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08.03.2018 22:30:00

BBX Capital Corporation Reports Financial Results For the Fourth Quarter and Full Year, 2017

BBX Capital Corporation Reports Financial Results For the Fourth Quarter and Full Year, 2017BBX Capital Corporation Reports Financial Results For the Fourth Quarter and Full Year, 2017FORT LAUDERDALE, FL--(Marketwired - March 08, 2018) - BBX Capital Corporation (NYSE:BBX) (OTCQX:BBXTB) ("BBX Capital" or the "Company") reported today its financial results for the quarter and year ended December 31, 2017.Selected highlights of BBX Capital's consolidated financial results include:Fourth Quarter 2017 Compared to Fourth Quarter 2016:Total consolidated revenues of $214.7 million vs. $198.5 million, an increase of 8.2%Net income attributable to shareholders of $44.0 million vs. $4.9 million Diluted earnings per share of $0.43 vs. $0.05Benefit for income taxes of $37.3 million vs. a provision for income taxes of $12.5 million due to a decrease in net deferred tax liabilities as a result of the enactment of the Tax Cuts and Jobs Act (2)Free cash flow of $19.6 million vs. $16.0 million (1)Year Ended December 31, 2017 Compared to the Year Ended December 31, 2016:Total consolidated revenues of $815.8 million vs. $767.3 million, an increase of 6.3%Net income attributable to shareholders of $82.2 million vs. $28.4 millionDiluted earnings per share of $0.79 vs. $0.32Benefit for income taxes of $7.2 million vs. a provision for income taxes of $36.4 million primarily due to a decrease in net deferred tax liabilities (2)Free cash flow of $43.6 million vs. $68.2 million (1)Balance Sheet as of December 31, 2017 Compared to December 31, 2016:Total consolidated assets of $1.6 billion vs. $1.4 billionTotal shareholders' equity of $573.2 million vs. $454.6 millionFully diluted book value per share of $5.52 vs. $4.22(1) See the supplemental tables included in this release for a reconciliation of BBX Capital's cash flow from operating activities to free cash flow.(2) The Company estimates that its effective combined federal and state income tax rate will decrease from 38% to a range of 30% to 32%.Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital, commented, "We are pleased with the accomplishments made at BBX Capital during 2017 and believe our progress reflects our goal of building a strong operating platform throughout our holdings and at the parent company level, and our goals of long-term growth and increasing shareholder value. "2017 has been a momentous year for BBX Capital. After BBX Capital and I were cleared of any wrongdoing after years of litigation with the SEC in May 2017, our Class A Common Stock commenced trading on the New York Stock Exchange ("NYSE") in July 2017, and BBX Capital and Bluegreen Vacations Corporation ("Bluegreen Vacations" or "Bluegreen") successfully pursued an IPO of Bluegreen's common stock, which commenced trading on the NYSE under the ticker symbol 'BXG' in November 2017. These actions led to a momentous day when, on January 12, 2018, BBX Capital and Bluegreen rang both the Opening and Closing Bell of the NYSE, which is believed to have been a first time event on the Exchange. In addition, during 2017, we continued the expansion of our other operating verticals through the acquisition of IT'SUGAR in June 2017 and the commencement of our MOD Pizza franchise operations in the fourth quarter."BBX Capital's goal is to build long-term shareholder value as opposed to focusing on quarterly or annual earnings. Today, BBX Capital's investments include its 90% ownership interest in Bluegreen Vacations as well as investments made through its Real Estate and Middle Market Divisions. Since many of BBX Capital's assets do not generate income on a regular or predictable basis and the addition of stores in our operating companies as part of our growth strategy requires up-front expenses, our objective continues to be long-term growth in shareholder value as measured by increases in book value and intrinsic value over time." For more complete and detailed information regarding BBX Capital and its financial results, business, operations, investments and risks, please see BBX Capital's Annual Report on Form 10-K for the year ended December 31, 2017, which will be available on the SEC's website, https://www.sec.gov, and on BBX Capital's website, www.BBXCapital.com, upon filing with the SEC on or about March 9, 2018. The following selected information relates to the operating activities of Bluegreen and BBX Capital's Real Estate and Middle Market Divisions. Bluegreen Vacations - Selected Financial Data Selected highlights of Bluegreen's financial results include:Fourth