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 2001
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-________.
TO OUR SHAREHOLDERS
Ski and resort operations results for the quarter exceeded those of the same
quarter of fiscal 2001, primarily reflecting the success of cost-control
measures initiated last year. These results were offset by lower real estate
earnings, which had been expected due to the weighting of real estate project
completions more to the third and fourth quarter of fiscal 2002 than in the
previous year. Approximately 75 per cent of our real estate closings are
expected to occur in the third and fourth quarters this year. As of November 13,
closed units and pre-sold units scheduled to close in fiscal 2002 amounted to
approximately $405 million, representing 107 per cent of real estate sales
revenue (excluding Club Intrawest) reported in fiscal 2001.
OPERATING RESULTS (ALL DOLLAR AMOUNTS ARE IN US CURRENCY)
Total revenue for the first quarter ended September 30, 2001 was $93.7 million
compared with $129.9 million for the same period last year. Total company EBITDA
(net earnings before interest, taxes, non-controlling interest, depreciation and
amortization) was $7.2 million compared with $15.5 million in 2000. Net loss
from continuing operations was $9.8 million or $0.22 per share compared with a
loss of $3.2 million or $0.07 per share in 2000.
Further information on the Company's operating results is contained in
Management's Discussion and Analysis below.
DEVELOPMENTS
We are making steady progress in our drive to become one of the world's leading
fully integrated leisure companies. Early in the quarter, we announced our
partnership with Aspen Skiing Company to develop a village at Snowmass at Aspen.
This speaks to the strength of our reputation in the industry and our strategic
goal of leveraging our resort development expertise. Our plan to develop the
third and fourth phases at Tremblant, which was once again ranked best in the
East by SKI magazine, met with continued support. In late September, the
Government of Quebec announced that it will contribute Cdn. $75 million toward
the next phases of this resort.
After the events of September 11, we successfully launched projects in Whistler,
Lake Las Vegas and Keystone. A fourth launch, undertaken by our subsidiary,
Playground, at the Wild Heron golf resort in Florida, reflects the effectiveness
of Playground's strategy of undertaking sales launches for both Intrawest and
other companies attracted by our expertise in this area.
Our emerging businesses are demonstrating their potential. While Playground
achieved success with the Wild Heron launch, Intrawest Golf secured a contract
to develop and manage the operation of Wild Heron's Shark's Tooth Golf Club.
Intrawest Golf also added The Raven Golf Club at Cabo San Lucas to its Raven
brand, and secured a contract to oversee the operation of the popular Coyote
Moon Golf Club in Truckee, California. Resort Reservations Network, RezRez,
recorded similar success with contracts to manage central reservations for both
the St. Lucia Hotel & Tourism Association and Mexico's Riviera Maya Hotel
Association.
DIVIDENDS
On November 13, 2001, the Board of Directors declared a dividend of Cdn.$0.08
per common share payable on January 23, 2002 to shareholders of record on
January 9, 2002.
NRP SHARES
Since July 1, 2001, the Company has purchased 307,700 non-resort preferred
("NRP") shares under its normal course issuer bid at an average cost of
Cdn.$1.60 per NRP share. The Company currently expects to make the final
redemption of NRP shares prior to July 1, 2002.
OUTLOOK
Initial information regarding the 2001-2002 ski season gives us cause to be
cautiously optimistic. At November 13, season pass and frequency card revenues
were up 27 per cent from last year. Pass sales were higher at every one of our
10 mountain resorts. This is a good indication that the number of committed
regional guests, who account for 35 to 40 per cent of total visits, will
increase this year. With respect to destination guests, room
night bookings across the resorts stood at about 87 per cent of last year's
level with particular strength in our eastern North American resorts, several of
which are running ahead of last year. Positive momentum continues to narrow the
gap relative to last year.
We are continuing to pay close attention to cost control as we enter the winter
season. We are also using our direct marketing capabilities to ensure current
and potential customers are attracted to our resorts and resort real estate in
the months ahead. Our company remains focused on our key strategic initiatives
to ensure we emerge from this period of uncertainty in a strong position.
On behalf of the Board,
/s/ JOE S. HOUSSIAN /s/ DANIEL O. JARVIS
-------------------------------- --------------------------------
Joe S. Houssian Daniel O. Jarvis
Chairman, President and Executive Vice President
Chief Executive Officer and Chief Financial Officer
November 13, 2001
MANAGEMENT'S DISCUSSION AND ANALYSIS
The following management's discussion and analysis ("MD&A") should be read in
conjunction with the more detailed MD&A (which includes a discussion of business
risks) contained in the Company's June 30, 2001 annual report.
THREE MONTHS ENDED SEPTEMBER 30, 2001 (THE "2001 QUARTER") COMPARED WITH THE
THREE MONTHS ENDED SEPTEMBER 30, 2000 (THE "2000 QUARTER")
REVIEW OF SKI AND RESORT OPERATIONS
Ski and resort operation revenue was $58.7 million in the 2001 quarter compared
with $63.2 million in the 2000 quarter, with $4.1 million or 91% of the decline
accounted for by the Company's decision to turn management of the waterpark at
Mountain Creek over to a third-party operator. Historically the first quarter
has delivered 10-12% of annual ski and resort operation revenue.
The composition of ski and resort operation revenue was as follows:
-----------------------------------------------------------------------------------------------------
2001 Quarter 2000 Quarter Change Percentage
(millions) (millions) (millions) Change
-----------------------------------------------------------------------------------------------------
Mountain operations $ 9.1 $ 8.2 $ 0.9 11%
Retail and rental 7.7 7.9 (0.2) (3%)
Food and beverage 9.3 10.5 (1.2) (11%)
Lodging and property management 12.2 12.3 (0.1) (1%)
Ski school 0.4 0.4 -- --
Golf 12.4 12.5 (0.1) (1%)
Other 7.6 11.4 (3.8) (33%)
-----------------------------------------------------------------------------------------------------
$ 58.7 $ 63.2 $ (4.5) (7%)
-----------------------------------------------------------------------------------------------------
The 11% increase in mountain operations revenue was due substantially to
increased helicopter revenue from Alpine. Approximately 80% of the decline in
both food and beverage revenue and other revenue was due to turning over
management of the waterpark at Mountain Creek to a third party. Generally the
slowing economy
reduced corporate and group business during the summer and the events of
September 11 resulted in some cancellations at the end of the quarter. These
factors led to small reductions in retail and rental, food and beverage, lodging
and golf revenue.
Ski and resort operation expenses were $56.6 million in the 2001 quarter
compared with $61.7 million in the 2000 quarter, with $4.4 million of the
decrease due to third-party management of the waterpark at Mountain Creek. The
balance of the decrease in expenses was due to the implementation of
cost-control measures across all of the Company's resorts. As a result of these
measures, ski and resort operations EBITDA increased from $1.5 million in the
2000 quarter to $2.0 million in the 2001 quarter.
REVIEW OF REAL ESTATE OPERATIONS
Revenue from the sale of real estate was $33.1 million in the 2001 quarter, down
from $63.6 million in the 2000 quarter. This reduction was expected due to the
weighting of real estate project completions more to the third and fourth
quarter of the current fiscal year than in the previous fiscal year. A total of
78 units were closed in the 2001 quarter compared with 269 units in the 2000
quarter. The average sales price per unit was significantly higher in the 2001
quarter reflecting unit type and resort mix as well as price escalation. The
reduction in revenue decreased operating profit from real estate sales to $4.9
million in the 2001 quarter from $12.1 million in the 2000 quarter.
The real estate results include the Company's vacation ownership business, Club
Intrawest, with revenue of $8.9 million, down 2.2% from the 2000 quarter due to
reduced sales in September.
REVIEW OF CORPORATE OPERATIONS
Interest expense was $9.3 million in the 2001 quarter, down from $10.6 million
in the 2000 quarter due primarily to lower interest rates. The increase in debt
in the 2001 quarter compared with the 2000 quarter was substantially due to real
estate development activity and interest on this debt is capitalized to
properties and subsequently expensed as part of real estate costs when the
properties are sold.
