BBX Capital, Inc. Reports Financial Results For the First Quarter of 2024

Rhea-AI Summary

BBX Capital, Inc. reported a decline in financial performance for the first quarter of 2024 compared to the same period in 2023. Total consolidated revenues decreased to $81.0 million from $95.0 million, resulting in a net loss of $(13.0) million, compared to a net income of $7.9 million. The loss before income taxes was $(15.4) million, a decline from income before taxes of $9.2 million. Despite these challenges, the company maintained a strong balance sheet with cash and cash equivalents of $108.2 million, securities available for sale of $30.6 million, and total consolidated assets of $657.9 million. Shareholders' equity stood at $299.3 million, with a fully diluted book value per share of $20.20.

Positive

• None.

Negative

• Total consolidated revenues decreased to $81.0 million from $95.0 million in the first quarter of 2024, indicating a decline in financial performance.

• The company reported a net loss of $(13.0) million, a significant decrease from a net income of $7.9 million in the same period in 2023.

• Loss before income taxes was $(15.4) million, compared to income before taxes of $9.2 million in the first quarter of 2023.

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the first quarter of 2024.

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

First Quarter 2024 Compared to First Quarter 2023

	●	Total consolidated revenues of $81.0 million vs. $95.0 million
	●	Loss before income taxes of $(15.4) million vs. income before taxes of $9.2 million
	●	Net loss attributable to shareholders of $(13.0) million vs. net income attributable to shareholders of $7.9 million
	●	Diluted loss per share of ($0.94) vs. diluted earnings per share of $0.55

Balance Sheet as of March 31, 2024

	●	Cash and cash equivalents of $108.2 million (including $3.1 million held in variable interest entities)
	●	Securities available for sale of $30.6 million
	●	Total consolidated assets of $657.9 million
	●	Total shareholders' equity of $299.3 million
	●	Fully diluted book value per share of $20.20 (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 March 31, 2024.

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 March 31, 2024, which will be available on the SEC's website, https://www.sec.gov, and on BBX Capital’s website, www.BBXCapital.com on May 10, 2024.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240510709079/en/

BBX Capital, Inc. Contact Info:



Investor Relations Contact:

Leslie Martinez, Investor Relations

P: 954-940-5300

Email: investorrelations@BBXCapital.com



Media Relations Contact:

Kip Hunter, Kip Hunter Marketing

P: 954-303-5551

Email: kip@kiphuntermarketing.com

Source: BBX Capital, Inc.

FAQ

What were BBX Capital's total consolidated revenues for the first quarter of 2024?

BBX Capital reported total consolidated revenues of $81.0 million for the first quarter of 2024.

What was the net loss attributable to shareholders in the first quarter of 2024?

The net loss attributable to shareholders in the first quarter of 2024 was $(13.0) million.

What was the diluted earnings per share for the first quarter of 2024?

The diluted loss per share for the first quarter of 2024 was ($0.94).