FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) (“BBX Capital” or the “Company”) reported today its financial results for the quarter ended September 30, 2019.
Selected highlights of BBX Capital’s consolidated financial results include:
Third Quarter 2019 Compared to Third Quarter 2018:
- Total consolidated revenues of $255.1 million vs. $254.4 million
- Net income attributable to shareholders of $22.4 million vs. $6.2 million
- Diluted earnings per share of $0.24 vs. $0.06
- Free cash flow of $50.1 million vs. $17.7 million(1)
- Adjusted EBITDA of $52.1 million vs. $22.1 million(2)
| (1) |
See the supplemental tables included in this release for a reconciliation of BBX Capital’s cash flow from operating activities to free cash flow, which is defined as |
||
| (2) |
See the supplemental tables included in this release for a reconciliation of BBX Capital’s net income to Adjusted EBITDA. |
Balance Sheet as of September 30, 2019 Compared to December 31, 2018
- Total consolidated assets of $1.8 billion vs. $1.7 billion
- Total shareholders’ equity of $556.7 million vs. $549.6 million
- Fully diluted book value per share of $5.77 vs. $5.70 (1)
| (1) |
Fully diluted book value per share is shareholders’ equity divided by the number of Class A and Class B common shares outstanding plus unvested restricted stock awards as of period end |
During the quarter ended September 30, 2019, the Company repurchased approximately 1.4 million shares of its Class A Common Stock for $7.0 million pursuant to the share repurchase program approved by the Company’s Board of Directors in June 2017. As of September 30, 2019, the Company had repurchased approximately 3.3 million shares of its Class A Common Stock for $18.9 million under the June 2017 repurchase program.
Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital Corporation, commented, “The third quarter of 2019 reflects our ongoing objectives to increase intrinsic value for our shareholders, to position our segments for long-term growth, and to streamline our business verticals. During the quarter, we realized our investment in our Altis at Bonterra joint venture, which resulted in earnings of $29.1 million and cash proceeds of $46.0 million. In addition, Bluegreen remained focused on its ongoing growth initiatives, including the addition of vacation package sales kiosks in seven Cabela’s locations and the addition of inventory and sales office space at the Fountains Resort in Orlando, Florida. Further, as part of our ongoing efforts to streamline our business verticals, we exited our operations as a franchisee of MOD Pizza restaurants in Florida.”
“As we have stated each quarter, since many of BBX Capital’s assets do not generate income on a regular or predictable basis, our objective continues to be long term growth as measured by increases in book value and intrinsic value over time,” Levan concluded.
—————
For more complete and detailed information regarding BBX Capital and its financial results, business, operations, investments and risks, please see BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2018 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which will be available on the SEC’s website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com, upon filing with the SEC.
Non-GAAP Financial Measures: The Company refers to certain non-GAAP financial measures in this press release, including EBITDA, Adjusted EBITDA, System-wide Sales of VOIs, and Free Cash Flow. Please see the supplemental tables herein for how these terms are defined and for reconciliations of such measures to the most comparable GAAP financial measures.
***
The following selected information relates to the operating activities of Bluegreen Vacations, BBX Capital Real Estate, Renin, and IT’SUGAR.
Bluegreen Vacations – Selected Financial Data
Selected highlights of Bluegreen Vacations’ financial results include:
Third Quarter 2019 Compared to Third Quarter 2018:
- Sales of Vacation Ownership Interests (“VOIs”) of $66.3 million vs. $70.7 million
- System-wide sales of VOIs of $170.4 million vs. $173.3 million (1)
- Other fee-based services revenue of $33.7 million vs. $31.1 million
- Income before income taxes of $30.4 million vs. $32.5 million
- Adjusted EBITDA of $37.0 million vs. $34.9 million (2)
- Free cash flow of $34.7 million vs. $13.3 million (3)
| (1) |
See the supplemental tables included in this release for a reconciliation of Bluegreen’s Sales of VOIs to System-wide sales of VOIs. |
||
| (2) |
See the supplemental tables included in this release for a reconciliation of Bluegreen’s net income to Adjusted EBITDA. |
||
| (3) |
See the supplemental tables included in this release for a reconciliation of Bluegreen’s cash flow from operating activities to free cash flow. |
In addition to BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2018, more complete and detailed information regarding Bluegreen Vacations and its financial results, business, operations, and risks can be found in Bluegreen Vacations’ Annual Report on Form 10-K for the year ended December 31, 2018 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which are available to view on the SEC’s website, https://www.sec.gov, and on Bluegreen Vacations’ website, www.BluegreenVacations.com.
