ILX Resorts Discontinues Common Stock Dividend
DECEMBER 14, 2007. ILX Resorts Incorporated (AMEX: ILX) announced that it will not pay the last quarterly installment of the $0.50 per share annual dividend for the calendar year 2007 previously announced on September 25, 2006, and will discontinue the payment of dividends on its common shares until further notice. The Company has determined that discontinuance of the dividend for the near term will allow it to preserve liquidity for operations and provide capital for growth. Common stock dividends total more than $1.75 million per year, approximately $1 million of which are paid in cash.
"We believe it is prudent at this time to preserve cash to fund growth, with a view to considering resumption of cash dividends as operating performance and available capital resources relative to growth and investment opportunities warrant," said Joe Martori, Chairman and CEO.
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 Pe~nasco ("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.
For more information, contact Joseph P. Martori, Chairman or Margaret Eardley, Chief Financial Officer, at 602-957-2777.
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