Attached files
| file | filename |
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| 8-K - BLUEGREEN VACATIONS CORP | i00524_bxg-8k.htm |
| EX-23.1 - BLUEGREEN VACATIONS CORP | i00524_ex23-1.htm |
| EX-99.2 - BLUEGREEN VACATIONS CORP | i00524_ex99-2.htm |
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Item 6. |
SELECTED CONSOLIDATED FINANCIAL DATA |
The statements of operations data for the years ended December 31, 2006 through 2010, and the balance sheet data as of December 31, 2006 through 2010 have been adjusted from previously reported amounts to reflect the reclassification of Bluegreen Communities as a discontinued operation due to the determination made by Bluegreen’s Board of Directors during June 2011 to seek to sell Bluegreen Communities, or all or substantially all of its assets. At that time, it was also determined that the majority of Bluegreen Communities’ assets met the criteria for classification as “assets held for sale.”
(Dollars in thousands, except for per share data)
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For the Years Ended December 31, |
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2006 |
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2007 |
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2008 |
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2009 |
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2010 (1) |
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As Adjusted |
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As Adjusted |
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As Adjusted |
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As Adjusted |
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As Adjusted |
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Statement of Operations Data |
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Sales of VOIs |
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$ |
404,950 |
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$ |
450,163 |
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$ |
428,010 |
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$ |
201,755 |
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$ |
125,765 |
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Other resort operations revenues |
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49,831 |
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53,624 |
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58,643 |
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57,014 |
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67,036 |
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Fee-based sales commission revenue |
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— |
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— |
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— |
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20,057 |
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52,966 |
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Interest income |
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40,765 |
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44,703 |
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57,831 |
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69,337 |
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106,463 |
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Total revenues |
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$ |
495,546 |
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$ |
548,490 |
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$ |
544,484 |
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$ |
348,163 |
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$ |
352,230 |
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Income from continuing operations attributable to Bluegreen Corporation |
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11,847 |
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17,119 |
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2,561 |
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20,064 |
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2,404 |
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Cumulative effect of change in accounting principle |
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(4,494 |
) |
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— |
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— |
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— |
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— |
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Net income (loss) attributable to Bluegreen Corporation |
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$ |
29,817 |
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$ |
31,926 |
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$ |
(516 |
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$ |
(3,572 |
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$ |
(43,966 |
) |
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Per Share Data: |
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Diluted earnings from continuing operations attributable to Bluegreen Corporation |
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$ |
0.38 |
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$ |
0.55 |
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$ |
0.08 |
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$ |
0.65 |
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$ |
0.08 |
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As of the Years Ended December 31, |
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2006 |
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2007 |
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2008 |
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2009 |
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2010 (1) |
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As Adjusted |
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As Adjusted |
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As Adjusted |
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As Adjusted |
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As Adjusted |
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Balance Sheet Data: |
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Notes receivable, net |
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$ |
144,251 |
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$ |
160,665 |
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$ |
340,644 |
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$ |
309,307 |
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$ |
568,985 |
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Inventory |
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233,290 |
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288,969 |
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342,779 |
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370,470 |
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337,684 |
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Total assets |
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854,212 |
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1,039,578 |
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1,193,507 |
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1,131,265 |
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1,255,932 |
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Total debt obligations |
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290,670 |
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397,804 |
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582,683 |
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539,436 |
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824,878 |
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Total Bluegreen Corporation shareholders’ equity |
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353,023 |
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385,108 |
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382,467 |
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386,230 |
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284,165 |
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Book value per common share |
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$ |
11.44 |
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$ |
12.34 |
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$ |
12.24 |
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$ |
12.32 |
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$ |
9.07 |
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Selected Operating Data: |
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Weighted-average interest rate on notes receivable at period end |
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14 |
% |
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14 |
% |
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14 |
% |
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15 |
% |
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15 |
% |
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Bluegreen Resorts statistics: |
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System-wide sales of VOI |
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$ |
419,767 |
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$ |
473,281 |
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$ |
494,307 |
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$ |
250,984 |
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$ |
297,916 |
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VOI sales (3) |
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404,950 |
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450,163 |
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428,010 |
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201,755 |
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125,765 |
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Gross margin on VOI sales |
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78 |
% |
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75 |
% |
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77 |
% |
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67 |
% |
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77 |
% |
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Fee-based sales commission revenue |
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— |
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— |
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— |
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20,057 |
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52,966 |
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Other resort operations revenue |
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49,831 |
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53,624 |
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58,643 |
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57,014 |
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67,036 |
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Segment operating profit (4) |
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$ |
54,310 |
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$ |
62,890 |
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$ |
46,999 |
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$ |
37,748 |
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$ |
15,706 |
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Number of Vacation Club resorts at period end |
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43 |
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45 |
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50 |
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54 |
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56 |
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Number of Bluegreen VOI sale transactions (2) |
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41,097 |
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42,768 |
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44,224 |
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19,602 |
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18,504 |
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Number of sales made on behalf of outside developers for a fee |
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— |
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— |
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— |
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2,593 |
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6,426 |
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(1) |
Effective January 1, 2010, as a result of the adoption of ASU 2009-16 and ASU 2009-17, we consolidated special purpose finance entities associated with prior securitization transactions which previously qualified for “off-balance-sheet” sales treatment. Our balance sheet data as of December 31, 2010 and our statement of operations data for the year ended December 31, 2010 reflect the impact of the consolidation of these special purpose finance entities in our financial statements. See Note 2 to our Consolidated Financial Statements for additional information. |
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(2) |
“Number of Bluegreen VOI sale transactions” are presented before giving effect to the percentage-of-completion method of accounting and the deferral of sales in accordance with timeshare accounting rules. See “Revenue Recognition and Contracts Receivable” under Note 1 to our Consolidated Financial Statements. |
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(3) |
VOI sales in 2006, 2007 and 2008 include gains on sales of notes receivable of $44.7 million, $39.4 million and $8.2 million, respectively. No gains of sales of notes receivable were recognized in 2009 or 2010. VOI sales in 2010 include the effect of charges totaling $69.7 million to increase the allowance for uncollectible VOI notes receivable in connection with the lower FICO® score loans generated prior to December 15, 2008, the date on which we implemented FICO® score-based credit standards. |
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(4) |
Segment operating profit is operating profit from continuing operations prior to the allocation of corporate overhead, interest income, other income or expense, interest expense, income taxes, non-controlling interests, restructuring charges, goodwill impairment charges, and cumulative effect of change in accounting principles. |