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Annual Report 2003 2002

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Annual Report 2003 2002 Annual Report 2003 2002 CORPORATE PROFILE Annual Report COLORFUL Founded more than 30 years ago, Bluegreen Corporation (NYSE: BXG) is one of the leading providers of vacation ownership resorts and residential communities in the United States. Bluegreen’s Resort Division develops, markets and operates vacation ownership resorts PLACES in seven states and Aruba. These vacation ownership opportunities are offered primarily through the Bluegreen Vacation Club,® a points-based system that provides its 80,000+ members with the flexibility they desire to enjoy resort vacations, cruises and TO LIVE other travel benefits. Bluegreen Communities develops and markets planned residential communities predominately in the Southeastern and Southwestern United States. Headquartered in Boca Raton, Florida, Bluegreen Corporation employs more than 2,600 people. AND PLAY LETTER TO THE SHAREHOLDERS Dear Fellow Shareholder: Bluegreen’s results for the nine-month creative sales and marketing strategies, period that comprised Fiscal 2002 quality products and a sound fiscal were among the best in our history, foundation, allowed Bluegreen highlighted by increased sales in to prosper despite the economic and Bluegreen Resorts and Bluegreen global uncertainties that marked Communities. We arranged more Fiscal 2002. The results of this than 100,000 vacations, a record approach are also illustrated in the SOLARA SURFSIDE, SURFSIDE FLORIDA for any year, but especially meaningful testimonials contained in this Report, Grand Opening January 2003 in light of a weak economy. At the each of which is a matter of much same time, we decreased our cost corporate and personal pride. of doing business. We recognize that owning a home and Our success was no accident. Every enjoying time away with friends and day, we draw upon a rich tradition of loved ones are part of the American providing superior customer experiences fabric; these threads have been woven that are rooted in a 30-year history of even tighter over the last couple of ® “We had high expectations for our honeymoon, and Bluegreen developing Bluegreen Communities years. We believe that the Colorful exceeded them. The staff at Solara SurfsideTM went out of their and has been honed by nearly a decade Places to Live and Play® offered by way to make sure that everything was perfect. Because of them, of owning and managing timeshare Bluegreen Communities and Bluegreen and everyone we dealt with at Bluegreen, we’ll always have properties across the country and in Resorts provide a quality experience to special memories of our honeymoon. It was a great way to start the Caribbean. Our deep respect for the consumer because it is an experience our new life together.” the consumer, combined with that is tailored to fit their lifestyle. Kedra & Greg Bodnar • Avon Lake, Ohio SOLARA SURFSIDE The 32 properties within the Bluegreen During Fiscal 2002, our resorts and Vacation Club® and Aruba are located communities businesses produced in some of the most beautiful and an increased rate of repeat purchases exciting vacation destinations. Except and new business generated via for Aruba, each is within driving referral from existing owners. We distance of most major U.S. population believe that this speaks to the high centers. The points-based Bluegreen quality experience that Bluegreen Vacation Club provides the flexibility provides to its customers. It also had a necessary for our customers to take positive impact on marketing costs. several getaways at different resorts throughout the year or to enjoy an We consistently invest in new and extended vacation at one resort. innovative technologies that allow Bluegreen Communities offer diverse us to better understand our markets and rewarding lifestyles for families and ensure the high standards of of all ages. Customers can settle quality and customer service that help down in planned communities that define who we are as a company. blend with the area’s natural beauty Life and leisure preferences must be or live a country club lifestyle in a catered to, and even anticipated, in a VACATIONS Bluegreen Golf Community and live time when there is no shortage of MAKE just steps away from award-winning options for the consumer. Offering MEMORIES FOR A golf courses and other amenities. high-quality products and service LIFETIME is not enough; understanding the needs of our customers – and then using that understanding as the basis for how we conduct our business – has become as important as the products and services we provide. Golf at Top of the Rock The Bluegreen Vacation Club’s points-based system allows owners to create unique vacation experiences, tailored to their WHAT IS YOUR IDEA OF A GREAT VACATION? WHAT IS YOUR IDEA OF A GREAT VACATION? WHAT IS YOUR IDEA OF A GREAT VACATION? own needs. And this flexibility is In October we acquired substantially all The importance of technology has TM Fishing on Table Rock Lake one of the key components to the of the assets of TakeMeOnVacation, LLC not overshadowed