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BBX Capital, Inc. Reports Financial Results For the Third Quarter of 2023

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the third quarter of 2023.

Selected highlights of BBX Capital’s consolidated financial results include:

Third Quarter 2023 Compared to Third Quarter 2022

  • Total consolidated revenues of $103.3 million vs. $75.2 million
  • Loss before income taxes of $(7.1) million vs. income before taxes of $6.5 million
  • Net loss attributable to shareholders of $(7.8) million vs. net income attributable to shareholders of $4.0 million
  • Diluted loss per share of $(0.55) vs. diluted earnings per share of $0.26

Balance Sheet as of September 30, 2023

  • Cash and cash equivalents of $102.5 million (including $3.6 million held in variable interest entities)
  • Securities available for sale of $44.9 million
  • Outstanding note receivable from Bluegreen Vacations Holding Corporation (NYSE: BVH) of $35.0 million
  • Total consolidated assets of $681.0 million
  • Total shareholders' equity of $329.4 million
  • Fully diluted book value per share of $21.60 (1)

 

(1)

Fully diluted book value per share is shareholders’ equity divided by the number of BBX Capital’s Class A and Class B common shares and unvested restricted stock awards outstanding on September 30, 2023.

“As we have previously disclosed, our portfolio companies are continuing to face challenges associated with inflationary pressures, rising interest rates, and global economic uncertainty, and our operating results for the third quarter reflect these ongoing challenges. IT’SUGAR and Renin are continuing to experience significant declines in customer demand, and BBX Capital Real Estate expects a substantial decrease in sales transactions and new development starts in the near term as compared to the past several years, with new development starts for multifamily apartment communities being particularly impacted by slowing growth in rental rates, higher capitalization rates, and a decline in the availability of debt and equity financing for development projects. While our current operating results reflect a general slowdown in activity, we can continue to report that, in spite of these headwinds, our portfolio companies remain focused on opportunistically generating growth and adapting their strategies as may be appropriate in the current environment. As we focus on repositioning our businesses to navigate the challenges of the current economic environment, we will also continue to evaluate initiatives to reduce costs and improve margins and to identify ways to utilize our capital to pursue potential opportunities for future growth. We remain committed to our objective of achieving long-term growth and building shareholder value.” commented Jarett S. Levan, Chief Executive Officer and President of BBX Capital, Inc.

Additional Information

For more complete and detailed information regarding BBX Capital and its financial results, business, operations, investments, and risks, please see BBX Capital’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, which will be available on the SEC's website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com on November 8, 2023.

Financial Results

The following selected information relates to the financial results of the Company’s principal holdings: BBX Capital Real Estate, BBX Sweet Holdings, and Renin.

BBX Capital Real Estate - Selected Financial Data

Selected highlights of BBX Capital Real Estate’s (“BBXRE”) financial results include:

Third Quarter 2023 Compared to Third Quarter 2022:

  • Revenues of $41.1 million vs. $3.0 million
  • Net profits from sales of real estate inventory to homebuilders of $2.1 million vs. $1.1 million
  • Net gains on sales of real estate assets of $2.3 million vs. $0
  • Equity in net earnings of unconsolidated real estate joint ventures of $2.1 million vs. $15.0 million
  • Income before income taxes of $3.1 million vs. $14.3 million

BBXRE’s operating results for the quarter ended September 30, 2023 as compared to the same 2022 period primarily reflect (i) a net decrease in equity in net earnings of unconsolidated joint ventures primarily due to sales activity during the 2022 period and (ii) a net loss from the Altman Companies' operations during the 2023 period, partially offset by (i) higher net gains on the sales of real estate assets resulting from proceeds received by BBX Logistics Properties upon its assignment of a purchase and sale agreement related to a land parcel in Fort Myers, Florida, (ii) higher net profits from the sale of lots to homebuilders at the Beacon Lake Community development, and (iii) higher interest income primarily attributable to an increase in interest rates earned on cash, cash equivalents, and marketable securities. The net decrease in equity in net earnings of unconsolidated joint ventures was primarily due to the Miramar East/West joint venture’s sale of its multifamily apartment communities in 2022, partially offset by the Sky Cove South joint venture's sale of single-family homes and the Altis Ludlam Trail joint venture's sale of its multifamily apartment community in 2023, the latter of which was consummated in spite of what we believe is a significant decline in transaction volume in the overall market for commercial real estate.

