Block php code from showing?

[Boofo]

Can someone please tell me why this doesn't work? I have tried everything and it just doesn't seem to want to take. What I am trying to do is if an unregistered user logs onto the board, they will not see any php code, but see an alternate line inside the php code box instead. If it is a registered user, they will see the php code box and code normally. Any help will be greatly appreciated.

 <div style="margin:20px; margin-top:5px">
 <div class="smallfont" style="margin-bottom:2px">$vbphrase[php_code]:</div>
 <div class="alt1" style="padding:$stylevar[cellpadding]px; border:1px inset; overflow:auto">
  <code style="white-space:nowrap">
   <!-- php buffer start --><if condition="$bbuserinfo['userid']">$code<else />What youd Like to say to them here </if><!-- php buffer end -->
  </code>
 </div>
</div>