Intrawest Corp. saw a 47 percent boost in revenue for the first quarter of fiscal 2006, reporting $301.8 million Monday.
The resort operator and real- estate development company reported net income of $9.2 million for the quarter that ended Sept. 30, compared with a net loss of $7.1 million last year, when revenue was $205.6 million.
Vancouver, British Columbia- based Intrawest said it usually incurs a loss in the first fiscal quarter because of the seasonality of the ski-resort business. The company owns or manages 10 ski resorts, including Copper Mountain and Winter Park in Colorado.
A large chunk of Intrawest’s growth for the quarter came from its real-estate unit, which saw revenues jump from $38.8 million to $98.7 million. That increase was partly a result of the sale of Ka’anapali, a 26-acre beachfront property in Maui, Hawaii, which generated $21.6 million in net income.
Intrawest also announced plans in September to build a 30-acre resort in Orlando, Fla., called the Village of Imagine.
“Going forward, we remain focused on accelerating our real- estate production to maximize shareholder value,” Intrawest chief executive Joe Houssian said in a statement.
Intrawest trades on the New York Stock Exchange and the Toronto Stock Exchange. The company also announced Monday that it plans to repurchase up to 10 percent of its public shares traded on the Toronto exchange.
Intrawest shares closed at $25.48 Monday on the New York Stock Exchange, up $1.08.
Staff writer Julie Dunn can be reached at 303-820-1592 or jdunn@denverpost.com.
