Press Release: ILX Resorts Incorporated
February 5, 2002
PHOENIX, AZ -- ILX Resorts Incorporated (AMEX: ILX), a leading developer, operator and marketer of upscale flexible-stay
vacation ownership resorts in the western United States, Monday announced its results for the quarter and year
ended Dec. 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 12 months ended Dec. 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 12 months ending Dec. 31, 2001. This compares
favorably with 2000 earnings per share of $0.07 for the fourth quarter and $0.40 through Dec. 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 chief executive officer. ``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.
For more information, contact Joseph P. Martori or Margaret Eardley, chief financial officer, at 602/957-2777.
This news release constitutes certain ``forward-looking statements.'' Forward-looking statements are based on current
expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted
or quantified and many of which are beyond the company's control.
Actual results could differ materially from these forward-looking statements as a result of a number of factors,
including, but not limited to, economic conditions, the company's need for additional financing, intense competition
in various aspects of its business, the risks of growth, its dependence on key personnel and other risks detailed
from time to time in ILX's Securities and Exchange Commission reports.
Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking
statements and no assurances can be given that such statements will be achieved.
ILX Resorts Incorporated does not assume any duty to publicly update or revise the material contained herein.
Selected Financial Data
Quarter Ended Dec. 31 Twelve Months Ended Dec. 31
2001 2000 2001 2000
---- ---- ---- ----
Revenue $11,592,906 $11,216,246 $48,308,521 $43,053,843
Operating Income $1,200,685 $1,065,330 $5,959,239 $5,321,352
Net Income $368,027 $260,731 $2,031,614 $1,533,238
Net Income Per
Share - Basic $0.12 $0.07 $0.62 $0.40
Net Income Per
Share - Fully
Diluted $0.12 $0.07 $0.61 $0.39
Total Shareholder
Equity $25,785,013 $25,835,446 $25,785,013 $25,835,446
Common Shares
Outstanding at
Period End 2,932,002 3,447,692 2,932,002 3,447,692
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Contact:
ILX Resorts Incorporated, Phoenix
Joseph P. Martori or Margaret Eardley, 602/957-2777