Last week on the 2 August 2016, Inside Timeshare published an article on Diamond Resorts postponing the announcement of their 2nd quarter results.
They were finally published yesterday 8 August 2016, it looks like they haven’t done as well as the 2nd quarter of 2015. Irene Parker emailed some of the report as follows:
- Total revenue for the second quarter increased $14.2 million, or 6.1%, to $245.7 million.
- Net income for the second quarter decreased $10.1 million, or 28.5%, to $25.5 million.
- Pre-tax income for the second quarter of 2016 was $43.8 million compared to $62.4 million in the second quarter of 2015 and included non-cash charges of $4.1 million and $4.4 million, respectively, related to stock-based compensation. Excluding these amounts, pre-tax income in the second quarter of 2016 would have been $47.9 million, a decrease of $18.9 million from $66.8 million in second quarter of 2015.
This is despite the number of reported “Tours” increasing by 11,791 in the 3 months to the end of June, with the number of sales transactions also increasing by 7.3%. They also announced that the average transaction price also increased by around 3.1%, yet they reported that there was a lower closing average for these three months.
This is not an area that I am familiar with, so for more detailed information follow the link to the full report at The Street.
For those of you who are interested in this side of the industry Inside Timeshare will publish as and when the news comes in.
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