Revenue for the quarter increased 19% to $308.1 million from $258.6 million for the third quarter of 1999. Total Company EBITDA for the period increased to $94.2 million, compared with $80.3 million in the same period in 1999. The weighted average number of shares outstanding increased to 43,381,000 from the 39,674,000 reported for the quarterly period ended March 31, 1999.  Income from continuing operations for the nine months ended March 31, 2000 was 36% higher at $48.8 million, or $1.13 per share, compared with $36.0 million, or $0.91 per share last year. During this period revenue increased 31% to $579.9 million from $443.0 million last year.

�We are very pleased with the results for the third quarter, giving us 33% growth in income from continuing operations,� said Joe Houssian, chairman, president and chief executive officer. �What makes this particularly encouraging is that it was achieved on a same-resort basis. The results attest to the strength of our core businesses and also to a number of newer businesses. For example, our internet booking company, Intrawest Vacations, sold three times more business into Whistler this year than last year.  Our Resort Club business also had an excellent quarter and now has the momentum for further expansion into new locations in North America. On the real estate side of our business, we continue to experience strong demand, with pre-sales from our marketing launches across the continent setting new records.

�We are ready to roll out several more business initiatives, particularly with regard to membership and customer loyalty, that we expect will add significant further growth to what we are seeing today,� added Mr. Houssian.  Ski and resort operations revenue was $240.3 million in the third quarter, increasing 10% from the $218.0 million in the corresponding 1999 period. 

Revenue from the mountain resorts increased to $227.0 million from $207.8 million. After a slow start to the period, due mainly to weak millennium bookings across the entire travel and hospitality industry, the resorts rebounded in February and experienced record results in March. In aggregate, across all the mountain resorts, skier visits for the quarter increased 2% from last year and revenue per visit improved 8%. Revenue from the warm-weather resorts increased to $13.3 million from $10.2 million, with strong year-over-year improvements at both Sandestin and Raven. Operating profit from ski and resort operations for the third quarter was $78.3 million, up from $69.6 million last year.  For the nine-month period ended March 31, 2000, ski and resort revenue increased to $377.9 million, compared with $317.0 million for the quarter ended March 31, 1999. Operating profit from ski and ski resort operations for the nine-month 2000 period was $87.7 million, compared with $74.6 million in the same period last year.

Real estate revenue was $53.7 million for the quarter, an increase of 52% from the $35.4 million reported in the third quarter ended March 31, 1999. The majority of the sales closed during the quarter were condo-hotel and townhome units at Whistler, Tremblant, Stratton and Keystone. The company�s vacation ownership business had a very strong third quarter with revenue doubling to $11.1 million from $5.7 million last year. Operating profit from real estate sales in the quarter increased to $9.1 million from $6.7 million in the comparable 1999 period. The margin on sales was 17.0% compared with 18.9% last year reflecting the mix of resorts and product types. For the nine-month period ended March 31, 2000, real estate revenue and operating profit was 57% and 45%, respectively, higher than the corresponding 1999 period. Currently the company has a record backlog of real estate contracts with total pre-sales of $560 million.

�Our ability to exceed revenue and earnings expectations reflects our progress in building multi-revenue streams through a geographically diverse portfolio of businesses and assets,� said Daniel Jarvis, executive vice president and chief financial officer.  �We see this trend continuing, while at the same time the company is moving into a period of strong cash flow generation.� The Board of Directors of the company today declared a dividend of Cdn$0.08 per common share payable on July 26, 2000 to shareholders of record on July 12, 2000.

Intrawest is the leading developer and operator of village-centered resorts across North America. The company owns ten mountain resorts, including Whistler/Blackcomb, North America�s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. 

The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties.