SOURCE: Levitt Corporation

May 13, 2008 16:31 ET

Levitt Corporation Reports Financial Results for the First Quarter, 2008

FORT LAUDERDALE, FL--(Marketwire - May 13, 2008) - Levitt Corporation (NYSE: LEV) today announced financial results for the period ended March 31, 2008. For the first quarter of 2008, Levitt Corporation ("Levitt" or "the Company") reported a net loss of ($10.4) million, or ($0.11) per diluted share, compared with net income of $976,000 or $0.05 per diluted share in the first quarter of 2007.

"Our balance sheet remains strong and as we previously disclosed, we are in the process of developing a new strategic business plan to pursue opportunistic acquisitions and investments both within and outside the real estate industry," commented Levitt Corporation's Chairman and Chief Executive Officer, Alan B. Levan. "While the Levitt and Sons bankruptcy proceedings are moving toward conclusion, we continue to carry certain Levitt and Sons expenses and overhead associated with assisting affected creditors and employees. The following is an update on our current operations:

Core Communities:

"Core Communities ("Core"), our master-planned community subsidiary, currently develops master-planned communities in Port St. Lucie, Florida called 'Tradition, Florida' and near Hardeeville, South Carolina called 'Tradition Hilton Head.' For the first quarter of 2008, Core reported total revenue of $641,000 versus $1.7 million during the comparable 2007 period. (This excludes the lease revenues of our shopping centers at Tradition, Florida which are carried as discontinued operations and discussed below.)

"Core Communities' third party backlog at March 31, 2008 consisted of contracts for the sale of 260 acres with a sales value of $78.5 million, compared with contracts for the sale of 74 acres with a sales value of $21.1 million at March 31, 2007. Total SG&A expenses at Core Communities increased to $5.0 million during the first quarter of 2008 from $3.8 million for the comparable 2007 period. This increase reflects higher other administrative expenses associated with increased marketing and commercial development activities in South Carolina.

Tradition, Florida

"Tradition, Florida encompasses more than 8,200 total acres, including approximately 3,900 net saleable acres, a planned 4.5-mile long employment corridor along I-95, educational and health care facilities, commercial properties, residential developments and other uses in a series of mixed-use parcels. As part of this corridor, Core has focused on the development of its 120 acre research park, the Florida Center for Innovation at Tradition ("Florida Center for Innovation" or "FCI"). When completed, FCI will include nearly two million square feet of research and development space as well as a 300 bed Martin Memorial Health Systems hospital and the new 100,000-square-foot headquarters for the Torrey Pines Institute for Molecular Studies (TPIMS). Additionally, Mann Research Center plans to build a 400,000 square foot life sciences complex and Oregon Health & Science University's Vaccine and Gene Therapy Institute (VGTI) recently announced plans to locate a 130,000-square-foot facility within FCI.

"The recently opened Landing at Tradition, Core's approximate 600,000 square foot, 80 acre retail power center, continues to attract shopper traffic due to its easy access along I-95 and the more than 30 nationally branded retail stores including Target, Babies "R" Us, Bed Bath & Beyond, LA Fitness, Michaels, Office Max, Old Navy, PetSmart, Pier 1 Imports, The Sports Authority and TJ Maxx. Further, Tradition Square, Core's 112,000 square foot mixed-use development, which serves as the town center for Tradition Florida, is fully leased.

"In addition to the continued marketing of commercial land parcels to users and third party developers, Core is actively marketing and soliciting bids from several potential buyers to purchase its income producing commercial assets in Florida, including the Landing at Tradition and Tradition Square. Since these shopping centers are held as 'available for sale', the accounting treatment requires that the lease revenues, expenses, associated assets and liabilities be disclosed as discontinued operations in our financial statements. Income from discontinued operations was $1.4 million in the first quarter of 2008 versus a loss of $3,000 in the first quarter of 2007.

"While the homebuilding sector throughout the U.S. and Florida has experienced a significant slowdown, builders at Tradition, Florida have advised us that they are becoming cautiously optimistic. They are reporting a steady improvement in sales during the first quarter of 2008 with home sales rising to an average of nearly one home per day. While this is considerably below where we were historically, the news is encouraging.

