The final 2008 financial report to SEC from Bluegreen Corp showed significant contraction from the previous year. The timeshare company based in Boca Raton, Florida ended the year losing $12.2 million, or 39 cents a share in the fourth quarter of 2008. When compared to 2007 for the same quarter, the results constitute nearly a $21 million drop in revenue. The company downsized 3,000 associates companywide in response.
Overall, sales remained rather steady at $100.4 million, down somewhat from $112.5 million in the same period a year ago. Annual sales actually increased in 2008 to $494.3 million, up from $472.4 million.
The major impact to the bottom line were delinquencies and defaults due to the rise in unemployment. People are simply not paying non-essential bills, which will most likely crush their future credit rating; thus, limiting future consumer spending.