Bluegreen Vacations Corporation Provides Hurricane Dorian Update
October 08 2019 - 10:06AM
Business Wire
BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB) ("BBX
Capital"), announced that Bluegreen Vacations Corporation (NYSE:
BXG), which is 90% owned by BBX Capital, issued the following press
release. Please see the Bluegreen press release below.
BBX Capital Corporation Investor Relations Contact: Leo
Hinkley, Managing Director, Investor Relations Officer Phone:
954-940-5300 Email: LHinkley@BBXCapital.com
---------
Bluegreen Vacations Corporation Provides
Hurricane Dorian Update
Bluegreen Vacations Corporation (NYSE: BXG) ("Bluegreen
Vacations" or the “Company") today provided an assessment of the
impact of Hurricane Dorian on its operations. Several of the
Company's resorts in Georgia, the Carolinas and Florida were either
in the path of, or anticipated path of, Hurricane Dorian. Current
assessments are that physical damage to our properties was minimal.
However, given the mandatory evacuations and related resort and
sales office closures, the Company experienced cancellations in
reservations, sales tours, rentals and other services over the
important Labor Day weekend that we believe adversely impacted
sales of VOIs in the range of $5.0 million to $7.0 million in the
third quarter of 2019. As a result, the Company expects third
quarter 2019 Adjusted EBITDA to be adversely impacted in the range
of $2.0 million to $3.0 million.
About Bluegreen Vacations Corporation: Bluegreen
Vacations Corporation (NYSE: BXG) is a leading vacation ownership
company that markets and sells vacation ownership interests (VOIs)
and manages resorts in top leisure and urban destinations. The
Bluegreen Vacation Club is a flexible, points-based, vacation
ownership plan with approximately 217,000 owners, 69 Club and Club
Associate Resorts and access to more than 11,300 other hotels and
resorts through partnerships and exchange networks as of June 30,
2019. The Bluegreen Resorts Collection, designed to deliver a
seamless process for vacationers, features beautiful and unique
resorts grouped by theme that range from beachside getaways, to
theme park adventures, immersion in the great outdoors, historic
and cultural exploration. Bluegreen Vacations also offers a
portfolio of comprehensive, fee-based resort management, financial,
and sales and marketing services, to or on behalf of third parties.
Bluegreen is approximately 90% owned by BBX Capital Corporation
(NYSE: BBX) (OTCQX: BBXTB), a diversified holding company. For
further information, visit www.BluegreenVacations.com.
About BBX Capital Corporation: BBX Capital Corporation
(NYSE: BBX) (OTCQX: BBXTB) is a Florida-based diversified holding
company whose principal investments include Bluegreen Vacations
Corporation (NYSE: BXG), BBX Capital Real Estate, Renin Holdings,
and IT’SUGAR. For additional information, please visit
www.BBXCapital.com.
Forward-Looking Statements: Certain statements in this
press release are "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, are
forward-looking statements. Forward-looking statements are based on
current expectations of management and can be identified by the use
of words such as “believe”, “may”, “could”, “should”, “plans”,
“anticipates”, “intends”, “estimates”, “expects”, and other words
and phrases of similar impact. Forward-looking statements may
involve known and unknown risks, uncertainties and other factors
that may cause the actual results or performance to differ from
those set forth or implied by the forward-looking statements,
including but not limited to risks that properties suffered more
damage than the Company’s current assessment and that the impact on
its sales of VOIs and Adjusted EBITDA will be more or less than the
anticipated range. For a description of other risks and
uncertainties, please see the “Risk Factors” section of Bluegreen’s
Annual Report on Form 10-K for the year ended December 31, 2018.
Bluegreen cautions that the foregoing factors are not exclusive.
You should not place undue reliance on any forward-looking
statement, which speaks only as of the date made. Bluegreen does
not undertake, and specifically disclaims any obligation, to update
or supplement any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20191008005631/en/
Bluegreen Vacations Media Contact: Nikki Sacks,
203-682-8263 or Evelyn Infurna, 203-682-8265 Email:
bluegreenvac@icrinc.com
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