FORT LAUDERDALE, Fla.--(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
Bluegreen Vacations Declares Fourth Quarter 2019 Dividend
BOCA RATON, FL – (BUSINESS WIRE) – October 31, 2019 – Bluegreen Vacations Corporation (NYSE: BXG) (“Bluegreen Vacations” or “the Company”) announced today that its Board of Directors declared a quarterly common stock cash dividend of $0.13 per share. The dividend is payable November 27, 2019 to shareholders of record as of the close of trading on November 13, 2019 and represents an adjustment from the $0.17 per share dividend paid during previous quarters.
In light of the challenges the Company has faced over the last twelve months and the Company’s current earnings and EBITDA, the Board, with the recommendation of management, made a determination that it was appropriate to adjust the dividend while continuing to offer shareholders an attractive return. The Company remains focused on investing in its growth initiatives and providing cash returns to its shareholders.
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 popular leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based vacation ownership plan with approximately 219,000 owners, 69 Club and Club Associate Resorts and access to nearly 11,400 other hotels and resorts through partnerships and exchange networks as of September 30, 2019. 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 activities include its approximate 90% ownership interest in Bluegreen Vacations Corporation (NYSE: BXG) as well as its real estate and middle market divisions. For additional information, please visit www.BBXCapital.com.
Certain matters within this press release include “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. 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 projected in the forward-looking statements, including but not limited to, the risk that quarterly dividend payments may not be declared at the current annualized amount, in the future or on a regular basis, or as anticipated, if at all and risks associated with the Company’s future progress and performance. For a description of risks relating to the payment of dividends as well as other risks and uncertainties, please review the “Risk Factors” section and other information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission, which are available on the SEC's website, https://www.sec.gov,and on Bluegreen’s website, www.bluegreenvacations.com