Boca Resorts Sees Net Income Rise 81% in Q4

BOCA RATON, FL-Boca Resorts Inc., a locally based company that owns and operates luxury resorts in Florida, has reported an 81% increase in net income for its fourth quarter, which ended June 30.The company’s net income for the most recent quarter was $5.8 million, or 14 cents per diluted share, compared with $3.2 million, or 8 cents per diluted share for the same quarter last year. For its fiscal year, the company had $18 million in net income, or 44 cents per diluted share, compared with $8.8 million, or 22 cents per diluted share, for the 2003 fiscal year.Leisure and recreation revenue for the quarter ended this June was $80.3 million, up from $76.6 million in the 2003 quarter. For this year, that figure totaled $313.3 million, up from $290.2 million last year. The company attributes the increases mainly to higher occupancy at each of its properties and higher revenue from non-room sources, including food and beverage, yachting and marina, and spa revenue.”We credit our strong financial turnout largely to a high-quality portfolio of properties and effective management of room inventory and pricing in the various distribution channels, which has resulted in RevPar and Total RevPar growth for 11 consecutive quarters,” David S. Feder, president and chief operating officer of Boca Resorts, says in a statement.Boca Resorts expects revenue per available room to rise 2% to 3% and total revenue per available room, including ancillary non-room revenue sources, to grow 4% to 5% in the next year, compared with the recently completed year. Furthermore, the company expects net income of between $19 million and $21 million, or 45 cents to 50 cents per diluted share, for the next year. Boca Resorts owns the Boca Raton Resort & Club in Boca Raton; the Registry Resort at Pelican Bay, the Edgewater Beach Hotel and Naples Grande Golf Club in Naples; and the Hyatt Regency Pier 66 Resort and Marina, the Radisson Bahia Mar Resort and Yachting Center, and Grande Oaks Golf Club in Fort Lauderdale.