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ILX Resorts Reports Record Fourth Quarter and Annual Results |
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Increases in Upgrades, Owner Conversions, and Solid Sales at Las Vegas and Sedona Sales Centers Accounts for Significant Increases in Timeshare Revenues and Earnings
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ILX RESORTS INCORPORATED (AMEX: ILX), announced that its revenues for the fourth quarter 2002 of $15.5 million, were the highest for any fourth quarter in the company's history and 33.6% greater than the same period in 2001.
Revenues from the sale of vacation ownership interests increased by 56.8%. Net income for the fourth quarter 2002 of $477,906 reflects an increase of 29.9% more than the same period of the prior year. Earnings per share for the fourth quarter 2002 were $0.16, as compared to $0.12 for the comparable period in 2001.
Revenues for the year grew by 21.3% with net income growth of 51.8% compared to 2001. Fully diluted earnings per share increased to $1.01 in 2002 from $0.61 in the prior year, representing an increase of 65.6%.
"We are very pleased to report continued significant growth for the fourth quarter and year ended December 31, 2002. Despite a decrease in tourist travel, sales at our Las Vegas and Sedona Sales Centers were solid," 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 our existing owners. The potential of the Las Vegas Sales Center will be further realized as the development of Premiere Park continues in 2003 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 to. It also, through Premiere Vacation Club, has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas.
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