Intrawest Resorts Holdings (SNOW) saw its loss narrow to $44.40 million, or $1.12 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $47.04 million, or $1.04 a share.     

Revenue during the quarter dropped 6.64 percent to $80.48 million from $86.20 million in the previous year period. Operating margin for the quarter stood at negative 40.28 percent as compared to a negative 36.42 percent for the previous year period.

Operating loss for the quarter was $32.42 million, compared with an operating loss of $31.40 million in the previous year period.

Adjusted EBITDA for the quarter stood at negative $13.93 million compared to negative $14.15 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 17.31 percent for the quarter compared to negative 16.42 percent in the last year period.  

"Our first quarter results reflect strong summer visitation at our resorts and diligent management of expenses. We are pleased with the progress we have made the past two years in reducing our first quarter losses, and we consider summer to be an ongoing opportunity for future growth," stated Tom Marano, chief executive officer. “With $116.3 million of cash as of September 30, 2016, and the amendment to our credit agreement in October to reduce the applicable margin on our term loan by 50 basis points, we continue to improve our capital structure and position the Company for long-term growth. Season pass sales and CMH winter reservations remain strong, and we look forward to delivering exceptional experiences to our guests in the upcoming ski season."