Friday, August 10, 2012
Author: Jason Tremblay | Topics: Bluegreen Timeshare, Timeshare Sales
This week, Bluegreen Resorts issued a press release announcing that system-wide sales of vacation ownership interests (Bluegreen timeshare), have increased 21.6 percent to $96.2 million from $79.1 million in Q2 2011.
John M. Maloney Jr., President and Chief Executive Officer of Bluegreen, explains, “Our strong performance continued in the 2012 second quarter, with growth in our traditional VOI (vacation ownership interests) business as well as our fee-based services business. We produced notable improvements in areas such as tours, transactions, and conversion rates, which we attribute to the quality and value of our offerings, a disciplined approach to marketing, and the commitment of our people. In addition, we continued to advance towards our goal of making our fee-based services business an increasing portion of our total business. Fee-based services represented approximately 41 percent and 35 percent of total system-wide VOI sales for the three and six months ended June 30, 2012, respectively, up from approximately 34 percent and 32 percent, respectively, in the same periods last year. Through the first half of 2012, we generated free cash flow of $89.8 million (including $27.8 million of proceeds from the sale of Bluegreen Communities) and reduced outstanding debt by approximately $95.0 million.”
Changes May Be Ahead for Bluegreen Timeshare
According to the South Florida Business Journal, Bluegreen Corporation is currently working toward a merger. In June of this year, Bluegreen shareholders approved a Bluegreen merger with Fort Lauderdale, Florida-based BFC Financial Corp., which already owns 54 percent of Bluegreen Corporation and Bluegreen timeshare. Each Bluegreen shareholder reportedly would receive eight shares of BFC Financial. Before merger, BFC Financial must secure a listing on a major stock exchange, which would require a reverse split to raise its share price. At this time, this has not occurred.
Currently there is a Bluegreen shareholder class action lawsuit in Palm Beach County Circuit Court seeking to block the merger, but the plaintiffs involved have been unsuccessful in securing an injunction to prevent the merger.
You will find a detailed look at Second Quarter 2012 Financials for Bluegreen timeshare at this link to BusinessWire:
And for more insights on why Bluegreen owners love Bluegreen timeshare, enjoy this video of one of the many popular Bluegreen Resorts: