Vancouver, Canada (Tuesday, May 11, 2004) - Intrawest Corporation, operator of numerous ski and snowboard resorts including North American powerhouse Whistler-Blackcomb in British Columbia, announced today its results for the fiscal 2004 third quarter ended March 31, 2004. Total revenue reported by the company is up more than 8% over the same period last year.

Total revenue for the quarter was $437.3 million compared with $402.5 million for the same period last year (all figures are listed in Canadian dollars). Total Company EBITDA (earnings before interest, income taxes, non-controlling interest, depreciation and amortization) was $128.1 million compared with $125.5 million in the same quarter last year. Income from continuing operations was $56.2 million or $1.17 per share (all per share amounts are fully diluted) compared with $56.8 million or $1.19 per share in the same quarter last year.

Cash flow from continuing operating activities was $73.1 million in the quarter compared with $47.4 million in the same period last year. This brings cash flow from continuing operating activities to $178.9 million for the nine months compared with negative cash flow of $75.2 million for the same period in the previous year. This positive swing of $254.1 million was due mainly to higher real estate closings and to lower capital requirements as a result of the Leisura partnerships.

"We have shown significant improvement in cash flow this year," said Joe Houssian, Intrawest's chairman, president and chief executive officer. "With the recent creation of our leisure and travel group, all the pieces are now in place to increase the profitability of our resort operations and grow our resort real estate business while driving down debt."

Resort operations revenue for the quarter increased to $299.5 million from $283.4 million. This increase was due mainly to the favorable impact on reported revenue of a stronger Canadian dollar. This factor was also largely responsible for the increase in resort operations expenses. The reduction in resort operations profit contribution to $100.9 million from $104.6 million was primarily due to a five per cent decline in skier visits. Skier visits at Intrawest's eastern resorts were down four per cent over the same period last year due to extreme cold temperatures experienced early in the quarter. Visits to Intrawest's western resorts were down six per cent, due primarily to the impact of the stronger Canadian dollar on U.S. visits to Whistler and to an exceptionally warm March in Colorado.

Management services revenue for the quarter increased to $46.4 million from $32.0 million. Fees from managed lodging, which account for 60 per cent of total management services revenue in the quarter, increased due mainly to new Intrawest villages at Mammoth, Squaw Valley and Lake Las Vegas and a three per cent increase in occupied room nights on a same-resort basis. Management fees from Leisura, fees earned by Playground from third-party developers, and RezRez (Intrawest's central reservations business) reservations fees contributed further to the revenue increase. The profit contribution from management services increased to $15.7 million from $7.7 million due to the revenue increases and to improved results from RezRez, which was restructured last year.

Revenue from real estate development for the quarter increased to $91.5 million from $87.1 million in the same period last year. Revenue and real estate costs included $14.9 million from two projects sold to Leisura during the quarter. Excluding the sale of projects to Leisura, 136 units were closed in the quarter compared with 242 last year. The increase in revenue per unit reflects in part the higher Canadian dollar as well as the closing of two high-end fractional projects at Whistler and Copper. The decline in the number of units closed in the quarter reflects the timing of construction completions and therefore closings. The profit contribution from real estate development was $9.5 million compared with $11.4 million in the same quarter last year due to the lower number of closings. In the nine-month period the company closed 39 percent more units than in the same period last year.

Closed real estate units and pre-sold units scheduled to close in fiscal 2004 now amount to approximately $670 million, including the $14.9 million of revenue for projects sold to Leisura in the third quarter and $92.7 million for projects sold to Leisura in the first six months of fiscal 2004.

Revenue and Total Company EBITDA for the nine months ended March 31, 2004 were $1.1 billion and $205.6 million compared with $729.4 million and $168.5 million, respectively, for the same period last year. Income from continuing operations for the nine months, before expensing the after-tax cost of the call premium and unamortized costs on bonds redeemed in the period, was $67.6 million or $1.41 per share compared with $49.2 million or $1.03 per share for the same period last year. After expensing the call premium and unamortized costs on bonds redeemed, income from continuing operations for the nine months was $57.3 million or $1.20 per share.

Intrawest's Board of Directors today declared a dividend of Cdn$0.08 per common share payable on July 21, 2004 to shareholders of record on July 7, 2004.