Depreciation and amortization expense was $8.8 million in the 2001 quarter, up
from $7.5 million in the 2000 quarter due to amortization of goodwill on the
acquisition made in November 2000 and depreciation on the capital improvements
made since the 2000 quarter.
LIQUIDITY AND CAPITAL RESOURCES
The major sources and uses of cash in the three months ended September 30, 2001
and September 30, 2000 were as follows:
---------------------------------------------------------------------------------------
2001 2000 Change
($millions)
---------------------------------------------------------------------------------------
Funds from continuing operations (1.1) 4.2 (5.3)
Working capital for real estate developed for sale (68.1) (13.4) (54.7)
Resort capital expenditures and other investments (22.0) (17.7) (4.3)
---------------------------------------------------------------------------------------
(91.2) (26.9) (64.3)
(Increase) decrease in other net assets 18.9 (65.3) 84.2
---------------------------------------------------------------------------------------
Net cash outflows before non-construction financing
inflows (72.3) (92.2) 19.9
Net financing inflows excluding construction
financing 77.9 89.0 (11.1)
---------------------------------------------------------------------------------------
Increase (decrease) in cash 5.6 (3.2) 8.8
---------------------------------------------------------------------------------------
Net new investment in real estate developed for sale (99.9) (45.9) (54.0)
Less: net proceeds from construction financing 31.8 32.5 (0.7)
---------------------------------------------------------------------------------------
Working capital for real estate developed for sale (68.1) (13.4) (54.7)
---------------------------------------------------------------------------------------
Working capital for real estate (measured as the amount of net new investment in
real estate not funded by construction financing) used $68.1 million of cash in
the 2001 quarter compared with $13.4 million in the 2000 quarter. The increase
in use of cash reflects the increased number of units under construction
combined with the reduced real estate closings. Quarterly changes in working
capital for real estate are not necessarily indicative of annual changes since
they are heavily impacted by the timing of project completions. Project
completions and therefore real estate closings are more heavily weighted towards
the second half of the year in fiscal 2002 than in fiscal 2001. For fiscal 2002
working capital for real estate developed for sale is expected to use less cash
than the $68.8 million that was used in fiscal 2001.
Resort capital expenditures and other investments used $22.0 million cash in the
2001 quarter, up from $17.7 million in the 2000 quarter. The Company expects to
spend approximately $40 million on capital improvements in the remaining three
quarters of fiscal 2002, for an annual total of about $65 million, a decrease of
about $30 million from fiscal 2001. This downward trend in spending on capital
improvements has been ongoing since 1999 and will continue in 2003.
In the 2001 quarter $18.9 million of cash was generated from receivables and
other assets, net of payables and other liabilities, compared with a net cash
outflow of $65.3 million in the 2000 quarter. Approximately $35 million of the
change was due to real estate deposits being available to fund construction
costs rather than being required to be retained in trust pending completion of
the project. The Company put a bonding facility in place to achieve this
outcome. In addition, approximately $17 million more was collected from
receivables and $18 million less was spent to settle payables in the 2001
quarter than the 2000 quarter.
In summary, the Company used total cash of $72.3 million in the 2001 quarter to
fund its operations, down from $92.2 million in the 2000 quarter. The first
quarter is typically cash flow negative because of the seasonality of the
mountain resort operations and the timing of resort capital expenditures and
real estate construction. These cash outflows were funded by the Company's
senior credit facility. During the 2001 quarter the Company announced the
successful syndication of a new three-year $300 million senior credit facility.
The facility is expected to close in November 2001 and the proceeds will be used
to refinance existing credit facilities and for general corporate purposes.
