PHOENIX--(BUSINESS WIRE)--Dec. 19, 2002--ILX Resorts Incorporated (AMEX: ILX) board of directors has declared the first cash dividend in the company's history.
The initial $0.40 per share annual dividend will be paid in equal quarterly installments on the tenth (10th) business day of each calendar month following the end of each calendar quarter to common stockholders of record as of the last day of each calendar quarter in 2003, commencing with the quarter ending March 31, 2003.
It gives me great pleasure and tremendous pride in our team to announce this significant milestone in ILX corporate, history, said Joe Martori, Chairman and CEO of ILX Resorts, a leading developer, operator, and marketer of upscale, flexible-stay vacation ownership resorts in the western United States. This dividend declaration exemplifies the confidence that the board of directors and our management team have in our ability to continue to deliver positive same-quarter over same-quarter earnings growth as we have for the past thirteen quarters. In doing so, we will be in a position to return dividends to our shareholders while retaining sufficient earnings to invest in the future growth of our company.
Revenue for the third quarter 2002, the company's most recent reporting period, was $15.2 million, the highest for any third quarter in the company's history and 23.6% greater than the same period in 2001. Revenue from the sale of vacation ownership interests increased by 30% and net income for the third quarter 2002 of $633,903 reflects an increase of 22% more than the same period of the prior year.
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, 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.
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News