| Bluegreen hit with $27M Q2 loss and Summit Hotel Properties, Inc. Announces Dividend |
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Bluegreen Corp. Bluegreen Corp. Latest from The Business Journals BFC narrows losses, but needs OK on dividendsBFC Financial narrows Q2 loss, regulators restrict dividendsSouth Florida stocks: Biggest drops from 52-week highs Follow this company suffered a loss in the second quarter mostly due to taking a charge for its residential division, which is up for sale. The Boca Raton-based company (NYSE: BXG), which primarily sells timeshare units and manages resorts, lost $26.7 million in the second quarter, down from net income of $4.3 million in the same period a year ago. Bluegreen(TM)s loss from discontinued operations in the most recent quarter was $36.4 million, which reflected its $56.4 million non-cash write-down of the value of its Bluegreen Communities residential division. While the loss looked bad on paper, it did not hurt Bluegreen(TM)s balance sheet liquidity much. The company had $67.1 million in cash and equivalents on June 30, down from $72.1 million on Dec. 31. [Read the full article] XI'AN, China, Aug. 15, 2011 /PRNewswire-Asia-FirstCall/ -- China Housing & Land Development, Inc. ("China Housing" or the "Company"; Nasdaq: CHLN) today announced its financial results for the quarter ended June 30, 2011.Total revenue in the second quarter of 2011 decreased 10.2% to $20.3 million from $22.6 million in the first quarter of 2011 and decreased 44.7% from $36.6 million in the second quarter of 2010.Total gross floor area ("GFA") sales were 12,769 sq. meters during the second quarter of 2011, compared to 28,438 sq. meters in the first quarter of 2011 and 46,459 sq. meters in the second quarter of 2010. Average residential selling price ("ASP") in the second quarter of 2011 was RMB 6,551, compared with RMB 6,115 in the first quarter of 2011, and RMB 5,641 in the second quarter of 2010.Gross profit decreased 10.6% to $5.1 million from $5.7 million in the first quarter of 2011 and decreased 50.5% from $10.3 million in the second quarter of 2010. [Read the full article] The hotel at the W Austin Hotel & Residences project opened in December 2010, delivery of the first condominium residences began in January 2011 and the music and entertainment venue, Austin City Limits Live at the Moody Theater, opened in February 2011. Sales of condominium units at the W Austin Hotel & Residences project totaled 26 units for $32.1 million for second-quarter 2011 and 59 units for $63.4 million for the first six months of 2011. Average occupancy at the W Austin Hotel was 78 percent during second-quarter 2011 and 76 percent during the first six months of 2011. ACL Live hosted 40 events during second-quarter 2011 and 72 events during the first six months of 2011. Stratus secured a $13.7 million loan for the development of Parkside Village and began construction. [Read the full article] 
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