Silverleaf Resorts Inc. announced last Thursday that its net income is down compared to the same quarter a year ago.

The company owns and operates timeshare resorts across seven states. The Dallas-based firm posted a profit of $4.6 million, which is down compared to $7.45 million last year.

Revenue for the quarter went down from $67 million to $63.2 million.

Overall, the company experienced a decline in the volume of vacation interval sales. Silverleaf also said that provision for uncollectible revenue was nearly 25 percent of vacation interval sales in the first quarter, up from 22 percent compared to the same period in 2008. The increase was made to ensure that it can cover anticipated losses from client defaults.