SOURCE: BFC Financial Corporation

BFC Financial Corporation

August 17, 2010 11:30 ET

BFC Financial Corporation Reports Financial Results for the Second Quarter, 2010

FORT LAUDERDALE, FL--(Marketwire - August 17, 2010) -  BFC Financial Corporation ("BFC") (PINKSHEETS: BFCF) today announced financial results for the quarter and six months ended June 30, 2010. 

BFC reported a net loss attributable to BFC of $16.2 million and $37.0 million, or $0.22 and $0.50 per diluted share, for the quarter and six months ended June 30, 2010, respectively, compared with a net loss attributable to BFC of $12.9 million and $23.3 million, or $0.29 and $0.52 per diluted share, for the quarter and six months ended June 30, 2009, respectively. Net loss attributable to BFC is defined as net loss after noncontrolling interests.

Under generally accepted accounting principles, the financial statements of the companies in which BFC holds a controlling interest, including BankAtlantic Bancorp, Inc. ("BankAtlantic Bancorp") and Bluegreen Corporation ("Bluegreen") are consolidated in BFC's financial statements. Operating results for the quarter and six months ended June 30, 2010 include the consolidated results of Bluegreen as a result of BFC's purchase of a controlling interest in Bluegreen during November 2009. In the three and six months ended June 30, 2009, earnings attributable to Bluegreen were reported under the equity method of accounting.

At June 30, 2010, BFC shareholders' equity was approximately $210.5 million, which represents a book value per share of $2.79 based on 75,380,748 outstanding shares on that date. At June 30, 2009, BFC shareholders' equity was approximately $96.5 million, which represents a book value per share of $2.14 based on 45,129,493 outstanding shares on that date. 

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, 2010, which was filed with the Securities and Exchange Commission (the "SEC") 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. 

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

    Sharon Lyn
    Vice President
    Email: Email Contact
    Phone: (954) 940-4994
    Fax: (954) 940-5320