BBX Capital Real Estate – Selected Financial Data
Selected highlights of BBX Capital Real Estate’s (“BBXRE”) financial results include:
Third Quarter 2019 Compared to Third Quarter 2018:
- Revenues of $1.1 million vs. $8.3 million
- Equity in net earnings of unconsolidated real estate joint ventures of $28.5 million vs. $0.4 million
- Income before income taxes of $29.1 million vs. $1.9 million
BBXRE’s results for the quarter ended September 30, 2019 as compared to the same 2018 period reflect an increase in equity in earnings of unconsolidated joint ventures primarily due to the Altis at Bonterra joint venture’s sale of its 314 unit multifamily apartment community located in Hialeah, Florida. As a result of the sale, BBXRE recognized $29.1 million of equity earnings and received approximately $46.0 million of distributions from the joint venture during the third quarter of 2019.
Renin – Selected Financial Data
Selected highlights of Renin’s financial results include:
Third Quarter 2019 Compared to Third Quarter 2018:
- Trade sales of $16.4 million vs. $15.3 million
- Gross margin of $3.5 million vs. $3.0 million
- Gross margin percentage of 21.04% vs. 19.73%
- Income before income taxes of $479,000 vs. $693,000
- Adjusted EBITDA of $0.9 million vs $1.3 million (1)
| (1) |
See the supplemental tables included in this release for a reconciliation of Renin’s net income to Adjusted EBITDA. |
Renin’s operating results for the quarter ended September 30, 2019 as compared to the same 2018 period reflect an increase in trade sales due to higher sales volume from Renin’s retail channel customers and an improvement in Renin’s gross margin percentage, which reflects lower cost of manufactured products and a barn door product promotion in 2018 that was not repeated in 2019, partially offset by the impact of tariffs on products imported from China. These improvements were offset by an increase in selling, general and administrative expenses primarily due to consulting expenses and higher employee compensation expenses associated with performance bonuses.
IT’SUGAR- Selected Financial Data
Selected highlights of IT’SUGAR’s financial results include:
Third Quarter 2019 Compared to Third Quarter 2018:
- Trade sales of $24.7 million vs. $22.7 million
- Gross margin of $10.8 million vs. $10.4 million
- Gross margin percentage of 43.67% vs. 46.01%
- Income before income taxes of $1.2 million vs. $1.6 million
- Adjusted EBITDA of $2.4 million vs $2.7 million (1)
| (1) |
See the supplemental tables included in this release for a reconciliation of IT’SUGAR’s net income to Adjusted EBITDA |
IT’SUGAR’s operating results for the quarter ended September 30, 2019 as compared to the same 2018 period reflect a net increase in trade sales and gross margin primarily due to the opening of new locations during the fourth quarter of 2018 and the first nine months of 2019, including the FAO Schweetz location in New York City and the Grand Bazaar location in Las Vegas. These increases were offset by a net increase in selling, general, and administrative expenses primarily due to expenses associated with IT’SUGAR’s new locations, executive severance expense, and costs related to the closure of certain store locations.
IT’SUGAR anticipates opening a 21,000 square foot, three-story flagship location at American Dream, a three million square foot shopping and entertainment complex in New Jersey, during the fourth quarter of 2019.
Other Investments
The Company also has other investments in various operating businesses that generated aggregate losses before income taxes of $6.3 million and $2.7 million during the three months ended September 30, 2019 and 2018, respectively. The aggregate losses for the three months ended September 30, 2019 includes $4.0 million of impairment losses recognized in connection with the Company’s exit of its operations as a franchisee of MOD Pizza restaurant locations in Florida, as the Company terminated its area development and franchise agreements with MOD Pizza, transferred seven of its restaurant locations to MOD Pizza, and closed its remaining two locations during the third quarter of 2019.
