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Bluegreen Corp. Sees 46% Hike in Net Income

BOCA RATON, FL-The $9.1 million, or 31 cents per diluted share, in second-quarter net income was up from $6.2 million, or 23 cents per diluted share, for the same time last year. Resorts sales also were up 38%, while total operating revenue jumped 44%.

By Melissa Bogdany | Updated on July 27, 2004

BOCA RATON-Bluegreen Corp., a locally based publicly traded, national developer and marketer of drive-to vacation ownership resorts and other communities, reported a 46% increase in net income in its second quarter, ending June 30.Net income was $9.1 million, or 31 cents per diluted share, compared with $6.2 million, or 23 cents per diluted share for the same quarter last year. For the last six months, net income was up 65% to $13.8 million, or 47 cents per diluted share, from $8.4 million, or 32 cents per diluted share, for that period in 2003.In the second quarter, resorts sales grew 38% to a record $86.6 million, compared with $62.6 million the 2003 quarter. Resorts sales for the six-month period rose 30% from $107.1 million last year to $139.8 million this year. In addition, the company’s total operating revenue increased 44% to $153.6 million.Bluegreen is involved in the acquisition, development, marketing and sale of vacation ownership resorts as well as residential home sites. The resorts are located in popular vacation destinations, such as Marathon, Orlando, Ormond Beach, St. Augustine and Surfside, FL; the Smoky Mountains, TN; Myrtle Beach and Charleston, SC; Wisconsin Dells, WI; Gordonsville, VA; Hershey, PA; Branson and Ridgedale, MS; Boyne Falls, MI; and Aruba.

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