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August 01, 2015 10:24 PM ET

Hotels, Restaurants and Leisure

Company Overview of Bluegreen Corporation

Company Overview

Bluegreen Corporation operates as a sales, marketing, and management company focusing on the vacation ownership industry in the United States. The company markets, sells, and manages vacation ownership interests (VOIs) in resorts that are developed or acquired by the company, or developed and owned by others. Its VOIs enable buyers to use resort accommodations through an annual or biennial allotment of points, which represent their ownership and beneficial use rights in perpetuity in the Bluegreen Vacation Club. It also provides property and homeowners’ association management, VOI title, mortgage servicing, and resort amenity operational services; and financing to individual purchasers of VO...

4960 Conference Way North

Suite 100

Boca Raton, FL 33431

United States

Founded in 1966

Phone:

561-912-8000

Fax:

561-912-8100

Key Executives for Bluegreen Corporation

Chief Financial Officer, Senior Vice President, Treasurer, Secretary and President of Bluegreen Treasury Services
Age: 47
Chief Strategy Officer, Executive Vice President and President of Bluegreen Services
Age: 59
Senior Vice President and President of Bluegreen Resorts Field Sales & Marketing
Age: 57
Chief Information Officer and Senior Vice President
Chief Human Resources Officer and Senior Vice President
Age: 55
Compensation as of Fiscal Year 2015.

Bluegreen Corporation Key Developments

BFC Financial Corp. and its Woodbridge Subsidiary Settle Bluegreen Shareholder Lawsuit for $36.5 Million

BFC Financial Corp. and its Woodbridge subsidiary agreed to pay former minority shareholders of Bluegreen Corp. $36.5 million after settling a class action lawsuit. BFC announced a deal to acquire full control of timeshare developer Bluegreen in 2011. It closed the deal for $150 million, or $10 per share to the minority shareholders, in 2013. It previously owned 54% of Bluegreen and the other shares were on the public market. BBX Capital Corp. retained a 46% interest in Bluegreen in exchange for financing the deal. The other 54% belongs to BFC subsidiary Woodbridge. Soon after the Bluegreen deal was announced, multiple shareholder class action lawsuits were filed in Florida and Massachusetts courts. The suits alleged that the directors of Bluegreen and BFC breached their fiduciary duties by not obtaining fair compensation for selling Bluegreen and engineered a deal that allegedly benefited the directors at the expense of minority shareholders. Under the settlement, BFC and Woodbridge would pay former minority shareholders of Bluegreen $2.50 per share, for a total of $36.5 million. That's 25% more than the original merger payment. The defendants continue to deny the allegations. The companies will fund the settlement from their available cash.

Bluegreen Corporation Reports Consolidated Financial Results for the First Quarter Ended March 31, 2015

Bluegreen Corporation reported consolidated financial results for the first quarter ended March 31, 2015. For the quarter, the company reported net income attributable to the company of USD 13,264,000 compared to USD 14,158,000 a year ago. Operating profit was USD 23,765,000 compared to USD 25,794,000 a year ago. Income before income taxes was USD 24,656,000 compared to USD 26,233,000 a year ago. EBITDA was USD 30,753,000 compared to USD 32,743,000 a year ago. Total revenues were USD 128,430,000 compared to USD 129,920,000 a year ago.

Bluegreen Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Bluegreen Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported operating profit was $17.136 million compared with $9.033 million for the same period last year. Income from continuing operations before income taxes was $18.814 million compared with $8.521 million for the same period last year. Income from continuing operations was $10.215 million compared with $7.184 million for the same period last year. Net income attributable to Bluegreen was $7.852 million compared with $4.635 million for the same period last year. Adjusted EBITDA was $26.7 million against $14.1 million for the same period last year. For the full year, the company reported operating profit was $106.106 million. Income from continuing operations before income taxes was $108.972 million. Income from continuing operations was $68.7 million. Adjusted EBITDA was $134.9 million.

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