Statements contained in this report 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, 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
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
For the three months ended September 30
(in thousands of US dollars, except per share amounts) (unaudited)
--------------------------------------------------------------------------------------------
2001 2000
--------------------------------------------------------------------------------------------
REVENUE:
Ski and resort operations $ 58,660 $ 63,200
Real estate sales 33,066 63,615
Rental properties 1,950 1,638
Interest and other income 25 1,407
--------------------------------------------------------------------------------------------
93,701 129,860
EXPENSES:
Ski and resort operations 56,625 61,666
Real estate costs 28,141 51,496
Rental properties 1,270 766
Interest 9,343 10,640
Depreciation and amortization 8,837 7,531
Corporate general and administrative 2,190 2,052
--------------------------------------------------------------------------------------------
106,406 134,151
--------------------------------------------------------------------------------------------
Loss before undernoted (12,705) (4,291)
Provision for income taxes (2,779) (973)
--------------------------------------------------------------------------------------------
Loss before non-controlling interest and discontinued
operations (9,926) (3,318)
Non-controlling interest (143) (112)
--------------------------------------------------------------------------------------------
Loss from continuing operations (9,783) (3,206)
Results of discontinued operations (note 4) 164 32
--------------------------------------------------------------------------------------------
Loss for the period (9,619) (3,174)
Retained earnings, beginning of period 187,922 131,953
--------------------------------------------------------------------------------------------
Retained earnings, end of period $ 178,303 $ 128,779
--------------------------------------------------------------------------------------------
Loss per common share (basic and fully diluted):
Loss from continuing operations $ (0.22) $ (0.07)
Net loss $ (0.22) $ (0.07)
--------------------------------------------------------------------------------------------
Weighted average number of common shares outstanding (in
thousands) 44,030 43,484
--------------------------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
CONSOLIDATED BALANCE SHEETS
(in thousands of US dollars) September 30 June 30
--------------------------------------------------------------------------------------------
2001 2001
(unaudited) (audited)
--------------------------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 92,076 $ 86,430
Amounts receivable 52,735 82,536
Other assets 84,890 105,545
Resort properties 360,647 329,177
Future income taxes 3,621 4,168
--------------------------------------------------------------------------------------------
593,969 607,856
Ski and resort operations 815,976 813,741
Properties:
Resort 429,989 371,451
Discontinued operations 6,742 7,080
--------------------------------------------------------------------------------------------
436,731 378,531
Amounts receivable 56,193 50,416
Other assets 86,443 86,640
Goodwill 18,033 19,128
--------------------------------------------------------------------------------------------
$ 2,007,345 $ 1,956,312
--------------------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Amounts payable $ 120,131 $ 146,464
Deferred revenue 90,890 81,537
Bank and other indebtedness:
Resort 319,191 201,558
Discontinued operations -- 82
--------------------------------------------------------------------------------------------
530,212 429,641
Bank and other indebtedness:
Resort 783,483 804,991
Discontinued operations 3,251 3,363
--------------------------------------------------------------------------------------------
786,734 808,354
Due to joint venture partners 6,860 8,818
Deferred revenue 15,052 26,750
Future income taxes 82,753 83,771
Non-controlling interest in subsidiaries 28,081 30,616
--------------------------------------------------------------------------------------------
1,449,692 1,387,950
Shareholders' equity:
Capital stock (note 5) 414,110 414,220
Retained earnings 178,303 187,922
Foreign currency translation adjustment (34,760) (33,780)
--------------------------------------------------------------------------------------------
557,653 568,362
--------------------------------------------------------------------------------------------
$ 2,007,345 $ 1,956,312
--------------------------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended September 30
(in thousands of US dollars) (unaudited)
--------------------------------------------------------------------------------------------
2001 2000
--------------------------------------------------------------------------------------------
CASH PROVIDED BY (USED IN):
OPERATIONS:
Loss from continuing operations $ (9,783) $ (3,206)
Items not affecting cash:
Depreciation and amortization 8,837 7,531
Non-controlling interest (143) (112)
--------------------------------------------------------------------------------------------
Funds from continuing operations (1,089) 4,213
Recovery of costs through real estate sales 28,141 51,496
Acquisition and development of properties held for sale (128,040) (97,372)
Increase in amounts receivable, net (5,781) (4,019)
