FORT LAUDERDALE, Fla., Aug. 9 /PRNewswire-FirstCall/ -- BFC
Financial Corporation ("BFC" or "the Company") (NASDAQ:BFCF), a
diversified holding company that invests in operating businesses in
a variety of industries, today announced financial results for the
second quarter ended June 30, 2005. "This was an important quarter
for BFC and a period of significant accomplishment," commented Alan
B. Levan, Chairman and Chief Executive Officer. "We experienced
marked increases in outstanding shares and public float, while
increasing liquidity for future investment. With the successful
consummation of an underwritten public offering, BFC completed the
sale of 5,450,000 shares of its Class A Common Stock and an
additional 507,555 shares pursuant to the exercise by the
underwriters of an over-allotment option. The total combined
aggregate net proceeds of the offering were approximately $46.4
million after underwriting discounts and commissions and expenses.
In conjunction with our growth strategies, we applied $10 million
of the equity offering proceeds to complete and fund the second and
final tranche of our previously announced transaction to acquired a
total $20 million aggregate investment in Benihana Inc.
(NASDAQ:BNHNANASDAQ:andNASDAQ:BNHN). Overall, we are pleased with
BFC's accomplishments and positive momentum as well as the
constructive energy and growth initiatives of its underlying
investments." Benihana Inc. As mentioned above, BFC recently
completed and funded $10 million towards the second and final
tranche of its previously announced transaction to acquire a $20
million investment in Benihana Inc. On August 4, 2005, the Company
purchased 400,000 shares of Series B Convertible Preferred Stock
("Convertible Preferred Stock") pursuant to an agreement entered
with Benihana Inc. in June 2004 to purchase an aggregate of 800,000
shares of Convertible Preferred Stock for $25.00 per share. This
purchase brings the Company's ownership of Benihana to 800,000
shares of Convertible Preferred Stock and completes the Company's
commitment to Benihana. Based upon Benihana's current outstanding
capital stock, the Convertible Preferred Stock if converted would
represent approximately 23% of Benihana voting and 10% of Benihana
economic interest. Net Income and Earnings Per Share Net income
available to common shareholders for the second quarter of 2005 was
$2.5 million compared with $3.2 million for the second quarter of
2004, a decrease of 21.6%. Diluted earnings per share decreased
27.3% to $0.08 in the second quarter of 2005, compared to $0.11 in
the prior year. Net income available to common shareholders for the
six months ended June 30, 2005 was $6.8 million compared with $7.6
million for the comparable 2004 period, a decrease of 11.3%. The
2004 period 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. The
2005 period included an after tax impairment charge, net of
minority interest, of $322,000 associated with a decision by
BankAtlantic Bancorp to vacate and raze the Bank's former
headquarters in conjunction with the opening of a new corporate
headquarters building. Excluding the effect of both items in 2004
and 2005, net income available to common shareholders for the six
months ended June 30, 2005 would have been $7.1 million, compared
to $6.2 million in the six month period ended June 30, 2004, an
increase of 13.4%. Diluted earnings per share decreased 15.4% to
$0.22 in the six months ended June 30, 2005, compared to $0.26 in
the prior year. Excluding the items discussed above, diluted
earnings per share would have increased 12.0% to $0.23 for the six
months ended June 30, 2005, up from $0.21 for the comparable 2004
period. 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 investments and
actively seeking and evaluating potential new investments, BFC
itself has no significant direct revenue or cash-generating
operations. Accordingly, because BFC is a holding company the "BFC
Activities" segment will normally reflect 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 items
discussed above for the three and six months ended June 30, 2005
and 2004 (in thousands, except per share data): Three Months Ended
Percent Six Months Ended Percent June 30, Increase June 30,
Increase 2005 2004 (Decrease) 2005 2004 (Decrease) BFC Activities
$(3,451) $(3,111) -10.9% $(8,381) $(5,696) -47.1% Financial
Services 24,537 18,260 34.4% 44,415 38,784 14.5% Homebuilding &
Real Estate Development 6,052 13,687 -55.8% 35,870 26,742 34.1%
Eliminations (699) - (699) - Income before minority interest 26,439
28,836 -8.3% 71,205 59,830 19.0% Minority interest* 23,708 25,575
-7.3% 64,074 52,197 22.8% Net income 2,731 3,261 -16.3% 7,131 7,633
-6.6% 5% Preferred Stock dividends 187 17 375 17 Net income
available to common shareholders $2,544 $3,244 -21.6% $6,756 $7,616
-11.3% Basic earnings per share of common stock $0.10 $0.13 -23.1%
$0.26 $0.32 -18.8% Diluted earnings per share of common stock $0.08
$0.11 -27.3% $0.22 $0.26 -15.4% Basic weighted average number of
common shares outstanding 26,381 24,195 9.0% 26,067 24,009 8.6%
Diluted weighted average number of common and common equivalent
shares outstanding 28,902 27,795 4.0% 28,624 27,750 3.1% *"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 June 30, 2005, BFC owned 21.8% of the
economic interest and held 54.9% of the voting control of
BankAtlantic Bancorp and 16.6% of the economic interest and 52.9%
of the voting control of Levitt Corporation. Shareholders' Equity
or Book Value Shareholders' equity, or book value, grew from $125
million as of December 31, 2004 to $174 million as of June 30,
2005, an increase of 39%. Shareholders' equity was $116 million as
of June 30, 2004, representing a year-over-year increase of 50%.