Quarter 2017 Compared to Fourth Quarter 2016:Sales of VOIs of $66.8 million vs. $69.5 millionSystem-wide sales of VOIs of $154.0 million vs. $146.0 million (1)Other fee-based services revenue of $28.4 million vs. $25.0 millionIncome before income taxes of $29.0 million vs. $37.6 millionAdjusted EBITDA of $35.6 million vs. $35.8 million (2)Free cash flow of $27.6 million vs. $13.7 million (3)Year Ended December 31, 2017 Compared to the Year Ended December 31, 2016:Sales of VOIs of $239.7 million vs. $266.1 millionSystem-wide sales of VOIs of $616.7 million vs. $605.4 million (1)Other fee-based services revenue of $111.8 million vs. $103.4 million Income before income taxes of $135.3 million vs. $124.9 million. Income before income taxes for the year ended December 31, 2016 includes special bonuses totaling $10.0 million paid to certain employeesAdjusted EBITDA of $148.6 million vs. $137.9 million (2) Free cash flow of $51.9 million vs. $92.3 million (3)(1) See the supplemental tables included in this release for a reconciliation of Bluegreen's Sales of VOIs to System-wide sales of VOIs, net.(2) See the supplemental tables included in this release for a reconciliation of Bluegreen's net income to Adjusted EBITDA.(3) See the supplemental tables included in this release for a reconciliation of Bluegreen's cash flow from operating activities to free cash flow.In addition to BBX Capital's Annual Report on Form 10-K for the year ended December 31, 2017, more complete and detailed information regarding Bluegreen Vacations and its financial results, business, operations and risks can be found in Bluegreen Vacations' press release reporting its financial results for the quarter and year ended December 31, 2017 and its Annual Report on Form 10-K for the year ended December 31, 2017, which is available on the SEC's website, https://www.sec.gov, and on Bluegreen's website, www.BluegreenVacations.com. BBX Capital Real Estate - Selected Financial Data Selected highlights of BBX Capital Real Estate's financial results include:Fourth Quarter 2017 Compared to Fourth Quarter 2016:Revenues of $2.2 million, which was consistent with the same period in 2016Recoveries from previously charged off loans of $1.4 million vs. $1.5 millionEquity in earnings of unconsolidated real estate joint ventures of $4.9 million vs. $7.8 millionYear Ended December 31, 2017 Compared to the Year Ended December 31, 2016:Revenues of $9.3 million vs. $14.7 million, a decrease of 36.7%Recoveries from previously charged off loans of $7.5 million vs $20.5 millionEquity in earnings of unconsolidated real estate joint ventures of $14.5 million vs $13.6 million While BBX Capital Real Estate's financial results for the year ended December 31, 2017 reflect the continued decline in the outstanding balance of its legacy assets acquired from BankAtlantic, it generated increased equity in earnings from its unconsolidated joint ventures during 2017 in connection with the completion of various development projects, including the CC Homes Bonterra joint venture, which sold the remaining homes in a 394 single-family home development during 2017, and the Gardens on Millenia retail joint venture, which sold a portion of its newly-developed retail center in December 2017. In 2017, BBX Capital Real Estate continued to focus on expanding its investments in real estate development assets primarily through new investments in real estate joint ventures, including three new investments in unconsolidated joint ventures for an aggregate investment of $7.7 million, and continued progress in its development of the Beacon Lake Community in St. Johns County, Florida. In February 2018, the first two developed land parcels were sold to homebuilders in the Beacon Lake Community development.BBX Capital Middle Market - Selected Financial DataBBX Capital Middle Market: Renin Holdings, LLC Selected highlights of Renin Holdings, LLC's ("Renin") financial results include:Fourth Quarter 2017 Compared to Fourth Quarter 2016:Trade sales of $17.7 million vs. $19.3 million, a decrease of 8.3%Gross margin of $5.5 million vs. $5.8 millionGross margin percentage of 31.2% vs. 29.9%Income before income taxes of $1.1 million vs. $0.4 millionAdjusted EBITDA of $1.7 million vs $1.0 million (1) Year Ended December 31, 2017 Compared to the Year Ended December 31, 2016: Trade sales of $69.6 million vs. $65.2 million, an increase of 6.7%,Gross margin of $20.3 million vs. $18.1 millionGross margin percentage of 29.1% vs. 27.8%Income before income taxes of $2.2 million vs. $0.9 million Adjusted EBITDA of $4.6 million vs $1.9 million (1)(1) See the supplemental tables included in this release for a reconciliation of Renin's net