The Boca Raton-based owner-operator of resorts is reporting an 8.1% increase in revenue per available room and room occupancy of 3.1% for the fourth quarter ended June 30. Year-end RevPar increased by 8.3%, while year-end occupancy rates grew by 1.5%.
Excluding extraordinary expenses and income taxes, the company also exceeded a fourth-quarter earnings forecast of four cents per share by one cent, as tracked by First Call/Thomson Financial. It met the year-end consensus estimate of eight cents a share.
The company reported a fourth-quarter net gain of $3.3 million, or eight cents per share, on total revenue of $72.1 million, compared with net of $7.8 million, or 19 cents per share, on revenue of $66.7 million for the same period in 2000.
Although it didn't cite reasons for the decline in fourth-quarter net income, the company attributed the increased revenue to a 4% rise in average daily rates charged at its resorts and an increase in golf initiation fees and club dues.
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