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Net Income Up 115% for Levitt Corp.

FORT LAUDERDALE, FL-The locally based multifamily and single-family developer had $13.7 million in second quarter net income, up from $6.4 million in the 2003 quarter. Revenue rose 113% to $143.9 million in this year's second quarter.

By Melissa Bogdany | Updated on August 02, 2004

FORT LAUDERDALE-Levitt Corp., a locally based developer, experienced a 115% rise in net income in the second quarter, which ended June 30.Net income was $13.7 million in the second quarter, compared with $6.4 million in the same quarter last year. Diluted earnings per share increased 62% to 68 cents this second quarter, compared with 42 cents for the 2003 period.Total revenue also increased significantly, 113%, to $143.9 million in the second quarter, compared with $67.6 million in that quarter last year. Year to date, net income grew 177% to $26.7 million, compared with $9.7 million in the 2003 comparable period, and diluted earnings per share climbed 139% to $1.53, compared with 64 cents. Total revenue rose 101% to $243.4 million, compared with $121 million for the same time last year. Levitt Corp. is the parent company of Levitt and Sons, Bowden Homes and Core Communities, and has approximately 36% ownership in Bluegreen Corp.

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