The high-end leisure resort operator posted net income of $16.21 million or 40 cents per diluted share for the quarter. The company did $26.6 million or 64 cents per share in the comparable 2000 period.

Leisure and recreation revenue were also down, totaling $100 million for the quarter versus $102 million in the previous fiscal period. The decrease was blamed on a lowered occupancy level of 77.8% compared with 82.4% in the comparable fiscal 2000 period.

In a prepared statement, Feder says Boca Resorts' revolving credit line allows the firm to borrow up to $129.3 million. "Operations are returning to more normal levels" after 9-11, Feder says.

"While the comparison to last year has been difficult in the wake of the Sept. 11 tragedy, and we acknowledge that the next several quarters will be challenging, we are pleased with the business recovery to date," he says.

Besides its leisure/recreation losses, the company recorded a loss of $1.3 million in the third quarter from discontinued operations of the Florida Panthers hockey club which was sold in July 2001.

For the nine months, however, Boca Resorts posted a gain on the sale of its entertainment and sports business totaling $23.7 million, but booked a loss from discontinued operations of $12.1 million.

Boca Resorts Inc. owns/operates Boca Raton Resort & Club, the Registry Resort at Pelican Bay, Edgewater Beach Hotel and Naples Grande Golf Club in Naples; and the Hyatt Regency Pier 66 Hotel and Marina, Radisson Bahia Mar Resort and Yachting Center and Grande Oaks golf Club in Fort Lauderdale.