These increases were primarily due to the issuance of 5,450,000
shares of common stock in an underwritten public offering for
aggregate net proceeds of $42 million, increases in net income, the
effects of subsidiaries' capital transactions, issuance of common
stock upon the exercise of stock options and the tax effect of the
exercise of stock options. Market Value of Public Holdings Our
holdings include 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 holdings in these two companies, which will fluctuate from
time to time, decreased to $349 million at June 30, 2005 from $363
million at December 31, 2004, a decrease of 3.9%. -- BankAtlantic
Bancorp's stock price decreased 4.8% in the first half of 2005 from
$19.90 per share at December 31, 2004 to $18.95 per share at June
30, 2005. -- Levitt Corporation's stock price decreased 2.1% in the
first half of 2005 from $30.57 per share at December 31, 2004 to
$29.92 per share at June 30, 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) rose slightly
to $287 million at June 30, 2005 from $286 million at December 31,
2004, an increase of 0.5%. 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 outstanding at the end
of the period times the market price on the last day of the period)
decreased 4.6% to $309 million at June 30, 2005 from $324 at
December 31, 2004. As of June 30, 2005, there were 33.7 million
common shares outstanding, which increased by 5.45 million shares
due to the Company's common stock offering in the quarter. The
weighted average number of shares outstanding during the three and
six month periods ended June 30, 2005 were significantly less than
the amount outstanding as of June 30, 2005 due to the issuance of
the new shares near the end of the period. Other Our quarterly
report on Form 10-Q for the quarter ended June 30, 2005 contains
more information than this press release and is currently scheduled
to be filed with the Securities and Exchange Commission on August
9, 2005. We will also post the Form 10-Q for the quarter ended June
30, 2005 on BFC's website, which can be accessed via
http://www.bfcfinancial.com/. As discussed above, on June 16, 2005,
BFC sold 5,450,000 shares of its Class A Common Stock at a price of
$8.50 per share for settlement on June 21, 2005. On July 14, 2005,
BFC completed the sale of an additional 507,555 shares of Class A
Common Stock pursuant to the exercise by the underwriters of an
over-allotment option granted in connection with the Company's
5,450,000 share public offering completed on June 21, 2005. The net
proceeds of the offering were approximately $46.4 million after
underwriting discounts and commissions and expenses. The Company
intends to use the proceeds of the offering to make additional
direct investments, fund operations, repay indebtedness and for
general corporate purposes. 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 is typically a long-term, "buy and
hold" investor whose direct and indirect, diverse ownership
interests spans 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'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). For further information, please visit our website
at: http://www.bfcfinancial.com/. BFC Contact Info: Investor and
Corporate Communications: Sharon Lyn, Vice President Email: Phone:
(954) 940-4994, Fax: (954) 940-5320 Investor Relations: Leo
Hinkley, Senior Vice President Email: Mailing Address: BFC
Financial Corporation Attn: Investor Relations 2100 West Cypress
Creek Road, Fort Lauderdale, Florida 33309 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 with
respect to its current investments and any future investments, that
appropriate investment opportunities on reasonable terms and at
reasonable prices will not be available and those 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/FLFLOGODATASOURCE: BFC
Financial Corporation CONTACT: Sharon Lyn, Vice President, Investor
and Corporate Communications, +1-954-940-4994, Fax:
+1-954-940-5320, , or Investor Relations - Leo Hinkley, Senior Vice
President, , both of BFC Financial Corporation Web site:
http://www.bfcfinancial.com/
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