About ILX - News Releases
ILX RESORTS REPORTS INCREASED NET INCOME
PHOENIX, ARIZONA - July 28, 2004 - 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 six months ended June 30, 2004.
Net income for the second quarter of 2004 increased 13.0% to $1.2 million as compared to $1.0 million for the same quarter in 2003. Basic and fully diluted earnings per share were $0.40 and $0.39, respectively, as compared to $0.35 both basic and fully diluted for the same quarter in 2003. Net income, basic and fully diluted earnings per share for the six months ended June 30, 2004 were $1.3 million, $0.42 and $0.41.
Revenue for the three and six months ended June 30, 2004 was $16.9 million and $30.0 million. Revenue for the same periods in 2003 was $17.5 million and $32.2 million. The decrease reflects the reduction in scale of the Las Vegas sales operation.
“We are pleased with the strong performance in our core business of sales of vacation ownership interests,” said Joe Martori, Chairman and CEO. “The recent additions to Premiere Vacation Club of Scottsdale Camelback Resort and Rancho Mañana Resort, as well as the anticipated construction of new units at the Roundhouse Resort, in Pinetop, Arizona, should continue to provide positive results in our core business.”
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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