BOCA RATON, FL-Total fourth-quarter 2005 sales for Bluegreen Corp. were $120.3 million, compared with restated sales of $126 million for the same quarter a year ago. For the full year, consolidated sales of the locally based company's timeshare resorts and communities divisions rose 9.5% to a record $550.3 million, up from $502.4 million in 2004.

The gains were driven primarily by increases in timeshare sales in the resorts division. During fourth quarter resorts sales rose 8.7% to $81.2 million. During the same quarter communities sales dropped to $39.1 million, down from $51.3 million in the same quarter a year ago. The decline, George Donovan, president and CEO, said during a conference call, was the result of the sellout of four communities prior to the fourth quarter, which depleted inventory.

The company was required to restate its earnings to adopt new accounting practices for aspects of its timeshare accounting. The changes, Donovan estimated, will result in a one-time, non-cash charge of between $2.5 million and $4 million for this year's first quarter. Now that its 2005 financials are complete, Levitt Corp, which has a 31% interest in Bluegreen, will report its fourth-quarter and full-year 2005 results after the market closes on March 14.

During the first quarter of this year Bluegreen acquired a 1,579-acre parcel in Grayson County, TX, within an hour of Dallas. This golf community, which will begin selling 1.4- to one-acre home sites by the end of this year, substantially increases Bluegreen's land inventory, Donovan said. He anticipates total sales of approximately $168.2 million at that location over seven years.