Veltex Corporation (VLXC)

[morrrmomentum]

Another very nice report from the timeshare sector:

Another builder/developer reporting record sales & earnings. Beginning to wonder more about the potential of govacations.com.

Bluegreen Corporation Reports Fiscal 2002 Financial Results
Wednesday February 5, 11:25 am ET
Fiscal 2002 Timeshare Sales Increase 30%
Fiscal 2002 Q3 Timeshare Sales Up 41%


BOCA RATON, Fla.--(BUSINESS WIRE)--Feb. 5, 2003--Bluegreen Corporation (NYSE: BXG - News), a leading U.S. developer and marketer of drive-to timeshare resorts ("Bluegreen® Resorts") and planned residential and golf communities ("Bluegreen Communities"), today announced financial results for the three months ended December 31, 2002 ("FY 2002 Q3") and the nine months ended December 31, 2002 ("FY 2002").

As previously announced, Bluegreen's Board of Directors approved a change in the Company's fiscal year from a 52- or 53-week period ending on the Sunday nearest the last day of March in each year to the calendar year ending on December 31, effective for the period ended December 31, 2002. As such, Bluegreen will file a Transition Report on Form 10-KT for the nine months ended December 31, 2002 in accordance with applicable requirements.

ROBUST SALES AND OPERATING REVENUES

Bluegreen Resorts sales for FY 2002 Q3 increased 41% to a third quarter record $45.5 million from $32.3 million in the same period last year, due primarily to increased same-resort sales and, to a lesser extent, the opening of two new sales offices in December 2002. Bluegreen Communities sales remained stable at $22.7 million versus $23.0 million during the three month period ended December 30, 2001. Total operating revenues for FY 2002 Q3 rose 38% to $92.2 million from $66.9 million for the same period one year ago.

Bluegreen Resorts sales for FY 2002 rose 30% to $144.0 million from $110.8 million last year. Bluegreen Communities sales were up 6% to $78.6 million from $73.9 million in FY 2001. Total operating revenues for FY 2002 increased 24% to $272.0 million from $220.0 million for the same period last year.

George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, "We experienced double-digit annual percentage sales growth at several of our Bluegreen Resorts, including Laurel Crest, Falls Village, Shore Crest, Christmas Mountain Village, Lodge Alley Inn and Harbour Lights. Sales at Big Cedar Wilderness Club were also strong, due in large part to a significant increase in prospective buyer-tours originating from our marketing agreement with Bass Pro Shops. We recently opened a new, 12,000 square-foot off-site sales office and preview center in Bloomington, MN, located within two miles of the Mall of America, as well as a new sales office at the Mountain Run resort at Boyne Mountain, MI. We are encouraged by the sales generated at these locations during their inaugural months of operations. Overall sales tours at Bluegreen Resorts properties by existing owners, as well as prospects referred to the Company by owners and others, increased to 20% of total sales tours taken during FY 2002 from 16% last year. The increase in these owner and referral tours, which we believe speaks to the high quality leisure experience that Bluegreen provides its owners, also have lower associated marketing costs than other tours and provide current owners with the potential to realize referral-based rewards."

He continued, "We are also pleased with the sales performance at Bluegreen Communities. We are proud to announce the availability of new Bluegreen Communities in North Carolina, Colorado and Texas. Sales at Yellowstone Ranch, near Pueblo, CO, commenced in FY 2002 Q3, while sales at the other two properties are expected to commence during the current first quarter ending March 31, 2003. Each of these properties was acquired by Bluegreen in 2002."

http://biz.yahoo.com/bw/030205/52343_1.html