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

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BBX Capital, Inc. reported a decrease in revenues and net income for the second quarter of 2023 compared to the same period in 2022. The company's portfolio companies are facing challenges associated with inflationary pressures, rising interest rates, and global economic uncertainty. Despite these headwinds, the company remains focused on generating growth and adapting strategies to navigate the current economic environment.
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FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) (“BBX Capital” or the “Company”) reported today its financial results for the second quarter of 2023.

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

Second Quarter 2023 Compared to Second Quarter 2022

  • Total consolidated revenues of $106.8 million vs. $83.7 million
  • Loss before income taxes of $(8.7) million vs. income before taxes of $16.6 million
  • Net loss attributable to shareholders of $(8.0) million vs. net income attributable to shareholders of $10.5 million
  • Diluted loss per share of $(0.56) vs. diluted earnings per share of $0.68

Balance Sheet as of June 30, 2023

  • Cash and cash equivalents of $81.5 million
  • Securities available for sale of $61.4 million
  • Outstanding note receivable from Bluegreen Vacations Holding Corporation (NYSE: BVH) of $35.0 million
  • Total consolidated assets of $673.7 million
  • Total shareholders' equity of $336.3 million
  • Fully diluted book value per share of $22.00 (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 June 30, 2023.

“As we have previously disclosed, our portfolio companies are facing challenges associated with inflationary pressures, rising interest rates, and global economic uncertainty, and our operating results for the second quarter reflect these challenges. IT’SUGAR and Renin are experiencing significant declines in customer demand, and BBXRE expects a substantial decrease in sales transactions and new development starts in 2023 as compared to the past several years. While our current operating results reflect a general slowdown in activity, we can 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. In May 2023, the Altman Companies commenced the development of Altis Twin Lakes, a planned 346-unit multifamily apartment community in Orlando, Florida, and in July 2023, a joint venture sponsored by the Altman Companies sold Altis Ludlam Trail, a 312-unit multifamily apartment community in Miami, Florida. We believe that these transactions, given the current market uncertainty, are a testament to the quality of the Altman team and brand. In addition, BBX Logistics Properties, our real estate division focused on the development of warehouse and logistics facilities, recently obtained entitlements to significantly increase the density of proposed logistics facilities on a land parcel currently under contract, and we are moving forward with the goal of obtaining development financing and commencing development of the site. Further, IT’SUGAR has more recently begun refocusing on 'pop up' retail locations that require lower initial capital investments than the investments required for its traditional retail locations and candy department stores. 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 June 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 August 9, 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:

Second Quarter 2023 Compared to Second Quarter 2022:

  • Revenues of $45.8 million vs. $9.9 million
  • Net profits from sales of real estate inventory to homebuilders of $3.5 million vs. $4.9 million
  • Recoveries from loan losses of $2.5 million vs. $3.3 million
  • Equity in net earnings of unconsolidated real estate joint ventures of $0.7 million vs. $19.2 million
  • Income before income taxes of $4.3 million vs. $25.1 million

BBXRE’s operating results for the quarter ended June 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, (ii) a net loss from the Altman Companies' operations during the 2023 period, (iii) lower net profits from the sale of lots to homebuilders at the Beacon Lake Community development, and (iv) a net decrease in recoveries from loan losses. The net decrease in equity in net earnings of unconsolidated joint ventures was primarily due to (i) the Altis Little Havana joint venture’s sale of its multifamily apartment community in 2022, (ii) BBXRE’s sale of its equity interest in the Bayview joint venture in 2022, and (iii) the Marbella joint venture’s sale of single-family homes in 2022, partially offset by the Sky Cove South joint venture’s sale of single-family homes in 2023.

