BBX Capital, Inc. Reports Financial Results For the Third Quarter of 2022

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the quarter ended September 30, 2022.

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

Third Quarter 2022 Compared to Third Quarter 2021:

  • Total consolidated revenues of $75.2 million vs. $91.8 million
  • Income before income taxes of $6.5 million vs. $25.7 million
  • Net income attributable to shareholders of $4.0 million vs. $19.2 million
  • Diluted earnings per share of $0.26 vs $1.13

Balance Sheet as of September 30, 2022

  • Cash and cash equivalents of $98.5 million
  • Note receivable from Bluegreen Vacations Holding Corporation (NYSE: BVH) of $50.0 million
  • Total consolidated assets of $545.8 million
  • Total shareholders' equity of $334.3 million
  • Fully diluted book value per share of $20.72 (1)
(1)

Fully diluted book value per share is stockholders’ equity divided by the number of BBX Capital’s Class A and Class B common shares and unvested stock awards outstanding on September 30, 2022.

“While our consolidated operating results for the third quarter of 2022 declined compared to 2021, reflecting, among other things, the accelerated sales of lots in BBXRE’s Beacon Lake Community in 2021, we consummated several transactions and put in place various initiatives during the third quarter. In particular, in July 2022, BBXRE’s Altis Miramar East/West joint venture sold its Altis Miramar and Altra Miramar communities, and as a result of the sale, BBXRE received a $16.4 million net cash distribution from the joint venture and recognized $14.0 million of equity earnings from its investment in the joint venture. In addition, as part of its ongoing efforts to establish itself as a ‘retailtainment’ experience in premier U.S. destinations, IT’SUGAR opened and executed lease agreements for new locations, including the opening of its first international location in Canada, a large format ‘pop-up’ location near Times Square in New York, and three other new locations. However, inflationary pressures, rising interest rates, supply chain disruptions, and global economic uncertainty continue to present challenges for all of our portfolio companies, and these ongoing challenges may continue to impact our businesses during the fourth quarter and 2023. Although we remain focused on positioning our businesses to navigate the challenges of the current uncertain environment, we are also focused on identifying ways to capitalize on potential opportunities for future growth. As we have said previously, 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, 2022, which will be available on the SEC's website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com, on November 9, 2022.

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 2022 Compared to Third Quarter 2021:

  • Revenues of $3.0 million vs. $22.8 million
  • Net profits from sales of real estate inventory to homebuilders of $1.1 million vs. $11.9 million
  • Equity in net earnings of unconsolidated real estate joint ventures of $15.0 million vs. $11.8 million
  • Recoveries from loan losses, net of $0.3 million vs. $5.4 million
  • Income before income taxes of $14.3 million vs. $27.9 million

BBXRE’s operating results for the quarter ended September 30, 2022 as compared to the same 2021 period reflect (i) a decrease in net profits from sales of lots to homebuilders at the Beacon Lake Community development due to a decrease in sales volume following the accelerated sale of lots in the development in fiscal 2021, (ii) a net decrease in recoveries from loan losses in the legacy asset portfolio, and (iii) an increase in selling, general, and administrative expenses primarily related to BBXRE’s newly established logistics real estate division and increased incentive compensation. These decreases were partially offset by a net increase in equity in net earnings from unconsolidated real estate joint ventures primarily associated with sales activity in 2022, including the Miramar East/West joint venture’s sale of Altis Miramar, its 320-unit multifamily apartment community located in Miramar, Florida, and Altra Miramar, its 330-unit multifamily apartment community adjacent to Altis Miramar, as well as the Marbella joint venture’s sale of single-family homes.

BBX Sweet Holdings - Selected Financial Data

Selected highlights of BBX Sweet Holdings’ financial results include:

Third Quarter 2022 Compared to Third Quarter 2021:

  • Trade sales of $37.1 million vs. $32.8 million
  • Gross margin of $15.1 million vs. $13.1 million
  • Gross margin percentage of 40.8% vs. 40.0%
  • Selling, general and administrative expenses of $14.4 million vs $12.6 million
  • Income before income taxes of $0.1 million vs. $0.4 million

BBX Sweet Holdings’ operating results for the quarter ended September 30, 2022 as compared to the same 2021 period primarily reflect an increase in selling, general and administrative expenses due to (i) higher pre-opening expenses related to new store locations at IT’SUGAR, (ii) increased staffing at IT’SUGAR to support the growth of its stores and new store pipeline, and (iii) an increase in an accrual related to a long term incentive plan for certain IT’SUGAR executives. This increase in expenses was partially offset by (i) an increase in IT’SUGAR’s sales and gross margin as a result of increased prices on certain products and the opening of new and expanded retail locations and (ii) a decrease in Las Olas Confections and Snacks’ operating losses due to improved margins during the 2022 period as compared to the 2021 period primarily associated with price increases to customers and improved efficiencies in its manufacturing facility.

