FORT LAUDERDALE, Fla., Aug. 15, 2012 (GLOBE NEWSWIRE) -- 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.
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