BFC Financial Corporation Reports Earnings Results for the Second Quarter 2012
August 15 2012 - 8:55AM
BFC Financial Corporation ("BFC" or the "Company") (OTCQB:BFCF)
today announced financial results for the quarter ended June 30,
2012.
BFC reported net income attributable to BFC of $25.7 million, or
$0.32 per diluted share, for the quarter ended June 30, 2012,
versus a net loss attributable to BFC of $6.9 million, or ($0.10)
per diluted share, for the quarter ended June 30, 2011. Net income
(loss) attributable to BFC is defined as net income (loss) after
non-controlling interests.
Under generally accepted accounting principles, the financial
statements of the companies in which BFC held a controlling
interest during the second quarter of 2012, including BBX Capital
Corporation (formerly BankAtlantic Bancorp, Inc.) and its
subsidiaries ("BBX Capital") and Bluegreen Corporation and its
subsidiaries ("Bluegreen") are consolidated in BFC's financial
statements. At June 30, 2012, BFC had an approximate 53% economic
ownership interest in BBX Capital and an approximate 54% economic
ownership interest in Bluegreen.
BFC shareholders' equity at June 30, 2012 was approximately
$149.1 million, which represents a book value of approximately
$1.93 per share based on approximately 77.1 million shares
outstanding on that date.
Recent Events:
On August 1, 2012, BFC announced that BBX Capital and BB&T
Corporation had completed their previously announced transaction in
which BB&T acquired BankAtlantic, BBX Capital's wholly owned
bank subsidiary. The transaction, originally announced on November
1, 2011, closed on July 31, 2012.
As a result of BFC's ownership interest of approximately 53% in
BBX Capital, BFC expects to record a gain in connection with this
transaction of approximately $163 million in the third quarter of
2012, subject to adjustment based on final post-closing
reconciliation procedures in accordance with the terms of the
agreement.
Going forward, BBX Capital plans to manage the assets it has
retained as a result of the transaction and over time engage in a
real estate investment and specialty finance business as assets are
monetized.
More complete information relating to BFC and its financial
results is detailed in BFC's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2012, was filed with the Securities and
Exchange Commission (the "SEC") and may be viewed on the SEC's
website, www.sec.gov, or on BFC's website:
www.BFCFinancial.com.
About BFC Financial Corporation: BFC is a
holding company whose principal holdings include controlling
interests in Bluegreen Corporation (NYSE:BXG) and BBX Capital
Corporation (NYSE:BBX), and a non-controlling interest in Benihana,
Inc. (Nasdaq:BNHN).
As of June 30, 2012, BFC had total consolidated assets of
approximately $4.9 billion, shareholders' equity attributable to
BFC of approximately $149.1 million, and total consolidated equity
of approximately $209.3 million. For more information, visit
www.BFCFinancial.com. This press release contains
forward-looking statements based on current expectations that
involve a number of risks and uncertainties. All opinions,
forecasts, projections, future plans or other statements, other
than statements of historical fact, are forward-looking statements
and include words or phrases such as "plans," "believes," "will,"
"expects," "anticipates," "intends," "estimates," "our view," "we
see," "would" and words and phrases of similar import. The forward
looking statements in this press release are also forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"),
and involve substantial risks and uncertainties. These risks and
uncertainties include, but are not limited to: the impact of
economic, competitive and other factors affecting the Company and
its underlying holdings and their respective operations, markets,
products and services; that BBX Capital's business plan going
forward may not be as successful as anticipated, if at all; that
the gain recognized by BBX Capital and the value of the assets held
following the transaction and/or the gain recognized by BFC may not
be as anticipated or estimated; that the BB&T transaction
may not be as advantageous to BBX Capital, and through BBX Capital,
BFC as expected and that BFC shareholders may not realize the
anticipated benefits. We can give no assurance that BFC's
expectations will prove to have been correct. Actual results could
differ materially as a result of a variety of risks and
uncertainties, many of which are outside of our control. Further,
BFC cautions that estimates and assumptions were used in preparing
BFC's financial statements, including fair value determinations
resulting in the anticipated gain relating to the transaction
between BBX Capital and BB&T, and that such estimates and
assumptions are subject to change, which may have an adverse impact
on BFC's financial results. The reader should not place undue
reliance on any forward-looking statements, estimates or
assumptions, which speaks only as of the date made. More complete
information relating to BFC and the publicly-traded companies in
which it has interests, including the risks and uncertainties
relating to their respective businesses, is detailed in reports
filed by BFC and each of these companies with the SEC, which may be
viewed on the SEC's website, www.sec.gov, including BFC's Amendment
No. 1 to our Annual Report on Form 10-K/A for the year ended
December 31, 2011, and BFC's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2012. The Company cautions that
the foregoing factors are not exclusive.
CONTACT: BFC Investor Relations:
Leo Hinkley
Phone: 954-940-4994
or
Sharon Stennett-Lyn, 954-940-4994
Fax: 954-940-5320
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