Attached files
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8-K - 8-K - Bluegreen Vacations Holding Corp | d269896d8k.htm |
EX-23.2 - EX-23.2 - Bluegreen Vacations Holding Corp | d269896dex232.htm |
EX-23.1 - EX-23.1 - Bluegreen Vacations Holding Corp | d269896dex231.htm |
EX-99.2 - EX-99.2 - Bluegreen Vacations Holding Corp | d269896dex992.htm |
EX-99.3 - EX-99.3 - Bluegreen Vacations Holding Corp | d269896dex993.htm |
Exhibit 99.1
ITEM 6. SELECTED FINANCIAL DATA
(Dollars in thousands, except for per share data)
As of and for the Years Ended December 31, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||
(As Adjusted) (e) | (As Adjusted) (e) | |||||||||||||||||||||
Statements of Operations Data: |
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Revenues |
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Real Estate and Other Activities |
$ | 384,781 | 50,547 | 16,870 | 415,881 | 573,574 | ||||||||||||||||
Financial Services |
284,196 | 354,087 | 449,571 | 520,793 | 507,746 | |||||||||||||||||
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668,977 | 404,634 | 466,441 | 936,674 | 1,081,320 | ||||||||||||||||||
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Costs and Expenses |
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Real Estate and Other Activities |
406,940 | 199,564 | 76,470 | 711,073 | 617,211 | |||||||||||||||||
Financial Services |
426,856 | 573,467 | 634,970 | 579,458 | 474,311 | |||||||||||||||||
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833,796 | 773,031 | 711,440 | 1,290,531 | 1,091,522 | ||||||||||||||||||
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Gain on bargain purchase of investment in Bluegreen |
| 182,849 | | | | |||||||||||||||||
Gain (loss) on settlement of investment in subsidiary |
(977 | ) | 29,679 | | | | ||||||||||||||||
Gain on extinguishment of debt |
13,049 | | | | | |||||||||||||||||
Equity in earnings (loss) from unconsolidated affiliates |
(851 | ) | 33,381 | 15,064 | 12,724 | 10,935 | ||||||||||||||||
Impairment of unconsolidated affiliates |
| (31,181 | ) | (96,579 | ) | | | |||||||||||||||
Impairment of other investments |
| (2,396 | ) | (15,548 | ) | | | |||||||||||||||
Other income |
2,691 | 9,763 | 9,826 | 17,183 | 11,479 | |||||||||||||||||
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(Loss) income from continuing operations before income taxes |
(150,907 | ) | (146,302 | ) | (332,236 | ) | (323,950 | ) | 12,212 | |||||||||||||
Provision (benefit) for income taxes |
9,215 | (67,500 | ) | 15,763 | (70,246 | ) | (516 | ) | ||||||||||||||
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(Loss) income from continuing operations |
(160,122 | ) | (78,802 | ) | (347,999 | ) | (253,704 | ) | 12,728 | |||||||||||||
Discontinued operations, less income taxes |
(20,065 | ) | (14,530 | ) | 19,388 | 8,799 | (10,554 | ) | ||||||||||||||
Extraordinary gain, less income taxes |
| | 9,145 | 2,403 | | |||||||||||||||||
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Net (loss) income |
(180,187 | ) | (93,332 | ) | (319,466 | ) | (242,502 | ) | 2,174 | |||||||||||||
Net (loss) income attributable to noncontrolling interests |
(76,339 | ) | (120,611 | ) | (260,567 | ) | (212,043 | ) | 4,395 | |||||||||||||
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Net (loss) income attributable to BFC |
(103,848 | ) | 27,279 | (58,899 | ) | (30,459 | ) | (2,221 | ) | |||||||||||||
Preferred Stock dividends |
(750 | ) | (750 | ) | (750 | ) | (750 | ) | (750 | ) | ||||||||||||
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Net (loss) income allocable to common stock |
$ | (104,598 | ) | 26,529 | (59,649 | ) | (31,209 | ) | (2,971 | ) | ||||||||||||
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Common Share Data (a), ( b), (c) |
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Basic (loss) earnings per share of common stock: |
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(Loss) earnings per share from continuing operations |
$ | (1.27 | ) | 0.73 | (1.63 | ) | (0.90 | ) | (0.04 | ) | ||||||||||||
(Loss) earnings per share from discontinued operations |
(0.12 | ) | (0.26 | ) | 0.11 | 0.03 | (0.05 | ) | ||||||||||||||
Earnings per share from extraordinary items |
| | 0.20 | 0.06 | | |||||||||||||||||
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Net (loss) earnings per share of common stock |
