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News: $BXG BBX Capital Corporation Announces Its Intent to Take Bluegreen Vacations Corporation Private Through a Short-Form Merger
FORT LAUDERDALE, FL and BOCA RATON, FL / ACCESSWIRE / March 4, 2019 / BBX Capital Corporation (NYSE: BBX; OTCQX: BBXTB) ("BBX Capital") announced today that it intends to take Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen") private through a statutory short-form merger under Florid...
Read the whole news https://marketwirenews.com/news-releases/bbx-capital-corporation-announces-its-intent-to-take-bluegreen-vacations-corporation-private-through-a-short-form-merger-7795042.html
Bluegreen Vacations (NYSE:BXG): Q1 EPS of $0.28 misses by $0.01.
• Revenue of $167.52M (+3.0% Y/Y) beats by $7.85M.
• Press Release
Bluegreen Vacations™ Expands Virtual Reality Capabilities With Launch of Second Bluegreen VR Experience in 2018Press Release | 04/25/2018
Bluegreen Vacations (NYSE: BXG) announced that the second location of its custom-built virtual reality (VR) experience will be in Springfield, Missouri. Its first VR location was launched in Memphis, Tennessee late last year. Powered by Oculus Rift, the self-guided experience transports visitors to one of three resorts in the Bluegreen Vacation Club and provides 360-degree videos previewing unique on-site amenities, room and common area views, as well as nearby attractions.
The Springfield launch follows just months after Bluegreen Vacations’ pilot installation debuted inside the Bass Pro Shops® at the Pyramid in Memphis with ten Oculus Rift stations in an open air location as well as a private journey room. The new Springfield VR experience, located inside Bass Pro’s largest and original store, has three Oculus stations showcasing Bluegreen’s properties on-site at the Big Cedar Resort with interactive 360-degree video previews of the exclusive on-site amenities and experiences owners have access to, including Big Cedar’s award-winning golf courses and spa, a family-style amusement park, as well as a 10,000-acre nature and wildlife exhibit.
“VR technology allows travelers to immerse themselves in the great outdoors and Bluegreen Vacations resorts in a way that a static image simply can’t provide,” said Famous Rhodes, Executive Vice President and Chief Marketing Officer of Bluegreen Vacations. “Bluegreen continues to test and pilot new technologies for introducing the Bluegreen Vacations experience to the millions of consumers that walk through our partner retail stores and outlets. The evolution of our VR capabilities and the opening of our second public experience is a testament to our commitment to pursuing emerging technologies which can enhance our customers’ experience.”
For more information, visit BluegreenVacations.com or visit the Springfield, Missouri or Memphis, Tennessee Bass Pro Shops® stores during regular business hours.
Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen Vacations”) announced today that it will release its results for the first quarter ended March 31, 2018, after market close on Thursday, May 3, 2018. In addition, Bluegreen Vacations will provide a pre-recorded business update via webcast and supplemental management presentation on the Investor Relations section of Bluegreen Vacations’ website at ir.bluegreenvacations.com. A transcript will also be available simultaneously with the webcast.
Bluegreen Vacations Renews Quorum Purchase Facility
Source: Business Wire
Bluegreen Vacations Corporation (NYSE:BXG), along with Bluegreen/Big Cedar Vacations, LLC, a joint venture in which Bluegreen Vacations has a majority interest, today announced the renewal of the non-recourse VOI notes receivable purchase facility with Quorum Federal Credit Union (“Quorum”). Under this renewal, Quorum has agreed to purchase, on a revolving basis, eligible VOI notes receivable in an aggregate purchase price of up to $50 million. As of April 6, 2018, $21.1 million was outstanding under the Quorum Purchase Facility. The amendment to the Quorum Purchase Facility extended the purchase period from June 30, 2018 to June 30, 2020.
“The renewal of our Quorum Purchase Facility is consistent with our strategy of maintaining diversified sources of liquidity for our VOI notes receivable, and will provide enhanced capacity to support our stated growth initiatives,” said Tony Puleo, Bluegreen Vacation's Executive Vice President and Chief Financial Officer. “We deeply value our relationship with Quorum Federal Credit Union and look forward to continuing to work together as we move forward.”
As part of this amendment, Quorum agreed to an interest rate of 4.95% per annum on advances made through September 30, 2018. The interest rate on advances made after September 30, 2018 will be set at the time of funding based on rates mutually agreed upon by all parties. The amendment also reduced the loan purchase fee applicable to future advances from 0.50% to 0.25% and extended the maturity of the Quorum Purchase Facility from December 2030 to December 2032.
About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 213,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of December 31, 2017. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation:
About BBX Capital Corporation: BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), is a Florida-based diversified holding company whose activities include its 90 percent ownership interest in Bluegreen Vacations Corporation (NYSE: BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com.
