Interval Leisure Group (Nasdaq: IILG) ("ILG") today announced results for the three months and full year ended December 31, 2012.
FOURTH QUARTER AND FULL YEAR 2012 HIGHLIGHTS
- ILG consolidated fourth quarter revenue increased by 11.2% from the same period last year, while full year revenue increased by 10.4%.
- The Company generated fourth quarter diluted earnings per share of $0.27, up 68.8% from the prior year period. Full year adjusted diluted earnings per share were $0.91, an increase of 28.2% year-over-year.
- Interval Network member count increased 2.4% over last year. Full year total transaction revenue was higher by 3.2% year-over-year.
- Fourth quarter Management and Rental segment revenue increased by 47.8%. Full year Management and Rental revenue increased by 45.7%. Segment adjusted EBITDA rose by 87.6% year-over-year.
- ILG declared its first regular quarterly dividend in March 2012. During 2012, ILG paid $28.4 million, or fifty cents per share in dividends, including the acceleration of first quarter 2013.
- Free cash flow was $65.4 million for 2012.
"Interval Leisure Group has made significant progress in expanding its role in the shared ownership market. We are pleased with the more than 10% growth in consolidated revenue, as this is more than twice the top line growth we saw in 2011. Additionally, adjusted EBITDA increased by 4.1% for the full year," said Craig M. Nash, Chairman, President and Chief Executive Officer of Interval Leisure Group. "We remain focused on deploying capital through strategic transactions as we continue to execute on our long-term strategy.”
Financial Summary & Operating Metrics (USD in millions except per share amounts)
|Three Months Ended December 31,||Quarter Over Quarter Change||Year Ended December 31,||Year Over Year Change|
|Membership and Exchange revenue||81.0||79.4||2.0%||357.7||349.4||2.4%|
|Management and Rental revenue||29.7||20.1||47.8%||115.6||79.4||45.7%|
|Net income attributable to common stockholders||15.3||9.0||69.8%||40.7||41.1||(1.0)%|
|Adjusted net income*||15.3||9.0||69.8%||52.0||41.1||26.3%|
|Adjusted diluted EPS*||$0.27||$0.16||68.8%||$0.91||$0.71||28.2%|
|Balance sheet data||December 31, 2012||December 31, 2011|
|Cash and cash equivalents||101.2||195.5|
|Year Ended December 31,||Year Over Year Change|
|Cash flow data||2012||2011|
|Net cash provided by operating activities||80.4||95.9||(16.1)%|
|Free cash flow*||65.4||82.9||(21.1)%|
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