bbxi20240318_8k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 10, 2024
 
 
BBX CAPITAL, INC.
(Exact name of registrant as specified in its charter)
 
 
Florida
  
000-56177
  
82-4669146
(State or other jurisdiction
of incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
201 East Las Olas Boulevard, Suite 1900,
Fort Lauderdale, Florida
  
33301
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: 954-940-4900
 
Not applicable
(Former name or former address, if changed since last report.)
 
Securities registered pursuant to Section 12(b) of the Act: None
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☒
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☒
 
 
 
 
Item 2.02. Results of Operations and Financial Condition
 
On May 10, 2024, BBX Capital, Inc. (the “Company”) issued a press release that included its financial results for the three months ended March 31, 2024, a copy of which is attached hereto as Exhibit 99.1. The information in this report (including Exhibit 99.1) is being furnished pursuant to Items 2.02 and 9.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. This report shall not be deemed an admission as to the materiality of any information in the press release furnished herewith.
 
Item 9.01. Financial Statements and Exhibits.
 
d) Exhibit.
 
 
99.1
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Date: May 10, 2024
  BBX Capital, Inc.
   
   
 
By:
  /s/ Brett Sheppard
 
 
 Brett Sheppard
    Chief Financial Officer
 
 

 

Exhibit 99.1

 

logosm.jpg

BBX Capital, Inc. Reports Financial Results

For the First Quarter of 2024

 

FORT LAUDERDALE, Florida – May 10, 2024 -- 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.

 

BBX Capital, Inc. Contact Info:

 

Investor Relations Contact:

Leslie Martinez, Investor Relations 

P: 954-940-5300 

Email: [email protected]

 

Media Relations Contact:

Kip Hunter, Kip Hunter Marketing

P: 954-303-5551 

Email: [email protected]