Forward-Looking Statements:
Certain matters within this press release include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ from those expected in the forward-looking statements, including but not limited to, the risk that the terms for drawing on the facility, including the maintenance of required ratios and compliance with applicable covenants, will not be met and risks that interest rates or advances after September 30, 2018 will not be mutually agreed to or will be higher than 4.95%. Additional risks and uncertainties are described in Bluegreen’s filings with the Securities and Exchange Commission available to view on the SEC's website, www.sec.gov, and on Bluegreen Vacation's website, ir.bluegreenvacations.com/. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Bluegreen Vacations cautions that it does not undertake, and specifically disclaims any obligation, to update or supplement such forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180420005081/en/
Bluegreen Vacations
Investor Relations Contact:
Danielle O’Brien, 212-704-8166
Bluegreen@edelman.com
or
Media Contact:
Brad Simon, 305-358-5291
Bradley.Simon@edelman.com
Bluegreen Vacations (BXG +3%) announces the acquisition of The Éilan Hotel and Spa in San Antonio, Texas for ~$34.3M.
• "This acquisition reflects our ability to identify attractive opportunities in key markets aligned with our western expansion initiatives, and is an important addition to our resort portfolio," says Bluegreen CEO Shawn Pearson.
• The company aplans to add a 13K square foot sales office at the resort by year end, which Bluegreen believes will expand its footprint for new business prospects and owner growth.
• The acquisition is also seen further leveraging Bluegreen's existing marketing platforms, which include the seven Bass Pro Shops located in Texas, as well as its recently extended relationship with Choice Hotels.
Bluegreen Vacations Renews and Extends $50 million Timeshare Receivables Facility
Apr. 9, 2018 4:05 PM
BOCA RATON, Fla.--(BUSINESS WIRE)-- Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen" or the “Company") today reported that on March 12, 2018, the Company amended and restated its revolving timeshare receivables hypothecation facility with Liberty Bank.
The restructured revolving credit period will now run through March 2020, maturing in March 2023.
This agreement did not impact the maximum permitted outstanding borrowing of $50 million, and as of March 12, 2018, only $22.8 million was outstanding under the facility. Commencing on April 1, 2018, the interest rate on the facility will decrease to the Prime Rate from the Prime Rate plus 0.50%, both subject to a floor of 4.00%.
Bluegreen plans to continue to use the facility to finance vacation ownership interest notes receivable.
"This extension to our agreement with Liberty Bank continues and improves a key element of our liquidity profile to fuel growth in our vacation ownership sales," commented Tony Puleo, Bluegreen Vacation's Executive Vice President and Chief Financial Officer.
"We value our longstanding relationship with Liberty Bank, and we believe this amended agreement will contribute to the ongoing success of our business model."
Don Peruta, Senior Vice President of Liberty Bank commented, “Liberty Bank is excited to continue our relationship with Bluegreen.
We are pleased to play a role in its ongoing success and remain committed to supporting the vacation ownership industry.”
About Bluegreen Vacations Corporation:
Bluegreen Vacations Corporation (NYSE: BXG) is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with approximately 213,000 owners, 67 Club and Club Associate Resorts and access to more than 11,000 other hotels and resorts through partnerships and exchange networks as of December 31, 2017. Bluegreen Vacations (BXG) also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (BBXTB) (NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation:
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), is a Florida-based diversified holding company whose activities include its 90% ownership interest in Bluegreen Vacations Corporation (NYSE: BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com.
Forward-Looking Statements:
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on current expectations of management and can be identified by the use of words such as “believe”, “may”, “could”, “should”, “plans”, “anticipates”, “intends”, “estimates”, “expects”, and other words and phrases of similar impact. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those set forth or implied by the forward-looking statements, including but not limited to, risks that the Company’s results or performance will differ from that expected, the risk that the terms for drawing on the facility will not be met, and the risk that the Company will not in the future be in compliance with applicable covenants and ratios required by the facility. For a description of other risks and uncertainties, please see the “Risk Factors” section of Bluegreen’s Annual Report on Form 10-K for the year ended December 31, 2017. Bluegreen cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. Bluegreen does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180409005960r1&sid=acqr7&distro=nx&lang=en
View source version on businesswire.com: https://www.businesswire.com/news/home/20180409005960/en/
Bluegreen Vacations
Media Contact:
Jennifer Williams, 561-912-8266
Email: Jennifer.Williams@bluegreenvacations.com
Source: Bluegreen Vacations Corporation
Copyright Business Wire 2018
• Bluegreen Vacations (NYSE:BXG) declares $0.01/share quarterly dividend, 33.3% increase from prior dividend of $0.0075.
• Forward yield 0.2%
• Payable April 20; for shareholders of record March 26; ex-div March 23
Housing Recovery, Vacation Stocks,... Full story on EmergingGrowth.com When you get to Boca Raton, Florida, you’ll find a company that delivers hundreds of thousands of unique vacation experience and millions of smiles and memories to its guests each year. It does this specifically through its vast collection of beautiful vacation ownership resorts. It also offers a full suite of hotel and resort management and financial services, along with field sites and marketing initiatives. Welcome to the world of vacation ownership, one of the fastest-growing segments of the travel and tourism industry.
