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BBX Capital, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a decrease in total consolidated revenues to $78.4 million from $103.3 million in the same quarter of the previous year. The decline is attributed to lower sales in the Altman (BBXIA+1.45%) and Renin segments.
BBX Capital reported a loss before income taxes of $12.7 million, compared to a $7.1 million loss in the previous year. The increased loss is primarily due to lower profits from Altman and higher operating losses at BBX Sweet Holdings.
Net loss attributable to shareholders was $9.9 million, down from $7.8 million in the previous year. The diluted loss per share was $0.74, compared to $0.55 in the prior year.
The Altman segment experienced a significant decrease in revenue, primarily due to lower real estate development management fees and equity in net earnings from unconsolidated joint ventures.
BBX Sweet Holdings reported a slight decrease in operating losses, with IT'SUGAR experiencing lower sales volumes and higher occupancy and payroll expenses.
Renin's results improved, reflecting higher gross margins due to price increases and cost reduction initiatives, although sales volumes declined.
Cash flows used in operating activities were $29.4 million, a decrease from $5.4 million provided by operating activities in the previous year. This was primarily due to lower cash flows from Altman and higher cash flows used at BBX Sweet Holdings.
The company reported cash, cash equivalents, and restricted cash of $123.4 million as of September 30, 2024, compared to $124.6 million at the end of the same period in 2023.
BBX Capital continues to focus on managing its liquidity and capital resources, with plans to fund operations and potential investments in real estate and its existing businesses.
The filing outlines various risks and uncertainties, including interest rate risks, economic conditions, and potential impacts on the company's segments.
The company does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BBX Capital Inc - Class A quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.