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Avatar Net Income Rises 315% in Q1

CORAL GABLES, FL-Net income for the locally based real estate company increased from about $2 million to nearly $8.4 million from the first quarter of 2003 to the same quarter this year. Revenue also increased, from $50.5 million to $81.4 million for the same periods.

By Melissa Bogdany | Updated on May 11, 2004

CORAL GABLES, FL-Avatar Holdings Inc., a locally based public company mainly involved in real estate operations in Florida and Arizona, saw a nearly 315% increase in net income in the first quarter. Net income rose from a little more than $2 million for the first quarter of 2003 to almost $8.4 million for this year’s first quarter.The company brought in substantially more revenue as well in the most recent quarter. That figure grew from $50.5 million for the 2003 first quarter to $81.4 million for the same period a year later. This year’s first-quarter results include $1.7 million in net income from the February sale of the Marina at Harbor Islands in Hollywood, FL.Avatar also increased its total assets from $362.7 million on Dec. 31, 2003, to $462.2 million March 31, 2004.Avatar’s main real estate operations are at Poinciana, Solivita and Bellalago in Central Florida; at Harbor Islands on the East Coast of Florida; at Cory Lake Isles in Tampa, FL; and at Rio Rico, south of Tucson, AZ.

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