Steamboat Ski Area owner profits $177 million

Intrawest, to be purchased by Aspen Skiing Co. equity firm, announces third quarter earnings

Matt Stensland
Steamboat Today
JOHN F. RUSSELL: Steamboat Ski Area

 — Intrawest, parent company of Steamboat Ski and Resort Corp., profited $177 million during the third quarter, CEO Tom Marano announced during a Thursday morning earnings call.

The earnings were up 9.7 over the prior year period, which included the months of January, February and March.

“Third quarter results reflect our continued focus on growing pre-committed revenue streams, increases in yields, our ability to manage costs and the impact of our growth capital investments,” Marano said in a statement. “I want to thank all of our guests and our employees for another outstanding ski season.”

On April 10, Intrawest announced it entered into a definitive agreement to be purchased for $1.5 billion by a newly formed entity controlled by affiliates of Aspen Skiing Co. and KSL Capital Partners.
Intrawest’s financial performance is typically the strongest during the third quarter because that is when the majority of the ski season occurs. The company typically loses money during the fourth quarter.

During the earnings call, Marano said the largest factor in the company’s growth was its mountain segment, which is the company’s six ski resorts.

Intrawest also owns a heli-ski company in Canada.

Intrawest does not release results for its individual resorts.

Intrawest was coming off of a rough 2015-16 ski season, when there were record high temperatures at its eastern resorts. Average conditions this ski season increased skier visits at the eastern resorts.

Overall, Intrawest’s skier visits for the quarter were up 2.5 percent and revenue per visit was up 3.2 percent.

Intrawest’s ski resort revenue increased by 5.8 percent to $270.1 million.

Intrawest’s earnings call lasted only three minutes, and people were not allowed to ask questions, which likely would have included questions about the company’s pending sale.