During the third quarter, BBX Logistics Properties, BBXRE’s real estate division focused on the development of warehouse and logistics facilities, entered into a joint venture to acquire 40 acres of land for the purpose of developing the site into BBX Park at Delray, a logistics facility expected to be comprised of three buildings with up to approximately 673,000 square feet of space. Further, as reflected in BBXRE’s operating results for the quarter, the division opportunistically generated net proceeds of $2.6 million from the assignment of a purchase contract for a site in Florida after the division had entered into the contract but ultimately determined not to pursue its development plans.

BBX Sweet Holdings - Selected Financial Data

Selected highlights of BBX Sweet Holdings’ financial results include:

Third Quarter 2023 Compared to Third Quarter 2022:

  • Trade sales of $35.8 million vs. $37.1 million
  • Gross margin of $12.6 million vs. $15.1 million
  • Gross margin percentage of 35.1% vs. 40.8%
  • Depreciation and amortization of $2.0 million vs $1.6 million
  • Loss before income taxes of $(2.4) million vs. income before income taxes of $0.1 million

BBX Sweet Holdings’ operating results for the quarter ended September 30, 2023 as compared to the same 2022 period primarily reflect (i) a decline IT’SUGAR’s results of operations primarily as a result of higher occupancy, payroll, and depreciation expenses, which includes the impact of new store locations opened in 2022 and 2023, and lower revenues, as a decline in comparable store sales offset the impact of sales from new and expanded store locations, and (ii) an increase in Las Olas Confections and Snacks’ loss before income taxes, which reflects lower sales volume and higher costs of product.

In August 2023, IT’SUGAR’s founder stepped down as Chief Executive Officer at IT’SUGAR, although he will continue to remain an employee and advisor to BBX Sweet Holdings for a period of two years. In connection with the transition, BBX Sweet Holdings acquired his noncontrolling interest in IT’SUGAR, and as a result, IT'SUGAR became a wholly-owned subsidiary of BBX Sweet Holdings during the three months ended September 30, 2023.

While IT’SUGAR expects to open an additional candy department store in Miami, Florida during the fourth quarter of 2023, IT’SUGAR has also more recently begun refocusing on retail locations that require lower initial capital investments than the investments required for its traditional retail locations and candy department stores, including 'pop up' retail locations, locations with leases with relatively shorter lease terms, and locations which generally require less net capital investment to open, and it has executed leases for various locations that it expects to open in the fourth quarter of 2023 and into 2024. IT’SUGAR is also focused on the renewal and extension of lease agreements for existing retail locations in its portfolio that expire in the next several years where management believes the locations are advantageous over the long term.

Renin - Selected Financial Data

Selected highlights of Renin’s financial results include:

Third Quarter 2023 Compared to Third Quarter 2022:

  • Trade sales of $24.4 million vs. $32.5 million
  • Gross margin of $2.8 million vs. $1.0 million
  • Gross margin percentage of 11.6% vs. 3.1%
  • Loss before income taxes of $(1.5) million vs. $(3.3) million

Renin’s operating results for the quarter ended September 30, 2023 as compared to the same 2022 period reflect an improvement in Renin’s gross margin and gross margin percentage as a result of various factors, including price increases, a decrease in rates for shipping products from overseas, and various initiatives implemented by Renin in an effort to reduce costs associated with its manufacturing and distribution facilities, including (i) the transfer of a substantial portion of its operations in its facility located in Montreal, Canada to its other manufacturing and distribution facilities in the United States and Canada and (ii) the exit from its primary third-party logistics and warehousing facility in January 2023. Renin's operating results for the quarter also reflect a decrease in selling, general, and administrative expenses primarily due to lower labor costs in 2023 resulting from headcount reductions in Renin’s facility located in Montreal, Canada. However, these improvements in Renin’s operating results were partially offset by: (i) a significant decrease in Renin’s trade sales, which primarily reflects a decrease in sales in its retail channel as a result of a decline in customer demand, (ii) a decrease in foreign currency exchange gains due to the impact of changes in foreign exchange rates between the U.S. dollar and Canadian dollar, and (iii) an increase in interest rate expense primarily as a result of rising base rates on Renin’s variable rate debt with TD Bank.