Bluegreen Corporation (NYSE: BXG) was founded in 1966 in Massachusetts, and its core business was acquiring and financing residential land. However, it developed its first timeshare resort in the Great Smoky Mountains in 1994. Three years later, Bluegreen acquired RDI Group, a privately held vacation ownership developer in Florida and Wisconsin. With this acquisition, Bluegreen became one of the largest property managers of vacation ownership resorts in the U.S. This gave birth to the Bluegreen Vacation Club.
Today, it offers a portfolio of resort management, financial services, customer generation, and sales solutions to third-party developers and lenders. It was named on both Forbes’ list of the “200 Best Small Companies” (for the second time), and Fortune’s “List of the 100 Fastest-Growing Companies.” Over the past few years, the company has grown its resort destination list to include Las Vegas, Williamsburg, Atlantic City, and New Orleans.
It reported net income of $11.7 million in its 2012 third quarter report, compared with a net income of $7.1 million in third quarter 2011. Income from continuing operations attributable to Bluegreen shareholders rose 24.1% to $12.0 million, compared with $9.7 million third quarter 2011. Its system-wide sales of vacation ownership interests increased 19.9% to $109.1 million, compared with $91.0 million in third quarter of 2011.
“We performed well in the third quarter of 2012, as evidenced by growth in both our traditional VOI and fee-based services businesses, as well as increases in sales tours and sale-to-tour conversion ratios, “ said John M. Maloney Jr., President and Chief Executive Officer of Bluegreen.
Bluegreen Corporation appears to represent a good way to take advantage of growth in the vacation industry. Management has positioned itself to profit on growing opportunities as the global economy strengthens. Just like its bigger competitors such as Caesars Entertainment Corporation (NYSE: CZR), MGM Resorts International (NYSE: MGM), and Las Vegas Sands Corp. (NYSE: LVS), Bluegreen Corporation also wants a piece of the action. However, it is different because it has more room for growth. With financial figures steadily edging upward, and a 52 week price range of $ 2.54 – 9.84 (the stock is currently trading close to its high at around $9), it would be accurate to say that Bluegreen Corporation will gain tremendous value when the vacation business witnesses an upswing.
~ Monday! $BXG ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $BXG ~ Earnings expected on Monday *
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
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Finkelstein Thompson LLP Announces Investigation of Bluegreen Corporation
| 9:55 AM | |
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Bluegreen Corporation to Redeem $55 Million of 10 1/2% Senior Secured Notes Due 2008
Thursday June 2, 4:05 pm ET
BOCA RATON, Fla.--(BUSINESS WIRE)--June 2, 2005--Bluegreen Corporation (NYSE: BXG - News), a leading provider of leisure products and lifestyle choices, today announced that it has called for optional redemption $55.0 million in aggregate principal amount of its 10 1/2% Senior Secured Notes due 2008 (the "Notes") at a redemption price of 101.75% plus accrued and unpaid interest through June 26, 2005. The redemption date is June 27, 2005, and accrued and unpaid interest on the $55.0 million of Notes that are being redeemed will be approximately $1.4 million. Notice of the call was sent to Note Holders on May 26, 2005 by SunTrust Bank, as Trustee and Paying Agent of the Notes. Approximately $55.0 million of Notes will remain outstanding after the redemption.
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The redemption will be funded by proceeds generated through previously disclosed issuances of trust preferred securities. Year-to-date 2005, wholly-owned statutory business trusts issued an aggregate $57.5 million of trust preferred securities, the proceeds of which, together with the Company's capital contributions to the trusts, were used to purchase $59.3 million of junior subordinated debentures from the Company. Interest on the junior subordinated debentures and distributions on the trust preferred securities will be payable quarterly in arrears at fixed rates approximating 9.2% for five years and thereafter at floating rates ranging from 4.85% to 4.90% over 3-month LIBOR until 2035, when the principal amount will be due.
Subject to market conditions, the Company also expects to create similar trusts and participate in other trust preferred securities transactions in the future as a source of additional financing or debt repayment.
Bluegreen Corporation will record a prepayment penalty of approximately $962,500 and write off approximately $750,000 of debt issuance costs related to the redemption of the Notes in the quarter ending June 30, 2005. In the aggregate, the prepayment penalty and debt issuance costs total $.03 per diluted share.
George F. Donovan, President and Chief Executive Officer of Bluegreen®, stated, "By utilizing the proceeds from the trust preferred securities, we are able to opportunistically refinance half of our Senior Note debt at a more attractive rate of interest and also extend the maturity of this debt from 2008 until 2035."
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE:BXG - News) is a leading provider of places where people live and play. The company has approximately 4,500 employees working in two divisions: Bluegreen Resorts and Bluegreen Communities. Bluegreen Resorts markets and sells the Bluegreen Vacation Club®, a flexible points-based vacation ownership system with access to over 35 resorts and an exchange network of over 3,700 resorts and other leisure products such as cruises. During 2004, Bluegreen Resorts delivered over 140,000 unique vacation experiences to over 134,000 owners. Bluegreen Communities develops, markets and sells planned residential and golf communities predominately in the southeastern and southwestern United States. Bluegreen Communities has sold over 49,000 homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, FL, and in 2004 was ranked #67 on Forbes' list of the "The 200 Best Small Companies."
Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities and Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, as well as the risk that the Company will not be able to create similar trusts, issue additional trust preferred securities or participate in future pooled trust preferred securities transactions, and the risks and other factors detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 16, 2005 and its Quarterly Report on Form 10-Q filed on May 10, 2005.
Contact:
Bluegreen Corporation
Tony Puleo
Interim Chief Financial Officer
561-912-8270
tony.puleo@bxgcorp.com
or
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Devin Sullivan
212-836-9608
dsullivan@equityny.com
or
Adam Prior
212-836-9606
aprior@equityny.com
Source: Bluegreen Corporation
BFC Financial Corporation Announces Financial Results for the First Quarter 2005
PR Newswire via COMTEX
May 9, 2005 7:30:28 PM
FORT LAUDERDALE, Fla., May 9, 2005 /PRNewswire-FirstCall via COMTEX/ --
BFC Financial Corporation (Nasdaq: BFCF) ("BFC"), a diversified holding company that invests in and acquires operating businesses in a variety of industries, today announced financial results for the first quarter ended March 31, 2005.
Net Income and Earnings Per Share:
Net income available to common shareholders for the first quarter of 2005 was $4.2 million compared with $4.4 million for the first quarter of 2004. The 2004 quarter included two items resulting in a $1.4 million net after-tax gain. These items were a litigation settlement gain and costs associated with the prepayment of certain high cost debt. Excluding the effect of these items, net income in the first quarter 2004 would have been $3.0 million, compared to $4.2 million in the current quarter, an increase of 41%. Diluted earnings per share decreased 7% to $0.14 in the first quarter of 2005, compared to $0.15 in the prior year. Excluding the two items discussed above, diluted earnings per share would have increased 40% to $0.14 in the first quarter of 2005, up from $0.10 in the first quarter of 2004.
Segment Income:
BFC reports its results in three distinct segments.:
-- The "Financial Services" segment includes BankAtlantic Bancorp and its subsidiaries, BankAtlantic and Ryan Beck & Co.
-- The "Homebuilding & Real Estate Development" segment includes Levitt Corporation and its subsidiaries, Levitt and Sons, Core Communities, Bowden Homes and Levitt Commercial and Levitt's investment in Bluegreen.
-- The "BFC Activities" segment includes BFC's real estate owned, loans receivable that relate to previously owned properties, other securities and investments, BFC's overhead and interest expense and the financial results of venture partnerships which BFC controls. Since BFC is a holding company whose principal activities consist of managing existing investments and actively seeking and evaluating potential new investments, BFC itself has no significant direct revenue or cash-generating operations. Accordingly, BFC itself, as a holding company and the "BFC Activities" segment, will normally show a loss as dividends, interest and fees from our investments typically do not cover BFC stand-alone operating costs.
The following table shows net income and earnings per share for each
segment including the 2004 special items discussed above (in thousands, except
per share data):
Three Months Ended Percent
March 31, Increase
2005 2004 (Decrease)
Financial Services $ 19,878 $ 20,524 (3.1%)
Homebuilding &
Real Estate
Development 29,818 13,055 128.4 %
BFC Activities (4,930) (2,585) 90.7 %
44,766 30,994 44.4 %
Minority interest* 40,366 26,622 51.6 %
Net income 4,400 4,372 0.6 %
5% Preferred Stock
dividends 188 --
Net income available to
common shareholders $ 4,212 $ 4,372 (3.7%)
Basic earnings per
share of common stock $ 0.16 $ 0.18 (11.1%)
Diluted earnings per
share of common stock $ 0.14 $ 0.15 (6.7%)
Basic weighted average
number of common shares
outstanding 25,750 23,824 8.1 %
Diluted weighted average
number of common and
common equivalent shares
outstanding 28,336 27,760 2.1 %
The following table shows net income and earnings per share for each
segment excluding the 2004 special items discussed above** (in thousands,
except per share data):
Three Months Ended Percent
March 31, Increase
2005 2004 (Decrease)
Financial Services $ 19,878 $ 13,371 48.7 %
Homebuilding & Real
Estate Development 29,818 13,055 128.4 %
BFC Activities (4,930) (2,869) 71.8 %
44,766 23,557 90.0 %
Minority interest* 40,366 20,560 96.3 %
Net income 4,400 2,997 46.8 %
5% Preferred Stock dividends 188 --
Net income available to
common shareholders $ 4,212 $ 2,997 40.5 %
Basic earnings per
share of common stock $ 0.16 $ 0.13 27.2 %
Diluted earnings
per share of
common stock $ 0.14 $ 0.10 40.0 %
The following table shows net income and earnings per share for each
segment excluding the 2004 special items discussed above after the allocation
of minority interest* to the respective segments** (in thousands, except per
share data):
Three Months Ended Percent
March 31, Increase
2005 2004 (Decrease)
Financial Services $ 4,368 $ 2,976 46.8 %
Homebuilding & Real Estate
Development 4,956 2,902 70.8 %
BFC Activities (4,924) (2,881) 70.9 %
Net income 4,400 2,997 46.8 %
5% Preferred Stock dividends 188 --
Net income available to common
shareholders $ 4,212 $ 2,997 40.5 %
Basic earnings per share of
common stock $ 0.16 $ 0.13 27.2 %
Diluted earnings per share of
common stock $ 0.14 $ 0.10 40.0 %
*"Minority Interest" is an accounting term for that portion of a consolidated entity that is owned by others. Both BankAtlantic Bancorp and Levitt Corporation are consolidated in BFC's financial statements because of BFC's voting control ownership position in each of those companies, even though BFC's equity ownership is less than a majority in each entity. At March 31, 2005, BFC owned 21.8% of the economic interest and 54.9% of voting control of BankAtlantic Bancorp and 16.6% of the economic interest and 52.9% voting control of Levitt Corporation.