—
About BBX Capital Corporation: BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) is a Florida-based diversified holding company whose principal investments include Bluegreen Vacations Corporation (NYSE: BXG), BBX Capital Real Estate, Renin, and IT’SUGAR. For additional information, please visit www.BBXCapital.com.
About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in popular leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based vacation ownership plan with approximately 219,000 owners, 69 Club and Club Associate Resorts and access to nearly 11,400 other hotels and resorts through partnerships and exchange networks as of September 30, 2019. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is approximately 90% owned by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
This press release contains forward-looking statements based largely on current expectations of BBX Capital or its subsidiaries 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. Forward-looking statements may be identified by the use of 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”). We can give no assurance that such expectations will prove to have been correct. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements 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 and 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 the Company, its subsidiaries and their respective investments and operations, and the reader should note that prior or current performance is not a guarantee or indication of future performance. Future results could differ materially as a result of a variety of risks and uncertainties. Some factors which may affect the accuracy of the forward-looking statements apply generally to the industries in which the Company operates, including the resort development and vacation ownership industries in which Bluegreen operates, the development, operation, management and investment in residential and commercial real estate, the home improvement industry in which Renin operates, and the sugar and confectionery industry in which IT’SUGAR operates. Risks and uncertainties include, without limitation, the risks and uncertainties affecting BBX Capital and its subsidiaries, and their respective results, operations, markets, products, services and business strategies, including risks associated with the ability to successfully implement currently anticipated plans and generate earnings, long term growth, and increased value; the risk that BBX Capital’s efforts to streamline its businesses and reduce losses may not be successful or achieve the anticipated or desired benefits; the performance of entities of which BBX Capital has acquired or in which it has made investments may not be profitable or perform as anticipated; the risk that BBX Capital is dependent upon dividends from its subsidiaries, principally Bluegreen, to fund its operations and that its subsidiaries may not be in a position to pay dividends at current levels, if at all, dividend payments may be subject to certain restrictions, including restrictions contained in debt instruments, and may be subject to declaration by such subsidiary’s board of directors or managers; the risks relating to acquisitions, including acquisitions in diverse activities, including the risk that they will not perform as expected and will adversely impact the Company’s results; risks relating to the monetization of BBX Capital’s legacy assets; and risks related to litigation and other legal proceedings involving BBX Capital and its subsidiaries. The Company’s investment in Bluegreen Vacations Corporation exposes the Company to risks of Bluegreen’s business including risks relating to its ability to increase VOI sales and profitability and risks inherent in the vacation ownership industry, risks relating to its operations, its relationships with its strategic partners and its ability to successfully grow new marketing partnerships and alliances, risks that Bluegreen’s marketing alliances will not contribute to growth or be profitable, risks that the expansion of the Bass Pro/Cabela’s marketing channels will not be successful or occur as anticipated; as well as other risks relating to the ownership of Bluegreen’s common stock, including those described in Bluegreen’s Annual and Quarterly Reports filed with the SEC. In addition, with respect to BBX Capital Real Estate, Renin, IT’SUGAR, and its other investments in operating businesses, the risks and uncertainties include risks relating to the real estate market and real estate development, the risk that joint venture partners may not fulfill their obligations and the projects may not be developed as anticipated or be profitable, risks related to the concentration of investments with the same joint venture partner, and the risk that contractual commitments may not be completed on the terms provided or at all; risks relating to acquisition and performance of operating businesses, including integration risks, risks regarding achieving profitability, foreign currency transaction risk, goodwill and other intangible impairment risks, risks relating to restructurings and restated charges, and the risk that assets may be disposed of at a loss. Reference is also made to the other risks and uncertainties described in BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2018 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which will be available on the SEC’s website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com, upon filing with the SEC. The Company cautions that the foregoing factors are not exclusive, and that the reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made.
