Still, the locally based developer and marketer of timeshare resorts and golf and residential communities remains optimistic about a turnaround, citing the recent sell-out of the Sunshine II timeshare resort in Orlando; beginning of sales at a joint venture wilderness-themed resort on Table Rock Lake in Missouri's Ozarks; and new sales at the Preserve at Jordan Lake, a 516-lot residential project at the Bluegreen Golf Community near Chapel Hill, NC.

Traded on the New York Stock Exchange, the company reported a net income loss of $1.4 million, or six cents per diluted share, on total operating revenue of $57.6 million for the third quarter. That compares with a net loss of $784,000, or three cents per diluted share, on total operated revenue of $54.3 million for the third quarter ended Jan. 2, 2000.

Despite the poor quarterly fiscal performance, the company cited optimism over sales at the Preserve at Jordan Lake, which totaled about $1.9 million for the third-quarter. Most of the sales were deferred because of percentage-of-completion accounting methods. And timeshare sales for the quarter increased by 16% to $27.9 million from $24 million for the same period last year, and now accounts for about 62% of total sales.