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I guess we will not get to see their reports pretty soon.
This is the highlights
This is their TS part
Sale among existing owners are pretty strong like most TS.
Jya-Ning
This is the highlights
Q2 2008 Highlights Compared to Q2 2007
-- Bluegreen Resorts GAAP sales of $107.1 million
-- Resorts contract sales rose 9.3% to $136.1 million
-- Bluegreen Resorts and Bluegreen Communities operated profitably
-- Net Income of $3.4 Million, or $0.11 per share
-- Book value of $12.46 per share
-- Bluegreen Resorts GAAP sales of $107.1 million
-- Resorts contract sales rose 9.3% to $136.1 million
-- Bluegreen Resorts and Bluegreen Communities operated profitably
-- Net Income of $3.4 Million, or $0.11 per share
-- Book value of $12.46 per share
BLUEGREEN RESORTS
Supplemental Segment Financial Data
Three-Month Periods Ended June 30, 2008 and June 30, 2007
(In 000’s, except percentages)
Three Months Ended Three Months Ended
June 30, % of June 30, % of
2008 Gross Sales
2007 Gross Sales
(unaudited) (unaudited)
Contract sales $ 136,110 $ 124,542
Deferral of sales under SFAS No. 152 (9,968 ) (4,972 )
Impact of percentage-of-completion accounting (227 ) 858
Gross sales of real estate 125,915 100 % 120,428 100 %
Estimated uncollectible VOI notes receivable (18,795 ) (15 )% (15,181 ) (13 )%
Sales of real estate 107,120 85 % 105,247 87 %
Cost of real estate sales (23,390 ) (19 )% (26,634 ) (22 )%
Gross profit 83,730 66 % 78,613 65 %
Other operations revenue 15,067 12 % 12,235 10 %
Cost of other operations (8,574 ) (7 )% (8,900 ) (7 )%
6,493 3,335
Selling and marketing expenses (78,452 ) (62 )% (66,111 ) (55 )%
Field G & A expense (6,398 ) (5 )% (7,612 ) (6 )%
Total field operating expenses (84,850 ) (67 )% (73,723 ) (61 )%
Field operating profit $ 5,373 4 % $ 8,225 7 %
Other data:
Upgrade Sales to Bluegreen Vacation Club owners, as a percentage of Resorts sales 44.0
%
40.0
%
Number of VOI sales transactions 12.3 11.2
Average sales price per transaction $ 11.1 $ 11.4
Total Marketing Prospect Tours 91.8 88.7
New Marketing Prospect Tours 66.8 66.5
Sale-to-tour ratio (total prospects) 13.3 % 12.6 %
Sale-to-tour ratio (new prospects) 9.4 % 9.7 %
Sales deferred under SFAS No. 152 as of end of period $ 39,000 $ 37,800
Field operating profit deferred under SFAS No. 152 as of end of period $
23,300
$
21,000
The increase in contract sales of real estate was due primarily to a 16% increase in sales to existing Bluegreen Vacation Club members, as well as increased same-resort sales at many existing sales offices, partially offset by the impact of the closure of an off-site sales office in Dallas, Texas. Higher sales were also attributable to a system-wide price increase that went into effect during January 2008. Thousands of qualified prospects visit Bluegreen’s sales offices, and the Company believes that its increased sales reflect the continued desire of consumers to vacation, and the flexibility, attractiveness and affordability of the Bluegreen Vacation Club.
Other resort operations revenue – much of which constitutes a recurring stream of revenue -- rose 23.1% to $15.1 million, reflecting higher resorts management and service fees, and an increased contribution from Bluegreen’s title company due primarily to a 10% rise in VOI sales transactions during the second quarter.
Lower Field Operating Profit was primarily due to higher selling and marketing expenses which, as a percentage of gross sales, increased from 55% during the three months ended June 30, 2007 to 62% during the three months ended June 30, 2008. The increase in selling and marketing expenses as a percentage of sales was driven by higher costs per tour in certain marketing programs and the deferral of additional sales under both SFAS No. 152 and percentage of completion accounting, which require the Company to recognize the majority of selling and marketing costs, notwithstanding the deferred recognition of sales.
The Company’s timeshare receivables portfolio continued to perform well, as demonstrated by delinquencies over 30 days on the entire serviced portfolio at June 30, 2008 of 3.6% as compared to 4.5% at December 31, 2007 and 3.2% at June 30, 2007. The average annual default rate increased to 8.2% for the twelve months ended June 30, 2008 as compared to 7.2% for the twelve months ended June 30, 2007. However, it should be noted that default rates in 2007 represented recent historical lows. Bluegreen believes the comparatively small monthly payments in its financing programs, the use of direct debit payment processing by over 80% of the Company’s obligors, and customer satisfaction are all factors that contribute to the performance of its receivable portfolio.
