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FORT LAUDERDALE, FL-Preliminary fourth-quarter results for locally based Levitt Corp.'s homebuilding division show a continuing slide in revenues, compared with the previous quarter, but some recovery of new orders. Full financial results, including year-to-year comparisons, are not available, because Bluegreen Corp., in which Levitt has a 31% ownership interest, is restating its consolidated financial statements for 2002 through 2004 and has yet to release its 2005 results.

Revenue for the homebuilding division was $103.5 million for fourth quarter 2005, a decline from $111.6 million in the third quarter of the year, which represented a 25% drop from the year's second quarter. There was no fourth-quarter conference call or explanation for the continuing decline. However, in the third-quarter conference call, Alan Levin, chairman and CEO, called 2005 "a transitional year," saying that previous years of almost 100% annual compound growth had "placed strain" on the company's existing platform, and the division had turned its focus to strengthening infrastructure.

During fourth quarter 2005, new home orders climbed to 491 units, up from 243 in the third quarter of the year. New orders for the third quarter, however, represented a 32% decline compared with 534 new orders in the third quarter of 2004. Complete fourth-quarter and full-year 2005 results will be released "as soon as possible after Bluegreen's 2005 results are available," according to a company statement.

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