Silverleaf Resorts, Inc. Reports Third Quarter 2008 Results

From the StreetTalkBlog

DALLAS, TX: Silverleaf Resorts, Inc. (NASDAQ: SVLF) has reported the following results for its third quarter ended September 30, 2008.

Financial highlights for the third quarter of 2008 (compared to the third quarter of 2007):

* Vacation Interval sales increased 5.6% to $66.8 million
* Total revenues increased 1.3% to $68.4 million
* Net income of $2.9 million and diluted earnings per share of $0.07

Robert E. Mead, CEO, commented, “We continue to be challenged by current economic conditions, coupled with the negative impact from Hurricane Ike on our September sales. However, in spite of these events, our sales have continued to increase. Furthermore, we are also extremely pleased by the progress we have made in improving the credit quality of our new originations while prudently managing our liquidity through controlled and measured growth. During this period of tight credit we are very fortunate to have been able to extend our long-term lending commitments as well as raise additional financing to support our business model into 2010. While we are pleased with our continued success, we recognize the ongoing challenges this turbulent and unpredictable period presents. Consequently, we are suspending our 2008 net income guidance.” Read the rest of this entry >>

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