**"Net income and earnings per share excluding the 2004 special items" is not prepared in accordance with GAAP and this non-GAAP financial measure should not be construed as being superior to GAAP. A reconciliation of 2004 GAAP income to net income excluding the 2004 special items is as follows:
GAAP net income $ 4,372
Costs associated with debt redemption 1,042
Litigation settlement (2,417)
Net income excluding the 2004 non-
operating items $ 2,997
Shareholders' Equity or Book Value:
Shareholders' equity, or book value, grew from $125 million as of December 31, 2004 to $128 million as of March 31, 2005, an increase of 2%. Shareholders' equity was $92 million as of March 31, 2004, representing a year-over-year increase of 39%. These increases were primarily due to increases in net income, the sale of $15 million of preferred stock, the effects of subsidiaries' capital transactions, issuance of common stock and the tax effect of the exercise of stock options.
Market Value of Public Holdings:
Our public holdings are comprised of 13.2 million shares of common stock, or 21.8%, of BankAtlantic Bancorp (NYSE: BBX) and 3.3 million shares of common stock, or 16.6%, of Levitt Corporation (NYSE: LEV). The market value of our public holdings, which will fluctuate from time to time, decreased to $314 million at March 31, 2005 from $363 million at December 31, 2004, a decrease of 13.5%.
-- BankAtlantic Bancorp's stock price decreased 12% in the first quarter of 2005 from $19.86 per share at December 31, 2004 to $17.40 per share at March 31, 2005.
-- Levitt Corporation's stock price decreased 16% in the first quarter of 2005 from $30.55 per share at December 31, 2004 to $25.64 per share at March 31, 2005.
BFC Market Capitalization:
The market capitalization of BFC, based on basic shares outstanding, (which we define as shares outstanding at the end of the period times the market price on the last day of the period) decreased to $265 million at March 31, 2005 from $286 million at December 31, 2004, a decrease of 7%. The market capitalization of BFC, based on diluted shares outstanding, (which we define as shares outstanding at the end of the period plus common stock equivalents calculated using the treasury stock method resulting from stock-based compensation outstanding at the end of the period times the market price on the last day of the period) decreased to $288 million at March 31, 2005 from $313 million at December 31, 2004, a decrease of 8.0%.
Other:
Our quarterly report on Form 10-Q for the quarter ended March 31, 2005 will contain much more information than this press release and is currently scheduled to be filed with the Securities and Exchange Commission on May 10, 2005. We will also post the Form 10-Q for the quarter ended March 31, 2005 on BFC's website, which can be accessed via http://www.BFCFinancial.com .
About BFC Financial Corporation:
BFC Financial Corporation (Nasdaq: BFCF) is a diversified holding company that invests in and acquires private and public companies in different industries. BFC's current major holdings include BankAtlantic Bancorp (NYSE: BBX) and its subsidiaries, BankAtlantic and Ryan Beck & Co.; Levitt Corporation (NYSE: LEV), which includes its subsidiaries Levitt and Sons(TM) and Core Communities; Levitt Corporation's 31% ownership in Bluegreen Corporation (NYSE: BXG), as well as a minority interest in the renowned national restaurant chain, Benihana, Inc. (Nasdaq: BNHNA). BFC's direct and indirect diverse ownership interests span a variety of business sectors, including consumer and commercial banking; brokerage and investment banking services; homebuilding; development of master-planned communities; the hospitality and leisure sector through the development, marketing and sales of vacation resorts on a time-share, vacation club model; and the restaurant and family dining business.