BBX Sweet Holdings - Selected Financial Data

Selected highlights of BBX Sweet Holdings’ financial results include:

Second Quarter 2023 Compared to Second Quarter 2022:

  • Trade sales of $35.0 million vs. $35.6 million
  • Gross margin of $13.1 million vs. $15.0 million
  • Gross margin percentage of 37.5% vs. 42.1%
  • Depreciation and amortization of $2.3 million vs $1.6 million
  • Loss before income taxes of $(2.5) million vs. $(0.2) million

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

Renin - Selected Financial Data

Selected highlights of Renin’s financial results include:

Second Quarter 2023 Compared to Second Quarter 2022:

  • Trade sales of $24.3 million vs. $35.1 million
  • Gross margin of $1.9 million vs. $0.8 million
  • Gross margin percentage of 7.9% vs. 2.3%
  • Loss before income taxes of $(3.7) million vs. $(3.9) million

Renin’s operating results for the quarter ended June 30, 2023 as compared to the same 2022 period reflect (i) a modest 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 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 the exit from its primary third-party logistics and warehousing facility in January 2023, and (ii) 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 and the impact of accrued severance associated with a former executive in the 2022 period. These improvements in Renin’s operating results in the 2023 period as compared to the 2022 period 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 expense primarily associated with rising rates on Renin’s variable rate debt and an increase in interest rates from the modification of the TD Bank credit facility in May 2022.

As of June 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. Further, Renin 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. 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 June 30, 2023, which is expected to be filed on August 9, 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 June 30, 2023 (in thousands):

Revenues:

 

BBX Capital
Real Estate

 

BBX Sweet
Holdings

 

Renin

 

Other

 

Reconciling
Items and
Eliminations

 

Segment
Total

Trade sales

 

$

 

 

35,013

 

 

24,344

 

 

1,860

 

(14

)

 

61,203

 

Sales of real estate inventory

 

 

4,445

 

 

 

 

 

 

 

 

 

 

4,445

 

Revenue from construction contracts

 

 

36,574

 

 

 

 

 

 

 

 

 

 

36,574

 

Real estate development and property management fees

 

 

2,636

 

 

 

 

 

 

 

 

 

 

2,636

 

Interest income

 

 

2,111

 

 

 

 

 

 

 

 

(437

)

 

1,674

 

Other revenue

 

 

50

 

 

 

 

 

 

453

 

 

(191

)

 

312

 

Total revenues

 

 

45,816

 

 

35,013

 

 

24,344

 

 

2,313

 

 

(642

)

 

106,844

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

21,902

 

 

22,415

 

 

624

 

 

(14

)

 

44,927

 

Cost of real estate inventory sold

 

 

959

 

 

 

 

 

 

 

 

 

 

959

 

Cost of revenue from construction contracts

 

 

38,129

 

 

 

 

 

 

 

 

 

 

38,129

 

Interest expense

 

 

35

 

 

375

 

 

1,152

 

 

1

 

 

(863

)

 

700

 

Recoveries from loan losses, net

 

 

(2,507

)

 

 

 

 

 

 

 

 

 

(2,507

)

Selling, general and administrative expenses

 

 

6,326

 

 

15,217

 

 

3,991

 

 

1,680

 

 

7,092

 

 

34,306

 

Total costs and expenses

 

 

42,942

 

 

37,494

 

 

27,558

 

 

2,305

 

 

6,215

 

 

116,514

 

Operating income (losses)

 

 

2,874

 

 

(2,481

)

 

(3,214

)

 

8

 

 

(6,857

)

 

(9,670

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

728

 

 

 

 

 

 

 

 

 

 

728

 

Gain on the consolidation of investment in real estate joint ventures

 

 

27

 

 

 

 

 

 

 

 

 

 

27

 

Other income (loss)

 

 

649

 

 

24

 

 

(5

)

 

6

 

 

42

 

 

716

 

Foreign exchange loss

 

 

 

 

(18

)

 

(470

)

 

 

 

 

 

(488

)

Income (loss) before income taxes

 

$

4,278

 

 

(2,475

)

 

(3,689

)

 

14

 

 

(6,815

)

 

(8,687

)

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

 

 

BBX Capital
Real Estate

 

BBX Sweet
Holdings

 

Renin

 

Other

 

