FORT LAUDERDALE, FL--(Marketwired - April 03, 2013) - BBX Capital Corporation ("BBX Capital" and/or the "Company") (BBX), formerly BankAtlantic Bancorp, Inc., reported financial results for the fourth quarter and full year ending December 31, 2012.
Full Year 2012
BBX Capital reported net income of $235.8 million, or $15.00 per diluted share, for the year ended December 31, 2012, versus a net loss of ($28.7) million, or ($2.04) per diluted share, for the year ended December 31, 2011. Net income for the year ended December 31, 2012 includes a $290.6 million gain recognized in connection with the sale of BankAtlantic to BB&T Corporation in July 2012.
Fourth Quarter 2012
BBX Capital reported a net loss of ($14.8) million, or ($0.94) per diluted share, for the quarter ended December 31, 2012, versus a net loss of ($17.5) million, or ($1.12) per diluted share, for the quarter ended December 31, 2011.
BBX Capital's shareholders' equity at December 31, 2012 was approximately $240.3 million.
More complete information relating to BBX Capital and its financial results is available in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, and is available to view on the SEC's website, www.sec.gov, or on BBX Capital's website, www.BBXCapital.com.
About BBX Capital Corporation:
BBX Capital (BBX) is involved in the ownership, financing and management of, and investment in, real estate and real estate related assets and operating businesses. In addition to its 46% ownership interest in Bluegreen Corporation, the business of BBX Capital includes real estate ownership, direct acquisition and joint venture equity in real estate, specialty finance, and investments in middle market operating businesses.
As of December 31, 2012, BBX Capital had total consolidated assets of approximately $470.7 million, and total consolidated stockholders' equity of approximately $240.3 million. For more information, visit www.BBXCapital.com
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include words or phrases such as "plans," "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. The forward looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and involve substantial risks and uncertainties. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and its assets, including the impact of decreases in real estate values, and increased unemployment or sustained high unemployment rates on the ability of our borrowers to service their obligations and the value of collateral securing our loans; credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact of the economy and real estate market values on our assets and the credit quality of our loans; the risk that loan losses will continue and the risks of additional charge-offs, impairments and required increases in our allowance for loan losses, the impact of and expenses associated with litigation, including litigation brought by the SEC; the value of the assets held by BBX Capital following the sale of BankAtlantic may not be monetized at the values currently ascribed to them; and that the scope and success of our future business plans may not be realized as anticipated, if at all. We can give no assurance that such expectations will prove to have been correct. Actual results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. In addition to the risks and factors identified above, reference is also made to other risks and factors detailed in reports filed by BBX Capital with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2012. The Company cautions that the foregoing factors are not exclusive.