As of September 30, 2023, Renin was current on the payment terms under its TD Bank credit facility. However, Renin was not in compliance with its financial covenants under the facility and does not expect to be in compliance with its covenants in future periods as a result of its actual and expected operating results for 2023. Further, although the credit facility was further amended in October 2023 to, among other things, temporarily increase availability under the revolving line of credit from $22.0 million to $24.5 million through November 2023 and require a prepayment of $1.3 million on the term loan under the facility (which was funded by BBX Capital), the amendment did not address the non-compliance, and Renin continues to not be in compliance with certain of the financial covenants under the facility. Although Renin is currently in discussions with TD Bank related to its non-compliance under the facility, if Renin is unable to obtain a waiver in relation to its covenants or amend the covenants under the facility to reflect its expected operating results, Renin may lose availability under its line of credit, may be required to provide additional collateral, or may be required to repay all or a portion of its borrowings, any of which would have a material adverse effect on the Company's liquidity, financial position, and results of operations.

About BBX Capital, Inc.: BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) is a Florida-based diversified holding company whose principal holdings include BBX Capital Real Estate, BBX Sweet Holdings, and Renin. For additional information, please visit www.BBXCapital.com.

Forward-Looking Statements

This press release contains forward-looking statements based largely on current expectations of BBX Capital and 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 and can 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), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to be 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 based largely on our expectations and 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 in this release and in the Companys reports filed with the Securities and Exchange Commission (SEC). 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 and its respective investments and operations. 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 that include risks relating to general competitive, economic and market conditions impacting the industries in which the Company operates, including the residential and commercial real estate industry in which BBXRE develops, operates, manages, and invests in real estate, the home improvement industry in which Renin operates, and the sugar and confectionery industry in which BBX Sweet Holdings operates. Risks and uncertainties include risks relating to public health issues and general economic uncertainties, including, but not limited to, supply chain issues, labor shortages, current inflationary trends, and rising interest rates. Inflation may continue to pressure our margins in future periods, especially to the extent that we are not able to increase prices to customers. Many factors, including, among other things (i) consumer demand, (ii) disruptions in global supply chains, (iii) a general labor shortage and increases in the cost of hiring and maintaining employees, (iv) disruptions in credit and capital markets, (v) customer retention, including our ability to maintain our relationships with large customers, (vi) U.S. Federal Reserve monetary policy decisions in response to inflationary trends, (vii) changes in U.S. federal income or other tax laws and interpretation of tax laws, and (viii) heightened cybersecurity risks, all impact the Company's operations, results and financial condition. Further, (i) higher interest expense on variable rate debt and any new debt, (ii) lower gross margins due to increased costs of manufactured or purchased inventory and shipping, (iii) a decline in the availability of debt and equity capital for new real estate investments, the number of real estate development projects meeting the Companys investment criteria, and demand for the acquisition of multifamily apartment communities developed by the Altman Companies, (iv) higher overall operating expenses due to increases in insurance, labor and service costs, (v) a reduction in customer demand for our products resulting in lower sales, (vi) a shift in customer behavior as higher prices affect customer retention and higher consumer borrowing costs, including mortgage borrowings, affect customer demand, and (vii) increased risk of impairments as a result of declining operating results and valuations, can each negatively affect our operating results. The duration and severity of economic and market conditions are uncertain and may impact future periods. At this time, we are also not able to predict whether the current economic conditions will result in prolonged changes in our customers behavior, which may include prolonged decreases in discretionary spending and reductions in demand for retail store and confectionery products, home improvement products or real estate, each of which would have a material adverse impact on our business, operating results, and financial condition. BBXRE may not be successful in developing its current projects or identifying development opportunities that meet its investment criteria; increases in commodity and labor prices may result in higher development and construction costs, and increasing interest rates may adversely impact demand for real estate and its developments, as well as its and its customers financing costs and sales prices resulting from increased capitalization rates. ITSUGAR may experience continued increases in the cost of inventory and freight and its new stores, including its candy department stores, may not be as profitable as anticipated or at all. Renin is out of compliance with the terms of financial covenants under its credit facility, and it is anticipated that additional loan paydowns or the full repayment of its loan facility may be required. Continued inflationary trends could have a material adverse effect on the Companys results of operations and financial condition, particularly if the Company is not able to increase prices to its customers to offset the increase in its costs. Further, a number of factors may adversely affect the labor force available to us or increase our labor costs, including labor shortages and increased employee turnover, federal unemployment subsidies, and other government regulations. A sustained labor shortage or increased turnover rates could lead to increased costs, such as increased overtime pay to meet demand and increased wage rates to attract and retain employees, or could negatively affect our operations or adversely impact our business and results. Further, any mitigation measures we take in response to increased costs or to improve our margins may not be accepted by our customers, may not be successful, and could negatively affect our operations.