Changes in non-cash operating working capital (note 7) 23,544 (62,684)
--------------------------------------------------------------------------------------------
Cash used for continuing operating activities (83,225) (108,366)
Cash provided by discontinued operations (note 4) 1,212 1,390
--------------------------------------------------------------------------------------------
(82,013) (106,976)
FINANCING:
Bank and other borrowings, net 110,961 120,856
Issue of common shares for cash 40 676
Repurchase of non-resort preferred shares (150) --
Distributions to non-controlling interests (1,145) --
--------------------------------------------------------------------------------------------
109,706 121,532
INVESTMENTS:
Proceeds from (expenditures on):
Revenue-producing properties 267 (489)
Ski and resort operation assets (21,527) (16,948)
Other assets (787) (272)
--------------------------------------------------------------------------------------------
(22,047) (17,709)
--------------------------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents 5,646 (3,153)
Cash and cash equivalents, beginning of period 86,430 78,985
--------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 92,076 $ 75,832
--------------------------------------------------------------------------------------------
(Supplemental information (note 7))
See accompanying notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands of US dollars, unless otherwise indicated)
--------------------------------------------------------------------------------
1. BASIS OF PRESENTATION:
These interim consolidated financial statements do not include all disclosures
required by Canadian generally accepted accounting principles for annual
financial statements and should be read in conjunction with the Company's
consolidated financial statements for the year ended June 30, 2001. In the
opinion of Management, all adjustments necessary for a fair presentation are
reflected in the interim financial statements. Such adjustments are of a normal
and recurring nature. The results of operations for the interim periods reported
are not necessarily indicative of the operating results expected for the year.
The significant accounting policies used in preparing these consolidated
financial statements are consistent with those used in preparing the Company's
consolidated financial statements for the year ended June 30, 2001, except as
described in note 3 below.
2. SEASONALITY OF OPERATIONS:
Ski and resort operations are highly seasonal which impacts reported quarterly
earnings. The majority of the Company's ski and resort operation revenue is
generated during the period from November to April. Furthermore, during this
period a significant portion of ski and resort operation revenue is generated on
certain holidays (particularly Christmas, Presidents' Day and school spring
breaks) and on weekends.
The Company's real estate operations tend to be somewhat seasonal as well, with
construction primarily taking place during the summer and the majority of sales
closing in the December to June period.
3. CHANGE IN ACCOUNTING POLICY:
The Company has adopted, effective July 1, 2001, the new recommendations of The
Canadian Institute of Chartered Accountants relating to the method of
calculation, presentation and disclosure of earnings per share. These new
recommendations, which were applied retroactively, did not result in the
restatement of the amounts previously reported for the three months ended
September 30, 2000.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands of US dollars, unless otherwise indicated)
--------------------------------------------------------------------------------
4. DISCONTINUED OPERATIONS:
For reporting purposes, the results of operations and cash flow from operating
activities of the non-resort real estate business have been disclosed separately
from those of continuing operations for the periods presented.
The results of discontinued operations are as follows:
-----------------------------------------------------------------------------------
Three months ended September 30
2001 2000
(unaudited) (unaudited)
-----------------------------------------------------------------------------------
Revenue $ 403 $ 515
-----------------------------------------------------------------------------------
Income before current income taxes $ 174 $ 32
Provision for current income taxes 10 --
-----------------------------------------------------------------------------------
Income from discontinued operations $ 164 $ 32
-----------------------------------------------------------------------------------
Assets and liabilities presented in the consolidated balance sheets include the
following assets and liabilities of discontinued operations:
-----------------------------------------------------------------------------------
SEPTEMBER 30 June 30
2001 2001
(unaudited) (audited)
-----------------------------------------------------------------------------------
Current assets:
Amounts receivable $ 2,990 $ 4,126
Other non-cash current assets 22 --
Properties 6,742 7,080
Other non-current assets 157 166
Current liabilities (763) (900)
Non-current liabilities (3,076) (3,258)
-----------------------------------------------------------------------------------
The cash flows from discontinued operations are as follows:
-----------------------------------------------------------------------------------
