Levitt Corporation Reports Financial Results For the Fourth Quarter and Full Year,...

Levitt Corporation Reports Financial Results For the Fourth Quarter and Full Year, 2007

FORT LAUDERDALE, Fla.--(Business Wire)--
Levitt Corporation (NYSE:LEV) today announced financial results
for the fourth quarter and year ended December 31, 2007. For the
fourth quarter 2007, Levitt Corporation ("Levitt" or "the Company")
reported a net loss of ($8.3) million, or ($0.09) per diluted share,
compared with a net loss of ($10.7) million or ($0.53) per diluted
share in the fourth quarter of 2006. For the full year ended December
31, 2007, Levitt reported a net loss of ($234.6) million, or ($6.00)
per diluted share, compared to a net loss of ($9.2) million, or
($0.46) per diluted share, for the year ended December 31, 2006. The
fourth quarter results include various expenses related to the
bankruptcy of our homebuilding subsidiary, Levitt and Sons. The 2007
year end results includes impairment charges of $217.6 million related
to the Levitt and Sons inventory of real estate compared to $36.8
million in 2006.

"In 2007, the housing market experienced what many consider the
worst downturn in decades," commented Levitt Corporation's Chairman
and Chief Executive Officer, Alan B. Levan. "The unprecedented sales
declines, inventory oversupply and rising cancellations, together with
Levitt and Sons' unsuccessful efforts to renegotiate the terms of its
outstanding debt, resulted in our decision to no longer financially
support Levitt and Sons. We concluded that the decline in the housing
market was so severe and prospects for any recovery in the near-term
were so remote that without a restructuring of Levitt and Sons' debt,
there was no way for Levitt and Sons to sustain its operations. As a
result, Levitt and Sons filed for bankruptcy protection in order to
pursue an orderly dissolution and liquidation of its assets.

"This decision, while unfortunate, was important to Levitt
Corporation's efforts to preserve its capital and the capital of its
other subsidiaries. Levitt Corporation entered 2008 with shareholders'
equity of $261.1 million and unrestricted cash of $195.2 million. In
addition to its cash position, Levitt Corporation's ownership interest
of approximately 9.5 million shares of the common stock of Bluegreen
Corporation (NYSE: BXG) had an approximate market value of $68.4
million as of December 31, 2007. Levitt Corporation also owns Core
Communities, its wholly-owned master-planned community subsidiary. Our
goal moving forward is to utilize our capital and borrowing capacity
to participate in investment and acquisition opportunities as they
become available. It is often said that times of volatility and
challenge are times which present the greatest opportunity. In 2008,
we intend to pursue opportunities, both within and outside the real
estate industry, using a combination of our cash on hand and third
party equity and debt financing.

Land Division:

"Core Communities ("Core"), our master-planned community
subsidiary reported total revenue of $13.5 million for the fourth
quarter of 2007 compared to $40.7 million during the comparable 2006
period. Core's fourth quarter revenue includes the sale of
approximately 38 acres generating $13.1 million with a margin of 50%.

"While Tradition, Florida encompasses more than 8,200 total acres,
including approximately 3,900 net saleable acres, plans include a
4.5-mile long employment corridor along I-95, educational and health
care facilities, commercial properties, residential developments and
other uses in a series of mixed-use parcels. Further, for some time
Core has been focused on the development of a research park as part of
this corridor. We are pleased to report that our 120 acre research
park has become a reality and we have named it the Florida Center for
Innovation at Tradition ("Florida Center for Innovation" or "FCI").
When completed, FCI will include nearly two million square feet of
research and development space, and activities have already commenced
including a 300 bed Martin Memorial Health Systems hospital, the new
headquarters for the Torrey Pines Institute for Molecular Studies
(TPIMS), and Mann Research Center's plans to build a 400,000 square
foot life sciences complex. Also, Oregon Health & Science University's
Vaccine and Gene Therapy Institute recently announced plans to locate
a 120,000-square-foot facility within FCI.

"Core's fourth quarter results include the purchase by Mann
Research Center of a 22.4 acre parcel within FCI, and the sale of a
14.5 acre parcel for the development of a Homewood Suites by
Hilton(R). Construction of the 111 suite Homewood Suites by Hilton(R)
is slated to begin in spring 2008, with a targeted opening of spring
2009. Future plans include an additional 200 room hotel that would
feature banquet and meeting space.