Renin - Selected Financial Data

Selected highlights of Renin’s financial results include:

Third Quarter 2022 Compared to Third Quarter 2021:

  • Trade sales of $32.5 million vs. $33.4 million
  • Gross margin of $1.0 million vs. $3.0 million
  • Gross margin percentage of 3.1% vs. 8.9%
  • (Loss) before income taxes of ($3.3 million) vs. ($0.7 million)

Renin’s operating results for the quarter ended September 30, 2022 as compared to the same 2021 period reflect a decline in Renin’s sales due to, among other things, (i) a decline in customer demand, (ii) backordered inventory reflecting supply chain disruptions, and (iii) one of Renin’s major customers discontinuing its purchase of certain products from Renin in late 2021, as well as a decline in Renin’s gross margin percentage primarily as a result of (i) increased costs of shipping, raw materials and labor, (ii) delays in the implementation of certain price increases, and (iii) sales of slow-moving inventory at cost. In addition, Renin experienced (i) an increase in interest expense reflecting an increase in interest rates as a result of the modification of its TD Bank credit facility in May 2022 and rising rates on Renin’s variable rate debt and (ii) an increase in selling, general, and administrative expenses primarily due to higher labor costs, professional fees, and accrued severance expenses. These factors were partially offset by an increase in foreign currency exchange gains due to the impact of changes in foreign exchange rates between the U.S. dollar and Canadian dollar.

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 Company’s 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. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, and all such information should only be viewed as historical data. 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 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, in particular, the COVID-19 pandemic, current inflationary trends, and rising interest rates. The current inflationary environment has had a negative impact on our margins, including as a result of increased energy and raw material costs and increasing wages in the labor markets in which we compete. We expect that inflation will continue to pressure our margins in future periods, especially to the extent that we are not able to increase prices to customers. It is not currently possible to accurately assess the expected duration and effects of the COVID-19 pandemic or the uncertain economic environment which create a number of risks that could adversely impact our businesses. These include impacts on (i) consumer demand, (ii) disruptions in global supply chains, (iii) employee absenteeism and a general labor shortage as well as increases in the cost of hiring and maintaining employees, (iv) disruptions in credit and capital markets, (v) our customer retention, including our ability to maintain our relationships with large customers, (vi) changes in U.S. federal income or other tax laws and interpretation of tax laws and (vii) heightened cybersecurity risks. The duration and severity of the pandemic, current inflationary pressures, increasing interest rates, as well as the resulting adverse impact on economic and market conditions, are uncertain, and the Company may continue to be adversely impacted by these conditions in future periods. At this time we are also not able to predict whether the COVID-19 pandemic or 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. In addition, current inflationary trends may adversely impact our results of operations. BBXRE has experienced a significant increase in commodity and labor prices, which has resulted in higher development and construction costs, and increasing interest rates may adversely impact demand for real estate and its developments, as well as its financing costs. IT’SUGAR has experienced an increase in the cost of inventory and freight, and Renin has experienced significant supply chain challenges and a significant increase in costs related to shipping and raw materials. The significant increase in Renin’s costs has caused Renin to be 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. These inflationary trends could have a material effect on the Company’s results of operations and financial condition if the Company is not able to increase prices to its customers to offset the increase in its costs. The continuing effect of the COVID-19 pandemic, increasing interest rates, and other actions the Federal Reserve may take in response to inflationary pressures, as well as other factors, may cause a downturn in the economic environment, which may also have a significant adverse impact on the gross margins of the Company’s operating businesses, particularly if an economic downturn is prolonged in nature and impacts consumer demand, materially disrupts the supply chain for the Company’s operating businesses’ products and raw materials, delays the production and shipment of products and raw materials from foreign suppliers or increases shipping costs. Labor is one of the primary components of our expenses. 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, whether caused by COVID-19, inflationary pressures, or as a result of general macroeconomic conditions or other factors could lead to increased costs, such as increased overtime pay to meet demand and increased wage rates to attract and retain employees, or negatively affect our operations or adversely impact our business and results. Further, any mitigation measures we take in response to a decrease in labor availability or an increase in labor costs may be unsuccessful and could have negative effects. Additionally, rising interest rates could also have an adverse impact on homebuyers and home sales, the availability of financing, the affordability of residential mortgages, the profitability of development projects as a majority of development costs are financed with third party debt and the value of multifamily apartment communities as rising interest rates increase capitalization rates applied to sales transactions.

Reference is also made to the other risks and uncertainties described in BBX Capital’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, which is expected to be filed on November 9, 2022, and then will be available on the SEC's website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com, as well as BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2021 that was filed on March 16, 2022, which is currently available on the SEC's website, https://www.sec.gov, and on BBX Capital’s 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, 2022 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

BBX Capital
Real Estate

 

BBX Sweet
Holdings

 

Renin

 

Other

 

Reconciling
Items and
Eliminations

 

Segment Total

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 three months ended September 30, 2021 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BBX Capital
Real Estate

 

BBX Sweet
Holdings

 

Renin

 

Other

 

Reconciling
Items and
Eliminations

 

 

Segment Total

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales

 

$

 

 

 

32,810

 

 

33,410

 

 

 

1,233

 

 

 

 

 

67,453

 

Sales of real estate inventory

 

 

21,849

 

 

 

