SOURCE: BFC Financial Corporation

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March 17, 2014 17:41 ET

BFC Financial Corporation Reports Financial Results for the Fourth Quarter and Full Year, 2013

FORT LAUDERDALE, FL--(Marketwired - March 17, 2014) - BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) reported financial results for the fourth quarter and full year ended December 31, 2013.

Full Year 2013
The Company reported net income attributable to BFC of $29.1 million, or $0.35 per diluted share, for the year ended December 31, 2013, compared to a net income attributable to BFC of $166.0 million, or $2.09 per diluted share, for the year ended December 31, 2012. Net income attributable to BFC for the year ended December 31, 2012 includes a $141.5 million gain from discontinued operations related to the sale of BankAtlantic by BBX Capital Corporation ("BBX Capital") (NYSE: BBX) during July 2012.

Fourth Quarter 2013
The Company reported net income attributable to BFC of $23.7 million, or $0.28 per diluted share, for the quarter ended December 31, 2013, compared to a net loss attributable to BFC of $(15.1) million, or $(0.19) per diluted share, for the quarter ended December 31, 2012.

As of December 31, 2013, BFC had consolidated total assets of $1.4 billion, total equity of $422.4 million, and its book value per share was $2.88.

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, are consolidated in the Company's financial statements. At December 31, 2013, BFC had an approximate 52% economic ownership interest in BBX Capital and an approximate 54% economic ownership interest in Woodbridge Holdings, LLC which owns 100% of Bluegreen Corporation and its subsidiaries. 

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, 2013, which was filed with the SEC on March 17, 2014 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 BBX Capital Corporation (NYSE: BBX) and Bluegreen Corporation.

As of December 31, 2013, BFC had total consolidated assets of approximately $1.4 billion, shareholders' equity attributable to BFC of approximately $239.4 million, and total consolidated equity of approximately $422.4 million. For more information, visit www.BFCFinancial.com.

About BBX Capital Corporation:  
BBX Capital, a New York Stock Exchange listed company (NYSE: BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation, have a 46% and 54% respective interest in Bluegreen Corporation; a vacation ownership company with more than 60 owned or managed resorts, 225,000 owners and 5,000 employees.

As of December 31, 2013, BBX Capital had consolidated total assets of $431.1 million, shareholders' equity of $302.4 million, and its book value per share was $19.00.

For more information, visit www.BBXCapital.com.

For further information, please visit our family of companies:
BFC Financial: www.BFCFinancial.com
Bluegreen Corp.: www.Bluegreen.com
BBX Capital: www.BBXCapital.com

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