"During the quarter, Tradition, Florida celebrated the 10th anniversary of its WestFest community festival series with a special open-air concert by The Beach Boys. Over its history, WestFest has drawn approximately 500,000 people and raised more than $100,000 for local charities.

Tradition Hilton Head

"Tradition Hilton Head encompasses approximately 5,400 total acres, including approximately 2,800 remaining net saleable acres. Tradition Hilton Head is currently entitled for up to 9,500 residential units and 1.5 million square feet of commercial space.

"Tradition Hilton Head was selected as the location of HGTV's first 'green' home and featured prominently in the national HGTV Green Home 2008 special that aired Sunday, March 23, 2008. During the HGTV Green Home Giveaway 2008(sm), viewers nationwide entered to win the home and prize package valued at approximately $850,000. The home features both construction and design elements that are known to contribute to an energy efficient, cleaner and even healthier living environment. Over 3,500 visitors from around the country have traveled to Tradition Hilton Head to tour HGTV's 'green' home. For additional information, please access www.hgtv.com/greenhome.

"During the quarter, Tradition Hilton Head celebrated the opening of its state-of-the-art Welcome Center. The new Welcome Center, using the latest in digital and computerized video technology, features interactive displays describing the community's planned Village Square and its shops, restaurants and parks.

Bluegreen Corporation:

"For the first quarter of 2008, Bluegreen Corporation (NYSE: BXG) reported net income of $1.4 million, or $0.04 per diluted share, versus $5.3 million or $0.17 per diluted share in the comparable period of 2007. For the quarter ended March 31, 2008, total sales were $111.3 million versus total sales of $121.8 million in 2007, and Bluegreen Resorts sales increased to $90.3 million, from $86.9 million in the comparable 2007 period. Bluegreen Communities sales during the first quarter 2008 declined to $20.9 million versus sales of $34.9 million during first quarter 2007. The reduction in sales reflects reduced inventory levels due to the substantial sellout of two communities prior to December 31, 2007, and the continued slowdown in the residential real estate market. As of March 31, 2008, Bluegreen Corporation's book value was $12.37 per share.

"Levitt Corporation's equity in the earnings of Bluegreen Corporation was $526,000 for the first quarter of 2008, versus $1.7 million in the corresponding 2007 period.

Woodbridge Equity Fund LLLP:

"During the quarter, the Company formed Woodbridge Equity Fund LLLP and purchased 3,000,200 shares of Office Depot, Inc. ("Office Depot") common stock, representing approximately one percent of Office Depot's outstanding stock, at a cost of approximately $34.0 million.

Other Operations:

"SG&A expense for the first quarter of 2008 decreased to $7.1 million as compared to $8.2 million for the same 2007 period. The decrease was attributable to decreased compensation, benefits, incentives and selling costs, offset in part by increases in severance related charges, increased professional services and increased insurance costs due to the absorption of certain of Levitt and Sons' insurance costs.

"Levitt Corporation deconsolidated Levitt and Sons as of November 9, 2007, eliminating all future operations of Levitt and Sons from the financial results of Levitt Corporation. The Company records any remaining investment in Levitt and Sons, net of any outstanding advances due from Levitt and Sons, as a cost method investment. Under cost method accounting, income will only be recognized to the extent of cash received in the future or when the Levitt and Sons' bankruptcy is concluded, at which time, any loss in excess of the investment in Levitt and Sons can be recognized into income," Levan concluded.

       Levitt Corporation Selected Financial Data (Consolidated)
          First Quarter, 2008 Compared to First Quarter, 2007

-- Total cash and cash equivalents of $131.2 million vs. $60.6 million
-- Net loss of ($10.4) million vs. net income of $976,000
-- Diluted (loss) per share of ($0.11) vs. earnings of $0.05 per share
-- Core Communities third party backlog (value) of $78.5 million vs.
   $21.1 million

-- Total Assets:                                  $688.7 million
-- Debt (excluding discontinued operations):      $262.1 million
-- Shareholders' Equity:                          $249.3 million
-- Shares Outstanding:                              96.3 million
-- Book Value per share:                           $2.59

Book value per share is calculated as shareholders' equity divided by the total number of shares outstanding as of March 31, 2008.

Levitt Corporation's first quarter 2008 financial results press release and financial tables will be available on its website: www.LevittCorporation.com. To view the press release and financial tables, access the "Investor Relations" section and click on the "News Releases" navigation link.

