- In connection with its fee-based services business, Resorts sold $34.0 million of third-party VOI inventory in Q3 2011, generating sales and marketing commissions of approximately $23.5 million and contributing an estimated $6.2 million to Resorts operating profit. This compares to sales of $22.1 million of third-party VOI inventory, which generated sales and marketing commissions of $15.1 million and contributed an estimated $4.7 million to Resorts operating profit in Q3 2010. In Q3 2011, Bluegreen provided sales and marketing services to 7 resorts under fee-based service arrangements, as compared to 5 such arrangements during Q3 2010;
- Total revenues from fee-based services rose 30% to $42.3 million in Q3 2011. As of September 30, 2011, Bluegreen managed 45 timeshare resort properties and hotels compared to 43 as of September 30, 2010;
- Cash received from Resorts sales - either at closing or within 30 days of closing and including down payments received on financed sales - represented 55% of Resorts sales for the first nine months of 2011;
- Debt-to-equity (recourse and non-recourse) declined to 2.32:1 at September 30, 2011 from 2.58:1 at December 31, 2010. Debt-to-equity (recourse only) declined to 1.08:1 at September 30, 2011 from 1.22:1 at December 31, 2010;
- In September 2011, Bluegreen entered into a $30.0 million revolving timeshare receivables hypothecation facility with CapitalSource Bank; and
- In October 2011, Bluegreen amended, restated, and extended by one year its existing timeshare receivables purchase facility with BB&T. The amended revolving facility allows for maximum outstanding borrowings of $50.0 million. As of September 30, 2011, $20.6 million was outstanding under this facility.
Bluegreen Corporation Reports 2011 Third Quarter Financial Results
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