The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the three months ended September 30, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
Bluegreen |
|
BBX |
|
Renin |
|
IT’SUGAR |
|
Other |
|
Reconciling |
|
Segment |
|
Sales of VOIs |
$ |
66,318 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
66,318 |
|
Fee-based sales commissions |
|
60,478 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
60,478 |
|
Other fee-based services |
|
33,744 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
33,744 |
|
Cost reimbursements |
|
21,111 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
21,111 |
|
Trade sales |
|
– |
|
– |
|
16,442 |
|
24,678 |
|
6,541 |
|
(1) |
|
47,660 |
|
Sales of real estate inventory |
|
– |
|
370 |
|
– |
|
– |
|
– |
|
– |
|
370 |
|
Interest income |
|
22,081 |
|
166 |
|
– |
|
– |
|
45 |
|
(495) |
|
21,797 |
|
Net gains on sales of real estate assets |
|
– |
|
399 |
|
– |
|
– |
|
– |
|
– |
|
399 |
|
Other revenue |
|
2,146 |
|
197 |
|
– |
|
15 |
|
1,053 |
|
(174) |
|
3,237 |
|
Total revenues |
|
205,878 |
|
1,132 |
|
16,442 |
|
24,693 |
|
7,639 |
|
(670) |
|
255,114 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of VOIs sold |
|
3,121 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
3,121 |
|
Cost of other fee-based services |
|
23,746 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
23,746 |
|
Cost reimbursements |
|
21,111 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
21,111 |
|
Cost of trade sales |
|
– |
|
– |
|
12,983 |
|
13,902 |
|
4,976 |
|
(1) |
|
31,860 |
|
Cost of real estate inventory sold |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
Interest expense |
|
10,388 |
|
– |
|
131 |
|
24 |
|
29 |
|
1,298 |
|
11,870 |
|
Recoveries from loan losses, net |
|
– |
|
(1,821) |
|
– |
|
– |
|
– |
|
– |
|
(1,821) |
|
Impairment losses |
|
– |
|
37 |
|
– |
|
– |
|
3,993 |
|
– |
|
4,030 |
|
Selling, general and administrative expenses |
|
117,159 |
|
2,336 |
|
2,849 |
|
9,567 |
|
4,900 |
|
11,738 |
|
148,549 |
|
Total costs and expenses |
|
175,525 |
|
552 |
|
15,963 |
|
23,493 |
|
13,898 |
|
13,035 |
|
242,466 |
|
Equity in net earnings of unconsolidated real estate joint ventures |
|
– |
|
28,534 |
|
– |
|
– |
|
– |
|
– |
|
28,534 |
|
Foreign exchange gain (loss) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
Income (loss) before income taxes |
$ |
30,353 |
|
29,114 |
|
479 |
|
1,200 |
|
(6,259) |
|
(13,705) |
|
41,182 |
The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the three months ended September 30, 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
Bluegreen |
|
BBX |
|
Renin |
|
IT’SUGAR |
|
Other |
|
Reconciling |
|
Segment |
|
|||||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Sales of VOIs |
$ |
70,698 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
70,698 |
|
|||||||||||
|
Fee-based sales commissions |
|
61,641 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
61,641 |
|
|||||||||||
|
Other fee-based services |
|
31,057 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
31,057 |
|
|||||||||||
|
Cost reimbursements |
|
16,900 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
16,900 |
|
|||||||||||
|
Trade sales |
|
– |
|
– |
|
15,330 |
|
22,663 |
|
5,815 |
|
(5) |
|
43,803 |
|
|||||||||||
|
Sales of real estate inventory |
|
– |
|
7,478 |
|
– |
|
– |
|
– |
|
– |
|
7,478 |
|
|||||||||||
|
Interest income |
|
21,531 |
|
229 |
|
– |
|
– |
|
10 |
|
(613) |
|
21,157 |
|
|||||||||||
|
Other revenue |