BFC Contact Info:
Investor and Corporate Communications:
Sharon Lyn, Vice President
Email: CorpComm@BFCFinancial.com
Phone: (954) 760-5151, Fax: (954) 760-5415
Investor Relations:
Leo Hinkley, Senior Vice President
Email: InvestorRelations@BFCFinancial.com
Mailing Address:
BFC Financial Corporation
Attn: Investor Relations
1750 East Sunrise Boulevard, Fort Lauderdale, Florida 33304
Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Past performance is no indication of current or future results. These forward-looking statements are based largely on the expectations of BFC and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control including the risks and uncertainties disclosed in the Company's filings with the Securities and Exchange Commission. Moreover, this press release contains only summary and partial financial data for the periods in question and is subject to the completion of our audit. More complete information is contained in our 2004 Annual Report on Form 10-K and our quarterly report on Form 10Q filed with the Securities and Exchange Commission and available on BFC's website at http://www.bfcfinancial.com .
SOURCE BFC Financial Corporation
Investor and Corporate Communications, Sharon Lyn, Vice President, +1-954-760-5151, or fax, +1-954-760-5415, or CorpComm@BFCFinancial.com, or Investor Relations, Leo Hinkley, Senior Vice President, InvestorRelations@BFCFinancial.com, both of BFC Financial Corporation http://www.prnewswire.com
Copyright (C) 2005 PR Newswire. All rights reserved.
Bluegreen Corporation Reports Record 2005 First Quarter Financial Results
BOCA RATON, Fla.
Bluegreen Corporation
Tony Puleo, 561-912-8270
tony.puleo@bxgcorp.com
or
Investor Relations Counsel:
The Equity Group Inc.
Devin Sullivan, 212-836-9608
dsullivan@equityny.com
or
Adam Prior, 212-836-9606
aprior@equityny.com
Bluegreen Corporation
Q1 2005 Highlights Versus Q1 2004
-- Net income increased 37.4% to $6.5 million, or $.21 per diluted share
-- Bluegreen Resorts sales up 23.5% to $65.6 million
-- Bluegreen Communities sales rose 16.1% to $38.4 million
-- Book value increased to $8.98 at March 31, 2005 from $8.76 at December 31, 2004
Bluegreen Corporation (NYSE: BXG), a leading provider of leisure products and lifestyle choices, today announced financial results for the first quarter ended March 31, 2005 (see attached tables).
George F. Donovan, President and Chief Executive Officer of Bluegreen(R), commented, "We are pleased with our financial results for the first quarter of 2005, which reflected same-Resort growth at many of our timeshare properties, a solid performance from our new off-site Resort sales offices and continued profitability at our Communities business."
Net income for the first quarter of 2005 increased 37.4% to $6.5 million, or $.21 per diluted share, on approximately 31.3 million weighted average common and common equivalent shares outstanding ("shares outstanding"), compared to net income of $4.7 million, or $.17 per diluted share, on approximately 30.3 million shares outstanding for the first quarter of 2004.
Total sales increased 20.7% to $104.0 million from $86.2 million in the same period last year, reflecting higher sales at both the Resorts and Communities business segments. Total operating revenues rose 21.4% to $130.0 million from $107.1 million in the first quarter of 2004. This increase was due to higher total sales of real estate, a 33.1% rise in other resort and communities operations revenue, and a 30.3% rise in interest income. These increases were offset by a 39.5% decrease in gain on sale of notes receivable, due primarily to increases in the related cost of funds and other relevant variables in the first quarter of 2005 as compared to the prior year period.
Bluegreen Resorts
Resorts sales in the first quarter of 2005 increased 23.5% to a first quarter record $65.6 million from $53.1 million in the same period last year. This increase was primarily attributable to double-digit same-Resort sales increases at many of the Company's sales offices, most notably at The Fountains(TM) Resort in Orlando, FL, but also at Grande Villas at World Golf Village(R) in St. Augustine, FL; MountainLoft(TM) in Gatlinburg, TN; Mountain Run at Boyne(TM) in Boyne, MI; Shore Crest(R) Vacation Villas in Myrtle Beach, SC; and Christmas Mountain Village(R) in Wisconsin Dells, WI. New sales sites in Dallas, TX and The Hammocks at Marathon(TM) in Marathon, FL also contributed to higher sales during the first quarter of 2005.
Resort cost of sales declined slightly to 20.1% of sales from 20.4% in the same period last year, reflecting a favorable product mix. Lower cost of sales during the 2005 quarter was primarily due to the additional construction of units and consequently increased sales of vacation ownership interests in The Fountains Resort, which has a relatively low associated product cost. As previously disclosed, resort cost of sales has more typically ranged from 23% to 25%, and Bluegreen expects that it will be at that level in the future.
Mr. Donovan noted that Bluegreen is continuing to develop or acquire new Resort properties in order to satisfy anticipated sales growth in 2005, including:
-- the purchase of 80 acres of land in Gatlinburg, Tennessee to further expand Bluegreen's vacation ownership presence in the Smoky Mountain region. Bluegreen expects to construct a minimum of 250 vacation ownership units and additional amenities on this tract of land, which is adjacent to its MountainLoft(TM) Resort. Phase I construction will include the development of 3, 5-story mid-rise villas (60 vacation ownership units), which are expected to be completed in the first half of 2006, and 54 cabins (114 vacation ownership units), which are expected to be completed in the beginning of 2007. Sales through the Bluegreen Vacation Club(R) are expected to begin in 2006.