 

 

 

 

 

 

 

 

 

 

21,849

 

Interest income

 

 

490

 

 

 

 

 

 

 

 

 

 

1,016

 

 

 

1,506

 

Net gains on sales of real estate assets

 

 

129

 

 

 

 

 

 

 

 

 

 

 

 

 

129

 

Other revenue

 

 

316

 

 

 

 

 

 

 

 

672

 

 

(134

)

 

 

854

 

Total revenues

 

 

22,784

 

 

 

32,810

 

 

33,410

 

 

 

1,905

 

 

882

 

 

 

91,791

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

 

19,682

 

 

30,432

 

 

 

500

 

 

 

 

 

50,614

 

Cost of real estate inventory sold

 

 

9,999

 

 

 

 

 

 

 

 

 

 

 

 

 

9,999

 

Interest expense

 

 

 

 

 

185

 

 

448

 

 

 

 

 

(259

)

 

 

374

 

Recoveries from loan losses, net

 

 

(5,393

)

 

 

 

 

 

 

 

 

 

 

 

 

(5,393

)

Selling, general and administrative expenses

 

 

2,088

 

 

 

12,563

 

 

3,545

 

 

 

1,293

 

 

3,181

 

 

 

22,670

 

Total costs and expenses

 

 

6,694

 

 

 

32,430

 

 

34,425

 

 

 

1,793

 

 

2,922

 

 

 

78,264

 

Operating income (losses)

 

 

16,090

 

 

 

380

 

 

(1,015

)

 

 

112

 

 

(2,040

)

 

 

13,527

 

Equity in net earnings of unconsolidated real estate joint ventures

 

 

11,820

 

 

 

 

 

 

 

 

 

 

 

 

 

11,820

 

Other income

 

 

14

 

 

 

33

 

 

 

 

 

 

 

13

 

 

 

60

 

Foreign exchange gain

 

 

 

 

 

 

 

292

 

 

 

 

 

 

 

 

292

 

Income (loss) before income taxes

 

$

27,924

 

 

 

413

 

 

(723

)

 

 

112

 

 

(2,027

)

 

 

25,699

 

The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the nine 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

 

$

 

 

 

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

 

The following supplemental table presents BBX Capital’s Consolidating Statement of Operations (unaudited) for the nine months ended September 30, 2021 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BBX Capital
Real Estate

 

BBX Sweet
Holdings

 

Renin

 

Other

 

Reconciling
Items and
Eliminations

 

Segment Total

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales

 

$

 

 

 

47,990

 

 

 

106,479

 

 

5,430

 

 

 

 

 

 

159,899

 

Sales of real estate inventory

 

 

47,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,774

 

Interest income

 

 

1,465

 

 

 

36

 

 

 

 

 

 

 

 

3,322

 

 

 

4,823

 

Net gains on sales of real estate assets

 

 

438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

438

 

Other revenue

 

 

1,152

 

 

 

 

 

 

 

 

1,677

 

 

 

(379

)

 

 

2,450

 

Total revenues

 

 

50,829

 

 

 

48,026

 

 

 

106,479

 

 

7,107

 

 

 

2,943

 

 

 

215,384

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

 

30,066

 

 

 

93,450

 

 

1,558

 

 

 

 

 

 

125,074

 

Cost of real estate inventory sold

 

 

23,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,425

 

Interest expense

 

 

 

 

 

251

 

 

 

1,287

 

 

1

 

 

 

(581

)

 

 

958

 

Recoveries from loan losses, net

 

 

(7,038

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,038

)

Selling, general and administrative expenses

 

 

5,709

 

 

 

17,724

 

 

 

11,653

 

 

4,277

 

 

 

10,544

 

 

 

49,907

 

Total costs and expenses

 

 

22,096

 

 

 

48,041

 

 

 

106,390

 

 

5,836

 

 

 

9,963

 

 

 

192,326

 

Operating income (losses)

 

 

28,733

 

 

 

(15

)

 

 

89

 

 

1,271

 

 

 

(7,020

)

 

 

23,058

 

Equity in net earnings of unconsolidated real estate joint ventures

 

 

15,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,992

 

Gain on the consolidation of IT'SUGAR, LLC

 

 

 

 

 

15,890

 

 

 

 

 

 

 

 

 

 

 

15,890

 

Other (expense) income

 

 

(14

)

 

 

78

 

 

 

 

 

(1

)

 

 

189

 

 

 

252

 

Foreign exchange gain

 

 

 

 

 

 

 

 

788

 

 

 

 

 

 

 

 

788

 

Income (loss) before income taxes

 

$

44,711

 

 

 

15,953

 

 

 

877

 

 

1,270

 

 

 

(6,831

)

 

 

55,980

 

 

BBX Capital, Inc. Contact Info:
Investor Relations Contact:
Leo Hinkley, Managing Director, Investor Relations Officer
954-940-5300, Email: LHinkley@BBXCapital.com

Media Relations Contact:
Kip Hunter, Kip Hunter Marketing
954-303-5551, Email: kip@kiphuntermarketing.com

Source: BBX Capital, Inc