ILX Resorts posts $907,242 of third-quarter operating income

By Caroline Salls

Pittsburgh, Nov. 10 - ILX Resorts Inc. reported $907,242 of operating income for the quarter ended Sept. 30 on $8.13 million of revenues, according to a 10-Q filed with the Securities and Exchange Commission.

The figures showed improvement from the $11.65 million operating loss posted for the quarter ended Sept. 30, 2008 on negative revenues of $4.12 million.

The net income for the third quarter of 2009 was $12,540, compared with a $7.35 million net loss for the same period of 2008.

Meanwhile, the company recorded $1.79 million of operating income for the nine months ended Sept. 30 on $25.05 million of revenues, improving from an $11.69 million operating loss for the nine months ended Sept. 30, 2008 on $17.76 million of revenues.

The net loss for the first three quarters of this year was $659,727, narrowing from an $8.17 million net loss for the first three quarters of last year.

ILX had $1.55 million of cash and cash equivalents at Sept. 30, down from $2.15 million at Sept. 30, 2008.

According to the 10-Q, the company continues to assess its liquidity position in connection with its reorganization status, the scarcity of capital and uncertainty of the credit markets, current economic conditions, sales challenges and the expenses associated with its Chapter 11 bankruptcy proceedings.

Phoenix-based ILX Resorts acquires, develops and operates timeshare resorts primarily in the western United States. The company filed for bankruptcy on March 2, 2009 in the U.S. Bankruptcy Court for the District of Arizona. Its Chapter 11 case number is 09-03594.

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