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Bluegreen Corporation Reports 2011 Second Quarter Financial Results

Stocks in this article: BXG

Bluegreen Corporation (NYSE: BXG), a leading timeshare sales, marketing and resort management company, today announced financial results for the three and six months ended June 30, 2011.

John M. Maloney Jr., President and Chief Executive Officer of Bluegreen, commented, “We are very pleased with second quarter 2011 results from continuing operations, highlighted by 23% growth in our fee-based service revenues, lower Bluegreen Resorts selling and marketing expenses as a percentage of system-wide sales, a 18% increase in income from continuing operations, an improved debt profile, and Free Cash Flow of $41.6 million. Our core product, the points-based Bluegreen Vacation Club, provides a platform that can support three potential sources of revenue: our traditional timeshare (VOI) business; a growing fee-based services business; and a finance business. While acknowledging the macroeconomic challenges facing our business and industry, we believe that we are well positioned to enhance the long-term value of Bluegreen for our shareholders.”

Additional operating highlights included:

  • In connection with its fee-based services business, Resorts sold $27.0 million of third-party VOI inventory in Q2 2011, generating sales and marketing commissions of approximately $18.3 million and contributing an estimated $4.6 million to Resorts operating profit. This compares to sales of $18.2 million of third-party VOI inventory, which generated sales and marketing commissions of $12.1 million and contributed an estimated $2.4 million to Resorts operating profit in Q2 2010. In Q2 2011, Bluegreen provided sales and marketing services for 7 resorts under fee-based service arrangements, as compared to 5 such arrangements during Q2 2010;
  • Total revenues from fee-based services (including sales and marketing commissions, resort management services, title and other services) rose 23% to $35.6 million in Q2 2011. As of June 30, 2011, Bluegreen managed 45 timeshare resort properties and hotels compared to 43 as of June 30, 2010;
  • Operating profit at Resorts rose 31% to $18.3 million for Q2 2011 from $14.0 million for Q2 2010;

  • Cash received from Resorts sales - either at closing or within 30 days of closing and including down payments received on financed sales - represented 57% of Resorts sales for the first six months of 2011;
  • Debt-to-equity (recourse and non-recourse) declined to 2.53:1 at June 30, 2011 from 2.58:1 at December 31, 2010. Debt-to-equity (recourse only) declined to 1.20:1 at June 30, 2011 from 1.22:1 at December 31, 2010.

Income from continuing operations rose 18% to $11.3 million, or $0.30 per diluted share, from income from continuing operations of $9.6 million, or $0.26 per diluted share, in Q2 2010.

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