Date: Fri, 19 Dec 1997 02:12:19 GMT Server: GoSite-SSL/2.3 Connection: close Content-Type: text/html Last-Modified: Fri, 14 Nov 1997 18:40:58 GMT ETag: "79af2-1b8f-346c9b3a" Content-Length: 7055 Accept-Ranges: bytes
NEWS RELEASE
ILX RESORTS ANNOUNCES
RECORD REVENUE AND EARNINGS
PHOENIX, AZ - October 21, 1997 -- ILX Resorts Incorporated (NASDAQ:
ILEX) announced today the highest revenue for a third quarter and for any
quarter in the Company's history and the highest net income for any third
quarter in its history. Third quarter 1997 revenue of $10.08 million is more
than 19% greater than 1996, and third quarter 1997 net income of $637,000
increased by more than 27% over 1996.
"Our record third quarter
revenue reflects the strong growth of our core business: sales of vacation
ownership interests," said Joe Martori, chairman and chief executive
officer of ILX Resorts Incorporated.
"While all of our properties performed well, we continue to he
particularly pleased with the sales and profit contributions of our first
Varsity Clubs of America project near the University of Notre Dame. Net income
of ILX Resorts for the quarter surpassed any previous third quarter, in spite of
the impact of start up expenses of two sales offices, including a pre-opening
sales office for our second Varsity Clubs of America, which is presently under
construction near the University of Arizona in Tucson. "
ILX
Resorts Incorporated develops, operates and markets upscale vacation ownership
resorts and hotels. It is currently marketing interests in projects located in
Sedona and Payson, Arizona, and in Hawaii, Colorado, Florida and Mexico. Its
wholly-owned subsidiary, Varsity Clubs of America Incorporated, is developing
all-suite, interval ownership hotels near prominent universities, with its first
project near the University of Notre Dame in Indiana and second within three
miles of the University of Arizona in Tucson.
Quarter Ended Sept. 30, | Nine months Ended Sept. 30, | Fiscal Year Ended Dec. 31, | ||||
1997 | 1996 | 1997 | 1996 | 1996 | 1995 | |
Revenues | $10,081,841 | $8,472,019 | $26,862,815 | $24,311,617 | $32,150,809 | $32,706,130 |
Net Income | $637,019 | $498,787 | $1,166,046 | $850,758 | $1,051,116 | $624,663 |
Net Income Per Share | $0.04 | $0.03 | $0.08 | $0.06 | $0.08 | $0.05 |
Total Assets | $43,637,521 | $40,796,760 | $43,637,521 | $40,796,760 | $41,274,905 | $37,752,513 |
Total Shareholders Equity | $16,741,910 | $14,986,454 | $16,741,910 | $14,996,454 | $15,175,120 | $13,775,102 |
Common Shares Outstanding | 13,462,162 | 13,019,426 | 13,462,162 | 13,019,426 | 13,024,290 | 12,625,757 |
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Contacts:
Joseph P.
Martori, Chairman and CEO -- (602) 957-2777