SOURCE: BFC Financial Corporation

BFC Financial Corporation

May 24, 2010 17:00 ET

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

FORT LAUDERDALE, FL--(Marketwire - May 24, 2010) -  BFC Financial Corporation ("BFC") (PINKSHEETS: BFCF) today announced financial results for the quarter ended March 31, 2010. 

BFC reported a net loss attributable to BFC of $20.8 million, or $(0.28) per diluted share, for the quarter ended March 31, 2010, compared with a net loss attributable to BFC of $10.4 million, or $(0.23) per diluted share, for the quarter ended March 31, 2009. Net loss attributable to BFC means net loss without giving effect to the impact of 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 three months ended March 31, 2010 include the consolidated results of Bluegreen Corporation, as a result of BFC's purchase of a controlling interest in Bluegreen during November 2009. In the three months ended March 31, 2009, earnings attributable to Bluegreen were reported under the equity method of accounting.

BFC shareholders' equity was approximately $225.7 million, which represents a book value per share of $2.99 based on 75,375,748 outstanding shares as of March 31, 2010. At March 31, 2009, BFC shareholders' equity was approximately $104.5 million, which represents a book value per share of $2.31 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.

As previously disclosed, effective January 1, 2010, Bluegreen adopted accounting guidance that resulted in the consolidation into Bluegreen's financial statements of seven special-purpose entities that had previously been classified as off balance sheet. These entities issued Bluegreen's securitization bonds and hold the receivables which collateralized the bonds. The adoption of this new accounting guidance required that this non-recourse securitization debt and the related receivables be included on Bluegreen's balance sheet, resulting in a one-time, non-cash, after tax reduction to retained earnings of Bluegreen of $61.3 million. Accordingly, Bluegreen's special purpose finance entities are now consolidated in BFC's financial statements, and resulted in a one-time non-cash after-tax reduction to retained earnings of $2.1 million, representing the cumulative effect of change in accounting principle associated with the consolidation of Bluegreen's seven existing special purpose entities into BFC.

The consolidation of Bluegreen's special purpose finance entities resulted in the following impacts to BFC's Consolidated Statement of Financial Condition at January 1, 2010: (1) assets increased by $413.8 million, primarily representing the consolidation of notes receivable, net of allowance, partially offset by the elimination of retained interests; (2) liabilities increased by $416.1 million, primarily representing the consolidation of non-recourse debt obligations to securitization investors, partially offset by the elimination of certain deferred tax liabilities; and (3) total equity decreased by approximately $2.3 million, including a decrease to noncontrolling interest of approximately $1.1 million.

More complete information relating to BFC and its financial results is detailed in BFC's Annual Report on Form 10-Q for the quarter ended March 31, 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