Bluegreen Vacations Holding Corp - FORM 8-K - EX-99.1 - December 16, 2011

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8-K - 8-K - Bluegreen Vacations Holding Corpd269896d8k.htm
EX-23.2 - EX-23.2 - Bluegreen Vacations Holding Corpd269896dex232.htm
EX-23.1 - EX-23.1 - Bluegreen Vacations Holding Corpd269896dex231.htm
EX-99.2 - EX-99.2 - Bluegreen Vacations Holding Corpd269896dex992.htm
EX-99.3 - EX-99.3 - Bluegreen Vacations Holding Corpd269896dex993.htm

Exhibit 99.1

ITEM 6. SELECTED FINANCIAL DATA

(Dollars in thousands, except for per share data)

 

(As Adjusted) (e) (As Adjusted) (e) (As Adjusted) (e) (As Adjusted) (e) (As Adjusted) (e) (As Adjusted) (e)
     As of and for the Years Ended December 31,  
     2010     2009     2008     2007     2006  
     (As Adjusted) (e)     (As Adjusted) (e)                    

Statements of Operations Data:

           

Revenues

           

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   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
        668,977        404,634        466,441        936,674        1,081,320   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Costs and Expenses

              

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   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
        833,796        773,031        711,440        1,290,531        1,091,522   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(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 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(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        —     
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income attributable to BFC

      (103,848 )      27,279        (58,899 )      (30,459 )      (2,221 ) 

Preferred Stock dividends

      (750 )      (750 )      (750 )      (750 )      (750 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income allocable to common stock

    $ (104,598 )      26,529        (59,649 )      (31,209 )      (2,971 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Common Share Data (a), ( b), (c)

              

Basic (loss) earnings per share of common stock:

              

(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        —     
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) earnings per share of common stock

    $ (1.39 )      0.47        (1.32 )      (0.81 )      (0.09 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted (loss) earnings per share of common stock:

              

(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        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) earnings per share of common stock

    $ (1.39 )      0.47        (1.32 )      (0.81 )      (0.09 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic weighted average number of common shares outstanding

      75,379        57,235        45,097        38,778        33,249   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Diluted weighted average number of common shares outstanding

      75,379        57,235        45,097        38,778        33,249   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Item 6. Selected Financial Data - continued

(Dollars in thousands, except for per share data)

 

(As Adjusted) (e) (As Adjusted) (e) (As Adjusted) (e) (As Adjusted) (e) (As Adjusted) (e)
     As of December 31,  
     2010      2009      2008      2007      2006  
     (As Adjusted) (e)      (As Adjusted) (e)                       

Balance Sheet Data (at period end):

               

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 company’s 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 BFC’s Class A Common Stock and 500,000 shares of BFC’s Class B Common Stock. Those shares of BFC’s Class A Common Stock and Class B Common Stock were considered to be outstanding; however, because BFC owned 45.5% of I.R.E. RAG’s common stock, 2,165,367 shares of BFC’s Class A Common Stock and 227,250 shares of BFC’s 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, Bluegreen’s residential communities business unit, as a discontinued operation due to the determination made by Bluegreen’s 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.

Bluegreen Vacations Holding Corp Reports