"The recently opened Landing at Tradition, Core's approximate
600,000 square foot, 80 acre retail power center, welcomed holiday
shoppers to more than 30 nationally branded retail stores including
Target, Babies "R" Us, Bed Bath & Beyond, LA Fitness, Michaels, Office
Max, Old Navy, PetSmart, Pier 1 Imports, The Sports Authority and TJ
Maxx, all of which are opening their first stores in St. Lucie County.
Further, Tradition Square, Core's 112,000 square foot mixed-use
development, which serves as the town center for Tradition Florida, is
fully leased.

"As part of Core's business plan, Core is actively marketing its
income producing commercial assets in Florida, which includes the
Landing at Tradition and Tradition Square. This is in addition to the
continued marketing of commercial land parcels to users and third
party developers.

"Tradition South Carolina, the 5,400 acre community, officially
changed its name to `Tradition Hilton Head' in November 2007, in an
effort to better communicate to potential homebuyers its close
proximity to Hilton Head Island.

"In the fourth quarter, the HGTV lifestyle network announced plans
to build its first 'green' home in Tradition Hilton Head. During the
HGTV Green Home Giveaway 2008(sm), viewers nationwide can enter to win
the home and prize package valued at approximately $850,000. The over
2,000 square foot, fully furnished, three bedroom, two and a half bath
home features both construction and design elements that are known to
contribute to an energy efficient, cleaner and even healthier living
environment. The home will be featured in the HGTV Green Home 2008
special and marketed in multiple media outlets by HGTV showcasing the
green home and Tradition Hilton Head. Additional information can be
obtained at www.hgtv.com/greenhome.

"Core Communities' third party backlog at December 31, 2007
consisted of contracts for the sale of 259 acres with a sales value of
$77.9 million, compared with contracts for the sale of 74 acres with a
sales value of $21.1 million at December 31, 2006.

"Total SG&A expenses at Core Communities increased to $5.8 million
during the fourth quarter of 2007 from $4.4 million for the comparable
2006 period. This increase reflects additional employees associated
with supporting expansion into the South Carolina market and
increasing activity in commercial leasing operations as well as
increased marketing and advertising expenditures designed to attract
buyers in Florida and establish a market presence in South Carolina.

Bluegreen Corporation:

"As previously discussed, Levitt Corporation holds an approximate
31% ownership interest (approximately 9.5 million shares of common
stock) in Bluegreen Corporation (NYSE: BXG). Levitt Corporation's
Chairman and Vice Chairman also serve as Chairman and Vice Chairman of
Bluegreen Corporation.

"For the fourth quarter of 2007, Bluegreen Corporation reported
net income of $8.5 million, or $0.27 per diluted share, up from $1.8
million or $0.06 per diluted share in the comparable period of 2006.
Total sales in the fourth quarter of 2007 rose 7.6% to $136.6 million,
up from $126.9 million in the same period last year. This increase was
attributable to record vacation ownership ("Resorts") sales and higher
homesite ("Bluegreen Communities") sales. For the full year ended
December 31, 2007, Bluegreen Corporation reported net income of $31.9
million, or $1.02 per diluted share, up from net income of $29.8
million, or $0.96 per diluted share, in the comparable twelve months
of 2006. For the full year 2007, total sales increased 3.5% to $582.8
million from total sales of $563.1 million in 2006, and Resorts sales
rose 13.6% to $453.5 million, up from $399.1 million in the comparable
2006 period. Bluegreen Communities sales during 2007 were $129.2
million, a decrease from sales of $164.0 million during 2006. As of
December 31, 2007, Bluegreen Corporation's book value was $12.34 per
share.

"Based on Levitt Corporation's ownership interest of Bluegreen
Corporation, income was $2.8 million for the fourth quarter of 2007,
versus $0.7 million in the corresponding 2006 period. For the full
year ended December 31, 2007, income was $10.3 million, versus $9.7
million for the year ended December 31, 2006.

"Bluegreen recently announced its intention to pursue a rights
offering to its shareholders of up to $100 million of its common
stock. Bluegreen intends to file a registration statement relating to
the rights offering in March 2008. We own approximately 31% of
Bluegreen's outstanding common stock and we currently intend to
participate in this rights offering and to support the efforts of
Bluegreen's management to maximize shareholder value through organic
and acquisition-driven growth initiatives and then exploring strategic
alternatives.