|
378 |
|
572 |
|
– |
|
99 |
|
840 |
|
(220) |
|
1,669 |
|
|||||||||||
|
Total revenues |
|
202,205 |
|
8,279 |
|
15,330 |
|
22,762 |
|
6,665 |
|
(838) |
|
254,403 |
|
|||||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cost of VOIs sold |
|
11,237 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
11,237 |
|
|||||||||||
|
Cost of other fee-based services |
|
19,937 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
19,937 |
|
|||||||||||
|
Cost reimbursements |
|
16,900 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
16,900 |
|
|||||||||||
|
Cost of trade sales |
|
– |
|
– |
|
12,306 |
|
12,236 |
|
4,420 |
|
(5) |
|
28,957 |
|
|||||||||||
|
Cost of real estate inventory sold |
|
– |
|
4,655 |
|
– |
|
– |
|
– |
|
– |
|
4,655 |
|
|||||||||||
|
Interest expense |
|
9,208 |
|
– |
|
157 |
|
– |
|
53 |
|
1,712 |
|
11,130 |
|
|||||||||||
|
Recoveries from loan losses, net |
|
– |
|
(443) |
|
– |
|
– |
|
– |
|
– |
|
(443) |
|
|||||||||||
|
Impairment losses |
|
– |
|
193 |
|
– |
|
– |
|
– |
|
– |
|
193 |
|
|||||||||||
|
Selling, general and administrative expenses |
|
112,407 |
|
2,307 |
|
2,250 |
|
8,962 |
|
4,868 |
|
12,765 |
|
143,559 |
|
|||||||||||
|
Total costs and expenses |
|
169,689 |
|
6,712 |
|
14,713 |
|
21,198 |
|
9,341 |
|
14,472 |
|
236,125 |
|
|||||||||||
|
Equity in net earnings of unconsolidated real estate joint ventures |
|
– |
|
373 |
|
– |
|
– |
|
– |
|
– |
|
373 |
|
|||||||||||
|
Foreign exchange gain |
|
– |
|
– |
|
76 |
|
– |
|
– |
|
– |
|
76 |
|
|||||||||||
|
Income (loss) before income taxes |
$ |
32,516 |
|
1,940 |
|
693 |
|
1,564 |
|
(2,676) |
|
(15,310) |
|
18,727 |
|
|||||||||||
The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the nine months ended September 30, 2019 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bluegreen |
|
BBX| |
|
Renin |
|
IT’SUGAR |
|
Other |
|
Reconciling |
|
Segment |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of VOIs |
$ |
186,351 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
186,351 |
|
Fee-based sales commissions |
|
161,033 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
161,033 |
|
Other fee-based services |
|
94,015 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
94,015 |
|
Cost reimbursements |
|
58,705 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
58,705 |
|
Trade sales |
|
– |
|
– |
|
51,124 |
|
63,347 |
|
24,250 |
|
(16) |
|
138,705 |
|
Sales of real estate inventory |
|
– |
|
5,030 |
|
– |
|
– |
|
– |
|
– |
|
5,030 |
|
Interest income |
|
65,964 |
|
631 |
|
– |
|
– |
|
130 |
|
(1,995) |
|
64,730 |
|
Net gains on sales of real estate assets |
|
– |
|
11,395 |
|
– |
|
– |
|
– |
|
– |
|
11,395 |
|
Other revenue |
|
4,228 |
|
1,492 |
|
152 |
|
241 |
|
2,020 |
|
(593) |
|
7,540 |
|
Total revenues |
|
570,296 |
|
18,548 |
|
51,276 |
|
63,588 |
|
26,400 |
|
(2,604) |
|
727,504 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of VOIs sold |
|
17,541 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
17,541 |
|
Cost of other fee-based services |
|
66,538 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
66,538 |
|
Cost reimbursements |
|
58,705 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
58,705 |
|
Cost of trade sales |
|
– |
|
– |
|
40,989 |
|
37,442 |
|
16,563 |
|
(16) |
|
94,978 |
|
Cost of real estate inventory sold |
|
– |
|
2,643 |
|
– |
|
– |
|
– |
|
– |
|
2,643 |
|
Interest expense |
|
29,955 |
|
– |
|
387 |
|
81 |
|
72 |
|
4,184 |
|
34,679 |
|
Recoveries from loan losses, net |