Three months ended September 30
2001 2000
(unaudited) (unaudited)
-----------------------------------------------------------------------------------
Cash provided by (used in):
Operations $ 1,212 $ 1,390
Financing (344) (26)
Investing -- 77
-----------------------------------------------------------------------------------
Increase in cash and cash equivalents $ 868 $ 1,441
-----------------------------------------------------------------------------------
The Company has the right to apply the net cash flow from the discontinued
operations from January 1, 1997 to the redemption of non-resort preferred
("NRP") shares.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands of US dollars, unless otherwise indicated)
--------------------------------------------------------------------------------
5. CAPITAL STOCK:
--------------------------------------------------------------------------------
SEPTEMBER 30 June 30
2001 2001
(unaudited) (audited)
--------------------------------------------------------------------------------
Common shares $ 400,302 $ 400,262
NRP shares 13,808 13,958
--------------------------------------------------------------------------------
$ 414,110 $ 414,220
--------------------------------------------------------------------------------
(i) Common shares:
--------------------------------------------------------------------------------
Number of 2001
common shares AMOUNT
(unaudited) (unaudited)
--------------------------------------------------------------------------------
Balance, beginning of period 44,026,394 $ 400,262
Issued for cash under stock option plan 4,200 40
--------------------------------------------------------------------------------
Balance, end of period 44,030,594 $ 400,302
--------------------------------------------------------------------------------
In addition to the stock options exercised during the quarter, 44,000 stock
options were forfeited and 3,274,300 stock options remain outstanding as at
September 30, 2001. (ii) NRP shares:
--------------------------------------------------------------------------------
Number of 2001
NRP shares AMOUNT
(unaudited) (unaudited)
--------------------------------------------------------------------------------
Balance, beginning of period 5,513,936 $ 13,958
Purchased for cancellation (184,300) (150)
--------------------------------------------------------------------------------
Balance, end of period 5,329,636 $ 13,808
--------------------------------------------------------------------------------
6. SEGMENTED INFORMATION:
The following table presents the Company's results from continuing operations by
reportable segment:
--------------------------------------------------------------------------------
Three months ended September 30
2001 2000
(unaudited) (unaudited)
--------------------------------------------------------------------------------
Revenue:
Ski and resort $ 40,985 $ 45,452
Real estate 35,016 65,253
Warm-weather 17,675 17,748
Corporate and all other 25 1,407
--------------------------------------------------------------------------------
$ 93,701 $ 129,860
--------------------------------------------------------------------------------
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands of US dollars, unless otherwise indicated)
-------------------------------------------------------------------------------
6. SEGMENTED INFORMATION (CONTINUED):
-------------------------------------------------------------------------------
Three months ended September 30
2001 2000
(unaudited) (unaudited)
-------------------------------------------------------------------------------
Operating profit before interest,
depreciation and amortization,
and income taxes:
Ski and resort $ (645) $ (1,438)
Real estate 5,605 12,991
Warm-weather 2,680 2,972
Corporate and all other 25 1,407
-------------------------------------------------------------------------------
7,665 15,932
Less:
Interest 9,343 10,640
Depreciation and amortization 8,837 7,531
Corporate general and administrative 2,190 2,052
-------------------------------------------------------------------------------
20,370 20,223
-------------------------------------------------------------------------------
$ (12,705) $ (4,291)
-------------------------------------------------------------------------------
7. CASH FLOW INFORMATION:
The changes in non-cash operating working capital balance consist of the
following:
-------------------------------------------------------------------------------
Three months ended September 30
2001 2000
(unaudited) (unaudited)
-------------------------------------------------------------------------------
Cash provided by (used in):
Amounts receivable $ 28,665 $ 11,554
Other assets 13,829 (23,720)
Amounts payable (26,279) (38,758)
Due to joint venture partners (1,887) (7,110)
Deferred revenue 9,216 (4,650)
-------------------------------------------------------------------------------
$ 23,544 $ (62,684)
-------------------------------------------------------------------------------
Supplemental information:
Interest paid included in the
determination of net loss $ 9,552 $ 11,369
Income taxes paid 3,436 1,683
-------------------------------------------------------------------------------
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, 2001 By /s/ ROSS MEACHER
------------------------------------
Name: Ross Meacher
Title: Corporate Secretary