Net Income Increased $3.9 Million, an Increase of $0.06 Per Share
FORT LAUDERDALE, Fla., June 24 /PRNewswire-FirstCall/ -- BankAtlantic
Bancorp (NYSE: BBX) today announced it had restated earnings upward for the
first quarter 2004, resulting in a $3.9 million increase in net income, or
$0.06 per share. The Company's restatement was filed in an amendment to its
Quarterly Report on Form 10-Q filed with the SEC for the quarter ended March
31, 2004. The restatement relates to the recognition of a gain on stock of
the Company received in a litigation settlement.
During the first fiscal quarter of 2004, BankAtlantic Bancorp announced
that it had settled litigation that the Company and certain of its affiliates
had filed related to an investment in a private technology company. Pursuant
to the settlement, the Company sold its stock in the technology company to a
third party investor group for $15 million in cash, its original cost, and
received additional compensation for legal expenses and damages consisting of
$1.7 million in cash and return of 378,160 shares of the Company's Class A
Common Stock owned by the technology company. The parties also exchanged
releases and the pending litigation between the parties was dismissed in
connection with the settlement.
Based on the consultation and with concurrence of the Company's
independent accountants, the Company recorded a $16.7 million equity security
litigation settlement gain in its statement of operations resulting from the
receipt of cash and accounted for the return of the 378,160 shares of the
Company's Class A Common Stock from the technology company in connection with
the settlement and the subsequent retirement of those shares as an equity
transaction, with no gain or loss recognized in the statement of operations.
Recently, the Company determined, with the concurrence of its independent
accountants, that the fair value of the 378,160 shares of the Company's Class
A Common Stock received as part of the settlement should have been reflected
in the statement of operations as a $6.1 million pretax ($3.9 million after-
tax) increase to the equity security litigation settlement gain. Based on
such treatment, the Company has restated its results for the first quarter of
2004 to reflect the increase of $3.9 million in net income to $20.5 million,
or $0.32 per diluted share as compared to the previously reported $16.6
million, or $0.26 per diluted share.
As a result of accounting for the retirement of the shares, the total book
value of stockholders' equity remains unchanged from the original filing at
approximately $430 million, or $7.26 per share.
Details of the restatement are contained on Form 10-Q/A filed with the SEC
today.
About BankAtlantic Bancorp:
BankAtlantic Bancorp (NYSE: BBX) is a diversified financial services
holding company and the parent company of BankAtlantic and Ryan Beck & Co.
Through these subsidiaries, BankAtlantic Bancorp provides a full line of
products and services encompassing consumer and commercial banking, brokerage
and investment banking.
About BankAtlantic:
BankAtlantic, "Florida's Most Convenient Bank," is one of the largest
financial institutions headquartered in Florida and provides a comprehensive
offering of banking services and products via its broad network of community
branches throughout Florida and its online banking division -
BankAtlantic.com. BankAtlantic has 73 branch locations and operates more than
200 conveniently located ATMs. BankAtlantic is open 7 days a week and offers
holiday hours, extended weekday hours including a Miami-Dade branch open until
midnight, free online banking, Totally Free Change Exchange coin counters,
24/7 call center service and free retail and business checking with a free
gift.
About Ryan Beck & Co.:
Ryan Beck & Co. is a full-service broker dealer engaging in underwriting,
market making, distribution, and trading of equity and debt securities. The
firm also provides money management services, general securities brokerage,
including financial planning for the individual investor, consulting and
financial advisory services to financial institutions and middle market
companies. Ryan Beck & Co. also provides independent research on
approximately 100 companies and has approximately 500 financial consultants
located in 33 offices nationwide.
For further information, please visit our websites:
http://www.BankAtlanticBancorp.com
http://www.BankAtlantic.com
http://www.RyanBeck.com
* To receive future BankAtlantic Bancorp news releases or announcements
directly via Email, please click on the Email Broadcast Sign Up at our
website: http://www.BankAtlanticBancorp.com
BankAtlantic Bancorp Contact Info:
Investor Relations:
Leo Hinkley, Vice President
Phone: (954) 760-5317, Fax: (954) 760-5415
Email: InvestorRelations@BankAtlanticBancorp.com.
Mailing Address: BankAtlantic Bancorp, Investor Relations,
1750 East Sunrise Blvd., Fort Lauderdale, FL 33304
Corporate Communications:
Sharon Lyn, Assistant Vice President
Phone: (954) 760-5402, Fax: (954) 760-5415
Email: CorpComm@BankAtlanticBancorp.com
Statements in this release may constitute forward-looking statements and
are made pursuant to the Safe Harbor Provision of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based largely
on expectations and are subject to a number of risks and uncertainties
including but not limited to the risks and uncertainties associated with
economic, competitive and other factors affecting the Company and its
operations, and other factors detailed in the Company's SEC filings.
SOURCE BankAtlantic Bancorp
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Related links:
http://www.BankAtlantic.com
http://www.BankAtlanticBancorp.com
http://www.RyanBeck.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030414/BANKCORPLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Investor Relations, Leo Hinkley, Vice
President, +1-954-760-5317, or fax, +1-954-760-5415, or
InvestorRelations@BankAtlanticBancorp.com, or Corporate
Communications, Sharon Lyn, Assistant Vice President,
+1-954-760-5402, or fax, +1-954-760-5415, or
CorpComm@BankAtlanticBancorp.com, both of BankAtlantic Bancorp
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