-- the purchase of a 4-acre tract of land adjacent to the Harbour Lights(TM) resort in Myrtle Beach, South Carolina. The Company has commenced construction of a 3-story, 12-unit vacation ownership residence, which should be completed by the end of 2005. Sales through the Bluegreen Vacation Club(R) are expected to commence in 2006. Bluegreen can also construct additional vacation ownership units on this property in the future.
Bluegreen Communities
Communities sales in the first quarter of 2005 increased 16.1% to a first quarter record $38.4 million from $33.0 million in the same period last year. This increase was due primarily to strong same-site sales at Sanctuary Cove at St. Andrews Sound(TM), a Bluegreen Golf Community located among Georgia's Golden Isles; Traditions at Braselton(TM), a Bluegreen Golf Community in Braselton, GA; and Mountain Springs Ranch(TM), in the Texas Hill Country. Strong sales were also generated at Chapel Ridge(TM), a Bluegreen Golf Community in Chatham County, NC that commenced sales in July 2004, and SugarTree on the Brazos located near Fort Worth, TX, which commenced sales in January 2005.
As previously announced, because of the significant sales achieved in the Communities segment during 2004 and in the 2005 quarter, several of the Company's properties substantially sold out either during or prior to the first quarter of 2005. Others are expected to sell out earlier in 2005 than previously forecasted. Bluegreen Communities is currently exploring the acquisition of several properties in markets where it currently conducts business and in new regions of the country in order to replace these sold-out projects.
Communities cost of sales declined to 51.3% from 55.6% in the same period last year, due primarily to a higher percentage of total Communities sales being comprised of golf properties, which generally have higher associated gross margins.
As of March 31, 2005, approximately $37.2 million and $15.4 million of Communities sales and profits, respectively, were deferred under the percentage-of-completion method of accounting. It is expected that these amounts will be recognized in future periods ratably with the development of the projects.
FINANCIAL METRICS
Total positive net interest spread (interest income less interest expense) was $3.3 million in the first quarter of 2005 as compared to $1.0 million in the first quarter of 2004. Interest income increased primarily as a result of a higher average portfolio of vacation ownership notes receivable during the first quarter of 2005 compared to the same period one year ago, while interest expense declined primarily as a result of lower average debt outstanding and more interest being capitalized due to increased construction activity.
Selling, general and administrative expenses ("S,G&A") as a percentage of total sales increased to 59.6% from 59.0% in the first quarter of 2004 in connection with the additional costs of implementing the requirements associated with the Sarbanes-Oxley Act of 2002, and higher IT expenses. S,G&A as a percentage of total operating revenues was 47.7% in the first quarter of 2005 compared to 47.4% in the first quarter of 2004.
Provision for loan losses decreased $723,000 to $147,000 for the first quarter of 2005 from $870,000 for the first quarter of 2004. Due to the sale of $44.9 million of notes receivable without recourse to Branch Banking and Trust Company in March 2005, the Company's notes receivable balance at March 31, 2005 decreased to $107.1 million from $121.9 million at December 31, 2004, and consequently the Company's provision for loan losses was favorably impacted. The Company's allowance for loan losses decreased as a percentage of outstanding notes receivable to 7.2% from 7.9% at March 31, 2005 and December 31, 2004, respectively.
FINANCIAL POSITION
Bluegreen's balance sheet at December 31, 2004 reflected a book value of $8.98 per share compared to a book value of $8.76 per share at December 31, 2004, and a debt-to-equity ratio of 0.88:1 as compared to 0.85:1 at December 31, 2004. Unrestricted cash at March 31, 2005 increased to $94.5 million, the highest level in Bluegreen's history.
As outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2004, Bluegreen formed a statutory business trust ("Trust") for the purpose of issuing Trust Preferred Securities ("trust preferred securities") and investing the proceeds thereof in its junior subordinated debentures. On March 15, 2005, the Trust issued $22.5 million of trust preferred securities, the proceeds of which, along with the Company's capital contribution to the Trust, were used to purchase an identical amount of junior subordinated debentures from the Company. Interest on the junior subordinated debentures and distributions on the trust preferred securities will be payable quarterly in arrears at a fixed rate of 9.16% through March 30, 2010 and thereafter at a floating rate of 4.90% over 3-month LIBOR until March 30, 2035, when all of the principal is due. The issuance of trust preferred securities was part of a larger pooled trust securities offering which was not registered under the Securities Act of 1933. Proceeds will be used by the Company for general corporate purposes. Subject to market conditions, the Company also expects to create similar trusts and participate in other pooled trust preferred securities transactions in the future as a source of additional financing or debt repayment.
