SOURCE: BFC Financial Corporation

BFC Financial Corporation

April 13, 2010 14:14 ET

BFC Financial Corporation Reports Financial Results for the Fourth Quarter and Full Year, 2009

FORT LAUDERDALE, FL--(Marketwire - April 13, 2010) -  BFC Financial Corporation ("BFC") (PINKSHEETS: BFCF) today announced financial results for the fourth quarter and year ended December 31, 2009. 

Fourth Quarter 2009
BFC reported net income attributable to BFC of $103.0 million, or $1.14 per diluted share, for the quarter ended December 31, 2009, compared with a net loss attributable to BFC of $53.3 million, or $1.19 per diluted share, for the quarter ended December 31, 2008. Net income (loss) attributable to BFC means net income (loss) without giving effect to the impact of noncontrolling interests.

Full Year 2009
BFC reported net income attributable to BFC of $25.7 million, or $0.44 per diluted share, for the year ended December 31, 2009, compared to a net loss attributable to BFC of $58.9 million, or $1.32 per diluted share, for the year ended December 31, 2008. 

As previously reported, on November 16, 2009, BFC purchased an additional 23% interest in Bluegreen Corporation ("Bluegreen") bringing BFC's ownership interest in Bluegreen to 52%. In connection with the purchase and BFC's resulting controlling interest in Bluegreen, Bluegreen's financial statements were consolidated into BFC's financial statements as of the November 16, 2009 acquisition date. As a consequence, BFC's management was required by GAAP to make determinations regarding the fair values of Bluegreen's assets and liabilities and to recognize a gain to the extent that the net value was greater than the amount BFC paid for the additional shares of Bluegreen's common stock and the market value of the shares of Bluegreen's common stock previously held by BFC and currently held by Bluegreen's other shareholders. These fair value determinations resulted in BFC recognizing a $183.1 million gain, which is included in the net income attributable to BFC for the quarter and year ended December 31, 2009. Excluding that gain, BFC would have had a net loss attributable to BFC of $80.1 million and $157.1 million for the fourth quarter and year ended December 31, 2009, respectively. Also included in BFC's results for the fourth quarter and year ended December 31, 2009 is $60.1 million and $78.0 million, respectively, of impairment charges related to Core Communities.

BFC shareholders' equity increased substantially during 2009, ending the year at approximately $245.1 million, which represents a book value per share of $3.25 based on 75,375,748 outstanding shares as of December 31, 2009. At December 31, 2008, BFC shareholders' equity was approximately $112.9 million, which represents a book value per share of $2.50 based on 45,129,493 outstanding shares on that date. The increase in outstanding shares during 2009 was primarily attributable to the shares of BFC's Class A Common Stock issued in connection with BFC's merger with Woodbridge Holdings Corporation, which was consummated during September 2009.

More complete information relating to BFC and its financial results is detailed in BFC's Annual Report on Form 10-K for the year ended December 31, 2009, which was filed with the Securities and Exchange Commission (the "SEC") on April 13, 2010, and may be viewed free of charge on the SEC's website, www.sec.gov, or on BFC's website, www.BFCFinancial.com.

For further information, please visit our website at: www.BFCFinancial.com. To receive future news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button.

About BFC Financial Corporation:
BFC Financial Corporation (PINKSHEETS: BFCF) is a diversified holding company whose principal holdings include controlling interests in BankAtlantic Bancorp, Inc. and Bluegreen Corporation, and a non-controlling interest in Benihana, Inc. As of December 31, 2009, BFC had total consolidated assets of approximately $6.0 billion and shareholders' equity of approximately $245.1 million.

Except for historical information contained herein, the matters discussed in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 that involve substantial risks and uncertainties. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. BFC cautions that estimates and assumptions were used in preparing BFC's financial statements, including fair value determinations resulting in the gain relating to BFC's acquisition of a controlling interest in Bluegreen, and that such estimates and assumptions are subject to change, which may have an adverse impact on BFC's results of operations and financial condition. In addition, the reader should note that prior or current performance is not a guarantee or indication of future performance. 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 free of charge on the SEC's website, www.sec.gov. Information about companies other than BFC is prepared by management of those companies and not by BFC.

Contact Information

  • BFC Contact Info:
    Sharon Lyn, Vice President, Investor Relations & Corporate Communications
    Email: Email Contact
    Phone: (954) 940-4994 Fax: (954) 940-5320

    Leo Hinkley, SVP, Investor Relations Officer
    Email: Email Contact
    Phone: (954) 940-4994 Fax: (954) 940-5320