Interval Leisure Group Inc. (IILG: Quote, IILGV), a provider of membership and leisure services to the vacation industry, Tuesday reported higher profit for the second quarter, benefiting from increased revenues. The stock gained over 6 percent in the extended trade.
Net income attributable to common shareholders advanced to $10.05 million or $0.18 per share from $7.5 million or $0.13 per share in the year-ago period.
During the quarter, the firm recorded a $0.6 million non-cash, pre-tax charge associated with the extinguishment of its term loan in connection with entering into an amended and restated $500 million revolving credit facility.
On average, 3 analysts polled by Thomson Reuters expected earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.
Excluding the impact of non-cash compensation as well as other non-operating income and expenses, adjusted EBITDA increased 6.8 percent to $37.3 million.
Consolidated revenue climbed 12.4 percent to $118.67 million from $105.55 million in the comparable quarter last year. Analysts expected revenues of $112.93 million for the quarter.
Membership and Exchange segment revenue grew 2.7 percent to $89.7 million. Total active Interval Network members at the end of the quarter was 1,860,000, up 3 percent from last year. Average revenue per member was $45.11, largely consistent with last year.
Management fee and rental revenue surged 99.7 percent, primarily due to the incremental contribution from Vacation Resorts International subsequent to the acquisition, higher revenue generated by Trading Places International and improvement in RevPAR at Aston that grew to $117.49 from $95.12.
Craig Nash, CEO of Interval Leisure Group, said, "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. Additionally, we are benefiting from the positive contributions of our acquisitions."
Further, the company's Board of Directors declared a $0.10 per share dividend payable September 20 to shareholders of record on September 6.
IILG closed on Tuesday higher by 1.51 percent at $19.48 on 197,292 shares. The stock rose 6.3 percent in the extended trade.
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by RTT Staff Writer
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