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Press Release: ILX Resorts Incorporated
February 21, 2005
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 Feb. 18 its results for the fourth quarter ended
Dec. 31, 2004.
Net income from continuing operations for the fourth quarter of 2004 increased 27.8% to $652,000 as compared to
$510,000 in the same quarter of 2003. Net income, including discontinued operations, for the fourth quarter of
2004 increased to $615,000 as compared to a loss of $1.3 million for the comparable period in 2003. Basic and fully
diluted earnings per share from continuing operations were each $0.20, as compared to $0.17 each for the same quarter
of 2003. Basic and fully diluted earnings per share including discontinued operations were each $0.19, as compared
to a loss of $0.45 and $0.44, respectively, for the comparable period in 2003. Net income for the years ended Dec.
31, 2004 and 2003 was $2.7 million and $0.9 million, respectively. Basic and fully diluted earnings per share including
discontinued operations for the year ended Dec. 31, 2004, were $0.88 and $0.87, respectively, as compared to $0.30
and $0.29 for the year ended Dec. 31, 2003.
Revenue for the three and 12 months ended Dec. 31, 2004, was $14.4 million and $59.6 million. Revenue for the same
periods in 2003 was $15.6 million and $65.4 million. The decrease reflects the reduction in the scale of the Las
Vegas sales operation which commenced implementation during the fourth quarter of 2003.
"We are pleased to report fourth quarter results which reflect not only significant growth in net income year
over year, but also a substantial increase in income as a percentage of revenue," said Joe Martori, chairman
and CEO. "At the same time, we look forward to developing our recently opened Rancho Manana sales office to
its full potential. Rancho Manana's spectacular setting and fine amenities, together with its proximity to the
Phoenix metropolitan area, provide an exciting opportunity to market to both new customers and our existing owners."
ILX Resorts acquires, develops, and operates premier timeshare resorts primarily in the western United States that
provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes
seven resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, land adjacent to an existing
resort in northern Arizona on which it has commenced construction and 44 acres of land located in Las Vegas, on
the corner of Paradise Road and Tropicana Avenue proximate to the Las Vegas Airport, University of Nevada-Las Vegas
and the "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 and in addition has
acquired inventory at the Scottsdale Camelback Resort in Scottsdale, Ariz. For more information, visit: www.ilxresorts.com.
This news release may include "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, pending litigation and other risks detailed 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:
ILX Resorts Incorporated, Phoenix
Joseph P. Martori or Margaret Eardley, 602-957-2777
Source: ILX Resorts Incorporated