VANCOUVER, Dec. 15 /PRNewswire-FirstCall/ -- Intrawest Corporation today announced it has acquired the remaining 55% interest that it did not already own of Alpine Helicopters Ltd. (Alpine), the parent company of Canadian Mountain Holidays Inc. (CMH), the world leader in heli-skiing operations. Alpine offers heli-skiing and heli-hiking vacations in southeastern British Columbia through CMH, and operates helicopter charter services to the tourism and forestry industries.
Intrawest originally purchased 45% of Alpine in February 1999. The original purchase agreement included an option mechanism whereby, after five years, Intrawest could acquire the remaining interest in Alpine or the Alpine shareholders could put their shares to Intrawest.
"We have been extremely happy with our original investment in Alpine and CMH," said Joe Houssian, Intrawest chairman, president and chief executive officer. "CMH is one of the premier mountain experiences in the world with a proven track record of performance."
Since 1965, CMH has offered heli-skiing vacations in southeastern British Columbia and added heli-hiking in 1978. With twelve locations including the world-famous Bugaboos, and an exceptional service culture and safety record, CMH has earned an unparalleled reputation in the heli-skiing industry and around the globe, reflected by the approximately 70% repeat bookings by satisfied guests. CMH now provides more than 50% of the heli-skiing visits in Canada and is the largest heli-ski operation in the world.
Over the past five years, Alpine has increased its revenue by over 35% and is expected to generate annual revenue of approximately $75 million. Alpine and CMH operations will report through the newly created Leisure and Travel Group and will benefit from Intrawest's broader marketing platform. The current Alpine and CMH management teams will remain in place and continue to provide guests with the unique mountain experience that the company has delivered for so many years.
"This is a good transaction for both companies," said Hugh Smythe, president and chief operating officer of Intrawest's Leisure and Travel Group. "We expect it to be immediately accretive to Intrawest's fiscal 2005 financial results."
A conference call is scheduled for Thursday, December 16, 2004 at 10:30am ET (7:30am PT) to discuss this transaction. To access the call dial 877-691-0878 before the scheduled start time. A playback version of the conference call will be available until December 23, 2004 at 877-519-4471 with password 5500891. The call will also be webcast live on http://www.intrawest.com/.
Intrawest Corporation (IDR:NYSE; ITW:TSX) is one of the world's leading destination resort and adventure travel companies. Intrawest has interests in 10 mountain resorts in North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games. The company owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and a 67% interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest - a private resort club with nine locations throughout North America. Intrawest is developing five additional resort village developments at locations in North America and Europe. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit http://www.intrawest.com/.
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawest's ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
For additional information, please contact Mr. John Currie, chief financial officer, at (604) 669-9777 or Mr. Tim McNulty, director, investor relations at (604) 623-6620 or at tmcnulty@intrawest.com.
If you would like to receive future news releases by email, please contact investor.relations@intrawest.com
Intrawest Corporation
Intrawest originally purchased 45% of Alpine in February 1999. The original purchase agreement included an option mechanism whereby, after five years, Intrawest could acquire the remaining interest in Alpine or the Alpine shareholders could put their shares to Intrawest.
"We have been extremely happy with our original investment in Alpine and CMH," said Joe Houssian, Intrawest chairman, president and chief executive officer. "CMH is one of the premier mountain experiences in the world with a proven track record of performance."
Since 1965, CMH has offered heli-skiing vacations in southeastern British Columbia and added heli-hiking in 1978. With twelve locations including the world-famous Bugaboos, and an exceptional service culture and safety record, CMH has earned an unparalleled reputation in the heli-skiing industry and around the globe, reflected by the approximately 70% repeat bookings by satisfied guests. CMH now provides more than 50% of the heli-skiing visits in Canada and is the largest heli-ski operation in the world.
Over the past five years, Alpine has increased its revenue by over 35% and is expected to generate annual revenue of approximately $75 million. Alpine and CMH operations will report through the newly created Leisure and Travel Group and will benefit from Intrawest's broader marketing platform. The current Alpine and CMH management teams will remain in place and continue to provide guests with the unique mountain experience that the company has delivered for so many years.
"This is a good transaction for both companies," said Hugh Smythe, president and chief operating officer of Intrawest's Leisure and Travel Group. "We expect it to be immediately accretive to Intrawest's fiscal 2005 financial results."
A conference call is scheduled for Thursday, December 16, 2004 at 10:30am ET (7:30am PT) to discuss this transaction. To access the call dial 877-691-0878 before the scheduled start time. A playback version of the conference call will be available until December 23, 2004 at 877-519-4471 with password 5500891. The call will also be webcast live on http://www.intrawest.com/.
Intrawest Corporation (IDR:NYSE; ITW:TSX) is one of the world's leading destination resort and adventure travel companies. Intrawest has interests in 10 mountain resorts in North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games. The company owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and a 67% interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest - a private resort club with nine locations throughout North America. Intrawest is developing five additional resort village developments at locations in North America and Europe. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit http://www.intrawest.com/.
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawest's ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
For additional information, please contact Mr. John Currie, chief financial officer, at (604) 669-9777 or Mr. Tim McNulty, director, investor relations at (604) 623-6620 or at tmcnulty@intrawest.com.
If you would like to receive future news releases by email, please contact investor.relations@intrawest.com
Intrawest Corporation
