Hotel Job Resource - Silverleaf Resorts Hotel News

Silverleaf Resorts, Inc. (NASDAQ: SVLF) announced today that its shareholders have approved Silverleaf’s merger with Resort Merger Sub Inc., an affiliate of Cerberus Capital Management, L.P.

Gross Vacation Interval sales of $206.3 million, Net income of $5.8 million or diluted earnings per share of $0.15.

The transaction has been approved by Silverleaf’s Board of Directors, and the Board will be recommending that Silverleaf’s shareholders approve the transaction. Under the agreement, Silverleaf shareholders will receive, at the closing, $2.50 in cash for each share of Silverleaf common stock they own, representing a premium of approximately 75% based on the closing trading price of $1.43 of Silverleaf common stock on February 3, 2011.

Net income for the quarter ended September 30, 2010 was $1.6 million, or diluted earnings per share of $0.04, compared to a net loss of $3.9 million, or loss per share of $0.10, for the quarter ended September 30, 2009.

Net income for the quarter ended December 31, 2009 was $2.0 million, or diluted earnings per share of $0.05, compared to net income of $1.7 million, or diluted earnings per share of $0.04, for the quarter ended December 31, 2008.

Silverleaf Resorts, Inc. (Nasdaq:SVLF) announced today that Michael A. Jenkins has agreed to rejoin its Board of Directors to fill a vacancy created by the resignation of R. Janet Whitmore, who resigned effective August 5, 2009.

Overall, total revenues for the second quarter of 2009 were $67.8 million compared to $69.1 million for the second quarter of 2008. Total revenues consist of net sales, interest income, management fees, and other income.

Overall, total revenues for the year ended December 31, 2008 increased 3.5% to $264.0 million compared to $255.0 million for the year ended December 31, 2007.

Total revenues increased 1.3% to $68.4 million

Vacation Interval sales increased by 37.6% to $41.5 million