$ | (1.39 | ) | 0.47 | (1.32 | ) | (0.81 | ) | (0.09 | ) | ||||||||||||
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Diluted (loss) earnings per share of common stock: |
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(Loss) earnings per share from continuing operations |
$ | (1.27 | ) | 0.73 | (1.63 | ) | (0.90 | ) | (0.04 | ) | ||||||||||||
(Loss) earnings per share from discontinued operations |
(0.12 | ) | (0.26 | ) | 0.11 | 0.03 | (0.05 | ) | ||||||||||||||
Earnings per share from extraordinary items |
| | 0.20 | 0.06 | | |||||||||||||||||
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Net (loss) earnings per share of common stock |
$ | (1.39 | ) | 0.47 | (1.32 | ) | (0.81 | ) | (0.09 | ) | ||||||||||||
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Basic weighted average number of common shares outstanding |
75,379 | 57,235 | 45,097 | 38,778 | 33,249 | |||||||||||||||||
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Diluted weighted average number of common shares outstanding |
75,379 | 57,235 | 45,097 | 38,778 | 33,249 | |||||||||||||||||
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Item 6. Selected Financial Data - continued
(Dollars in thousands, except for per share data)
As of December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(As Adjusted) (e) | (As Adjusted) (e) | |||||||||||||||||||
Balance Sheet Data (at period end): |
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Loans, loans held for sale and notes receivable, net |
$ | 3,614,455 | 3,963,086 | 4,317,645 | 4,528,538 | 4,603,505 | ||||||||||||||
Real estate inventory |
265,319 | 384,007 | 268,763 | 270,229 | 847,492 | |||||||||||||||
Securities |
556,842 | 467,520 | 979,417 | 1,191,173 | 1,081,980 | |||||||||||||||
Total assets |
5,813,066 | 6,042,101 | 6,395,582 | 7,114,433 | 7,605,766 | |||||||||||||||
Deposits |
3,891,190 | 3,948,818 | 3,919,796 | 3,953,405 | 3,867,036 | |||||||||||||||
Securities sold under agreements to repurchase, federal funds purchased and other short term borrowings |
22,764 | 27,271 | 279,726 | 159,905 | 128,411 | |||||||||||||||
Other borrowings (d) |
1,440,353 | 1,362,000 | 1,556,362 | 1,992,718 | 2,398,662 | |||||||||||||||
BFC Shareholders equity |
142,872 | 245,083 | 112,867 | 184,037 | 177,585 | |||||||||||||||
Noncontrolling interests |
78,256 | 159,312 | 262,554 | 558,950 | 698,323 | |||||||||||||||
Total equity |
221,128 | 404,395 | 375,421 | 742,987 | 875,908 |
(a) | Since its inception, BFC has not paid any cash dividends on its common stock. |
(b) | While the Company has two classes of common stock outstanding, the two-class method is not presented because the companys capital structure does not provide for different dividend rates or other preferences, other than voting rights, between the two classes. |
(c) | Prior to the merger of I.R.E. Realty Advisory Group, Inc. (I.R.E. RAG) with and into BFC in November 2007, I.R.E. RAG owned 4,764,285 shares of BFCs Class A Common Stock and 500,000 shares of BFCs Class B Common Stock. Those shares of BFCs Class A Common Stock and Class B Common Stock were considered to be outstanding; however, because BFC owned 45.5% of I.R.E. RAGs common stock, 2,165,367 shares of BFCs Class A Common Stock and 227,250 shares of BFCs Class B Common Stock were eliminated from the number of shares outstanding for purposes of computing earnings per share. |
(d) | Other borrowings consist of FHLB advances, notes and mortgage notes payable and other borrowings, receivable-backed notes payable and junior subordinated debentures. |
(e) | The statements of operations data for the years ended December 31, 2009 and 2010, and the balance sheet data as of December 31, 2009 and 2010, have been adjusted from previously reported amounts to reflect the reclassification of Bluegreen Communities, Bluegreens residential communities business unit, as a discontinued operation due to the determination made by Bluegreens Board of Directors during June 2011 to seek to sell Bluegreen Communities, or all or substantially all of its assets. At that time, it was also determined that the majority of Bluegreen Communities assets met the criteria for classification as assets held for sale from discontinued operations. See Notes 1 and 6 of the Notes to Consolidated Financial Statements for additional information. |