Mr. Maloney commented, “We are excited about the continued growth of the Bluegreen Vacation Club and the expansion of our sales distribution network to new markets. We expect to begin accepting guests at our newest resorts in Las Vegas and Williamsburg this summer, and look forward to expanding our sales presence in both markets through larger sales offices. We have recently commenced sales in Atlantic City, NJ, and are encouraged by our initial results. We expect to commence sales at LaPension in New Orleans during the third quarter of 2008. We also recently completed the expansion of our relationship with Cedar Fair Theme Parks, one of the largest regional amusement park operators in the world. As of Memorial Day, Bluegreen had established an on-site sales presence at all 11 Cedar Fair Parks across the United States and Canada, as well as four adjacent hotel properties.”
Supplemental Segment Financial Data
Three-Month Periods Ended June 30, 2008 and June 30, 2007
(In 000’s, except percentages)
Three Months Ended Three Months Ended
June 30, % of June 30, % of
2008 Gross Sales
2007 Gross Sales
(unaudited) (unaudited)
Contract sales $ 136,110 $ 124,542
Deferral of sales under SFAS No. 152 (9,968 ) (4,972 )
Impact of percentage-of-completion accounting (227 ) 858
Gross sales of real estate 125,915 100 % 120,428 100 %
Estimated uncollectible VOI notes receivable (18,795 ) (15 )% (15,181 ) (13 )%
Sales of real estate 107,120 85 % 105,247 87 %
Cost of real estate sales (23,390 ) (19 )% (26,634 ) (22 )%
Gross profit 83,730 66 % 78,613 65 %
Other operations revenue 15,067 12 % 12,235 10 %
Cost of other operations (8,574 ) (7 )% (8,900 ) (7 )%
6,493 3,335
Selling and marketing expenses (78,452 ) (62 )% (66,111 ) (55 )%
Field G & A expense (6,398 ) (5 )% (7,612 ) (6 )%
Total field operating expenses (84,850 ) (67 )% (73,723 ) (61 )%
Field operating profit $ 5,373 4 % $ 8,225 7 %
Other data:
Upgrade Sales to Bluegreen Vacation Club owners, as a percentage of Resorts sales 44.0
%
40.0
%
Number of VOI sales transactions 12.3 11.2
Average sales price per transaction $ 11.1 $ 11.4
Total Marketing Prospect Tours 91.8 88.7
New Marketing Prospect Tours 66.8 66.5
Sale-to-tour ratio (total prospects) 13.3 % 12.6 %
Sale-to-tour ratio (new prospects) 9.4 % 9.7 %
Sales deferred under SFAS No. 152 as of end of period $ 39,000 $ 37,800
Field operating profit deferred under SFAS No. 152 as of end of period $
23,300
$
21,000
The increase in contract sales of real estate was due primarily to a 16% increase in sales to existing Bluegreen Vacation Club members, as well as increased same-resort sales at many existing sales offices, partially offset by the impact of the closure of an off-site sales office in Dallas, Texas. Higher sales were also attributable to a system-wide price increase that went into effect during January 2008. Thousands of qualified prospects visit Bluegreen’s sales offices, and the Company believes that its increased sales reflect the continued desire of consumers to vacation, and the flexibility, attractiveness and affordability of the Bluegreen Vacation Club.
Other resort operations revenue – much of which constitutes a recurring stream of revenue -- rose 23.1% to $15.1 million, reflecting higher resorts management and service fees, and an increased contribution from Bluegreen’s title company due primarily to a 10% rise in VOI sales transactions during the second quarter.
Lower Field Operating Profit was primarily due to higher selling and marketing expenses which, as a percentage of gross sales, increased from 55% during the three months ended June 30, 2007 to 62% during the three months ended June 30, 2008. The increase in selling and marketing expenses as a percentage of sales was driven by higher costs per tour in certain marketing programs and the deferral of additional sales under both SFAS No. 152 and percentage of completion accounting, which require the Company to recognize the majority of selling and marketing costs, notwithstanding the deferred recognition of sales.
The Company’s timeshare receivables portfolio continued to perform well, as demonstrated by delinquencies over 30 days on the entire serviced portfolio at June 30, 2008 of 3.6% as compared to 4.5% at December 31, 2007 and 3.2% at June 30, 2007. The average annual default rate increased to 8.2% for the twelve months ended June 30, 2008 as compared to 7.2% for the twelve months ended June 30, 2007. However, it should be noted that default rates in 2007 represented recent historical lows. Bluegreen believes the comparatively small monthly payments in its financing programs, the use of direct debit payment processing by over 80% of the Company’s obligors, and customer satisfaction are all factors that contribute to the performance of its receivable portfolio.
Mr. Maloney commented, “We are excited about the continued growth of the Bluegreen Vacation Club and the expansion of our sales distribution network to new markets. We expect to begin accepting guests at our newest resorts in Las Vegas and Williamsburg this summer, and look forward to expanding our sales presence in both markets through larger sales offices. We have recently commenced sales in Atlantic City, NJ, and are encouraged by our initial results. We expect to commence sales at LaPension in New Orleans during the third quarter of 2008. We also recently completed the expansion of our relationship with Cedar Fair Theme Parks, one of the largest regional amusement park operators in the world. As of Memorial Day, Bluegreen had established an on-site sales presence at all 11 Cedar Fair Parks across the United States and Canada, as well as four adjacent hotel properties.”
Jya-Ning
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