About Levitt Corporation:

Levitt Corporation (NYSE: LEV), directly and through its wholly owned subsidiaries, historically has been a real estate development company. Going forward, Levitt Corporation intends to pursue acquisitions and investments opportunistically within and outside the real estate industry.

Core Communities develops master-planned total-living community environments throughout the Southeastern United States, including its original and best known, St. Lucie West. The company's 8,200-acre Tradition™ Florida community is home to more than 1,700 families, vibrant commercial areas and a 4.5-mile-long employment corridor. The community is also home to the Florida Center for Innovation at Tradition (FCI) Research Park, in which The Torrey Pines Institute for Molecular Studies, Mann Research Center, Martin Memorial Health Systems and Oregon Health & Science University's Vaccine and Gene Therapy Institute have all announced plans to locate. Core is also expanding its Tradition™ brand with Tradition™ Hilton Head, an approximate 5,400-acre community planned to include 9,500 residences and 1.5 million square feet of commercial space, which features a variety of neighborhoods and housing styles, shopping and dining in Village Square, a Fitness Center & Spa and the Tommy Fazio-designed Tradition National Golf Course.

Woodbridge Capital Corporation, a wholly-owned subsidiary of Levitt Corporation, is the general partner of, and Levitt Corporation is the limited partner of, Woodbridge Equity Fund LLLP.

For further information, please visit:

www.LevittCorporation.com
www.CoreCommunities.com
www.BluegreenCorporation.com

Reference in this release is made to the Bluegreen Corporation website, which should not be deemed to be part of Levitt Corporation.

* To receive future Levitt Corporation news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.LevittCorporation.com.

Some of the statements contained or incorporated by reference herein include 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" ), that involve substantial risks and uncertainties. Some of the forward-looking statements can be identified by the use of words such as "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seek" or other similar expressions. Forward-looking statements are based largely on management's expectations and involve inherent risks and uncertainties described in this report. When considering those forward-looking statements, you should keep in mind the risks, uncertainties and other cautionary statements. These risks are subject to change based on factors which are, in many instances, beyond the Company's control. Some factors which may affect the accuracy of the forward-looking statements apply generally to the industries in which we operate, while other factors apply directly to us. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including: the impact of economic, competitive and other factors affecting the Company and its operations; the market for real estate in the areas where the Company has developments, including the impact of market conditions on the Company's margins and the fair value of our real estate inventory and the potential for write-downs or impairment charges; the effects of increases in interest rates and availability of credit to buyers of our inventory; accelerated principal payments on our debt obligations due to re-margining or curtailment payment requirements; the ability to obtain financing and to renew existing credit facilities on acceptable terms, if at all; the Company's ability to access additional capital on acceptable terms, if at all; the risk that we may require to adjust the carrying value of our investment in Bluegreen and incur an impairment charge in future periods; the risks and uncertainties inherent in bankruptcy proceedings and the inability to predict the effect of Levitt and Sons' reorganization and/or liquidation process on Levitt Corporation and its results of operation and financial condition; equity risks associated with a decline in the trading prices of our equity securities; the risks and uncertainties inherent in bankruptcy proceedings and the inability to predict the effect of Levitt and Sons' reorganization and/or liquidation process on Levitt Corporation; the risk that creditors of Levitt and Sons may be successful in asserting claims against Levitt Corporation and the risk that any of Levitt Corporation's assets may become subject to or included in Levitt and Sons' bankruptcy case; the Company's ability to implement its business plan to pursue opportunistic acquisitions and investments successfully, if at all, or produce results which justify their costs and the risk that no gain from such investments will be realized, the risk that the volatility in the trading price of equity securities held will result in adjustments of shareholder equity; and the Company's success at managing the risks involved in the foregoing. Many of these factors are beyond the Company's control and the Company cautions that the foregoing factors are not exclusive. Additional information concerning the potential risk factors that could affect Levitt Corporation's future performance are described in the Company's periodic reports filed with the SEC, which may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.LevittCorporation.com. Levitt Corporation and its subsidiaries have no affiliation in any way with the HGTV website and are not responsible for its content.

