ILX Resorts reports $1.41 million second-quarter operating income

By Caroline Salls

Pittsburgh, Aug. 13 - ILX Resorts Inc. reported $1.41 million of total operating income for the quarter ended June 30 on $9.23 million of total revenues, according to a 10-Q filed with the Securities and Exchange Commission.

In comparison, the company posted $362,786 of total operating income for the quarter ended June 30, 2008 on $11.45 million of total revenues.

The net income for the second quarter of 2009 was $374,442, improving from a $173,640 net loss for the second quarter of 2008.

ILX posted $23,332 of net income for the first six months of this year on $16.92 million in total revenues, compared with a $39,207 operating loss for the first six months of last year on $21.87 million in total revenues.

The net loss for the first half of 2009 was $672,267, narrowing from an $819,560 net loss for the first half of 2008.

The company had $1.4 million in cash and cash equivalents at June 30, down from $2.15 million at Dec 31, 2008.

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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