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ILX Resorts records $11.94 million operating loss in 2008
By Caroline Salls
Pittsburgh, March 31 - ILX Resorts Inc. posted an $11.94 million operating loss for the year ended Dec. 31 on $27.36 million in total revenues, according to a 10-K filed Tuesday with the Securities and Exchange Commission.
The figures showed a significant decline from the $1.51 million operating income posted for the year ended Dec. 31, 2007 on $48.56 million in total revenues.
The 2008 net loss was $8.66 million, widening from a $696,939 net loss in 2007.
ILX had $2.15 million in cash and cash equivalents at Dec. 31, down from $3.33 million at the end of 2007.
Phoenix-based ILX Resorts acquires, develops and operates timeshare resorts primarily in the western United States. The company filed for bankruptcy on March 2 in the U.S. Bankruptcy Court for the District of Arizona. Its Chapter 11 case number is 09-03594.
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