Another Timeshare Company Hit Hard: ILX Timeshare Resorts Report Loss
Thursday, November 20, 2008
ILX Resorts Inc., a developer and operator of timeshares in the Western part of the US, has released their corporate financial report showing a net loss for the third quarter. Currently ILX timeshares include locations in Arizona, Indiana, Colorado, and San Carlos, Mexico. The company also owns land in Puerto Penasco (Rocky Point), Mexico and Sedona, Arizona, which are in the final planning stages for timeshare development. ILX has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas and at the Scottsdale Camelback Resort in Scottsdale, Arizona through Premiere Vacation Club.
According to the ILX Resorts report, “Third quarter results include the write off of consumer notes receivable in excess of 90 days delinquent and the increase in the allowance for doubtful accounts as a percentage of performing notes receivable and performing notes sold with recourse to reflect a reduction in expectations of collectability of delinquent and performing loans based on recent economic, financial and credit conditions … Revenue from operations exclusive of the increased allowance and write off for the three months ended September 30, 2008 was $10.4 million as compared to $12.1 million for the comparable period in 2007.”
It’s Still a Good Time to Sell Timeshare
This is just one more timeshare developer story in a downturn economy. Surprisingly, some of today’s worst economic news may be the fact that the price of consumer goods have dropped. Decline in the core index (goods other than fuel and food) signals a deflationary economy. While a downturn in the price of goods seems, on the surface, to be positive, deflation can actually make matters worse, because it counters the impact of Federal cuts of the interest rate and it can make debts harder to pay off.
If you want to sell timeshare or rent timeshare, remember that despite the tough US market, you can advertise your timeshare resale or timeshare rental in an active and interested global marketplace by going to www.sellmytimesharenow.com