Reference is also made to the other risks and uncertainties described in BBX Capitals Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, which is expected to be filed on November 8, 2023, and then will be available on the SEC's website, https://www.sec.gov, and on BBX Capitals website, www.BBXCapital.com, as well as BBX Capitals Annual Report on Form 10-K for the year ended December 31, 2022 that was filed on March 15, 2023, which is currently available on the SEC's website, https://www.sec.gov, and on BBX Capitals website, www.BBXCapital.com. The Company cautions that the foregoing factors are not exclusive and that the reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made.

The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the three months ended September 30, 2023 (in thousands):

Revenues:

 

BBX Capital

Real Estate

 

 

BBX Sweet

Holdings

 

 

Renin

 

 

Other

 

 

Reconciling

Items and

Eliminations

 

 

Segment

Total

 

Trade sales

 

$

 

 

 

35,822

 

 

 

24,391

 

 

 

1,251

 

 

 

(2

)

 

 

61,462

 

Sales of real estate inventory

 

 

2,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,712

 

Revenue from construction contracts

 

 

29,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,067

 

Real estate development and property management fees

 

 

5,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,002

 

Interest income

 

 

1,973

 

 

 

 

 

 

 

 

 

 

 

 

572

 

 

 

2,545

 

Net gains on sales of real estate assets

 

 

2,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,271

 

Other revenue

 

 

51

 

 

 

 

 

 

 

 

 

452

 

 

 

(223

)

 

 

280

 

Total revenues

 

 

41,076

 

 

 

35,822

 

 

 

24,391

 

 

 

1,703

 

 

 

347

 

 

 

103,339

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

 

23,234

 

 

 

21,569

 

 

 

506

 

 

 

(2

)

 

 

45,307

 

Cost of real estate inventory sold

 

 

570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

570

 

Cost of revenue from construction contracts

 

 

31,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,945

 

Interest expense

 

 

28

 

 

 

382

 

 

 

1,229

 

 

 

1

 

 

 

(830

)

 

 

810

 

Recoveries from loan losses, net

 

 

(177

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(177

)

Impairment losses

 

 

 

 

 

349

 

 

 

 

 

 

 

 

 

 

 

 

349

 

Selling, general and administrative expenses

 

 

7,337

 

 

 

14,208

 

 

 

3,496

 

 

 

2,252

 

 

 

6,827

 

 

 

34,120

 

Total costs and expenses

 

 

39,703

 

 

 

38,173

 

 

 

26,294

 

 

 

2,759

 

 

 

5,995

 

 

 

112,924

 

Operating income (losses)

 

 

1,373

 

 

 

(2,351

)

 

 

(1,903

)

 

 

(1,056

)

 

 

(5,648

)

 

 

(9,585

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

2,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,126

 

Gain on the consolidation of The Altman Companies

 

 

(2,393

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,393

)

Gain on the consolidation of investment in real estate joint ventures

 

 

1,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,135

 

Other income (loss)

 

 

829

 

 

 

(67

)

 

 

(1

)

 

