------------------------------------------------------
20,223 16,753
--------------------------------------------------------------------------------
$ (4,291) $ (4,606)
================================================================================
</TABLE>
There have been no changes from the June 30, 2000 audited consolidated financial
statements in the basis of segmentation or in the basis of measurement of
segment profit or loss.
INTRAWEST
Suite 800, 200 Burrard Street
Vancouver, B.C. Canada V6C 3L6
Tel: (604) 669-9777 Fax: (604) 669-0605
Web site: www.intrawest.com
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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: November 29, 2000 By /s/ ROSS MEACHER
------------------------------------
Name: Ross Meacher
Title: Corporate Secretary
