BBX Capital Q1 2023 net income $7.9M on $95M revenue; Renin faces covenant breach risk

BBX Capital, Inc.

2023-Q1 EPS reported $0.55 revenue$94,998,000

Diluted EPS $0.55 vs loss of $0.12 YoY; net income $7.9M vs loss $1.8M.
Revenue $95.0M up 26% from $75.5M, driven by Altman consolidation; provisional non-cash gains included.
BBXRE income before taxes $17.9M (incl. non-cash gains); IT'SUGAR loss before taxes $2.5M vs $1.1M loss.
Renin sales down 16% to $28.0M, loss before taxes narrowed to $3.0M from $3.7M; expects covenant non-compliance with TD Bank.
CEO cites inflationary pressures and declining customer demand at IT'SUGAR and Renin; IT'SUGAR opened new store at Fisherman's Wharf.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BBX Capital, Inc. reported the three months ended March 31, 2023 results: revenue $95.0 million, net income $7.9 million, EPS $0.55.

Period: the three months ended March 31, 2023
Revenue: $95.0 million
Net income: $7.9 million
EPS: $0.55
Result: reported results

Exact text from the filing

Selected highlights of BBX Capital’s consolidated financial results include: First Quarter 2023 Compared to First Quarter 2022 ● Total consolidated revenues of $95.0 million vs. $75.5 million ● Income before income taxes of $9.2 million vs. a loss before income taxes of $(2.8) million ● Net income attributable to shareholders of $7.9 million vs. a net loss attributable to shareholders of $ (1.8) million ● Diluted earnings per share of $0.55 vs. a diluted loss per share of $ (0.12)

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Source: SEC EDGAR

accession 0001437749-23-013596

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