BFC Financial Corporation Announces Financial Results for the First
Quarter 2005 FORT LAUDERDALE, Fla., May 9 /PRNewswire-FirstCall/ --
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: Phone: (954)
760-5151, Fax: (954) 760-5415 Investor Relations: Leo Hinkley,
Senior Vice President Email: 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/ .
http://www.newscom.com/cgi-bin/prnh/20041015/FLFLOGO
http://photoarchive.ap.org/ DATASOURCE: BFC Financial Corporation
CONTACT: Investor and Corporate Communications, Sharon Lyn, Vice
President, +1-954-760-5151, or fax, +1-954-760-5415, or , or
Investor Relations, Leo Hinkley, Senior Vice President, , both of
BFC Financial Corporation Web site: http://www.bfcfinancial.com/
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