Other Operations:

"SG&A expense for the fourth quarter of 2007 increased to $10.6
million as compared to $7.8 million for the same 2006 period. The
increase was attributable in part to increased restructuring related
expenses as a result of terminations during 2007 and included
severance paid to Levitt Corporation employees and additional
commitments made by Levitt Corporation to terminated Levitt and Sons
employees to supplement the limited termination benefits granted by
Levitt and Sons. Restructuring expenses also included facilities
expenses related to the termination of agreements in place for various
equipment, sites and services that no longer provide an economic
benefit to the Company. In addition to the restructuring expenses,
professional services expense increased in 2007 related to securities
filings and the Levitt and Sons bankruptcy filing. Partially
offsetting these increases were decreases in compensation and benefits
expense related to stock-based compensation and incentive compensation
due to the decrease in headcount during 2007 and decreased employee
recruitment costs.

Homebuilding Division:

"Levitt Corporation deconsolidated Levitt and Sons as of November
9, 2007, eliminating all future operations of Levitt and Sons from the
financial results of Levitt Corporation, and records any remaining
investment in Levitt and Sons, net of any outstanding advances due
from Levitt and Sons, as a cost method investment. Under cost method
accounting, income will only be recognized to the extent of cash
received in the future or when the Company is discharged from the
bankruptcy, at which time, any loss in excess of the investment in
subsidiary can be recognized into income," Levan concluded.

Levitt Corporation Selected Financial Data (Consolidated)

Fourth Quarter, 2007 Compared to Fourth Quarter, 2006

-- Total cash and cash equivalent of $195.2 million vs. $48.4
million

-- Total revenues of $21.3 million vs. $180.9 million

-- Net loss of ($8.3) million vs. ($10.7) million

-- Diluted loss per share of ($0.09) vs. ($0.53)

-- SG&A as a percent of total revenue was 90% vs. 17%

-- Land Division third party backlog (value) of $77.9 million vs.
$21.1 million

Year-to-date, 2007 Compared to Year-to-date, 2006 (Consolidated)

-- Total revenues of $415.9 million vs. $573.6 million

-- Net loss of ($234.6) million vs. ($9.2) million

-- Diluted loss per share of ($6.00) vs. ($0.46)

Year-end Summary (Consolidated)

(As of December 31, 2007)

-- Total Cash and cash equivalents: $195,181,000

-- Total Assets: $712,851,000

-- Debt $274,820,000

-- Shareholders' Equity: $261,106,000

-- Shares Outstanding: 96,260,000

-- Book Value per share: $2.71

Book value per share is calculated as shareholders' equity divided
by the total number of shares outstanding as of December 31, 2007.

Levitt Corporation's fourth quarter 2007 earnings results press
release and financial summary will be available on its website:
www.LevittCorporation.com. To view the press release and financial
summary, access the "Investor Relations" section and click on the
"News Releases" navigation link.

About Levitt Corporation:

Levitt Corporation, (NYSE: LEV) directly and through its wholly
owned subsidiaries, historically has been a real estate development
company. Going forward, Levitt Corporation intends to pursue
acquisitions and investments opportunistically within and outside the
real estate industry.

Core Communities develops master-planned communities, including
its original and best known, St. Lucie West. Core Communities' newest
master-planned community is Tradition(TM) Florida. Now under
development on Florida's Treasure Coast in St. Lucie County,
Tradition(TM) is an 8,200-acre community that is planned to ultimately
feature up to 18,000 residences as well as a commercial town center
and a world-class corporate park. Core has also begun development of
Tradition(TM) Hilton Head, an approximate 5,400-acre parcel of land
located adjacent to Hilton Head Island and Bluffton, South Carolina
that is planned to ultimately include up to 9,500 residences and 1.5
million square feet of commercial space.

For further information, please visit our websites:

www.LevittCorporation.com

www.CoreCommunities.com

-- To receive future Levitt Corporation news releases or
announcements directly via Email, please click on the Email
Broadcast Sign Up button on our website:
www.LevittCorporation.com.

Levitt Corporation Contact Information

Investor Relations:

