ILX Resorts Reports First Quarter

PHOENIX. April 29, 2003. 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 three months ended March 31, 2003.

Revenue for the first quarter of 2003 of $14.8 million was the highest for any first quarter in the Company`s history and 24.6% greater than the same period in 2002 of $11.8 million. Net income for the first quarter of 2003 was $485,000, and both basic and fully diluted earnings per share were $0.16. For the same period last year net income, basic and fully diluted earnings per share were $396,000, $0.13 and $0.13, excluding the gain on a sale-leaseback transaction in that quarter, and $747,000, $0.25 and $0.24, including that transaction.
“We are pleased to report continued growth in both revenue and profits from our core businesses,” said Joe Martori, Chairman and CEO. “The conflict in Iraq and other world events of the first quarter were distracting and unsettling for consumers. Despite the uncertainty, both new customers and our existing owners made the clear choice to enjoy quality vacations with their families by purchasing vacation ownership with ILX Resorts. We are inspired by our customers` demonstrated commitment to spending time together in special ways and continued resolve to pursue their dreams even in challenging times. We look forward to further revenue growth as we expand contact with our large base of local owners through our newly-opened office in Phoenix.”
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. For more information, visit: .

For more information, contact Joseph P. Martori, Chairman or Margaret Eardley, Chief Financial Officer, at 602-957-2777.