Segment Reporting

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

10.   Segment Reporting

The information provided for Segment Reporting is based on internal reports utilized by management. Results of continuing operations are reported through three reportable segments: BBX, FAR and Renin. The BBX reportable segment includes the results of operations of CAM and BBX Partners for the three months ended March 31, 2014 and 2013.  BBX’s activities consisted of the activities associated with managingits commercial loan portfolio, real estate properties, and portfolio of charged off loans as well as its investment in Woodbridge and investments in real estate joint ventures. 

The FAR reportable segment consists of the activities associated with overseeing the management and monetization of its assets with a view to the repayment of BB&T’s preferred interest and maximizing the cash flows of any remaining assets.

The Renin reportable segment consists of the activities of Renin Holdings, LLC and its subsidiaries (“Renin”).  Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and its distribution channels include big box and independent home improvement retailers, builders, other manufacturers and specialty retail outlets primarily in North America.  Renin is headquartered in Brampton, Ontario and has three manufacturing, assembly and distribution facilities located in Brampton and Concord, Ontario, Tupelo, Mississippi and a sales and distribution office in the U.K.  Renin was acquired in October 2013; therefore, the Renin reportable segment includes the results of operations of Renin for the three months ended March 31, 2014.

The other column represents the activities of Hoffman’s and Williams & Bennett.  The amounts are displayed in order to reconcile the reportable segments to the financial statements.

The accounting policies of the segments are generally the same as those described in the summary of significant accounting policies.  Intersegment transactions are eliminated in consolidation.

Depreciation and amortization consist of: depreciation on properties and equipment, amortization of leasehold improvements, and deferred rent.

The Company evaluates segment performance based on segment net income after tax.  The table below provides segment information for the three months ended March 31, 2014 and 2013 (in thousands): 

						Adjusting and
						Elimination	Segment
For the Three Months Ended:		BBX	FAR	Renin	Other	Entries	Total
March 31, 2014:
Revenues	$	1,016	3,310	14,138	2,729	(65)	21,128
Costs and expenses		(6,280)	(2,671)	(14,490)	(2,612)	65	(25,988)
Recoveries from loan losses		1,004	244	-	-	-	1,248
Asset impairments		(81)	(1,238)	-	-		(1,319)
Equity earnings in Woodbridge		6,222	-	-	-	-	6,222
Segment income (loss) before income taxes		1,881	(355)	(352)	117	-	1,291
Provision for income tax		-	-	-	-	-	-
Net income (loss)	$	1,881	(355)	(352)	117	-	1,291
Total assets	$	532,178	150,536	23,976	8,786	(298,581)	416,895
Equity method investments
included in total assets	$	88,141	-	-	-	-	88,141
Expenditures for segment assets	$	8	-	6	-	-	14
Depreciation and amortization	$	74	148	214	98	-	534

				Adjusting and
				Elimination	Segment
For the Three Months Ended:		BBX	FAR	Entries	Total
March 31, 2013:
Revenues	$	3,723	3,165	(53)	6,835
Costs and expenses		(6,918)	(3,578)	53	(10,443)
Recoveries from (provision for) loan losses		418	(1,177)	-	(759)
Asset impairments		(927)	(1,238)	-	(2,165)
Segment income (loss) before income taxes		(3,704)	(2,828)	-	(6,532)
Provision for income tax	$	-	-	-	-
Net income (loss)	$	(3,704)	(2,828)	-	(6,532)
Total assets		409,975	258,772	(236,263)	432,484
Expenditures for segment assets	$	27	-	-	27
Depreciation and amortization	$	55	-	-	55