Vancouver, Canada (Wednesday, May 11, 2005) - Intrawest Corporation announced yesterday the results for its fiscal 2005 third quarter ended March 31, 2005. Total revenue for the quarter was $504.8 million compared with $437.9 million for the same period last year. The year-over-year increase was mainly the result of the inclusion of revenue from Abercrombie & Kent (A&K), which Intrawest acquired in July 2004, partially offset by lower revenue from the real estate division, which was expected by the company.

Intrawest has interests in 10 mountain resorts in North America, including Whistler Blackcomb. The company owns heli-skiing operator Canadian Mountain Holidays and holds a 67% interest in Abercrombie & Kent, a luxury adventure travel firm. 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.

Total Company EBITDA (earnings before interest, income taxes, non- controlling interest, depreciation and amortization) was $126.1 million compared with $128.1 million in the same period last year. EBITDA from resort and travel operations decreased as adverse weather patterns impacted operations at Whistler Blackcomb, Panorama Mountain Village and Canadian Mountain Holidays. Net income was $68.8 million or $1.44 per share compared with $56.2 million or $1.17 per share in the same period last year.

"The strong performance across our network of resorts and from A&K has allowed us to deliver solid results despite the adverse weather conditions that impacted our resorts in British Columbia," said Joe Houssian, chairman, president and chief executive officer. "Demand for our resort properties continues to be very high, as evidenced by an average of 91 per cent sell-out at our recent real estate launches."

On May 9, 2005, the Board of Directors declared a dividend of Cdn$0.08 per common share payable on July 27, 2005 to shareholders of record on July 13, 2005.

Total revenue increased from $437.9 million in the 2004 quarter to $504.8 million in the 2005 quarter mainly due to the acquisition of Abercrombie & Kent ("A&K"), partially offset by reduced real estate closings. Despite the increase in revenue, total Company EBITDA decreased from $128.1 million to $126.1 million as low margins in A&K, lower resort and travel operations EBITDA from Intrawest's British Columbian resorts and reduced real estate EBITDA offset growth in management services EBITDA. Net income was $68.8 million or $1.44 per diluted share in the 2005 quarter compared with $56.2 million or $1.17 per diluted share in 2004 quarter. Net income in the 2005 quarter was increased due to a significantly reduced income tax provision.

Resort and travel operations revenue increased from $299.5 million in the 2004 quarter to $391.4 million in the 2005 quarter. On July 2, 2004, Intrawest acquired a 67% interest in A&K, a worldwide luxury adventure-travel company, and the company consolidated A&K's results from the acquisition date. A&K generated $67.9 million of revenue in the 2005 quarter, principally from sales of travel tours. On December 15, 2004, Intrawest also acquired the remaining 55% of Alpine Helicopters that it did not already own and the incremental revenue in the 2005 quarter from their new ownership interest was $15.1 million. On a same-business basis (i.e., excluding A&K and 55% of Alpine Helicopters), resort and travel operations revenue increased 3% to $308.4 million, with the mountain resorts increasing from $289.3 million to $295.5 million and the warm-weather resorts increasing from $10.2 million to $12.9 million.

The rise in the value of the Canadian dollar from an average rate of US$0.76 in the 2004 quarter to US$0.80 in the 2005 quarter increased reported mountain resort revenue by $7.4 million. On a same-business, constant exchange rate basis, mountain resort revenue decreased by $1.2 million in the 2005 quarter due to a 16% decrease in revenue at their British Columbia resorts partially offset by a 7% increase in revenue at their eastern resorts and a 9% increase in revenue at Intrawest's western U.S. resorts.

Company resorts in British Columbia experienced the most challenging weather in 40 years, with heavy rainfall in mid-January followed by warm, dry conditions through mid-March. As a result, skier visits declined 16% at Whistler Blackcomb and 10% at Panorama. To compensate for sub-standard conditions, Intrawest discounted the prices of many of their products, which led to flat revenue per visit at Whistler Blackcomb and a 14% decline at Panorama. Business volumes at Alpine Helicopters were also affected by the difficult weather, resulting in a $1.8 million decrease in revenue based on their 45% interest. Our eastern resorts generally experienced good conditions during the 2005 quarter which, combined with the positive impact of an early Easter, increased skier visits by 8%. Revenue per skier visit at our eastern resorts (on a constant exchange rate basis) decreased 1%. Similarly, Intrawest's western U.S. resorts benefited from generally good conditions and realized a 3% increase in skier visits and a 5% increase in revenue per visit. The increase in visits would have been greater, however torrential rains in California in January closed roads and impacted visitation to Mammoth.

The $2.7 million or 26% increase in revenue from the warm-weather resorts in the 2005 quarter was primarily due to a 24% increase in occupied room nights at Sandestin, which drove higher retail, food and beverage, and activities revenue.

Resort and travel operations expenses increased from $198.5 million in the 2004 quarter to $294.4 million in the 2005 quarter, of which $65.0 million and $11.7 million, respectively, were due to the inclusion of A&K and 55% of Alpine Helicopters in the company's results. On a same-business basis, resort and travel operations expenses were $217.7 million in the 2005 quarter. Mountain resort expenses increased by $17.5 million to $202.8 million due mainly to the increased skier visits at Intrawest's U.S. western and eastern resorts, increased general and administrative costs of the recently formed Leisure and Travel Group and the impact on reported expenses of the higher Canadian dollar. The company's ability to reduce expenses at its British Columbia resorts in response to the shortfall in visits was limited given the high proportion of fixed costs at a ski resort and the incremental costs incurred on snow management and guest services. Expenses at the warm-weather resorts increased by $1.6 million to $14.9 million due mainly to higher business volumes at Sandestin.

Resort and travel operations EBITDA decreased from $100.9 million in the 2004 quarter to $97.0 million in the 2005 quarter. The acquisitions of A&K and 55% of Alpine Helicopters added $2.9 million and $3.4 million, respectively, to EBITDA while the impact of significantly reduced skier visits in British Columbia, net of other factors decreased it by $10.2 million. The decline in EBITDA reduced the margin on resort and travel operations from 33.7% in the 2004 quarter to 24.8% in the 2005 quarter. Excluding A&K, which has lower margins than Intrawest's other resort operations businesses due to the economics of the tour and travel industry, the margin would have been 29.1% in the 2005 quarter.