income to Adjusted EBITDA.Renin's financial results for the year ended December 31, 2017 reflect the continued improvement in its operating performance, including increased sales of its barn door product and growth in e-commerce sales. During 2017, Renin also continued to increase operating efficiencies through the integration of its manufacturing facilities in the United States and Canada. BBX Capital Middle Market: BBX Sweet HoldingsSelected highlights of BBX Sweet Holdings' financial results include:Fourth Quarter 2017 Compared to Fourth Quarter 2016:Trade sales of $28.0 million vs. $12.4 million, an increase of 125.8%Gross margin of $10.0 million vs. $2.3 millionGross margin percentage of 35.7% vs. 18.4%Loss before taxes of ($8.1) million vs. loss of ($3.2) millionYear Ended December 31, 2017 Compared to the Year Ended December 31, 2016: Trade sales of $72.9 million vs. $30.8 million, an increase of 136.7%Gross margin of $24.6 million vs. $3.5 millionGross margin percentage of 33.7% vs. 11.4%Loss before taxes of ($16.8) million vs. loss of ($14.9) millionThe significant increase in BBX Sweet Holdings' revenues and gross margins primarily resulted from its acquisition of IT'SUGAR, a specialty candy retailer with 95 locations in 26 states and Washington, DC, in June 2017. IT'SUGAR generated income before income taxes of $2.6 million from the acquisition date through December 2017. Due to anticipated costs of opening new stores in the future, the Company does not expect that IT'SUGAR will generate income before taxes on a regular basis, however, the acquisition of IT'SUGAR is expected to be cash flow accretive to the Company and has significantly expanded BBX Sweet Holdings' retail footprint in the confectionery industry.The increase in BBX Sweet Holdings' loss before income taxes primarily resulted from the recognition of $5.2 million of non-cash impairment charges during the fourth quarter of 2017 associated with declining profits in its Orlando manufacturing operations, the elimination of unprofitable brands, and the exploration of strategic alternatives for its manufacturing facility in Utah. BBX Capital Middle Market: MOD PizzaSelected highlights of BBX Capital's MOD Pizza franchise operations during 2017 include: Built infrastructure to support the Company's plans to open approximately 60 MOD franchised pizza restaurant locations throughout Florida over the next six years, including hiring the necessary personnel to establish initial store operationsOpened two restaurant locations during the fourth quarter of 2017Continued to establish pipeline of restaurant locations, with an expectation to open eight to twelve locations during 2018 Non-GAAP Financial Measures: The Company refers to certain non-GAAP financial measures in this press release, including EBITDA, Adjusted EBITDA, System-wide Sales of VOIs and Free Cash Flow. Please see the supplemental tables for how these terms are defined and for reconciliations of such measures to the most comparable GAAP financial measures. 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. About Bluegreen Vacations Corporation: Bluegreen Vacations Corporation (NYSE:BXG), founded in 1966 and headquartered in Boca Raton, Florida, is a leading vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in top leisure and urban destinations. Bluegreen's resort network includes 43 Club Resorts (resorts in which owners in the Bluegreen Vacation Club ("Vacation Club") have the right to use most of the units in connection with their VOI ownership) and 24 Club Associate Resorts (resorts in which owners in its Vacation Club have the right to use a limited number of units in connection with their VOI ownership). Through Bluegreen's points-based system, the approximately 213,000 owners in its Vacation Club have the flexibility to stay at units available at any of its resorts and have access to almost 11,000 other hotels and resorts through partnerships and exchange networks. 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. For further information, visit www.BluegreenVacations.com.This press release contains forward-looking statements based largely on current expectations of BBX Capital or its subsidiaries 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. Forward-looking statements may be identified by the use of 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"). We can give no assurance that such expectations will prove to have been correct. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements 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. When considering forward-looking statements, the reader should keep in mind the risks, uncertainties and other cautionary statements made herein. 