                            Levitt Corporation
        Consolidated Statements of Financial Condition - Unaudited
                    (In thousands, except share data)


                                                    March 31,  December 31,
                                                      2008         2007
                                                  -----------  -----------
                         Assets

Cash and cash equivalents                         $   131,183      195,181
Restricted cash                                         1,869        2,207
Current income tax receivable                          27,407       27,407
Inventory of real estate                              234,223      227,290
Assets held for sale                                   95,775       96,214
Investments:
   Bluegreen Corporation                              116,340      116,014
   Other equity securities                             33,152            -
   Other                                                2,565        2,565
Property and equipment, net                            33,826       33,566
Other assets                                           12,354       12,407
                                                  -----------  -----------
      Total assets                                $   688,694      712,851
                                                  ===========  ===========

        Liabilities and Shareholders' Equity

Accounts payable, accrued liabilities and other   $    40,249       41,618
Liabilities related to assets held for sale            81,792       80,093
Notes and mortgage notes payable                      177,067      189,768
Junior subordinated debentures                         85,052       85,052
Loss in excess of investment in subsidiary             55,214       55,214
                                                  -----------  -----------
   Total liabilities                                  439,374      451,745
                                                  -----------  -----------

Shareholders' equity:
Preferred stock, $0.01 par value
   Authorized: 5,000,000 shares
   Issued and outstanding: no shares                        -            -

Class A Common Stock, $0.01 par value
   Authorized: 150,000,000 shares
   Issued and outstanding: 95,040,731 shares              950          950

Class B Common Stock, $0.01 par value
   Authorized: 10,000,000 shares
   Issued and outstanding: 1,219,031 shares                12           12

Additional paid-in capital                            336,693      336,795
Accumulated deficit                                   (88,968)     (78,537)
Accumulated other comprehensive income                    633        1,886
                                                  -----------  -----------
   Total shareholders' equity                         249,320      261,106
                                                  -----------  -----------
   Total liabilities and shareholders' equity     $   688,694      712,851
                                                  ===========  ===========





                            Levitt Corporation
            Consolidated Statements of Operations - Unaudited
                  (In thousands, except per share data)


                                                    For the three months
                                                      ended March 31,
                                                      2008         2007
                                                  -----------  -----------

Revenues:
   Sales of real estate                           $       154      141,298
   Other revenues                                         746        1,912
                                                  -----------  -----------
   Total revenues                                         900      143,210
                                                  -----------  -----------

Costs and expenses:
   Cost of sales of real estate                            28      112,908
   Selling, general and administrative expenses        12,075       32,314
   Interest expense                                     2,719            -
   Other expenses                                           -          482
                                                  -----------  -----------
   Total costs and expenses                            14,822      145,704
                                                  -----------  -----------

Earnings from Bluegreen Corporation                       526        1,744
Interest and other income                               1,599        2,340
                                                  -----------  -----------
   (Loss) income from continuing operations
    before income taxes                               (11,797)       1,590
   Provision for income taxes                               -         (611)
                                                  -----------  -----------
   (Loss) income from continuing operations           (11,797)         979
Discontinued operations:
   Income (loss) from discontinued operations           1,366           (3)
                                                  -----------  -----------
   Net (loss) income                              $   (10,431)         976
                                                  ===========  ===========

Basic (loss) earnings per common share:
   Continuing operations                          $     (0.12)        0.05
   Discontinued operations                               0.01            -
                                                  -----------  -----------
   Total basic (loss) earnings per common share   $     (0.11)        0.05

Diluted (loss) earnings per common share:
   Continuing operations                          $     (0.12)        0.05
   Discontinued operations                               0.01            -
                                                  -----------  -----------
   Total diluted (loss) earnings per common share $     (0.11)        0.05

Weighted average common shares outstanding:
   Basic                                               96,257       20,217
   Diluted                                             96,257       20,228

Dividends declared per common share:
   Class A common stock                           $         -         0.02
   Class B common stock                           $         -         0.02





                            LEVITT CORPORATION
              Summary of Selected Financial Data (unaudited)


                                                        As of or for the
                                                       Three Months Ended
                                                      -------------------
(dollars in thousands, except share and per
 share data)                                          3/31/2008 3/31/2007
                                                      --------- ---------

