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INVESTOR RELATIONS COUNSEL: Bluegreen Corporation the Equity Group Inc

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INVESTOR RELATIONS COUNSEL: Bluegreen Corporation the Equity Group Inc CONTACT: -OR- INVESTOR RELATIONS COUNSEL: Bluegreen Corporation The Equity Group Inc. John Chiste www.theequitygroup.com Chief Financial Officer Devin Sullivan (561) 912-8010 (212) 836-9608 [email protected] FOR IMMEDIATE RELEASE BLUEGREEN ANNOUNCES PROFITABLE THIRD QUARTER FINANCIAL RESULTS Net Income Improves By $3.3 Million on 17% Increase in Revenues Boca Raton, FL – February 5, 2002 – Bluegreen Corporation (NYSE: BXG), a leading U.S. developer and marketer of drive-to timeshare resorts, golf communities and residential land, today announced financial results for the third quarter of fiscal 2002 (see attached tables). The third quarter of fiscal 2002 is Bluegreen’s third consecutive quarter of profitability and the fourth consecutive quarter in which the Company’s results were an improvement over those reported in the same quarter of the prior fiscal year. Bluegreen reported a more than $3.3 million increase in net income for the third quarter of fiscal 2002 to $2.0 million, or $.08 per diluted share, as compared to a net loss of $1.4 million, or $.06 per share, for the third quarter of fiscal 2001. Net income for the first nine months of fiscal 2002 rose 193% to $10.7 million, or $.41 per share, compared to net income of $3.7 million, or $.15 per share, for the same period one year ago. Timeshare sales for the third quarter rose 13% to $32.3 million from $28.6 million for the third quarter last year, due primarily to increased sales at the Big Cedar Wilderness Club timeshare project, which opened for sales in December 2000 and is operated by a 51% owned subsidiary of the Company. Also, same-resort sales showed marked improvement over the prior year quarter. Timeshare sales for the fiscal 2002 year-to-date increased 2.4% to $110.8 million from $108.3 million for the first nine months of fiscal 2001. Land (lot) sales for the third quarter of fiscal 2002 increased 36% to $23 million from $16.9 million for the same period last year. Higher sales were due primarily to the growth of the Company’s golf course communities, highlighted by continued strong sales at the Preserve at Jordan Lake, which is located near Raleigh-Durham, NC. Land (lot) sales for the first nine months of fiscal 2002 rose 12% to $73.9 million from $66 million for the same period one year ago. Bluegreen Corporation Page 2 February 5, 2002 George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, “We believe our improved third quarter financial results reflect growing consumer acceptance of Bluegreen’s high-quality, amenity-rich, drive-to (excluding Aruba) timeshare resort properties, which are located in close proximity to some of the nation’s most popular vacation destinations. Our land and golf offerings also enjoyed strong sales, as a growing baby boomer population seeks out quality, larger properties on which to build the retirement home of their dreams. Sales at our land and golf division also benefited from lower interest and mortgage rates. “We are very excited about the prospects at our Big Cedar Wilderness Club timeshare project, which is located adjacent to Big Cedar Lodge in Ridgedale, MO, just outside of Branson, MO. Initial sales have exceeded our expectations. We recently opened our state-of the-art, 17,000 square foot, three-story sales center at Big Cedar. What makes this concept most intriguing is that, unlike traditional vacation ownership projects, Big Cedar Wilderness Club has eliminated the need for a lengthy tour by providing information to prospective purchasers in advance of the tour through a combination of telesales, direct mail and innovative telemarketing. This use of permission marketing is a key concept in Bluegreen’s sales efforts.” Mr. Donovan also commented on the continued development of exciting marketing opportunities for Bluegreen through its exclusive, ten-year marketing agreement with Bass Pro Shops, Inc., which expires in June 2010. “Bluegreen has opened manned sales outlets in more than half of Bass Pro Shops’ extraordinary retail stores to sell three-day, two-night mini-vacation packages; we expect to have a presence in most of Bass Pro Shops’ locations by the end of fiscal 2002. These value-priced packages require the buyer to experience either a Bluegreen Vacation Club or Big Cedar