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ILX Resorts Reports Increased Net Income |
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ILX Resorts Incorporated (AMEX: ILX), a 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 20, 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 Manana Resort, as well as the anticipated construction of new units at the Roundhouse Resort, in Pinetop, Ariz., 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 seven resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, land adjacent to an existing resort in northern Arizona and 44 acres of land one mile from the Las Vegas Strip, to both of which the company holds development rights. 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, Ariz.
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