FORT LAUDERDALE, FL -- (Marketwire) -- 11/15/12 -- BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) today announced financial results for the quarter ended September 30, 2012.
BFC reported net income attributable to BFC of $158.1 million, or $2.00 per diluted share, for the quarter ended September 30, 2012, versus a net loss attributable to BFC of ($1.8) million, or ($0.3) per diluted share, for the quarter ended September 30, 2011.
At September 30, 2012, BFC had an approximate 53% economic ownership interest in BBX Capital Corporation and its subsidiaries ("BBX Capital"), formerly BankAtlantic Bancorp, whose principal asset until July 31, 2012 was its investment in BankAtlantic, a federal savings bank headquartered in Fort Lauderdale, Florida. On July 31, 2012, BBX Capital completed its sale to BB&T Corporation ("BB&T") of all of the issued and outstanding shares of capital stock of BankAtlantic (the "transaction"). As a result of BFC's controlling interest in BBX Capital, included in BFC's results for the third quarter of 2012 is a one-time gain of approximately $293.4 million (including non-controlling interest) related to the transaction in which BB&T acquired BankAtlantic.
Further, in connection with the merger between Benihana and Safflower Holdings in August of 2012, BFC received approximately $24.5 million in cash and recognized a gain on sale of approximately $9.3 million for its interest in Benihana.
BFC's shareholders' equity at September 30, 2012 was approximately $311.9 million, an approximate 160% increase in shareholders' equity, as compared to December 31, 2012. The book value per share at September 30, 2012 was approximately $4.04 based on approximately 77.2 million shares outstanding on that date.
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 third quarter of 2012, including BBX Capital (NYSE: BBX) and Bluegreen Corporation (NYSE: BXG) and its subsidiaries ("Bluegreen"), are consolidated in BFC's financial statements. At September 30, 2012, BFC had an approximate 53% economic ownership interest in BBX Capital and, through its wholly owned subsidiary Woodbridge Holdings, LLC ("Woodbridge") an approximate 54% economic ownership interest in Bluegreen.
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 September 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.
As of September 30, 2012, BFC had total consolidated assets of approximately $1.5 billion, shareholders' equity attributable to BFC of approximately $311.9 million, and total consolidated equity of approximately $522.2 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. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of our control. 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 September 30, 2012. The Company cautions that the foregoing factors are not exclusive.
BFC Investor Relations:
SVP, Investor Relations Officer