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation (NYSE:BXG) is a leading provider of places where people live and play. The company has approximately 4,500 employees working in two divisions: Bluegreen Resorts and Bluegreen Communities. Bluegreen Resorts markets and sells the Bluegreen Vacation Club(R), a flexible points-based vacation ownership system with access to over 35 resorts and an exchange network of over 3,700 resorts and other leisure products such as cruises. During 2004, Bluegreen Resorts delivered over 140,000 unique vacation experiences to over 134,000 owners. Bluegreen Communities develops, markets and sells planned residential and golf communities predominately in the southeastern and southwestern United States. Bluegreen Communities has sold over 49,000 homesites in 32 states since 1985. Founded in 1966, Bluegreen is headquartered in Boca Raton, FL, and in 2004 was ranked #67 on Forbes' list of the "The 200 Best Small Companies."
Statements in this release may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities and Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, as well as the risk that Company-wide growth and growth at the Resorts business will not occur as anticipated, the Company will not be able to acquire land or identify new projects, as anticipated, for the Communities segment , sales and marketing strategies related to new Resorts and Communities properties will not be as successful as anticipated and the risks and other factors detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 16, 2005 and its Quarterly Report on Form 10-Q to be filed on or about May 10, 2005.
BLUEGREEN CORPORATION
Condensed Consolidated Income Statements
(In 000's, Except Per Share Data)
Three Months Ended
----------------------
March 31, March 31,
2005 2004
---------- -----------
(Unaudited) (Unaudited)
REVENUES:
---------
Vacation ownership sales $65,644 $53,147
Homesite sales 38,377 33,044
---------- -----------
Total sales 104,021 86,191
Other resort and communities operations revenue 18,044 13,552
Interest income 6,542 5,021
Gain on sale of notes receivable 1,441 2,380
---------- -----------
Total operating revenues 130,048 107,144
---------- -----------
EXPENSES:
---------
Cost of sales:
Vacation ownership cost of sales 13,195 10,859
Homesite cost of sales 19,692 18,381
---------- -----------
Total cost of sales 32,887 29,240
Cost of other resort and communities operations 19,636 13,545
Selling, general and administrative expense 62,033 50,817
Interest expense 3,215 3,999
Provision for loan losses 147 870
Other expense 858 201
---------- -----------
Total operating expenses 118,776 98,672
---------- -----------
Income before minority interest and provision
for income tax 11,272 8,472
Minority interest in income of consolidated
subsidiary 773 829
---------- -----------
Income before provision for income taxes 10,499 7,643
Provision for income taxes 4,042 2,943
---------- -----------
Net income $6,457 $4,700
========== ===========
Net income per share:
Basic: $0.21 $0.19
========== ===========
Diluted: $0.21 $0.17
========== ===========
Weighted average number of common and
common equivalent shares:
Basic 30,316 25,190
========== ===========
Diluted 31,294 30,319
========== ===========
BLUEGREEN CORPORATION
Condensed Consolidated Balance Sheets
(in 000's)
March December
31, 2005 31, 2004
ASSETS (Unaudited)
Cash and cash equivalents (unrestricted) $94,547 $79,142
Cash and cash equivalents (restricted) 18,399 19,396
Contracts receivable, net 41,151 28,085
Notes receivable, net 107,116 121,949
Prepaid expenses 7,381 7,810
Other assets 24,945 22,359
Inventory, net 217,709 205,213
Retained interests in notes receivable sold 80,473 72,099
Property and equipment, net 75,080 74,244
Intangible assets and goodwill 4,465 4,512
----------- ---------
Total assets $671,266 $634,809
=========== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts payable $11,233 $11,552
Accrued liabilities and other 49,138 44,351
Deferred income 30,396 24,235
Deferred income taxes 62,477 58,150
Receivable-backed notes payable 40,324 43,696
Lines-of-credit and notes payable 65,288 71,949
10.50% senior secured notes payable 110,000 110,000
Junior subordinated debentures 23,196 -
----------- ---------
Total liabilities 392,052 363,933
Minority interest 6,782 6,009
Total shareholders' equity 272,432 264,867
----------- ---------
Total liabilities and shareholders' equity $671,266 $634,809
=========== =========
Form 8-K for BLUEGREEN CORP
19-Apr-2005
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Principal Officers;
Election of Directors; Appointment of Principal Officers.
Bluegreen Corporation (the Company) has announced that John Chiste resigned as Senior Vice President and Chief Financial Officer of the Company) to pursue other opportunities, effective as of April 15, 2005. Anthony M. Puleo, the Company's current Senior Vice President and Chief Accounting Officer, will serve as the Company's interim Chief Financial Officer.
Associated Press
Bluegreen CFO Steps Down From Post
Monday April 18, 9:19 am ET
Bluegreen Chief Financial Officer Chiste Resigns; Accounting Chief Named As Interim CFO
BOCA RATON, Fla. (AP) -- Resort operator Bluegreen Corp. said Monday that Senior Vice President and Chief Financial Officer John F. Chiste last week stepped down from his post to pursue "personal interests."
Chiste, however, has agreed to serve as an adviser for certain transition matters, the company said. Anthony M. Puleo, senior vice president and chief accounting officer, has been named interim CFO, Bluegreen added.
The search for a permanent replacement is underway, Bluegreen said.
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