About ILX - News Releases
ILX Resorts Reports First Quarter Results
PHOENIX, ARIZONA - April 29, 2003 - ILX RESORTS INCORPORATED (AMEX: ILX) a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the western United States, announced today its results for the three months ended March 31, 2003.
Revenue for the first quarter of 2003 of $14.8 million was the highest for any first quarter in the Company's history and 24.6% greater than the same period in 2002 of $11.8 million. Net income for the first quarter of 2003 was $485,000, and both basic and fully diluted earnings per share were $0.16. For the same period last year net income, basic and fully diluted earnings per share were $396,000, $0.13 and $0.13, excluding the gain on a sale-leaseback transaction in that quarter, and $747,000, $0.25 and $0.24, including that transaction.
"We are pleased to report continued growth in both revenue and profits from our core businesses," said Joe Martori, Chairman and CEO. "The conflict in Iraq and other world events of the first quarter were distracting and unsettling for consumers. Despite the uncertainty, both new customers and our existing owners made the clear choice to enjoy quality vacations with their families by purchasing vacation ownership with ILX Resorts. We are inspired by our customers' demonstrated commitment to spending time together in special ways and continued resolve to pursue their dreams even in challenging times. We look forward to further revenue growth as we expand contact with our large base of local owners through our newly-opened office in Phoenix."
ILX Resorts acquires, develops, and operates premier timeshare resorts primarily in the western United States that provide its owners with extraordinary vacation experiences. ILX´s portfolio of world-class properties includes eight resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico and land in Puerto Peñasco ("Rocky Point"), Mexico and Sedona, Arizona, both of which are in the early planning stages. It also, through Premiere Vacation Club, has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas and in addition has acquired inventory at the Scottsdale Camelback Resort in Scottsdale, Arizona. For more information, visit: www.ilxresorts.com.
For more information, contact Joseph P. Martori, Chairman or Margaret Eardley, Chief Financial Officer, at 602-957-2777.
This news release may include "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company´s control. Actual results could differ materially from these forward-looking statements as a result of a number of factors, including but not limited to, economic conditions, the Company´s need for additional financing, intense competition in various aspects of its business, the risks of growth, its dependence on key personnel, and other risks detailed in ILX´s Securities and Exchange Commission reports. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. ILX Resorts Incorporated does not assume any duty to publicly update or revise the material contained herein.
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