But the owner of luxury resorts and an entertainment-sports business enterprise reported net earnings losses for the six months ended Dec. 31, though reduced when compared with last year's results.
The company reported a net loss of $26.2 million, or 64 cents a share, on total revenue of $181 million for the six months ended Dec. 31, compared with a net loss of $27.5 million, or 67 cents a share, on revenue of $169 million for the same period the prior year.
Net earnings per share of three cents exceeded a forecast of one cent for the quarter, which marked the fifth consecutive quarterly the company has exceeded analysts' expectations. The company reported net of $1.4 million, or 3 cents a share, on total revenue of $119 million for the second quarter ended Dec. 31, compared with net of $3.5 million, or 9 cents a share, on revenue of $114.6 million for the same period the prior year.
"Our outlook for the future is extremely positive, with contracted bookings for current year group business ahead of last year's pace," Richard C. Rochon, Boca Resorts president, says in a prepared statement. "In addition, the exciting new capital enhancements under way at the Boca Raton Resort & Club, Registry Resort and Bahia Mar provide us with the opportunity to substantially grow revenue and further enrich our guests' resort experience."
Those enhancements include the Boca Raton Resort--opening of a Tuscan restaurant, construction start on a new wing that contains 112 rooms with waterfront views, a 40,000-sf spa and a golf clubhouse and renovation of more than 80% of the resort's guestrooms; Registry Resort, Naples, FL--addition of beach pavilion and near construction completion on 6,000 sf of new meeting space; Bahia Mar Resort & Yachting Center, Fort Lauderdale--near completion on a resort-wide renovation plan.
Prior to release of the report, shares of Boca Resorts closed unchanged Wednesday on the New York Stock Exchange at $13.75 on volume of 30,200. Shares have traded as high as $15.86 and as low as $7.50 over the past 52 weeks.
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