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BOCA RATON, FL-Bluegreen Corp. closed its fiscal year with a substantial decrease in net income but an increase in total sales.

The Boca Raton-based developer of time-share resorts and golf course communities reported a net gain of $2.7 million, or 11 cents a share, on total sales of $226.3 million for the year ended April 1, compared with a net gain of $6.8 million, or 28 cents per diluted share, on total sales of $214.5 million for the same period in 2000.

Release of the earnings statement follows an earlier disclosure that the company executed a restructuring plan to stem the flow of red ink. It appears that plan had a positive impact on the company’s fourth-quarter performance.

The company is reporting a net loss of $935,000, or our cents a share, on total sales of $54.5 million for the fourth quarter ended April 1, compared with a net loss of $2.7 million, or 11 cents a share, on total sales of $40.9 million for the same period in 2000.

“Although the first quarter is not yet complete, based on results to date, current business conditions and outlook, we expect to return to profitability in the first quarter of fiscal 2002 ending July 1, 2001,” George F. Donovan, Bluegreen president and chief executive officer, says in a prepared statement.

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