Reconciling
Items and
Eliminations

 

Segment
Total

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Trade sales

 

$

 

 

35,602

 

 

35,093

 

 

1,895

 

(5

)

 

72,585

 

Sales of real estate inventory

 

 

8,737

 

 

 

 

 

 

 

 

 

 

8,737

 

Interest income

 

 

629

 

 

 

 

 

 

 

 

592

 

 

1,221

 

Other revenue

 

 

506

 

 

 

 

 

 

848

 

 

(204

)

 

1,150

 

Total revenues

 

 

9,872

 

 

35,602

 

 

35,093

 

 

2,743

 

 

383

 

 

83,693

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

20,622

 

 

34,305

 

 

676

 

 

(5

)

 

55,598

 

Cost of real estate inventory sold

 

 

3,878

 

 

 

 

 

 

 

 

 

 

3,878

 

Interest expense

 

 

 

 

222

 

 

776

 

 

 

 

(489

)

 

509

 

Recoveries from loan losses, net

 

 

(3,289

)

 

 

 

 

 

 

 

 

 

(3,289

)

Selling, general and administrative expenses

 

 

3,362

 

 

14,982

 

 

4,273

 

 

1,658

 

 

5,786

 

 

30,061

 

Total costs and expenses

 

 

3,951

 

 

35,826

 

 

39,354

 

 

2,334

 

 

5,292

 

 

86,757

 

Operating income (losses)

 

 

5,921

 

 

(224

)

 

(4,261

)

 

409

 

 

(4,909

)

 

(3,064

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

19,154

 

 

 

 

 

 

 

 

 

 

19,154

 

Other income

 

 

5

 

 

6

 

 

 

 

 

 

92

 

 

103

 

Foreign exchange gain

 

 

 

 

 

 

357

 

 

 

 

 

 

357

 

Income (loss) before income taxes

 

$

25,080

 

 

(218

)

 

(3,904

)

 

409

 

 

(4,817

)

 

16,550

 

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

Revenues:

 

BBX Capital
Real Estate

 

BBX Sweet
Holdings

 

Renin

 

Other

 

Reconciling
Items and
Eliminations

 

Segment
Total

Trade sales

 

$

 

 

67,738

 

 

52,320

 

 

4,876

 

(17

)

 

124,917

 

Sales of real estate inventory

 

 

6,217

 

 

 

 

 

 

 

 

 

 

6,217

 

Revenue from construction contracts

 

 

61,611

 

 

 

 

 

 

 

 

 

 

61,611

 

Real estate development and property management fees

 

 

4,247

 

 

 

 

 

 

 

 

 

 

4,247

 

Interest income

 

 

4,085

 

 

 

 

 

 

 

 

106

 

 

4,191

 

Other revenue

 

 

101

 

 

 

 

 

 

889

 

 

(331

)

 

659

 

Total revenues

 

 

76,261

 

 

67,738

 

 

52,320

 

 

5,765

 

 

(242

)

 

201,842

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

42,448

 

 

48,422

 

 

1,481

 

 

(17

)

 

92,334

 

Cost of real estate inventory sold

 

 

1,537

 

 

 

 

 

 

 

 

 

 

1,537

 

Cost of revenue from construction contracts

 

 

62,318

 

 

 

 

 

 

 

 

 

 

62,318

 

Interest expense

 

 

46

 

 

707

 

 

2,273

 

 

2

 

 

(1,593

)

 

1,435

 

Recoveries from loan losses, net

 

 

(3,107

)

 

 

 

 

 

 

 

 

 

(3,107

)

Selling, general and administrative expenses

 

 

12,566

 

 

29,758

 

 

7,839

 

 

3,838

 

 

14,083

 

 

68,084

 

Total costs and expenses

 

 

73,360

 

 

72,913

 

 

58,534

 

 

5,321

 

 

12,473

 

 

222,601

 

Operating income (losses)

 

 

2,901

 

 

(5,175

)

 

(6,214

)

 

444

 

 

(12,715

)

 

