Bluegreen Financials Mirror Economy and Timeshare Industry

BluegreenThe 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.

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