Bxg HLT 3q 2006
Mr. Siegel must be very happy. The stock is rising.
Jya-Ning
Originally posted by Hilton
The company reported third quarter 2006 total operating income of $315 million (a 55 percent increase from the 2005 quarter), on total revenue of $2.207 billion (a 100 percent increase from $1.102 billion in the 2005 quarter). Total company earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) were $440 million, an increase of 58 percent from $279 million in the 2005 quarter.
Hilton Grand Vacations
Hilton Grand Vacations Company (HGVC), the company's vacation ownership business, reported a 17 percent increase in profitability in the third quarter of 2006 compared to 2005, due primarily to a 6 percent increase in average unit sales price and a 2 percent increase in unit sales.
HGVC had third quarter revenue of $152 million, a 7 percent increase from $142 million in the 2005 quarter. Expenses were $111 million in the third quarter, compared with $107 million in the 2005 period.
Hilton Grand Vacations
Hilton Grand Vacations Company (HGVC), the company's vacation ownership business, reported a 17 percent increase in profitability in the third quarter of 2006 compared to 2005, due primarily to a 6 percent increase in average unit sales price and a 2 percent increase in unit sales.
HGVC had third quarter revenue of $152 million, a 7 percent increase from $142 million in the 2005 quarter. Expenses were $111 million in the third quarter, compared with $107 million in the 2005 period.
Originally posted by Bluegreen
Bluegreen Resorts sales increased 13.9% to $130.3 million from $114.4 million, due to the contribution of sales offices opened since September 30, 2005, continued same-resort sales growth, and the positive impact in the quarter of the adoption of the American Institute of Certified Public Accountants' Statement of Position 04-2, "Accounting for Real Estate Time-sharing Transactions" (the "SOP").
As of September 30, 2006, $33.9 million and $19.2 million of Resorts sales and profits, respectively, were deferred under the SOP. These amounts are expected to be recognized in future periods.
Higher Resorts sales were primarily attributable to contributions from a new sales office at Carolina Grande (Myrtle Beach, S.C.), new offsite sales offices in the Las Vegas, Atlanta and Chicago markets, and a sales office opened pursuant to a strategic marketing agreement with a popular regional theme park in Wisconsin Dells, Wisconsin. Resorts sales in the third quarter of 2006 also benefited from same-resort sales growth led by offices at The Falls Village resort (Branson, Mo.), The Bluegreen Wilderness Club at Big Cedar (Ridgedale, Mo.), Grande Villas at World Golf Village (St. Augustine, Fla.), The Fountains resort (Orlando, Fla.), and Mountain Run at Boyne (Boyne Falls, Mich.). In addition, sales to Bluegreen's existing and growing owner base increased by 39%, and comprised 34% of Resorts sales for the three months ended September 30, 2006 as compared to 29% of Resorts sales during the comparable prior year period.
Mr. Donovan continued, "During the third quarter, we commenced construction of a new seven-story, 240-unit resort property in Las Vegas. This project is expected to be completed in the first quarter of 2008. We also broke ground on a new resort property located in Williamsburg, Virginia, less than one block from the historic district of Colonial Williamsburg. Occupancy of this new resort is expected in the fourth quarter of 2007. We are also nearing the completion of renovations of a new preview center in the Great Smoky Mountains of Tennessee, the site of our first vacation ownership resort in 1994, and expect to open this new facility during the current fourth quarter. We believe this new 26,208 square foot sales office will provide us with the necessary infrastructure to increase sales in a market where we have enjoyed great success over the past 12 years."
Resorts cost of sales in the third quarter of 2006 declined to 19.8% of sales from 21.9% of sales in the same period last year, due to a system-wide price increase that went into effect on January 1, 2006 and the impact of the SOP.
As of September 30, 2006, $33.9 million and $19.2 million of Resorts sales and profits, respectively, were deferred under the SOP. These amounts are expected to be recognized in future periods.
Higher Resorts sales were primarily attributable to contributions from a new sales office at Carolina Grande (Myrtle Beach, S.C.), new offsite sales offices in the Las Vegas, Atlanta and Chicago markets, and a sales office opened pursuant to a strategic marketing agreement with a popular regional theme park in Wisconsin Dells, Wisconsin. Resorts sales in the third quarter of 2006 also benefited from same-resort sales growth led by offices at The Falls Village resort (Branson, Mo.), The Bluegreen Wilderness Club at Big Cedar (Ridgedale, Mo.), Grande Villas at World Golf Village (St. Augustine, Fla.), The Fountains resort (Orlando, Fla.), and Mountain Run at Boyne (Boyne Falls, Mich.). In addition, sales to Bluegreen's existing and growing owner base increased by 39%, and comprised 34% of Resorts sales for the three months ended September 30, 2006 as compared to 29% of Resorts sales during the comparable prior year period.
Mr. Donovan continued, "During the third quarter, we commenced construction of a new seven-story, 240-unit resort property in Las Vegas. This project is expected to be completed in the first quarter of 2008. We also broke ground on a new resort property located in Williamsburg, Virginia, less than one block from the historic district of Colonial Williamsburg. Occupancy of this new resort is expected in the fourth quarter of 2007. We are also nearing the completion of renovations of a new preview center in the Great Smoky Mountains of Tennessee, the site of our first vacation ownership resort in 1994, and expect to open this new facility during the current fourth quarter. We believe this new 26,208 square foot sales office will provide us with the necessary infrastructure to increase sales in a market where we have enjoyed great success over the past 12 years."
Resorts cost of sales in the third quarter of 2006 declined to 19.8% of sales from 21.9% of sales in the same period last year, due to a system-wide price increase that went into effect on January 1, 2006 and the impact of the SOP.
Jya-Ning
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