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Press Release: ILX Resorts
October 28, 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, announced its results for three months ended September
30, 2002.
Revenue for the third quarter 2002 of $15.2 million was the highest for any third quarter in the company's history
and 23.6% greater than the same period in 2001. Revenues from the sale of vacation ownership interests increased
by 30%. Net income for the third quarter 2002 of $633,903 reflects an increase of 22% more than the same period
of the prior year.
Earnings per share were $0.21 for the third quarter 2002, as compared to $0.16 for the comparable period in 2001.
Fully diluted earnings per share increased to $0.20 for the third quarter and $0.85 year-to-date from $0.16 and
$0.49, respectively, for the same periods in 2001, representing growth of 25% and 73%.
"We are pleased to report record revenue growth for the third quarter 2002. This is due in no small part to
the opening of our Las Vegas Sales Center in January 2002," said Joe Martori, Chairman and CEO. "In addition
to generating sales to first-time buyers, we continue to see a positive trend in additional sales and upgrades
to existing timeshare owners. The potential of the Las Vegas Sales Center will intensify as the development of
Premiere Park continues in 2002 and beyond."
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, 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: www.ilxresorts.com.
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.
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Contact:
Investor and Media Contact:
The Investor Relations Group
Tom Caden/Dian Griesel
Janet Vasquez
212/825-3210
Source: ILX Resorts