Interval Leisure Group (Nasdaq: IILG) (“ILG”) today announced results for the three months ended June 30, 2012.
SECOND QUARTER 2012 HIGHLIGHTS
- Earnings per share of $0.18 vs. $0.13 in the prior year, an increase of 38.5%.
- ILG consolidated revenue grew 12.4% year-over-year.
- Membership and Exchange segment revenue increased 2.7%.
- Management and Rental segment revenue is up 59.0%. Excluding pass-through revenue, Management and Rental segment revenue is up 99.7%.
- Consolidated Adjusted EBITDA increased by 6.8% year-over-year.
- Total active Interval Network members at June 30, 2012 rose 3.0% compared to June 30, 2011.
- Revenue per Available Room (“RevPAR”) at Aston grew 23.5% compared to prior year.
- Entered into an amended and restated $500 million revolving credit facility in June, prior to issuing in July a notice to redeem our $300 million senior notes on September 4, 2012.
“Interval Leisure Group posted solid results for the second quarter of 2012. With 12.4% top-line and 6.8% Adjusted EBITDA growth, we once again demonstrated the strength of our fee-for-service businesses,” said Craig M. Nash, Chairman, President and Chief Executive Officer of Interval Leisure Group. “Additionally, we are benefitting from the positive contributions of our acquisitions.”
Financial Summary & Operating Metrics (in millions, except per share amounts and percentages)
|Three Months Ended||
|Membership and Exchange revenue||$||89.7||$||87.4||2.7||%|
|Management and Rental revenue||$||28.9||$||18.2||59.0||%|
|Net income attributable to common stockholders||$||10.1||$||7.5||34.0||%|
|Balance sheet data||
|Cash and cash equivalents||$||121.1||$||195.5|
|Six Months Ended||
|Cash flow data||2012||2011||
|Net cash provided by operating activities||$||50.2||$||56.8||(11.6||)%|
|Free cash flow*||$||42.9||$||50.7||(15.5||)%|
* “Adjusted EBITDA” and “Free cash flow” are non-GAAP measures as defined by the Securities and Exchange Commission (the “SEC”). Please see “Presentation of Financial Information,” “Glossary of Terms” and “Reconciliations of Non-GAAP Measures” below for an explanation of non-GAAP measures used throughout this release.
DISCUSSION OF RESULTS
Second Quarter 2012 Consolidated Operating ResultsConsolidated revenue for the second quarter ended June 30, 2012 was $118.7 million, an increase of 12.4% from $105.6 million for the second quarter of 2011.
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