 

6

 

 

 

388

 

 

 

1,155

 

Foreign exchange gain

 

 

 

 

 

30

 

 

 

391

 

 

 

 

 

 

 

 

 

421

 

Income (loss) before income taxes

 

$

3,070

 

 

 

(2,388

)

 

 

(1,513

)

 

 

(1,050

)

 

 

(5,260

)

 

 

(7,141

)

The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the three months ended September 30, 2022 (in thousands):

 

 

BBX Capital

Real Estate

 

 

BBX Sweet

Holdings

 

 

Renin

 

 

Other

 

 

Reconciling

Items and

Eliminations

 

 

Segment

Total

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales

 

$

 

 

 

37,053

 

 

 

32,535

 

 

 

1,510

 

 

 

(1

)

 

 

71,097

 

Sales of real estate inventory

 

 

1,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,606

 

Interest income

 

 

970

 

 

 

 

 

 

 

 

 

 

 

 

606

 

 

 

1,576

 

Other revenue

 

 

442

 

 

 

 

 

 

 

 

 

587

 

 

 

(74

)

 

 

955

 

Total revenues

 

 

3,018

 

 

 

37,053

 

 

 

32,535

 

 

 

2,097

 

 

 

531

 

 

 

75,234

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

 

21,939

 

 

 

31,539

 

 

 

580

 

 

 

(1

)

 

 

54,057

 

Cost of real estate inventory sold

 

 

556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

556

 

Interest expense

 

 

 

 

 

228

 

 

 

1,063

 

 

 

1

 

 

 

(677

)

 

 

615

 

Recoveries from loan losses, net

 

 

(278

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(278

)

Impairment losses

 

 

311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

311

 

Selling, general and administrative expenses

 

 

3,196

 

 

 

14,444

 

 

 

4,166

 

 

 

1,547

 

 

 

5,720

 

 

 

29,073

 

Total costs and expenses

 

 

3,785

 

 

 

36,611

 

 

 

36,768

 

 

 

2,128

 

 

 

5,042

 

 

 

84,334

 

Operating (losses) income

 

 

(767

)

 

 

442

 

 

 

(4,233

)

 

 

(31

)

 

 

(4,511

)

 

 

(9,100

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

15,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,026

 

Other (expense) income

 

 

 

 

 

(360

)

 

 

1

 

 

 

 

 

 

49

 

 

 

(310

)

Foreign exchange (loss) gain

 

 

 

 

 

(2

)

 

 

905

 

 

 

 

 

 

 

 

 

903

 

Income (loss) before income taxes

 

$

14,259

 

 

 

80

 

 

 

(3,327

)

 

 

(31

)

 

 

(4,462

)

 

 

6,519

 

The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the nine months ended September 30, 2023 (in thousands):

Revenues:

 

BBX Capital

Real Estate

 

 

BBX Sweet

Holdings

 

 

Renin

 

 

Other

 

 

Reconciling

Items and

Eliminations

 

 

Segment

Total

 

Trade sales

 

$

 

 

 

103,560

 

 

 

76,711

 

 

 

6,127

 

 

 

(19

)

 

 

186,379

 

Sales of real estate inventory

 

 

8,929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,929

 

Revenue from construction contracts

 

 

90,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,678

 

Real estate development and property management fees

 

 

9,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,249

 

Interest income

 

 

6,058

 

 

 

 

 

 

 

 

 

 

 

 

678

 

 

 

6,736

 

Net gain on sales of real estate assets

 

 

2,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,210

 

Other revenue

 

 

152

 

 

 

 

 

 

 

 

 

1,341

 

 

 

(554

)

 

 

939

 

Total revenues

 

 

117,276

 

 

 

103,560

 

 

 

76,711

 

 

 

7,468

 

 

 

105

 

 

 

305,120

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

 

65,682

 

 

 

69,991

 

 

 

1,987

 

 

 

(19

)

 

 

137,641

 

Cost of real estate inventory sold

 

 

2,107

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,107

 

Cost of revenue from construction contracts

 

 

94,263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94,263

 

Interest expense

 

 

74

 

 

 

1,089

 

