TrendWest Resorts Inc. says it expects FY2001 net income to reach record levels, roughly 26% ahead of FY2000 results, on revenues in excess of $460 million. For the fourth quarter, TrendWest reports vacation credit and fractional sales are estimated to reach $88.4 million, about 16% ahead of last year's fourth quarter. Net income is expected to top $12 million, 16% ahead of last year's fourth quarter.
"This year's earnings growth began during the first quarter with strong revenues and is continuing as we near year end. We have noted a slowing of our growth momentum during this fourth quarter in reaction to the events of September 11th and tighter economic conditions, however, we expect to end the year well ahead of last year's levels," Bill Peare, President and CEO said in a news release.
The company projects double-digit growth to continue in 2002.
"Next year, we plan to focus our energies on deeper penetration within our existing sales markets and completing the resorts that are currently in various stages of development," Peare says.
During 2001, TrendWest opened 12 sales offices and brought seven resorts online while breaking ground on three new resorts. Next year, the company intends become more efficient drive more sales dollars to the bottom line.
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