Wilderness Club timeshare sales presentation. Through this agreement, we hope to engender the same type of brand and customer loyalty for our timeshare products that has made Bass Pro Shops such a successful and enduring enterprise.” Mr. Donovan also noted the continued favorable effects of the Company’s previously announced strategic business plan on financial results for the third quarter of fiscal 2002 and year-to-date. Bluegreen first reported this plan in the third quarter of fiscal 2001 and has, since that time, implemented several steps designed to improve operating efficiencies, enhance profitability and maximize return on assets. In addition to higher sales of its timeshare, land and golf properties, Mr. Donovan highlighted lower total selling, general and administrative expenses as a percentage of sales during the third quarter. Moreover, Bluegreen continued to secure innovative and attractive financing to assist in the growth of its business. In August 2001, the Company signed a 364-day, $75 million revolving timeshare receivables purchase facility with Credit Suisse First Boston and, in December 2001, established a $12.5 million revolving unsecured line of credit with First Union National Bank that expires on December 31, 2002. Bluegreen Corporation Page 3 February 5, 2002 Mr. Donovan concluded by discussing Bluegreen’s financial position, highlighted by a book value at December 30, 2001 of $6.12 per share and a debt-to-equity ratio of approximately 1.41:1 Bluegreen is one of the leading companies engaged in the acquisition, development, marketing and sale of timeshare resorts, golf communities and residential land. The Company’s timeshare resorts are located in a variety of popular vacation destinations including Orlando, Florida; the Smoky Mountains of Tennessee; Myrtle Beach, South Carolina; Charleston, South Carolina; Branson, Missouri; Wisconsin Dells, Wisconsin; Gordonsville, Virginia; Ridgedale, Missouri; Surfside, Florida; and Aruba, while its land operations are predominantly located in the Southeastern and Southwestern United States. This press release contains forward-looking statements and the Company desires to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 in connection with these statements. Statements made by George Donovan and any other statements contained herein that are not statements of historical fact may be deemed forward-looking statements. The words "believe," "expect," "intend," "anticipate," "project," “may,” “should,” “designed to,” “estimate,” “hope,” “plan” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and many of which are beyond the Company’s control. Future events, industry trends and actual results could differ materially from those set forth in, contemplated by, or underlying such forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, actual results for future periods may differ from those estimated, consumer demand may be less than anticipated, regulatory changes, changes in national or regional economic conditions, including interest rates, that can affect the real estate market, risks associated with a large investment in real estate, shortages of available inventory, the risk that the Company will not be able to borrow under credit facilities, sell receivables under the timeshare receivables purchase facility referred to in this release or have sufficient outstanding sources of financing to satisfy its needs, the strategic business plan referred to in this release will not be successfully implemented, the Big Cedar Wilderness Club may not be profitable, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K, its most recent quarterly report on Form 10-Q and the Form 10-Q to be filed on or about February 13, 2002. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved. ### #### ### Bluegreen Corporation Page 4 February 5, 2002 BLUEGREEN CORPORATION Consolidated Statements of Operations (In 000's, Except Per Share Data) (Unaudited) Three Months Ended Nine Months Ended December 30, December 31, December 30, December 31, 2001 2000 2001 2000 REVENUES: Timeshare sales $ 32,272 $ 28,558 $ 110,846 $ 108,276 Lot sales 23,013 16,927 73,857 65,973 Total sales 55,285 45,485 184,703 174,249 Other resort and golf operations revenue 5,607 5,522 19,184 19,351 Interest income 3,776 3,959 11,855 13,534 Gain on sale of notes receivable 2,185 2,266 4,214 2,266 Other income - 14 - 136 Total operating revenues 66,853 57,246 219,956 209,536 EXPENSES:
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