 

 

3,502

 

 

 

3

 

 

 

(2,423

)

 

 

2,245

 

Recoveries from loan losses, net

 

 

(3,284

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,284

)

Impairment losses

 

 

 

 

 

349

 

 

 

 

 

 

 

 

 

 

 

 

349

 

Selling, general and administrative expenses

 

 

19,842

 

 

 

43,966

 

 

 

11,335

 

 

 

6,090

 

 

 

20,910

 

 

 

102,143

 

Total costs and expenses

 

 

113,002

 

 

 

111,086

 

 

 

84,828

 

 

 

8,080

 

 

 

18,468

 

 

 

335,464

 

Operating income (losses)

 

 

4,274

 

 

 

(7,526

)

 

 

(8,117

)

 

 

(612

)

 

 

(18,363

)

 

 

(30,344

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

3,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,958

 

Gain on the consolidation of The Altman Companies

 

 

3,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,802

 

Gain on the consolidation of investment in real estate joint ventures

 

 

12,017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,017

 

Other income (expense)

 

 

1,173

 

 

 

157

 

 

 

(5

)

 

 

2,268

 

 

 

449

 

 

 

4,042

 

Foreign exchange loss

 

 

 

 

 

(2

)

 

 

(111

)

 

 

 

 

 

 

 

 

(113

)

Income (loss) before income taxes

 

$

25,224

 

 

 

(7,371

)

 

 

(8,233

)

 

 

1,656

 

 

 

(17,914

)

 

 

(6,638

)

The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the nine months ended September 30, 2022 (in thousands):

Revenues:

 

 

BBX Capital

Real Estate

 

 

 

BBX Sweet

Holdings

 

 

 

Renin

 

 

 

Other

 

 

 

Reconciling

Items and

Eliminations

 

 

 

Segment

Total

 

Trade sales

 

$

 

 

 

102,012

 

 

 

101,116

 

 

 

6,310

 

 

 

(7

)

 

 

209,431

 

Sales of real estate inventory

 

 

16,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,813

 

Interest income

 

 

2,165

 

 

 

 

 

 

 

 

 

 

 

 

1,803

 

 

 

3,968

 

Net gains on sales of real estate assets

 

 

1,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,329

 

Other revenue

 

 

1,443

 

 

 

 

 

 

 

 

 

1,880

 

 

 

(461

)

 

 

2,862

 

Total revenues

 

 

21,750

 

 

 

102,012

 

 

 

101,116

 

 

 

8,190

 

 

 

1,335

 

 

 

234,403

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

 

60,934

 

 

 

97,618

 

 

 

2,115

 

 

 

(6

)

 

 

160,661

 

Cost of real estate inventory sold

 

 

6,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,669

 

Interest expense

 

 

 

 

 

697

 

 

 

2,405

 

 

 

2

 

 

 

(1,444

)

 

 

1,660

 

Recoveries from loan losses, net

 

 

(4,215

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,215

)

Impairment losses

 

 

311

 

 

 

64

 

 

 

 

 

 

 

 

 

 

 

 

375

 

Selling, general and administrative expenses

 

 

8,956

 

 

 

42,101

 

 

 

13,099

 

 

 

5,204

 

 

 

17,138

 

 

 

86,498

 

Total costs and expenses

 

 

11,721

 

 

 

103,796

 

 

 

113,122

 

 

 

7,321

 

 

 

15,688

 

 

 

251,648

 

Operating income (losses)

 

 

10,029

 

 

 

(1,784

)

 

 

(12,006

)

 

 

869

 

 

 

(14,353

)

 

 

(17,245

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

35,712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,712

 

Other (expense) income

 

 

(8

)

 

 

518

 

 

 

1

 

 

 

2

 

 

 

264

 

 

 

777

 

Foreign exchange (loss) gain

 

 

 

 

 

(2

)

 

 

1,073

 

 

 

 

 

 

 

 

 

1,071

 

Income (loss) before income taxes

 

$

45,733

 

 

 

(1,268

)

 

 

(10,932

)

 

 

871

 

 

 

(14,089

)

 

 

20,315

 

 

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