According to company sources, vacation interval sales, (timeshares) totaled $41.8 million dollars for the third quarter of the year. This was a signifant contributor to the company's sales. The business model appears to be directed firmly at getting well qualified buyers into showroom models where Silverleaf representatives can showcase properties near metropolitan areas. Sales to existing owners and planned build outs on existing properties will allow the company to grow internally.
"These results clearly reflect that we are successfully executing our two-pronged business strategy --
1) using our internally developed best customer model to identify qualified new buyers
2) continuing to penetrate our existing owner base through sales of additional products," commented Robert E. Mead, chairman and CEO. "This has resulted in the reduction of our sales and marketing expense ratio and an increase in net income and EPS. Our current plan includes building out our existing properties, strategically adding new resorts in select high-growth markets, and creating vacation showrooms in selected metropolitan markets within driving distance of our resorts. As a result, we believe that we will be able to maintain vacation interval sales growth. During the quarter we also completed our first securitization transaction, which we believe has afforded us greater future access to the capital markets."
Based in Dallas, Silverleaf Resorts, Inc. currently owns and operates 13 timeshare resorts in various stages of development. Silverleaf Resorts offer a wide array of country club-like amenities, such as golf, swimming, horseback riding, boating, and many organized activities for children and adults.