(20,759

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

1,832

 

 

 

 

 

 

 

 

 

 

1,832

 

Gain on the consolidation of The Altman Companies

 

 

6,195

 

 

 

 

 

 

 

 

 

 

6,195

 

Gain on the consolidation of investment in real estate joint ventures

 

 

10,882

 

 

 

 

 

 

 

 

 

 

10,882

 

Other (expense) income

 

 

344

 

 

224

 

 

(4

)

 

2,262

 

 

61

 

 

2,887

 

Foreign exchange loss

 

 

 

 

(32

)

 

(502

)

 

 

 

 

 

(534

)

Income (loss) before income taxes

 

$

22,154

 

 

(4,983

)

 

(6,720

)

 

2,706

 

 

(12,654

)

 

503

 

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

Revenues:

 

BBX Capital
Real Estate

 

BBX Sweet
Holdings

 

Renin

 

Other

 

Reconciling
Items and
Eliminations

 

Segment
Total

Trade sales

 

$

 

 

64,959

 

 

68,581

 

 

4,800

 

(6

)

 

138,334

 

Sales of real estate inventory

 

 

15,207

 

 

 

 

 

 

 

 

 

 

15,207

 

Interest income

 

 

1,174

 

 

 

 

 

 

 

 

1,196

 

 

2,370

 

Net gains on sales of real estate assets

 

 

1,329

 

 

 

 

 

 

 

 

 

 

1,329

 

Other revenue

 

 

1,022

 

 

 

 

 

 

1,293

 

 

(386

)

 

1,929

 

Total revenues

 

 

18,732

 

 

64,959

 

 

68,581

 

 

6,093

 

 

804

 

 

159,169

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of trade sales

 

 

 

 

38,995

 

 

66,079

 

 

1,535

 

 

(5

)

 

106,604

 

Cost of real estate inventory sold

 

 

6,113

 

 

 

 

 

 

 

 

 

 

6,113

 

Interest expense

 

 

 

 

469

 

 

1,342

 

 

1

 

 

(767

)

 

1,045

 

Recoveries from loan losses, net

 

 

(3,937

)

 

 

 

 

 

 

 

 

 

(3,937

)

Impairment losses

 

 

 

 

64

 

 

 

 

 

 

 

 

64

 

Selling, general and administrative expenses

 

 

5,760

 

 

27,657

 

 

8,933

 

 

3,657

 

 

11,418

 

 

57,425

 

Total costs and expenses

 

 

7,936

 

 

67,185

 

 

76,354

 

 

5,193

 

 

10,646

 

 

167,314

 

Operating income (losses)

 

 

10,796

 

 

(2,226

)

 

(7,773

)

 

900

 

 

(9,842

)

 

(8,145

)

Equity in net earnings of unconsolidated real estate joint ventures

 

 

20,686

 

 

 

 

 

 

 

 

 

 

20,686

 

Other (expense) income

 

 

(8

)

 

878

 

 

 

 

2

 

 

215

 

 

1,087

 

Foreign exchange gain

 

 

 

 

 

 

168

 

 

 

 

 

 

168

 

Income (loss) before income taxes

 

$

31,474

 

 

(1,348

)

 

(7,605

)

 

902

 

 

(9,627

)

 

13,796

 

 

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.

FAQ

What are BBX Capital's financial results for the second quarter of 2023?

BBX Capital reported total consolidated revenues of $106.8 million, a net loss attributable to shareholders of $(8.0) million, and diluted loss per share of $(0.56) for the second quarter of 2023.

What challenges are BBX Capital's portfolio companies facing?

BBX Capital's portfolio companies are facing challenges associated with inflationary pressures, rising interest rates, and global economic uncertainty.

How is BBX Capital responding to the challenges in the current economic environment?

BBX Capital remains focused on generating growth and adapting strategies to navigate the current economic environment, with a focus on repositioning businesses, reducing costs, and identifying potential growth opportunities.

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Asset Management
Financial Services
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United States of America
Fort Lauderdale