|
– |
|
(4,206) |
|
– |
|
– |
|
– |
|
– |
|
(4,206) |
|
Impairment losses |
|
– |
|
37 |
|
– |
|
– |
|
6,749 |
|
– |
|
6,786 |
|
Selling, general and administrative expenses |
|
355,041 |
|
6,709 |
|
8,326 |
|
26,645 |
|
16,061 |
|
35,728 |
|
448,510 |
|
Total costs and expenses |
|
527,780 |
|
5,183 |
|
49,702 |
|
64,168 |
|
39,445 |
|
39,896 |
|
726,174 |
|
Equity in net earnings of unconsolidated real estate joint ventures |
|
– |
|
37,276 |
|
– |
|
– |
|
– |
|
– |
|
37,276 |
|
Foreign exchange loss |
|
– |
|
– |
|
(24) |
|
– |
|
– |
|
– |
|
(24) |
|
Income (loss) before income taxes |
$ |
42,516 |
|
50,641 |
|
1,550 |
|
(580) |
|
(13,045) |
|
(42,500) |
|
38,582 |
The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the nine months ended September 30, 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bluegreen |
|
BBX |
|
Renin |
|
IT’SUGAR |
|
Other |
|
Reconciling |
|
Segment |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of VOIs |
$ |
195,412 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
195,412 |
|
Fee-based sales commissions |
|
167,581 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
167,581 |
|
Other fee-based services |
|
89,472 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
89,472 |
|
Cost reimbursements |
|
47,157 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
47,157 |
|
Trade sales |
|
– |
|
– |
|
47,205 |
|
58,967 |
|
19,954 |
|
(12) |
|
126,114 |
|
Sales of real estate inventory |
|
– |
|
17,138 |
|
– |
|
– |
|
– |
|
– |
|
17,138 |
|
Interest income |
|
63,771 |
|
2,064 |
|
– |
|
1 |
|
105 |
|
(2,203) |
|
63,738 |
|
Net gains on sales of real estate assets |
|
– |
|
4,802 |
|
– |
|
– |
|
– |
|
– |
|
4,802 |
|
Other revenue |
|
1,269 |
|
2,020 |
|
– |
|
134 |
|
1,455 |
|
(600) |
|
4,278 |
|
Total revenues |
|
564,662 |
|
26,024 |
|
47,205 |
|
59,102 |
|
21,514 |
|
(2,815) |
|
715,692 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of VOIs sold |
|
19,838 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
19,838 |
|
Cost of other fee-based services |
|
53,983 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
53,983 |
|
Cost reimbursements |
|
47,157 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
47,157 |
|
Cost of trade sales |
|
– |
|
– |
|
38,454 |
|
34,020 |
|
15,583 |
|
(12) |
|
88,045 |
|
Cost of real estate inventory sold |
|
– |
|
11,283 |
|
– |
|
– |
|
– |
|
– |
|
11,283 |
|
Interest expense |
|
25,470 |
|
– |
|
497 |
|
– |
|
241 |
|
4,661 |
|
30,869 |
|
Recoveries from loan losses, net |
|
– |
|
(7,258) |
|
– |
|
– |
|
– |
|
– |
|
(7,258) |
|
Impairment losses |
|
– |
|
362 |
|
– |
|
– |
|
187 |
|
– |
|
549 |
|
Selling, general and administrative expenses |
|
315,535 |
|
7,175 |
|
7,641 |
|
25,559 |
|
16,541 |
|
37,908 |
|
410,359 |
|
Total costs and expenses |
|
461,983 |
|
11,562 |
|
46,592 |
|
59,579 |
|
32,552 |
|
42,557 |
|
654,825 |
|
Equity in net earnings of unconsolidated real estate joint ventures |
|
– |
|
1,165 |
|
– |
|
– |
|
– |
|
– |
|
1,165 |
|
Foreign exchange gain |
|
– |
|
– |
|
91 |
|
– |
|
– |
|
– |
|
91 |
|
Income (loss) before income taxes |
$ |
102,679 |
|
15,627 |
|
704 |
|
(477) |
|
(11,038) |
|
(45,372) |
|
62,123 |
Contacts
BBX Capital Corporation Contact Info:
Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer
954-940-5300, Email: [email protected]
Media Relations Contacts: Kip Hunter Marketing, 954-765-1329, Nicole Lewis / Shannon O’Malley
Email: [email protected], [email protected]
