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Bluegreen Corp. Tightens Belt Amid Reduced Lot Sales, Higher Expenses

BOCA RATON, FL-The locally based developer of timeshare resorts and golf and residential communities takes corrective action as the company records net income loss for the third quarter ended Dec. 31. Boca Raton is about 42 miles north of Miami.

By David R. Corder | Updated on February 13, 2001

BOCA RATON, FL-Bluegreen Corp. is restructuring internal operations as reduced lot sales and increased costs pushed the publicly traded company further into the red for the third quarter ended Dec. 31, the company reported.

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.

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