/ CORRECTION - BFC Financial Corporation Reports Financial Results for the First Quarter, 2014
May 13 2014 - 2:58PM
Marketwired
/ CORRECTION - BFC Financial Corporation Reports Financial Results
for the First Quarter, 2014
FORT LAUDERDALE,
FL--(Marketwired - May 13, 2014) - 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.
BFC Contact Info:
Investor Relations:Leo HinkleyManaging Director, Investor
Relations Officer954- 940-4994 Email:
InvestorRelations@BFCFinancial.com
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