BBX CAPITAL INC B - BBXIB STOCK NEWS

BBX Capital reported strong financial results for Q2 2021, achieving total revenues of $61.7 million, up from $26.6 million a year earlier. The company recorded a net income of $20.1 million and diluted earnings per share of $1.07, a significant improvement over the prior year's losses. Key contributors include the emergence of IT’SUGAR from bankruptcy, enhancing BBX Sweet Holdings' operations. The balance sheet remains robust with cash and equivalents of $101.9 million and total assets of $536.7 million, reflecting the company's commitment to long-term growth amidst economic challenges.

BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) is set to announce its financial results for Q2 2021 on August 10, 2021, after the market closes. The company operates as a diversified holding firm in Florida, with key holdings including BBX Capital Real Estate and BBX Sweet Holdings, which features IT’SUGAR and Renin. Investors are advised to look for insights into revenue, EPS, and overall financial performance in the upcoming report.

IT’SUGAR, a subsidiary of BBX Capital (OTCQX: BBXIA) (PINK: BBXIB), has appointed Mike Koempel as Chief Operating Officer. Koempel brings extensive retail experience, having previously served as COO at Victoria's Secret Lingerie and held various roles at L Brands. He expressed enthusiasm for joining IT’SUGAR, known for its unique ‘retailtainment’ model and expansion plans. IT’SUGAR operates 96 locations across North America, offering a variety of candy products. This leadership change aims to enhance the company's growth strategy.

BBX Capital (OTCQX: BBXIA) (PINK: BBXIB) has concluded a tender offer to purchase up to 3,500,000 shares of its Class A Common Stock at $8.00 per share. The offer, which ended on July 9, 2021, saw 1,402,785 shares tendered. As a result, BBX Capital will buy these shares for an approximate total of $11.2 million, which is about 9.3% of its Class A shares and 7.5% of total equity. Post-purchase, BBX Capital will have 17,317,805 shares outstanding, comprising 13,624,209 Class A and 3,693,596 Class B shares.

BBX Capital announced the preliminary results of its cash tender offer, aiming to purchase up to 3,500,000 shares of Class A Common Stock at $8.00 per share. The offer expired on July 9, 2021, with 1,420,481 shares tendered, accounting for approximately 9.5% of the Class A shares and 7.6% of total equity. The total expected purchase price is about $11.4 million. Final results and payments are anticipated to be confirmed by July 15, 2021. Any shares not accepted will be returned to shareholders.

BBX Capital Real Estate has successfully sold its 350-unit Altis Grand at The Preserve apartment community in Odessa, Florida, resulting in a cash distribution of approximately $5.8 million for BBXRE. The company anticipates recognizing equity earnings of about $4.9 million for the quarter ending September 30, 2021. The joint venture, initiated in 2018 and completed in 2020, had apartment units that were over 99% leased at the time of sale. This transaction marks a significant milestone for BBX Capital's real estate business.

BBX Capital (OTCQX: BBXIA, PINK: BBXIB) has amended its tender offer for Class A Common Stock, increasing the cash offer price from $6.75 to $8.00 per share. The number of shares available for purchase has been reduced from 4,000,000 to 3,500,000. The expiration date for the tender offer is extended from June 23, 2021, to July 9, 2021. To date, 34,365 shares have been tendered. Shareholders do not need to re-tender their shares to receive the increased price. For further information, the depositary and information agent can be contacted.

BBX Capital announced that IT’SUGAR has successfully emerged from bankruptcy, enabling BBX Capital to regain control and consolidate IT’SUGAR's financial results. IT’SUGAR filed for Chapter 11 bankruptcy on September 22, 2020, and the reorganization plan was confirmed by the Bankruptcy Court on June 16, 2021. The plan was largely accepted by creditors, with 99% voting in favor. IT’SUGAR currently operates 96 retail locations across the U.S. BBX Capital plans to file a Current Report on Form 8-K detailing further updates and pro forma financial data.

BBX Capital (OTCQX: BBXIA, PINK: BBXIB) announced the imminent Confirmation Order from the U.S. Bankruptcy Court for the Southern District of Florida regarding the reorganization plan for its subsidiary IT’SUGAR, following the Chapter 11 filing in September 2020. The effective date of the plan is expected within 30 days, allowing BBX Capital to regain control and consolidate IT’SUGAR’s results in its financial statements. The plan includes full repayment of certain secured claims and a distribution to general unsecured claim holders. Creditors overwhelmingly supported the plan, with 99% acceptance.