our belief that continued growth and success and affiliates, which generates qualified relationships are key to attracting and of the Bluegreen Vacation Club. sales leads for our resorts business. retaining customers. This is one reason This acquisition marks the beginning why we believe that our 10-year of an aggressive implementation of agreement to market the Bluegreen permission marketing strategies, Vacation Club in Bass Pro Shops® where potential customers agree in locations across the country, as well advance to be contacted by a as to its catalog subscribers, produced Bluegreen representative. We believe such encouraging results in Fiscal 2002. that the proprietary software we Through our association, we hope to acquired as part of this acquisition will engender the same type of brand and WHAT IS YOUR IDEA OF A GREAT VACATION? WHAT IS YOUR IDEA OF A GREAT VACATION? WHAT IS YOUR IDEA OF A GREAT VACATION? improve the way we target prospective customer loyalty for our resorts that resort buyers and improve operating have made Bass Pro Shops such a Dogwood Canyon Nature Park efficiencies. We also upgraded our successful and enduring enterprise. interactive capabilities so that consumers We look forward to continuing to can better customize their vacation expand our presence in existing and and lifestyle experiences, and expect to future Bass Pro Shops locations. make additional upgrades in 2003. EXPANSION, ACQUISITION AND DEVELOPMENT In Fiscal 2002 we strengthened our presence in the Midwest by introducing the Bluegreen Vacation Club® to Locating and developing Resorts Boyne Mountain, Michigan. Boyne and Communities to broaden our Mountain is part of Boyne USA portfolio and provide exciting new Resorts, one of the largest privately-held experiences for our customers is a resort companies in North America. primary part of our growth strategy. We also expanded westward with the acquisition of unsold timeshare intervals from existing inventory at Big Sky, Montana. Each of these properties carries strong regional brand recognition. We also opened Solara SurfsideTM near Miami Beach, Florida to meet our need for non-seasonal, upscale beachfront property that can be easily integrated into the Bluegreen Vacation Club. These new locations are consistent with Bluegreen’s overall expansion strategy, as each is rich in amenities and is within easy driving distance from major metropolitan areas. BLUEGREEN COMMUNITIES THE GOLF CLUB AT BRICKSHIRE • New Kent, Virginia BRICKSHIRETM New Kent, Virginia BLUEGREEN COMMUNITIES BLUEGREEN COMMUNITIES BLUEGREEN COMMUNITIES BLUEGREEN COMMUNITIES “The staff at Brickshire bend over backwards to make you feel welcome. It has been an exceptionally pleasant experience, and we can’t wait to move in.” Dr. Moorad Mooradian Springfield, Virginia MYSTIC SHORES • Canyon Lake, Texas BLUEGREEN COMMUNITIES BLUEGREEN COMMUNITIES BLUEGREEN COMMUNITIES BLUEGREEN COMMUNITIES Bluegreen Communties is also developing Silver Lakes RanchTM expands Bluegreen’s new properties in areas of the country presence in the state of Texas, joining where we have achieved success. existing Bluegreen Communities like Catawba Falls PreserveTM will join two Mystic Shores,TM WaterStone,TM other successful Bluegreen Communities Lake Ridge,TM Mountain Lakes Ranch,TM currently operating in the state of Ridge Lake Shores,TM Riverwood ForestTM North Carolina – The Preserve at Jordan and Fairway Crossing.TM In 2003, LakeTM and Winding River Plantation,TM we also expect to acquire and develop both of which are substantially sold out. The Traditions of Braselton,TM a LAKE RIDGE • Cedar Hill, Texas Sales at Catawba Falls Preserve are Bluegreen Golf Community near expected to commence in 2003. Atlanta, Georgia. FISCAL 2002 FINANCIAL HIGHLIGHTS BRUSHY CREEK POINT, OWNER’S LOUNGE Big Cedar Wilderness Club • Ridgedale, Missouri Outstanding customer experiences •Bluegreen Resorts sales rose 30% •Selling, general & administrative do far more than burnish corporate to $144.0 million; (“S, G &A”) expenses declined as image. We believe that it had a a percentage of total operating significant effect on our operating •Bluegreen Communities sales revenues, despite $1.8 million in results in Fiscal 2002. As previously were up 6% to $78.6 million from higher S, G &A expenses incurred announced, Bluegreen changed its last year. With the exception of during the period as a result of a fiscal year during 2002. Therefore, one new project, no new projects change in accounting principle; our discussion of results for Fiscal 2002 were introduced during the year, will refer to the period beginning meaning that the sales increase •Net income was $9.8 million, April 1st and ending December 31st; and profitability achieved by this or $.39 per share, versus net the discussion of results for Fiscal 2001 segment of our business was almost income of $10.7 million, or will refer to the comparable prior entirely “same-store” driven; $.41 per share, last year. Results for year period. Fiscal 2002 were impacted by a •Total operating revenues cumulative effect of a change in increased 24% to $272.0 million.
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