Idaho Strategic Resources (AMEX:IDR)
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From May 2019 to May 2024
INTRAWEST CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands of United States dollars)
JUNE 30, 2006 JUNE 30, 2005
(UNAUDITED) (AUDITED)
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(Restated)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 120,374 $ 140,878
Amounts receivable 200,648 194,258
Other assets 179,135 166,029
Resort properties 348,515 388,510
Future income taxes 33,528 29,927
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882,200 919,602
Amounts receivable 46,788 78,877
Resort and travel operations 1,046,397 1,034,187
Resort properties 398,241 403,252
Other assets 133,783 107,363
Investment in and advances to real
estate partnerships 138,200 109,037
Goodwill 21,473 27,483
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$ 2,667,082 $ 2,679,801
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Amounts payable $ 295,579 $ 275,176
Deferred revenue and deposits 193,428 233,469
Bank and other indebtedness 45,072 82,144
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534,079 590,789
Deferred revenue and deposits 104,290 132,866
Bank and other indebtedness 907,433 941,279
Future income taxes 70,774 92,010
Non-controlling interest 50,014 76,339
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1,666,590 1,833,283
SHAREHOLDERS' EQUITY:
Capital stock 491,095 469,162
Retained earnings 445,864 342,013
Foreign currency translation adjustment 63,533 35,343
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1,000,492 846,518
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$ 2,667,082 $ 2,679,801
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(Accompanying notes to Consolidated Financial Statements can be found on
http://www.intrawest.com/)
INTRAWEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
(in thousands of United States dollars, except per share amounts)
(unaudited)
THREE MONTHS ENDED JUNE 30 YEAR ENDED JUNE 30
2006 2005 2006 2005
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(Restated) (Restated)
RESORT AND TRAVEL OPERATIONS:
Revenue $ 193,919 $ 145,462 $ 936,116 $ 806,553
Expenses 210,966 160,901 847,428 707,002
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Resort and travel
operations contribution (17,047) (15,439) 88,688 99,551
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MANAGEMENT SERVICES:
Revenue 43,893 49,122 172,540 176,687
Expenses 37,380 42,262 135,536 133,658
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Management services
contribution 6,513 6,860 37,004 43,029
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REAL ESTATE DEVELOPMENT:
Revenue 203,056 338,318 488,610 627,515
Expenses 166,666 295,129 345,563 561,915
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36,390 43,189 143,047 65,600
Income from equity accounted
investments 3,519 (271) 4,542 2,039
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Real estate development
contribution 39,909 42,918 147,589 67,639
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Income before undernoted
items 29,375 34,339 273,281 210,219
Interest, other income and
other expenses 842 (318) 8,625 5,620
Interest expense (13,978) (12,509) (47,562) (44,165)
Corporate general and
administrative expenses (11,041) (5,235) (33,405) (20,571)
Depreciation and amortization (30,235) (16,259) (104,409) (71,837)
Call premium and unamortized
costs of senior notes redeemed - - - (30,173)
Write-down of stand-alone
golf course assets - (17,568) - (17,568)
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Income before income taxes
and non-controlling interest (25,037) (17,550) 96,530 31,525
Recovery of (provision for)
income taxes 1,970 (3,282) (8,120) 1,990
Non-controlling interest (1,206) 907 (33,079) (9,448)
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Income from continuing
operations (24,273) (19,925) 55,331 24,067
Results of discontinued
operations - 725 59,879 8,748
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Net income (24,273) (19,200) 115,210 32,815
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Retained earnings, beginning
of period as previously
stated 473,242 369,985 345,348 318,883
Prior period adjustment - (5,654) (3,335) (3,536)
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Retained earnings, beginning
of period as restated 473,242 364,331 342,013 315,347
Share repurchase adjustment - - (1,245) -
Dividends (3,105) (3,118) (10,114) (6,149)
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Retained earnings, end
of period $ 445,864 $ 342,013 $ 445,864 $ 342,013
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Income from continuing
operations per common share
Basic $ (0.49) $ (0.42) $ 1.14 $ 0.50
Diluted $ (0.49) $ (0.41) $ 1.12 $ 0.50
Net income per common share
Basic $ (0.49) $ (0.40) $ 2.37 $ 0.69
Diluted $ (0.49) $ (0.40) $ 2.33 $ 0.68
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Weighted average number of
common shares outstanding
(in thousands)
Basic 49,049 47,882 48,686 47,814
Diluted 49,936 48,175 49,407 47,924
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INTRAWEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of United States dollars)(unaudited)
THREE MONTHS ENDED JUNE 30 YEAR ENDED JUNE 30
2006 2005 2006 2005
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(Restated)
CASH PROVIDED BY (USED IN):
OPERATIONS:
Net income (loss) $ (24,273) $ (19,200) $ 115,210 $ 32,815
Items not affecting cash:
Results of discontinued
operations - (725) (59,879) (8,748)
Depreciation and
amortization 30,235 16,259 104,409 71,837
Income from equity
accounted investment (3,519) 271 (4,542) (2,039)
Amortization of financing
costs 660 663 2,608 2,484
Stock-based compensation 265 229 1,056 883
Amortization of benefit
plan - 292 - 1,159
Non-controlling interest 1,206 (907) 33,079 9,448
Write-down of stand-
alone golf assets - 17,568 - 17,568
Loss (gain) on asset
disposals 1,474 (177) 1,179 372
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Funds from continuing
operations 52 (14,887) 162,916 101,461
Recovery of costs through
real estate sales 160,170 312,529 339,067 534,315
Acquisition and development
of properties held
for sale (238,907) (208,993) (526,292) (486,629)
Changes in long-term
amounts receivable, net 3,633 (41,188) 20,846 2,703
Changes in non-cash
operating working capital 4,727 67,715 (43,793) 56,824
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(70,325) 115,176 (47,256) 208,674
Funds from discontinued
operations (10,806) 1,272 (10,541) 14,947
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(81,131) 116,448 (57,797) 223,621
FINANCING:
Proceeds from bank and
other borrowings 33,450 (63,928) 115,973 486,175
Repayments of bank and
other borrowings (22,919) (13,363) (147,735) (476,646)
Issue of common shares
for cash 1,511 1,762 21,745 3,635
Purchase of common shares - - (2,423) -
Dividends received - - 19,862 -
Distributions to
non-controlling interests 6,176 (1,801) (22,290) (17,734)
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15,113 (80,448) (24,982) (10,719)
INVESTMENTS:
Proceeds from
(expenditures on):
Resort and travel
operations assets (8,043) (13,784) (99,449) (79,375)
Investment in real estate
partnerships 25,284 (4,048) 27,452 (59,912)
Other assets (17,891) (7,803) (29,465) (22,227)
Business acquisitions,
net of cash acquired - (44) - (21,788)
Proceeds on sale of
business, net of cash
disposed of 20,813 - 149,087 -
Asset disposals 13,590 1,079 14,650 1,462
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33,753 (24,600) 62,275 (181,840)
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Increase (decrease) in cash
and cash equivalents (32,265) 11,400 (20,504) 31,062
Cash and cash equivalents,
beginning of period 152,639 129,478 140,878 109,816
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Cash and cash equivalents,
end of period $ 120,374 $ 140,878 $ 120,374 $ 140,878
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CONTACT: Mr. John Currie, chief financial officer, at (604) 669-9777 or Mr. Tim McNulty, director, investor relations, at (604) 623-6620 or at ; If you would like to receive future news releases by email, please contact
DATASOURCE: Intrawest Corporation
CONTACT: PRNewswire - - 09/12/2006