PHOENIX--(BUSINESS WIRE)--Oct. 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 in the western United States that provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes six 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, 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.
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