ILX RESORTS INCORPORATED (AMEX: ILX) a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the Western United States, announced today its results for the quarter and year ended December 31, 2000.
Revenue for the fourth quarter of 2000 of $11.2 million was the highest for any fourth quarter in the Company’s history and 9.5% greater than the same period in 1999. Revenue for the year ended December 31, 2000 of $43.1 million was also a record, reflecting a 6.5% increase over 1999. The revenue increases reflect growth in the Company’s core business of sales of vacation ownership interests. Net income for fourth quarter 2000 of $261,000 reflects a 221% increase over $81,000 for the same period in 1999 while net income for the year 2000 of $1,533,000 is 118% greater than $703,000 in earnings in 1999. Diluted earnings per share were $0.07 and $0.39 for the fourth quarter and year ended December 31, 2000, compared to $0.02 and $0.16 for the same periods in 1999.
“We are pleased to report not only revenue growth, but more importantly, significant increases in net income as a percentage of revenue,” said Joe Martori, Chairman and CEO. “Net income and net income as a percentage of revenue for fourth quarter 2000 more than tripled, and for year 2000 more than doubled 1999 performance.
Martori continued, “The substantial growth in both revenue and profitability reflects the achievement of our objectives of expanding marketing efforts in our most productive venues, and simultaneously reducing the cost of tour generation. We will continue to focus on optimizing the effectiveness of our marketing operations, including capitalizing on new opportunities, as well as anticipating and proactively addressing trends in our existing programs.”
ILX Resorts Incorporated develops, operates and markets upscale vacation ownership resorts. The Company owns, operates and markets interests in five resort properties in Arizona and Colorado, as well as two Varsity Clubs of America properties, one in Indiana (near the University of Notre Dame) and one in Tucson, Arizona (near the University of Arizona). The Company has an additional property in San Carlos, Mexico that it markets through its Premiere Vacation Club. It recently began a mixed-use development project in Las Vegas, Nevada.