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Interval Leisure Group Reports Fourth Quarter And Full Year 2012 Results

Interval Leisure Group (Nasdaq: IILG) ("ILG") today announced results for the three months and full year ended December 31, 2012.

  • 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,





Year Ended

December 31,


Over Year

Metrics   2012   2011     2012   2011  
Revenue 110.7   99.5 11.2% 473.3   428.8 10.4%
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%
Gross profit 70.3 65.7 7.0% 305.1 287.4 6.2%
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%
Diluted EPS $0.27 $0.16 68.8% $0.71 $0.71 0.0%
Adjusted diluted EPS* $0.27 $0.16 68.8% $0.91 $0.71 28.2%
Adjusted EBITDA* 34.0 33.4 1.7% 157.2 151.0 4.1%
Balance sheet data   December 31, 2012   December 31, 2011        
Cash and cash equivalents 101.2 195.5
Debt 260.0 340.1
Year Ended

December 31,

Year Over


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)%            

* “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.


Fourth Quarter 2012 Consolidated Operating Results

Consolidated revenue for the quarter ended December 31, 2012 was $110.7 million, an increase of 11.2% compared to the fourth quarter of 2011.

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