BOCA RATON, FL Boca Resorts reported that net income for its second quarter ended December 31, 2000 was $1.4 million, or $0.03 per diluted share, and was $0.02 better than consensus estimates by First Call/Thomson Financial.
EBITDA from the leisure and recreation business increased 9% to $31.4 million for the three months ended December 31, compared to $28.8 million during the comparable quarter of the prior year. RevPAR for the quarter rose 8% over the prior year period driven by increases in ADR and occupancy.
The company closed on the sale of the Arizona Biltmore Resort and Spa to KSL Recreation Corp. for $335 million, including the assumption of $59.4 million of indebtedness, on December 22, 2000. Boca also received $8.3 million in certain working capital adjustments. (1/25/01)