One of the world’s largest Timeshare resort owner and operator, Silverleaf Resorts Inc. has just posted a 3rd quarter net loss of $3.9 million. Silverleaf attributes the loss to a $18.5 million write-down on uncollectible revenue.
Dallas-based Silverleaf Resorts Inc. (NASDAQ: SVLF) said that net loss is down from the company’s 2008 third-quarter profit of $2.9 million, or 7 cents per share, on revenue of $68.4 million.
Revenue in the most recent third quarter fell $15.6 million to $52.8 million.
During the first nine months of the year, Silverleaf Resorts’ total revenue dropped 10.2 percent to $183.7 million, down from $204.5 million during the same period of 2008.
What does this mean for you as a timeshare owner thinking of selling?
Simply put. Timeshare values are going to drop and if you are thinking of sell you need to move quickly before you owe more than your timeshare is worth.
DJ
P.S. The time is right to head to a warmer climate.
