SOURCE: Sunterra Corporation

February 13, 2006 07:00 ET

Sunterra Corporation Postpones Earnings Conference Call to Wednesday, February 15, 2006

LAS VEGAS, NV -- (MARKET WIRE) -- February 13, 2006 -- Sunterra Corporation (NASDAQ: SNRR) announced today that it is postponing the issuance of its results for fiscal first quarter ended December 31, 2005 until Wednesday, February 15, 2006. This postponement results from primarily one remaining technical issue associated with the recent adoption of Statement of Financial Accounting Standards (SFAS) No. 152, Accounting for Real Estate Timesharing Transactions, which became effective on October 1, 2005. As previously announced, Sunterra is working diligently to finalize the treatment of certain incremental revenues associated with holding developer inventory in order to enable the anticipated filing of the Company's Form 10-Q on Tuesday, February 14, 2006. Once this effort is completed, Sunterra will be in a position to announce its results for the first quarter ended December 31, 2005.

Investor Conference Call

Sunterra's senior management will host a conference call on Wednesday, February 15, 2006, at 11:00 a.m. Eastern time, to discuss the company's financial results, guidance and related topics. This conference call will be broadcast live over the Internet. Participants are invited to access the event at, visiting the Investor Relations section of the "Sunterra Corp" tab at least fifteen minutes before the scheduled start time to register and to download and install any necessary audio software.

Those unable to participate via the Internet or planning to ask questions may dial the following number five to ten minutes prior to the scheduled conference call time: (866) 800-8649. International callers please call (617) 614-2703. The pass code required for this call is 72011772.

A replay of the conference call will be available for a limited time on Sunterra's website in the Calendar section, or by dialing (888) 286-8010 or, for international callers, (617) 801-6888. The code to access the replay is 77492016.

The previously announced conference call scheduled to take place today is cancelled.

About Sunterra

Sunterra is one of the world's largest vacation ownership companies with more than 317,000 owner families and nearly 100 branded or affiliated vacation ownership resorts throughout the continental United States and Hawaii, Canada, Europe, the Caribbean and Mexico. Sunterra news releases, as well as additional news and information on the company, can be found at

Forward-Looking Statements

Statements about future results and plans made in this release and the statements attached hereto constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The company cautions that these statements are not guarantees of future performance, and involve risks and uncertainties and other factors that may cause results to differ materially from those anticipated at the time such statements are made. Future results, performance and achievements may be affected by our ability to successfully implement the cost reduction and marketing plans of our European operations, general economic conditions, including a global economic downturn, the impact of war and terrorist activity, business and financing conditions, foreign exchange fluctuations, governmental and regulatory actions, the cyclicality of the vacation ownership industry, relationships with key employees, domestic and international political and geopolitical conditions, competition, downturns in leisure travel patterns, risk associated with the level and structure of our indebtedness, risk associated with potential acquisitions and dispositions, the effects of new accounting pronouncements such as SFAS No. 123® and SFAS No. 152 and other circumstances and uncertainties. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ.

We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

    Bryan Coy
    (702) 304-7005