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 six months ended June 30, 2001.
Revenue for the second quarter of 2001 of $13.2 million was the highest in the Company`s history and 19.5% greater than the same period in 2000. Revenue for the six months ended June 30, 2001 of $24.4 million was also a record, and a 16.2% increase over 2000. Net income of $763,000 for the second quarter and $1.1 million for the six months reflects an increase of 28.7% and 20.5% more than the prior year, respectively.
Earnings per share were $0.23 for the second quarter and $0.34 for the six months ending June 30, 2001. This compares favorably with 2000 earnings per share of $0.17 for the second quarter and $0.23 through June 30, 2000. Fully diluted earnings per share increased to $0.22 for the second quarter and $0.33 year-to-date from $0.16 and $0.22 for the same periods in 2000.
“We are pleased to report not only substantial and continued revenue growth, but even more importantly, percentage growth in our net income that exceeds our growth in revenue.” said Joe Martori, Chairman and CEO. “Our solid performance, coupled with the reduction in outstanding shares as a result of our stock repurchases, have resulted in a 50% increase in our fully diluted per-share earnings in the first half of 2001 over the prior year. We look forward to continuing to capitalize on our strategic advantages, militating in favor of orderly growth, while remaining focused on our core business of sales of vacation ownership interests. We remain committed to cost efficiency and effectiveness in our execution. At the same time, we are enthusiastic about future opportunities on the horizon, including the development of our recently acquired 44-acre leasehold interest proximate to the Las Vegas Strip, to be known as The Kaleidoscope at McCarran.”
ILX Resorts Incorporated develops, operates and markets upscale vacation ownership resorts. The Company`s current portfolio of resorts consists of six resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, and land adjacent to an existing resort in northern Arizona for which the company holds development rights. It also, through Premiere Vacation Club, has acquired inventory at the Carriage House in Las Vegas. The Company markets its vacation ownership interests primarily through its Premiere Vacation Club. Internet users can visit the ILX Resorts Incorporated web site at http://www.ilxresorts.com.