- 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.
Bluegreen Corporation Reports 2011 Second Quarter Financial Results
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