/ CORRECTION - BFC Financial Corporation Reports Financial Results for the First Quarter, 2014
May 13 2014 - 2:58PM
Marketwired Canada
BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) (OTCQB: BFCFB)
today reported financial results for the quarter ended March 31, 2014. The
following table corrects a typographical error in the press release table
previously issued on the wire service on May 13, 2014.
Bluegreen's Adjusted EBITDA as of March 31, 2014 was $33.8 million, not $3.8
million as originally noted in the press release table issued on the wire
service. The Bluegreen Balance Sheet Highlights (in thousands) table follows
below.
The following table presents Bluegreen's Adjusted EBITDA, defined below, for the
three months ended March 31, 2014 and 2013, as well as a reconciliation of
Adjusted EBITDA to Income from continuing operations (in thousands):
For the Three Months Ended
-------------------------------
March 31, 2014 March 31, 2013
--------------- --------------
Income from continuing operations-
Woodbridge $ 16,530 13,652
Loss from Woodbridge other activities (632) (1,200)
--------------- --------------
Income from continuing operations,
Bluegreen 17,162 14,852
Add/(Less):
Long-term executive compensation 1,105 3,056
Interest income (other than interest
earned on VOI notes receivable) (290) (100)
Interest expense 11,050 10,104
Interest expense on Receivable-Backed
Debt (6,124) (7,158)
Provision for Income Taxes 9,145 7,577
Franchise Taxes 44 52
Depreciation and Amortization 1,708 1,618
--------------- --------------
Adjusted EBITDA $ 33,800 30,001
=============== ==============
Adjusted EBITDA is defined as earnings, or income from continuing operations,
before taking into account long-term executive compensation, interest income
(excluding interest earned on VOI notes receivable), interest expense (excluding
interest expense incurred on financings related to Bluegreen's receivable-backed
notes payable), provision for income taxes and franchise taxes, depreciation and
amortization. For purposes of the Adjusted EBITDA calculation, no adjustments
were made for interest income earned on Bluegreen's VOI notes receivable or the
interest expense incurred on debt that is secured by such notes receivable
because they are both considered to be part of the operations of Bluegreen's
business.
We consider Bluegreen's Adjusted EBITDA to be an indicator of its operating
performance, and it is used to measure Bluegreen's ability to service debt, fund
capital expenditures and expand its business. Adjusted EBITDA is also used by
companies, lenders, investors and others because it excludes certain items that
can vary widely across different industries or among companies within the same
industry. For example, interest expense can be dependent on a company's capital
structure, debt levels and credit ratings. Accordingly, the impact of interest
expense on earnings can vary significantly among companies. The tax positions of
companies can also vary because of their differing abilities to take advantage
of tax benefits and because of the tax policies of the jurisdictions in which
they operate. As a result, effective tax rates and provision for income taxes
can vary considerably among companies. Adjusted EBITDA also excludes
depreciation and amortization because companies utilize productive assets of
different ages and use different methods of both acquiring and depreciating
productive assets. These differences can result in considerable variability in
the relative costs of productive assets and the depreciation and amortization
expense among companies.
More complete and detailed information relating to BFC and its financial results
is available in the Company's Annual Report on Form 10-K for the year ended
December 31, 2013, and its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2014, and is available to view on the SEC's website, www.sec.gov, or
on BFC's website, www.BFCFinancial.com.
About BFC Financial Corporation:
BFC (OTCQB: BFCF) (OTCQB: BFCFB) is a holding company whose principal holdings
include a 52% ownership interest in BBX Capital Corporation (NYSE: BBX) and its
indirect ownership interest in Bluegreen Corporation. BFC owns a 54% equity
interest in Woodbridge, the parent company of Bluegreen. BBX Capital owns the
remaining 46% equity interest in Woodbridge. Bluegreen manages, markets and
sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation
ownership plan with more than 180,000 owners, over 60 owned or managed resorts,
and access to more than 4,000 resorts worldwide. BBX Capital, a New York Stock
Exchange listed company, is involved in the acquisition, ownership and
management of, and joint ventures and investments in real estate and real estate
development projects as well as investments and management of middle market
operating businesses. As described above, BBX Capital also has a 46% equity
interest in Bluegreen. As of March 31, 2014, BFC had total consolidated assets
of approximately $1.4 billion, shareholders' equity attributable to BFC of
approximately $243.1 million, and total consolidated equity of approximately
$430.2 million. For more information, visit www.BFCFinancial.com.
For further information, please visit our family of companies:
BFC Financial: www.BFCFinancial.com
Bluegreen Corp.: www.BluegreenVacations.com
BBX Capital: www.BBXCapital.com
Renin Corp.: www.ReninCorp.com
Hoffman's Chocolates: www.Hoffmans.com, www.BocaBons.com, and www.GoodFortunes.com
Williams & Bennett: www.WilliamsandBennett.com
RoboVault: www.RoboVault.com
This press release contains forward-looking statements based largely on current
expectations of BFC 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. The forward
looking statements in this document 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 forward-looking statements are based largely on our expectations and are
subject to a number of risks and uncertainties that are subject to change based
on factors which are, in many instances, beyond our control. The reader should
not place undue reliance on any forward-looking statement, which speaks only as
of the date made. This press release also contains information regarding the
past performance of investments and operations, and the reader should note that
prior or current performance is not a guarantee or indication of future
performance. Reference is also made to the risks and uncertainties detailed in
reports filed by the Company with the SEC, including the "Risk Factors" section
of the Company's Annual Report on Form 10-K for the year ended December 31,
2013, which may be viewed on the SEC's website at www.sec.gov or on BFC's
website at www.BFCFinancial.com. The Company cautions that the foregoing factors
are not exclusive.
FOR FURTHER INFORMATION PLEASE CONTACT:
BFC Contact Info:
Investor Relations:
Leo Hinkley
Managing Director, Investor Relations Officer
954- 940-4994
Email: InvestorRelations@BFCFinancial.com
BBX Capital (NYSE:BBX)
Historical Stock Chart
From Apr 2024 to May 2024
BBX Capital (NYSE:BBX)
Historical Stock Chart
From May 2023 to May 2024
