MIAMI, Aug. 21, 2008 (GLOBE NEWSWIRE) -- Interval Leisure Group (ILG) (Nasdaq:IILG), a leading global provider of membership and leisure services to consumers and business-to-business customers in the vacation industry, today announced the completion of its spin-off from IAC/InterActiveCorp. The newly independent public company will begin trading today on The Nasdaq Stock Market under the symbol IILG.
Craig M. Nash, the company's chairman, president and chief executive officer, said: "Becoming an independent, publicly traded company adds an exciting and important chapter to our company's history. ILG is a leisure- and membership-based business with recurring revenues and a successful track record of strong results through various economic cycles. We are well-positioned both for continued growth and to generate consistent returns for our shareholders."
ILG, which had consolidated revenue of $360.4 million in 2007, is composed of two operating segments:
* Interval International (Interval) operates membership programs
for vacation owners and provides value-added services to its
developer clients worldwide. Currently, more than 2,400 resorts
in over 75 countries and approximately two million member
households participate in the Interval network. For 2007,
Interval generated revenue of $318.4 million.
* ResortQuest Hawaii (RQH) provides vacation rental and property
management services to vacationers and vacation property owners
across Hawaii, and has a portfolio of approximately 5,000 units
in properties throughout the Hawaiian Islands. RQH was acquired
on May 31, 2007 and contributed $42.0 million of revenue from the
date of acquisition through the end of 2007.
ILG's NASDAQ listing follows the distribution of all shares of ILG common stock to IAC shareholders at a ratio of one-fifth of a share of ILG common stock for each share of IAC common stock.
About Interval Leisure Group
Interval Leisure Group (ILG) is a leading provider of membership and leisure services to consumers and business-to-business customers in the vacation industry. Its principal business is Interval International, a pioneer and innovator serving the vacation ownership market for more than 32 years. Interval International is a membership-based organization that offers a comprehensive package of year-round benefits, including the opportunity to trade the use of resort time for alternate accommodations. Today, Interval has a network of over 2,400 resorts in excess of 75 countries, and offers its resort clients and approximately two million member families high-quality products and programs through 29 offices in 17 nations. ILG's other business segment is ResortQuest Hawaii (RQH), which traces its roots in lodging back nearly 60 years. RQH provides vacation rental and property management services to vacationers and vacation property owners across Hawaii with a portfolio of approximately 5,000 units in properties throughout the islands. ILG is headquartered in Miami, Florida, and has approximately 2,900 employees worldwide. More information about the company is available at www.intervalleisuregroup.com.
Forward-Looking Statements Disclaimer
Actual results could differ materially from those contained in the forward-looking statements included herein for a variety of reasons, including, among others: changes in economic conditions generally or in any of the markets or industries in which we operate, adverse changes to, or interruptions in, relationships with third parties, changes in our senior management, regulatory changes, our ability to compete effectively, the effects of our substantial indebtedness and our compliance with the terms thereof, failure to comply with existing laws, the ability to offer new or alternative products and services in a cost-effective manner and customer acceptance of these products and services, and our ability to expand successfully in international markets and manage risks specific to international operations. Certain of these and other risks and uncertainties are discussed in our filings with the SEC. Other unknown or unpredictable factors that could also adversely affect our business, financial condition and results of operations may arise from time to time. In light of these risks and uncertainties, these forward looking statements discussed in this release may not prove to be accurate. Accordingly, you should not place undue reliance on these forward-looking statements, which only reflect the views of our management as of the date of this press release. ILG does not undertake to update these forward-looking statements.