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BOCA RATON, FL-Locally based Bluegreen Corp., a national timeshare and golf resorts developer, ended fiscal 2002 on March 31 with record financials.

Net income rose 332% to $11.7 million or 46 cents per share versus $2.7 million or 11 cents per share in 2001. Timeshare sales reached a record $144.2 million from $141 million, making up 60% of total sales. Homesite sales jumped 8.4% to $96.4 million from $88.9 million last year.

Fourth-quarter results saw net income double to $1 million or four cents per share compared with a loss of $935,000 or four cents per share in the same 2001 period.

Fourth-quarter numbers marked the company’s fourth consecutive quarter of profitability and the fifth consecutive quarter of period-to-period improvements.

Bluegreen president/CEO George F. Donovan, a former president/CEO of Fairfield Communities Inc., attributes the performance to the company’s strategic business plan.

The positive numbers are seen “most notably in the efficiencies that the company believes are being achieved as Bluegreen’s customer base reaches critical mass,” Donovan says in a prepared statement.

“Bluegreen’s improved operating efficiencies are illustrated when considering that the triple-digit increase in net income for fiscal 2002 on just a 4.6% rise in total operating revenues,” he says.

Selling, general and administrative expense, as a percentage of total operating revenue, declined to 48.7% in fiscal 2002 from 54.6% in fourth quarter 2001.

Donovan says timeshare sales were up largely because of increased same-resort sales. Bluegreen didn’t open any new sales offices in fiscal 2002. Fourth-quarter timeshare sales of 33.4 million were up from $32.7 million previously.

Homesite sales jumped due to continued demand for the sites at the company’s golf course communities, the CEO says. Strong sales at the Preserve at Jordan Lake near the Raleigh-Durham, NC market and continued success in the Texas market accounted for the homesite sales increase, Donovan says.

He attributes the company’s success after Sept. 11, 2001 to the proximity of Bluegreen properties to national vacation destinations.

“We believe consumers are increasingly becoming aware of and accepting Bluegreen’s high-quality, amenity-rich, drive-to (excluding Aruba) timeshare resort properties,” Donovan says.

He cites other factors responsible for Bluegreen’s success being the recently acquired 40% ownership of the company’s common stock by Fort Lauderdale, FL-based Levitt Cos. LLC, a subsidiary of BankAtlantic Bancorp Inc.; and a 10-year marketing contract with Bass Pro Shops Inc. of Springfield, MO which ends June 2010.

Bluegreen’s timeshare resorts are in Orlando; the Smoky Mountains of Tennessee; Myrtle Beach and Charleston, SC; Branson and Ridgedale, MO; Wisconsin Dells, WI; Gordonsville, VA; Surfside, FL and Aruba. The company’s land operations are primarily in the Southeast and the Southwest.

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