SOURCE: BBX Capital Corporation
FORT LAUDERDALE, FL--(Marketwire - Nov 15, 2012) - BBX Capital Corporation ("BBX Capital" and/or the "Company") (NYSE: BBX), formerly BankAtlantic Bancorp, today reported net income for the three and nine months ended September 30, 2012 of $277.1 million and $250.5 million or $17.59 and $15.96 diluted earnings per share, respectively, compared to a net loss for the three and nine months ended September 30, 2011 of ($11.5) million and ($11.3) million or ($0.74) and ($0.84) diluted loss per share, respectively.
The Company's stockholders' equity increased to $254.7 million as of September 30, 2012, which represents a book value per share of $16.15.
BBX Capital's 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. As a result, included in BBX Capital's income from discontinued operations for the third quarter and nine month period of 2012 is a one-time gain of approximately $290.6 million related to the transaction in which BB&T acquired BankAtlantic.
Information relating to BBX Capital, its financial results, and additional information regarding the Basis of Financial Statement Presentation and the sale of BankAtlantic, is available in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, and is available to view on the SEC's website, www.sec.gov, or on BBX Capital's website, www.BBXCapital.com.
About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) is a diversified investment and asset management company. The business of BBX Capital includes real estate ownership, direct acquisition and joint venture equity in real estate, specialty finance, and the acquisition of controlling and non controlling investments in operating businesses.
As of September 30, 2012, BBX Capital had total consolidated assets of approximately $488.4 million, shareholders' equity of approximately $254.7 million.
For further information please visit our website: www.BBXCapital.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. We can give no assurance that such expectations will prove to have been correct. Future results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and its markets, products and services, including the impact of decreases in real estate values, and increased unemployment or sustained high unemployment rates on our business generally, the ability of our borrowers to service their obligations and the value of collateral securing our loans; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact of the economy and real estate market values on our assets and the credit quality of our loans; the risk that loan losses will continue and the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; the impact of and expenses associated with litigation including but not limited to litigation brought by the SEC; adverse conditions in the stock market, the public debt market and other financial and credit markets and the impact of such conditions on our activities and the risks associated with the impact of periodic valuation of our assets for impairment. Past performance and perceived trends may not be indicative of future results. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2011 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and June 30, 2012. The Company cautions that the foregoing factors are not exclusive.