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TheStreet Open House

Interval Leisure Group Reports Third Quarter 2012 Results

Interval Leisure Group (Nasdaq: IILG) ("ILG") today announced results for the three months ended September 30, 2012.

THIRD QUARTER 2012 HIGHLIGHTS

  • ILG consolidated revenue increased year over year by 9.8%
  • The Company generated third quarter adjusted diluted earnings per share of $0.19
  • Interval International added 27 new resort affiliations and increased member count by 3.6%
  • Management fee and rental revenue improved by 51.8%
  • ILG free cash flow of $53.7 million year to date
  • Redeemed our $300 million, 9.5% senior notes on September 4, 2012 by drawing on our $500 million revolving credit facility at an initial interest rate of LIBOR plus 1.75%.

"Interval Leisure Group continues to diversify its fee-for-service offerings in the non-traditional leisure market. Consolidated revenue grew by nearly 10% over last year as a result of growth in the management and rental segment," said Craig M. Nash, Chairman, President and Chief Executive Officer of Interval Leisure Group. “We continue to execute our long term strategy to broaden ILG’s footprint and position the Company for long term success.”

Financial Summary & Operating Metrics (in millions, except per share amounts and percentages)

   
Three Months Ended

September 30,

Quarter

Over Quarter

Metrics   2012   2011  

Change

Revenue $117.2   $106.7 9.8%
Membership and Exchange revenue $86.1 $86.2 (0.2)%
Management and Rental revenue $31.1 $20.5 51.8%
Gross profit $75.5 $72.0 4.8%
Net income attributable to common stockholders $0.1 $11.4 (98.7)%
Adjusted net income* $11.0 $11.4 (3.4)%
Diluted EPS $0.00 $0.20 (100.0)%
Adjusted diluted EPS* $0.19 $0.20 (5.0)%
Adjusted EBITDA*   $38.1   $38.3   (0.6)%
Balance sheet data  

September 30, 2012

 

December 31, 2011

   
Cash and cash equivalents $132.0 $195.5
Debt   $290.0   $340.1    
Nine Months Ended

September 30,

Year

Over Year

Cash flow data   2012   2011  

Change

Net cash provided by operating activities $64.1 $76.9 (16.6)%
Free cash flow*   $53.7   $66.9   (19.8)%

* “Adjusted net income”, “Adjusted diluted EPS”, “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

Third Quarter 2012 Consolidated Operating Results

Consolidated revenue for the third quarter ended September 30, 2012 was $117.2 million, an increase of 9.8% from $106.7 million for the third quarter of 2011. The increase was driven by the incremental revenue contribution from our Management and Rental segment, primarily reflecting the February 2012 acquisition of Vacation Resorts International (VRI).

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