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 the Company, its subsidiaries and their respective investments and operations, and the reader should note that prior or current performance is not a guarantee or indication of future performance. Future results could differ materially as a result of a variety of risks and uncertainties. Some factors which may affect the accuracy of the forward-looking statements apply generally to the industries in which the Company operates, including the development, operation, management and investment in residential and commercial real estate, the resort development and vacation ownership industries in which Bluegreen operates, the home improvement industry in which Renin operates, and the sugar and confectionery industry in which BBX Sweet Holdings operates as well as the pizza franchise industry in which the Company has recently commenced activities. Risks and uncertainties include, without limitation, the risks and uncertainties affecting BBX Capital and its subsidiaries, and their respective results, operations, markets, products, services and business strategies, including risks associated with the ability to successfully implement currently anticipated plans and generate earnings, long term growth, and increased value; the performance of entities in which BBX Capital has made investments may not be profitable or perform as anticipated; BBX Capital is dependent upon dividends from its subsidiaries, principally Bluegreen, to fund its operations; BBX Capital's subsidiaries may not be in a position to pay dividends, dividend payments may be subject to certain restrictions, including restrictions contained in debt instruments, and may be subject to declaration by such subsidiary's board of directors or managers; the risks relating to acquisitions, including acquisitions in diverse activities, including the risk that they will not perform as expected and will adversely impact the Company's results; risks relating to the monetization of BBX Capital's legacy assets; and risks related to litigation and other legal proceedings involving BBX Capital and its subsidiaries. The Company's investment in Bluegreen Vacations Corporation exposes the Company to risks of Bluegreen's business and risks inherent in the vacation ownership industry, as well as other risks relating to the ownership of Bluegreen's common stock, including those described in Bluegreen's Annual Report on Form 10-K for the year ended December 31, 2017. In addition, with respect to BBX Capital's Real Estate and Middle Market Division, the risks and uncertainties include risks relating to the real estate market and real estate development, the risk that joint venture partners may not fulfill their obligations and the projects may not be developed as anticipated or be profitable, and contractual commitments may not be completed on the terms provided or at all; risks relating to acquisitions of operating businesses, including integration risks, risks regarding achieving profitability, that new personnel will not be successful, foreign currency transaction risk, goodwill and other intangible impairment risks; the risk that assets may be disposed of at a loss; and risks related to the Company's MOD Pizza franchise activities, including that stores may not be opened when or in the number expected and stores opened may not be profitable or otherwise perform as expected. Reference is also made to the other risks and uncertainties described in BBX Capital's Annual Report on Form 10-K for the year ended December 31, 2017. The Company cautions that the foregoing factors are not exclusive. The following supplemental table represents BBX Capital's Consolidating Statement of Operations (unaudited) for the three months ended December 31, 2017 (in thousands):  Reportable Segments              BBX Capital       Corporate           Real    BBX Sweet  Expenses &     Segment   Bluegreen Estate  Renin Holdings  Other  Eliminations  Total Revenues:                    Sales of VOIs$66,823 -  - -  -  -  66,823  Fee-based sales - -  - -  -  -      commission revenue 50,343 -  - -  -  -  50,343  Other fee-based services revenue 28,377 -  - -  -  -  28,377  Trade sales - -  17,739 27,979  245  -  45,963  Interest income 21,203 310  - 35  295  (1,200) 20,643  Net gains on sales of assets - 281  - -  -  -  281  Other revenue 432 1,624  - 51  402  (192) 2,317  Total revenues 167,178 2,215  17,739 28,065  942  (1,392) 214,747                     Costs and Expenses:                    Cost of sales of VOIs 6,702 -  - -  -  -  6,702  Cost of other fee-based services Full story available on Benzinga.com
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