Consolidated Operations:
  Revenues from sales of real estate                  $     154   141,298
  Cost of sales of real estate                        $      28   112,908
                                                      --------- ---------
  Margin (a)                                          $     126    28,390
  Earnings from Bluegreen Corporation                 $     526     1,744
  Selling, general and administrative expenses        $  12,075    32,314
  (Loss) income from continuing operations            $ (11,797)      979
  Income (loss) from discontinued
   operations                                         $   1,366        (3)
  Net (loss) income                                   $ (10,431)      976

  Basic (loss) earnings per share (b)
  Continuing operations                               $   (0.12)     0.05
  Discontinued operations                             $    0.01         -
                                                      --------- ---------
  Total basic (loss) earnings per share               $   (0.11)     0.05

  Diluted (loss) earnings per share (b)
  Continuing operations                               $   (0.12)     0.05
  Discontinued operations                             $    0.01         -
                                                      --------- ---------
  Total diluted (loss) earnings per share             $   (0.11)     0.05

  Weighted average shares outstanding - basic            96,257    20,217
  Weighted average shares outstanding - diluted          96,257    20,228
  Dividends declared per common share                 $       -      0.02

Key Performance Ratios: S, G & A expense as a
 percentage of total revenues                            1341.7%     22.6%
  Return on average shareholders' equity, trailing 12
   mos. (d)                                               (82.8%)    (2.2%)
  Ratio of debt to shareholders' equity                   105.1%    185.4%
  Ratio of debt to total capitalization                    51.3%     65.0%
  Ratio of net debt to total capitalization                25.6%     58.8%

Consolidated Financial Condition Data:
  Cash and cash equivalents                           $ 131,183    60,550
  Inventory of real estate                              234,223   844,598
  Investment in Bluegreen Corporation                   116,340   108,615
  Total assets                                          688,694 1,129,487
  Total debt                                            262,119   639,190
  Total liabilities                                     439,374   784,715
  Shareholders' equity                                  249,320   344,772

Homebuilding Division (e):
  Revenues from sales of real estate                  $       -   134,169
  Cost of sales of real estate                                -   107,603
                                                      --------- ---------
  Margin (a)                                          $       -    26,566
  Margin percentage (c)                                       -      19.8%
  Gross orders (units)                                        -       285
  Cancellations (units)                                       -       126
  Net orders (units)                                          -       159
  Net orders (value)                                          -    43,900
  Construction starts                                         -       254
  Homes delivered                                             -       362
  Average closing price of homes delivered (h)        $       -       340
  Backlog of homes (units)                                    -     1,045
  Backlog of homes ($)                                $       -   359,029

Land Division (f):
  Revenues from sales of real estate (i)              $     154       777
  Cost of sales of real estate (i)                           28        72
                                                      --------- ---------
  Margin (a) (i)                                      $     126       705
  Margin percentage (c) (i)                                81.8%     90.7%
  Acres sold                                                  -         -
  Inventory of real estate (acres) (g)                    6,679     6,871
  Inventory of real estate ($)                        $ 195,068   195,394
  Backlog of land (acres) - Third parties                   260        74
  Backlog of land ($) - Third parties                 $  78,488    21,124




                                As of or for the Three Months Ended
                         -------------------------------------------------
(dollars in thousands,
 except share and per
 share data)            3/31/2008 12/31/2007 9/30/2007 6/30/2007 3/31/2007
                         --------- --------- --------- --------- ---------

Consolidated Operations:
  Revenues from sales of
   real estate                 154    20,629   122,824   125,364   141,298
  Cost of sales of real
   estate                       28    13,399   275,340   171,594   112,908
                         --------- --------- --------- --------- ---------
  Margin (a)                   126     7,230  (152,516)  (46,230)   28,390
  Earnings from Bluegreen
   Corporation                 526     2,756     4,418     1,357     1,744
  Selling, general and
   administrative
   expenses                 12,075    19,200    31,556    33,017    32,314
  (Loss) income from
   continuing operations   (11,797)   (9,189) (169,980)  (58,195)      979
  Income (loss) from
   discontinued
   operations                1,366       848       812       108        (3)
  Net (loss) income        (10,431)   (8,341) (169,168)  (58,087)      976

