PHOENIX--(Business Wire)--
ILX Resorts Incorporated (AMEX: ILX), a leading developer,
operator and marketer of upscale flexible-stay vacation ownership
resorts in the western United States, announced a net loss for the
first quarter of 2008 of $632,847 or $0.18 per share both basic and
diluted. This represents a modest improvement from the first quarter
2007 loss of $653,199 or $0.19 per share both basic and diluted.
Revenue for the three months ended March 31, 2008 was $10.4
million as compared to $11.2 million for the comparable period in
2007. The decrease in revenue is due largely to the June 2007 closure
of the Rancho Manana Sales Office.
"In January and February we experienced certain aberrations
relating to our Sedona sales office," said Joe Martori, Chairman and
CEO. "Although resolved in March, this reduced opportunity to sell,
coupled with continued expense recognition of legal fees as incurred
for the defense of litigation, negatively impacted profitability. On a
more positive note, the Nevada court has granted and reaffirmed our
motion to dismiss this litigation and has also awarded us legal fees."
He continued, "I am pleased to report that to date, the impact on our
business of general economic conditions has been relatively mild. Our
vacation products, which let consumers vacation well, yet affordably,
are suited to current consumer desires and we look forward to
combining the cost reductions and operating efficiencies put in place
in late 2007 and early 2008 with a focus on sales of vacation
ownership in our major markets."
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 eight resorts in Arizona, one in
Indiana, one in Colorado, one in San Carlos, Mexico and land in Puerto
Penasco ("Rocky Point"), Mexico and Sedona, Arizona, both of which are
in the final planning stages. 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, Arizona. For more
information, visit: www.ilxresorts.com.
Forward-Looking Statements; Risks and Uncertainties
Statements contained in this document that disclose the Company's
or management's intentions, expectations or predictions of the future
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Company cautions that
these statements involve risks and uncertainties and other factors
that may cause results to differ materially from those anticipated at
the time such statements are made. For example, future results,
performance and achievements may be affected by our ability to
successfully implement our strategic, operational and marketing plans,
general economic conditions, the impact of war and terrorist activity,
business and financing conditions, governmental and regulatory
actions, the cyclicality of the vacation ownership industry,
relationships with key employees, domestic and international political
and geopolitical conditions, competition, downturns in leisure travel
patterns, risk associated with the level and structure of our
indebtedness, and other circumstances and uncertainties. We believe
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, but we can give no assurance that
our expectations will be attained or that results will not materially
differ. We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
ILX Resorts Incorporated, Phoenix
Joseph P. Martori or Margaret Eardley, 602-957-2777
Copyright Business Wire 2008
