The high-end leisure resort operator posted net income of $16.21 million or 40 cents per diluted share for the quarter. The company did $26.6 million or 64 cents per share in the comparable 2000 period.
Leisure and recreation revenue were also down, totaling $100 million for the quarter versus $102 million in the previous fiscal period. The decrease was blamed on a lowered occupancy level of 77.8% compared with 82.4% in the comparable fiscal 2000 period.
In a prepared statement, Feder says Boca Resorts' revolving credit line allows the firm to borrow up to $129.3 million. "Operations are returning to more normal levels" after 9-11, Feder says.
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