  Basic (loss) earnings
   per share (b)
  Continuing operations      (0.12)    (0.10)    (8.41)    (2.88)     0.05
  Discontinued operations     0.01      0.01      0.04      0.01         -
                         --------- --------- --------- --------- ---------
  Total basic (loss)
   earnings per share        (0.11)    (0.09)    (8.37)    (2.87)     0.05

  Diluted (loss) earnings
   per share (b)
  Continuing operations      (0.12)    (0.10)    (8.41)    (2.88)     0.05
  Discontinued operations     0.01      0.01      0.04      0.01         -
                         --------- --------- --------- --------- ---------
  Total diluted (loss)
   earnings per share        (0.11)    (0.09)    (8.37)    (2.87)     0.05

  Weighted average shares
   outstanding - basic      96,257    96,256    20,220    20,218    20,217
  Weighted average shares
   outstanding - diluted    96,257    96,256    20,220    20,218    20,228
  Dividends declared per
   common share                  -         -         -         -      0.02

Key Performance Ratios:
  S, G & A expense as a
   percentage of total
   revenues                 1341.7%     90.0%     25.4%     26.0%     22.6%
  Return on average
   shareholders' equity,
   trailing 12 mos. (d)    (82.8%)   (77.6%)  (100.3%)   (20.4%)    (2.2%)
  Ratio of debt to
   shareholders' equity      105.1%    105.3%    510.0%    227.6%    185.4%
  Ratio of debt to total
   capitalization             51.3%     51.3%     83.6%     69.5%     65.0%
  Ratio of net debt to
   total capitalization       25.6%     14.9%     78.7%     62.9%     58.8%

Consolidated Financial
 Condition Data:
  Cash and cash
   equivalents             131,183   195,181    35,733    61,618    60,550
  Inventory of real
   estate                  234,223   227,290   580,104   776,211   844,598
  Investment in Bluegreen
   Corporation             116,340   116,014   115,408   109,658   108,615
  Total assets             688,694   712,851   900,392 1,096,585 1,129,487
  Total debt               262,119   274,820   609,149   654,093   639,190
  Total liabilities        439,374   451,745   780,959   809,244   784,715
  Shareholders' equity     249,320   261,106   119,433   287,341   344,772

Homebuilding Division (e):
  Revenues from sales of
   real estate                   -     7,662   122,224   123,653   134,169
  Cost of sales of real
   estate                        -     6,747   267,210   171,006   107,603
                         --------- --------- --------- --------- ---------
  Margin (a)                     -       915  (144,986)  (47,353)   26,566
  Margin percentage (c)          -      11.9% (118.6%)   (38.3%)      19.8%
  Gross orders (units)           -        62       206       478       285
  Cancellations (units)          -        68       157       187       126
  Net orders (units)             -        (6)       49       291       159
  Net orders (value)             -    (3,695)   12,872    62,326    43,900
  Construction starts            -         4       236       235       254
  Homes delivered                -        28       375       379       362
  Average closing price
   of homes delivered (h)        -       274       302       326       340
  Backlog of homes
   (units)                       -         -       631       957     1,045
  Backlog of homes ($)           -         -   197,404   297,832   359,029

Land Division (f):
  Revenues from sales of
   real estate (i)             154    13,116       757     1,917       777
  Cost of sales of real
   estate (i)                   28     6,636       256       483        72
                         --------- --------- --------- --------- ---------
  Margin (a) (i)               126     6,480       501     1,434       705
  Margin percentage (c)
   (i)                        81.8%     49.4%     66.2%     74.8%     90.7%
  Acres sold                     -        38         1         1         -
  Inventory of real
   estate (acres) (g)        6,679     6,679     6,717     6,870     6,871
  Inventory of real
   estate ($)              195,068   189,903   212,704   204,611   195,394
  Backlog of land (acres)
   - Third parties             260       259       291        98        74
  Backlog of land ($) -
   Third parties            78,488    77,888    92,451    29,013    21,124

