|By Marketwired .||
|May 13, 2014 02:58 PM EDT||
FORT LAUDERDALE, FL--(Marketwired - May 13, 2014) - BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) (OTCQB: BFCFB) today reported financial results for the quarter ended March 31, 2014. The following table corrects a typographical error in the press release table previously issued on the wire service on May 13, 2014.
Bluegreen's Adjusted EBITDA as of March 31, 2014 was $33.8 million, not $3.8 million as originally noted in the press release table issued on the wire service. The Bluegreen Balance Sheet Highlights (in thousands) table follows below.
The following table presents Bluegreen's Adjusted EBITDA, defined below, for the three months ended March 31, 2014 and 2013, as well as a reconciliation of Adjusted EBITDA to Income from continuing operations (in thousands):
For the Three Months Ended ------------------------------- March 31, 2014 March 31, 2013 --------------- -------------- Income from continuing operations- Woodbridge $ 16,530 13,652 Loss from Woodbridge other activities (632) (1,200) --------------- -------------- Income from continuing operations, Bluegreen 17,162 14,852 Add/(Less): Long-term executive compensation 1,105 3,056 Interest income (other than interest earned on VOI notes receivable) (290) (100) Interest expense 11,050 10,104 Interest expense on Receivable-Backed Debt (6,124) (7,158) Provision for Income Taxes 9,145 7,577 Franchise Taxes 44 52 Depreciation and Amortization 1,708 1,618 --------------- -------------- Adjusted EBITDA $ 33,800 30,001 =============== ==============
Adjusted EBITDA is defined as earnings, or income from continuing operations, before taking into account long-term executive compensation, interest income (excluding interest earned on VOI notes receivable), interest expense (excluding interest expense incurred on financings related to Bluegreen's receivable-backed notes payable), provision for income taxes and franchise taxes, depreciation and amortization. For purposes of the Adjusted EBITDA calculation, no adjustments were made for interest income earned on Bluegreen's VOI notes receivable or the interest expense incurred on debt that is secured by such notes receivable because they are both considered to be part of the operations of Bluegreen's business.
We consider Bluegreen's Adjusted EBITDA to be an indicator of its operating performance, and it is used to measure Bluegreen's ability to service debt, fund capital expenditures and expand its business. Adjusted EBITDA is also used by companies, lenders, investors and others because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company's capital structure, debt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provision for income taxes can vary considerably among companies. Adjusted EBITDA also excludes depreciation and amortization because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.
More complete and detailed information relating to BFC and its financial results is available in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 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) (OTCQB: BFCFB) is a holding company whose principal holdings include a 52% ownership interest in BBX Capital Corporation (NYSE: BBX) and its indirect ownership interest in Bluegreen Corporation. BFC owns a 54% equity interest in Woodbridge, the parent company of Bluegreen. BBX Capital owns the remaining 46% equity interest in Woodbridge. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 60 owned or managed resorts, and access to more than 4,000 resorts worldwide. BBX Capital, a New York Stock Exchange listed company, 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. As described above, BBX Capital also has a 46% equity interest in Bluegreen. As of March 31, 2014, BFC had total consolidated assets of approximately $1.4 billion, shareholders' equity attributable to BFC of approximately $243.1 million, and total consolidated equity of approximately $430.2 million. For more information, visit www.BFCFinancial.com.
For further information, please visit our family of companies:
BFC Financial: www.BFCFinancial.com
Bluegreen Corp.: www.BluegreenVacations.com
BBX Capital: www.BBXCapital.com
Renin Corp.: www.ReninCorp.com
Hoffman's Chocolates: www.Hoffmans.com, www.BocaBons.com, and www.GoodFortunes.com
Williams & Bennett: www.WilliamsandBennett.com
This press release contains forward-looking statements based largely on current expectations of BFC 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. The forward looking statements in this document 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 forward-looking statements are based largely on our expectations and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. This press release also contains information regarding the past performance of investments and operations, and the reader should note that prior 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, 2013, 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.
BFC Contact Info:
Managing Director, Investor Relations Officer
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