About ILX - News Releases
ILX Resorts Reports Record Third Quarter Results
Increases in upgrades and new Las Vegas Sales Center accounts for 30% increase in timeshare revenues
Phoenix, Arizona - October 25, 2002 - ILX RESORTS INCORPORATED (AMEX: ILX), a leading developer, operator and marketer of upscale, flexible-stay vacation ownership resorts in the western United States, announced its results for three months ended September 30, 2002. Revenue for the third quarter 2002 of $15.2 million was the highest for any third quarter in the company's history and 23.6% greater than the same period in 2001. Revenues from the sale of vacation ownership interests increased by 30%. Net income for the third quarter 2002 of $633,903 reflects an increase of 22% more than the same period of the prior year.
Earnings per share were $0.21 for the third quarter 2002, as compared to $0.16 for the comparable period in 2001. Fully diluted earnings per share increased to $0.20 for the third quarter and $0.85 year-to-date from $0.16 and $0.49, respectively, for the same periods in 2001, representing growth of 25% and 73%.
"We are pleased to report record revenue growth for the third quarter 2002. This is due in no small part to the opening of our Las Vegas Sales Center in January 2002," said Joe Martori, Chairman and CEO. "In addition to generating sales to first-time buyers, we continue to see a positive trend in additional sales and upgrades to existing timeshare owners. The potential of the Las Vegas Sales Center will intensify as the development of Premiere Park continues in 2002 and beyond."
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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