(a) Margin is calculated as sales of real estate minus cost of sales of
    real estate. Homebuilding Division impairment charges and write-offs of
    deposits and pre-acquisition costs included in cost of sales for the
    quarters ended March 31, 2007; June 30, 2007 and September 30, 2007;
    totaled $282,000, $63.0 million and $154.3 million, respectively.
    There were no impairment charges for the quarters ended March 31, 2008
    and December 31, 2007.
(b) Diluted (loss) earning per share takes into account the dilutive effect
    of our stock options and restricted stock using the treasury stock
    method and the dilution in earnings we recognize  as a result of
    outstanding Bluegreen securities that entitle the holders thereof to
    acquire shares of Bluegreen's common stock. The weighted average number
    of common shares outstanding in basic and diluted (loss) earnings per
    share for all prior periods presented have been retroactively
    adjusted for a number of shares representing a bonus element arising
    from the rights offering that closed at a higher price ($2.05) on
    October 1, 2007 than the offering price of $2.00 per share.
(c) Margin percentage is calculated by dividing margin by sales of real
    estate.
(d) Calculated by dividing net income (loss) by average shareholders'
    equity. Average shareholders' equity is calculated by averaging the
    equity balance at the end of the current period with the equity balance
    at the end of the same period in the prior year.
(e) Backlog includes all homes subject to sales contracts.
(f) There were no land sales to the Homebuilding Division during 2007. Any
    inter-segment transactions are eliminated in consolidation.
(g) Estimated net saleable acres (subject to final zoning, permitting, and
    other governmental regulations / approvals).  Includes approximately 56
    acres related to assets held for sale as of March 31, 2008.
(h) Average closing price of homes delivered excludes lot sales and land
    sales in the Homebuilding Division.
(i) Consists of land sales, look back fees and revenue recognition of
    previously deferred revenue associated with percentage of completion
    accounting.





                            LEVITT CORPORATION
                        Land Development Properties
                              As of: 3/31/08

                                                                     Non-
                                        Type of             Total  Saleable
    Project              Location       Project   Acquired  Acres Acres (a)
----------------  -------------------- --------- --------- ------ ---------
Currently in
 Development


Tradition FL      St. Lucie County, FL Mixed Use '98 - '03  2,290       489
Tradition FL      St. Lucie County, FL Mixed Use '02 - '03  2,800       970
Tradition FL      St. Lucie County, FL Mixed Use      2004  3,156     1,124
Tradition, FL     St. Lucie County, FL                      8,246     2,583

Tradition SC         Jasper County, SC Mixed Use      2005  5,390     2,417
                                                           ------ ---------
Tradition, SC        Jasper County, SC                      5,390     2,417
                                                           ------ ---------

  Total Currently
   in Development                                          13,636     5,000
                                                           ====== =========


                                                 $ Book    Acres
                         Net           Saleable value per Contract Saleable
                       Saleable          Acres   Saleable to Third  Acres
                        Acres   Closed Remaining   Acre   Parties Available
    Project              (a)    Acres     (c)     ($000)    (b)      (d)
----------------      -------- ------- -------- -------- -------- --------
Currently in
 Development


Tradition FL              1,801   1,246      555                35      520
Tradition FL              1,830     548    1,282                      1,282
Tradition FL              2,032       -    2,032               225    1,807
Tradition, FL             5,663   1,794    3,869       25      260    3,609

Tradition SC              2,973     163    2,810        -        -    2,810
                       -------- ------- -------- -------- -------- --------
Tradition, SC             2,973     163    2,810       35        -    2,810
                       -------- ------- -------- -------- -------- --------

  Total Currently
   in Development         8,636   1,957    6,679 $     29      260    6,419
                       ======== ======= ======== ======== ======== ========

(a) Actual saleable acres may vary from original plan due to changes in
    zoning, project design, or other factors.
(b) There can be no assurance that current property contracts will be
    consummated.
(c) Includes approximately 56 acres related to assets held for sale as of
    March 31, 2008.




                                        Acres     Residential  Commercial
    Project                           Available     Units*       Sq. Ft.
----------------                     ------------ ------------ ------------
Tradition, FL                               3,609       13,000    7,500,000
Tradition, SC                               2,810        8,500    1,500,000
                                     ------------ ------------ ------------
   Total                                    6,419       21,500    9,000,000

* Based on current plans for these communities.  Management does not expect
  to utilize the full residential density allowed by the existing
  entitlements.

Contact Information

  • Levitt Corporation Contact Information
    Investor Relations:
    Leo Hinkley
    SVP, Investor Relations Officer
    Phone: (954) 940-4995
    Fax: (954) 940-5320
    Email: Email Contact