BFC Financial Corporation Reports Financial Results for the

BFC Financial Corporation Reports Financial Results for the Third
Quarter, 2012 
BFC Records Net Income of $158.1 Million 
FORT LAUDERDALE, FL -- (Marketwire) -- 11/15/12 --  BFC Financial
Corporation ("BFC" or the "Company") (OTCQB: BFCF) today announced
financial results for the quarter ended September 30, 2012.  
BFC reported net income attributable to BFC of $158.1 million, or
$2.00 per diluted share, for the quarter ended September 30, 2012,
versus a net loss attributable to BFC of ($1.8) million, or ($0.3)
per diluted share, for the quarter ended September 30, 2011.  
At September 30, 2012, BFC had an approximate 53% economic ownership
interest in BBX Capital Corporation and its subsidiaries ("BBX
Capital"), formerly BankAtlantic Bancorp, whose principal asset until
July 31, 2012 was its investment in BankAtlantic, a federal savings
bank headquartered in Fort Lauderdale, Florida. On July 31, 2012, BBX
Capital completed its sale to BB&T Corporation ("BB&T") of all of the
issued and outstanding shares of capital stock of BankAtlantic (the
"transaction"). As a result of BFC's controlling interest in BBX
Capital, included in BFC's results for the third quarter of 2012 is a
one-time gain of approximately $293.4 million (including
non-controlling interest) related to the transaction in which BB&T
acquired BankAtlantic.  
Further, in connection with the merger between Benihana and Safflower
Holdings in August of 2012, BFC received approximately $24.5 million
in cash and recognized a gain on sale of approximately $9.3 million
for its interest in Benihana. 
BFC's shareholders' equity at September 30, 2012 was approximately
$311.9 million, an approximate 160% increase in shareholders' equity,
as compared to December 31, 2012. The book value per share at
September 30, 2012 was approximately $4.04 based on approximately
77.2 million shares outstanding on that date.  
Net income (loss) attributable to BFC is defined as net income (loss)
after non-controlling interests. 
Under generally accepted accounting principles, the financial
statements of the companies in which BFC held a controlling interest
during the third quarter of 2012, including BBX Capital (NYSE: BBX)
and Bluegreen Corporation (NYSE: BXG) and its subsidiaries
("Bluegreen"), are consolidated in BFC's financial statements. At
September 30, 2012, BFC had an approximate 53% economic ownership
interest in BBX Capital and, through its wholly owned subsidiary
Woodbridge Holdings, LLC ("Woodbridge") an approximate 54% economic
ownership interest in Bluegreen.  
More complete information relating to BFC and its financial results
is detailed in BFC's Quarterly Report on Form 10-Q for the quarter
ended September 30, 2012, was filed with the Securities and Exchange
Commission (the "SEC") and may be viewed on the SEC's website,
www.sec.gov, or on BFC's website: www.BFCFinancial.com.  
About BFC Financial Corporation: BFC is a holding company whose
principal holdings include controlling interests in Bluegreen
Corporation (NYSE: BXG) and BBX Capital Corporation (NYSE: BBX).  
As of September 30, 2012, BFC had total consolidated assets of
approximately $1.5 billion, shareholders' equity attributable to BFC
of approximately $311.9 million, and total consolidated equity of
approximately $522.2 million. For more information, visit
www.BFCFinancial.com.  
This press release contains forward-looking statements based on
current expectations 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 include 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.
These risks and uncertainties include, but are not limited to: the
impact of economic, competitive and other factors affecting the
Company and its underlying holdings and their respective operations,
markets, products and services; that BBX Capital's business plan
going forward may not be as successful as anticipated, if at all.
Actual results could differ materially as a result of a variety of
risks and uncertainties, many of which are outside of our control.
The reader should not place undue reliance on any forward-looking
statements, estimates or assumptions, which speaks only as of the
date made. More complete information relating to BFC and the
publicly-traded companies in which it has interests, including the
risks and uncertainties relating to their respective businesses, is
detailed in reports filed by BFC and each of these companies with the
SEC, which may be viewed on the SEC's website, www.sec.gov, including
BFC's Amendment No. 1 to our Annual Report on Form 10-K/A for the
year ended December 31, 2011, and BFC's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2012. The Company cautions that
the foregoing factors are not exclusive.  
BFC Investor Relations:
Leo Hinkley
SVP, Investor Relations Officer 
Phone: 954-940-4994
Email: InvestorRelations@BFCFinancial.com 
 
 
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