SOURCE: BFC Financial Corporation
FORT LAUDERDALE, FL--(Marketwired - April 03, 2013) - BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) reported financial results for the fourth quarter and full year ended December 31, 2012.
Full Year 2012
BFC reported net income attributable to BFC of $166.0 million, or $2.09 per diluted share, for the year ended December 31, 2012, compared to a net loss attributable to BFC of $(11.3) million, or $(0.16) per diluted share, for the year ended December 31, 2011. Net income attributable to BFC for the year ended December 31, 2012 includes a $293.5 million gain recognized by BFC in connection with the sale of BankAtlantic by BBX Capital Corporation (NYSE: BBX) ("BBX Capital") during July 2012.
Fourth Quarter 2012
BFC reported a net loss attributable to BFC of $(15.1) million, or $(0.19) per diluted share, for the quarter ended December 31, 2012, versus net income attributable to BFC of $0.1 million for the quarter ended December 31, 2011.
BFC's shareholders' equity at December 31, 2012 was approximately $299.0 million.
Net income (loss) attributable to BFC is defined as net income (loss) after non-controlling interests.
Under generally accepted accounting principles, the financial statements of the companies in which BFC holds a controlling interest, including BBX Capital and Bluegreen Corporation (NYSE: BXG) ("Bluegreen"), are consolidated in BFC's financial statements. At December 31, 2012, BFC had an approximate 53% economic ownership interest in BBX Capital and an approximate 54% economic ownership interest in Bluegreen.
More complete information relating to BFC and its financial results is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, which was filed with the SEC on April 2, 2013 and is available to view on the SEC's website, www.sec.gov, or on BFC's website, www.BFCFinancial.com
About BFC Financial Corporation
BFC (OTCQB: BFCF) is a holding company whose principal holdings include controlling interests in Bluegreen Corporation (NYSE: BXG) and BBX Capital Corporation (NYSE: BBX).
As of December 31, 2012, BFC had total consolidated assets of approximately $1.5 billion, shareholders' equity attributable to BFC of approximately $299.0 million, and total consolidated equity of approximately $507.8 million. For more information, visit www.BFCFinancial.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. These risks and uncertainties include, but are not limited to, the impact of economic, competitive and other factors affecting the Company and its subsidiaries, and their respective operations, markets, products and services. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the Company's control. The reader should not place undue reliance on any forward-looking statements, estimates or assumptions, which speaks only as of the date made. In addition, past or current performance is not a guarantee or indication of future performance. Reference is also made to the risks and uncertainties detailed in reports filed by the Company with the SEC, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2012, which may be viewed on the SEC's website at www.sec.gov or on BFC's website at www.BFCFinancial.com. The Company cautions that the foregoing factors are not exclusive.