Most fourth-quarter figures, however, fared better than the company's spring projections:

--Occupancy was 69%, higher than the 65% to 68% projected this spring.

--Revenue per available room was $136, a strong finishing considering the projected figure of greater than $130.

--Average daily rate was $196, up slightly from the projected $190 to $195.

"We set a high bar for our sales back in April, and we are very pleased with how we performed during our fourth quarter during what has been characterized as an extremely challenging business environment," David S. Feder, president and chief operating officer for Boca Resorts Inc., said in a Sept. 12 conference call announcing the company's fourth-quarter results.

The picture was not as rosy for fourth-quarter operating expenses. They rose from $60.3 million in fourth quarter 2001 to $66 million in fourth quarter 2002.

The hike was largely a result of the increased depreciation after the completion of recent capital projects, William M. Pierce, the company's senior vice president and chief financial officer, says in a prepared statement. "A shift in revenue mix from higher-margin room revenue to lower-margin non-room revenue" affected the results, he says.

For the 12 months, the company had $273 million in leisure and recreation revenue, down from $329.2 million the year before. The 2001 revenue included $39.9 million from the Arizona Biltmore Resort & Spa, which the company sold in December 2000.

A decrease in same-hotel occupancy from 71.7% to 62.5% contributed to the drop in leisure and recreation revenue. The occupancy declined due to the Sept. 11 terrorist attacks and the slow economy, the company's statement says.

For the year, operating expenses dropped to $241.5 million from $268.7 million in 2001. This decrease was mainly the result of $31.8 million in operating expenses from the Arizona Biltmore Resort & Spa the year before.