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, 2001.
Revenue for the fourth quarter of 2001 of $11.6 million was the highest for a fourth quarter in the Company’s history and was 3.4% greater than the same period in 2000. Revenue for the twelve months ended December 31, 2001 of $48.3 million was also a record, and a 12.2% increase over 2000. Net income of $368,000 for the fourth quarter and $2.0 million for the year reflect increases of 41.2% and 32.5% more than the prior year, respectively.
Earnings per share were $0.12 for the fourth quarter and $0.62 for the twelve months ending December 31, 2001. This compares favorably with 2000 earnings per share of $0.07 for the fourth quarter and $0.40 through December 31, 2000. Fully diluted earnings per share increased to $0.12 for the fourth quarter and $0.61 year-to-date from $0.07 and $0.39 for the same periods in 2000, increasing 71.4% and 56.4% year-to-year.
“We are pleased to report the highest revenue for a fourth quarter in our history as well as the continuation of percentage growth in net income that exceeds growth in revenue, in spite of reduced tourist travel and a tightening economy.” said Joe Martori, Chairman and CEO. “Customers are prioritizing their commitments to spending quality time with family and friends. Our products fulfill their needs, in settings of spectacular natural beauty just a short drive from home, yet far away from everyday life. We look forward to building on our strong 2001 performance with the January 2002 opening of our Las Vegas Sales Center, located proximate to the Strip in Premiere Park. We are optimistic about the potential of this new sales venue. Not only does it provide access to Las Vegas` enormous tourist population, but the product we are offering, Premiere Vacation Club, is very well suited to the vacation styles of those visitors. Through Premiere Vacation Club, owners may vacation in Las Vegas, as well as the collection of ILX specialty resorts located in unique, yet conveniently accessible, destinations. The potential of the Las Vegas sales office will be further enhanced as development of Premiere Park continues in 2002 and beyond.”
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 and continues to acquire 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.