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REDMOND, WA-Trendwest Resorts Inc. CEO William Peare credits aggressive sales and infrastructure expansion for his company’s healthy second quarter earnings.

The company has reported record net income of $14 million, or 55 cents per diluted share, for the quarter ended June 30, compared to net income of $11 million, or the split-adjusted 43 cents perdiluted share for the same quarter last year. For the six months ended June 30, net income was $25.8 million, or $1.01 per diluted share, 25.2% ahead of last year’s $20.6 million, or the split-adjusted 81 cents per diluted share.

Trendwest reported total revenues of $124.9 million for the quarter, a 52.3% increase over the $82 million reported in the same quarter last year. For the six months ended June 30 revenues were $229.9 million, up 48.1% from $155.2 million reported for the same period last year. For this quarter, financing activities generated $11.8 million in revenues, compared to $8.5 million in thesame quarter last year, a 38.8% increase. Year-to-date, revenues from financing activities totaled $21.5 million, up 31.9% from last year’s $16.3 million.

During the second quarter, Trendwest contributed a total of 106 condominium units to the Clubs, WorldMark and WorldMark South Pacific, at seven existing resort locations, further enhancing the Company’s “drive-to” product throughout the various regions.

Peare says construction is nearly complete on two long-awaited new resorts, the first of which is the Kihei Resort in Maui. The resort is scheduled to open in September with its first 80 units available for occupancy. Early this fall, Trendwest expects to open its 140-unit resort at Oceanside, CA.

During the second quarter, Trendwest opened new off-site sales offices in Issaquah, Washington, Coeur d’Alene, Idaho and Sydney, Australia; along with an on-site sales office at Bison Ranch in Arizona.

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