Leo Hinkley, SVP, Investor Relations Officer

Phone: 954-940-4995

Fax: 954-940-5320

Email: InvestorRelations@LevittCorporation.com

Some of the statements contained or incorporated by reference
herein include forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), that involve substantial risks and
uncertainties. Some of the forward-looking statements can be
identified by the use of words such as "anticipate," "believe,"
"estimate," "may," "intend," "expect," "will," "should," "seek" or
other similar expressions. Forward-looking statements are based
largely on management's expectations and involve inherent risks and
uncertainties. Some factors which may affect the accuracy of the
forward-looking statements apply generally to the real estate
industry, while other factors apply directly to Levitt Corporation.
Any number of important factors could cause actual results to differ
materially from those in the forward-looking statements including: the
impact of economic, competitive and other factors affecting the
Company and its operations; the market for real estate in the areas
where the Company has developments, including the impact of market
conditions on the Company's margins and the fair value of our real
estate inventory; the risk that the value of the property held by Core
Communities may decline, including as a result of a sustained downturn
in the residential real estate and homebuilding industries; the impact
of market conditions for commercial property and whether the factors
negatively impacting the homebuilding and residential real estate
industries will impact the market for commercial property; the risk
that the development of parcels and master-planned communities will
not be completed as anticipated; continued declines in the estimated
fair value of our real estate inventory and the potential for
write-downs or impairment charges; the effects of increases in
interest rates and availability of credit to buyers of our inventory;
accelerated principal payments of our debt obligations due to
re-margining of curtailment payment requirements; the ability to
obtain financing and to renew existing credit facilities on acceptable
terms, if at all; the Company's ability to access additional capital
on acceptable terms, if at all; the risks and uncertainties inherent
in bankruptcy proceedings and the inability to predict the effect of
Levitt and Sons' reorganization and/or liquidation process on Levitt
Corporation and its results of operation and financial condition; the
risk that creditors of Levitt and Sons may be successful in asserting
claims against Levitt Corporation and the risk that any of Levitt
Corporation's assets may become subject to or included in Levitt and
Sons' bankruptcy case; and the Company's success at managing the risks
involved in the foregoing. Many of these factors are beyond the
Company's control and the Company cautions that the foregoing factors
are not exclusive. Additional information concerning the potential
risk factors that could affect the Company's future performance are
described in the Company's periodic reports filed with the SEC, which
may be viewed free of charge on the SEC's website, www.sec.gov, or on
the Company's website, www.LevittCorporation.com. Further, Levitt
Corporation and its subsidiaries have no affiliation in any way with
the HGTV website and are not responsible for its content.

-0-
*T
Levitt Corporation
Consolidated Statements of Financial Condition
(In thousands, except share data)

December 31, December 31,
2007 2006
------------ -------------
Assets

Cash and cash equivalents $ 195,181 48,391
Restricted cash 2,207 1,397
Current income tax receivable 27,407 -
Inventory of real estate 227,290 822,040
Assets held for sale 96,214 47,284
Investment in Bluegreen Corporation 116,014 107,063
Property and equipment, net 33,566 33,115
Other assets 14,972 31,376
------------ -------------
Total assets $ 712,851 1,090,666
============ =============

Liabilities and Shareholders' Equity

Accounts payable, accrued liabilities and
other $ 41,077 84,323
Customer deposits 541 42,571
Current income tax payable - 3,905
Liabilities related to assets held for sale 80,093 28,263
Notes and mortgage notes payable 189,768 503,313
Junior subordinated debentures 85,052 85,052
Loss in excess of investment in subsidiary 55,214 -
------------ -------------
Total liabilities 451,745 747,427
------------ -------------

Shareholders' equity:
Preferred stock, $0.01 par value
Authorized: 5,000,000 shares
Issued and outstanding: no shares - -

Class A Common Stock, $0.01 par value
Authorized: 150,000,000 and 50,000,000
shares, respectively
Issued and outstanding: 95,040,731 and
18,609,024 shares, respectively 950 186

Class B Common Stock, $0.01 par value
Authorized: 10,000,000 shares
Issued and outstanding: 1,219,031 shares 12 12

Additional paid-in capital 336,795 184,401
(Accumulated deficit) retained earnings (78,537) 156,219
Accumulated other comprehensive income 1,886 2,421
------------ -------------
Total shareholders' equity 261,106 343,239
------------ -------------
Total liabilities and shareholders'
equity $ 712,851 1,090,666
============ =============
*T

-0-
*T
Levitt Corporation
Consolidated Statements of Operations
(In thousands, except per share data)

For the years ended December 31,
2007 2006 2005
---------------------- ---------

Revenues:
Sales of real estate $ 410,115 566,086 558,112
Other revenues 5,766 7,488 6,585
----------- ---------- ---------
Total revenues 415,881 573,574 564,697
----------- ---------- ---------

Costs and expenses:
Cost of sales of real estate 573,241 482,961 408,082
Selling, general and
administrative expenses 116,087 119,337 87,162
Other expenses 3,929 3,677 4,855
----------- ---------- ---------
Total costs and expenses 693,257 605,975 500,099
----------- ---------- ---------

Earnings from Bluegreen Corporation 10,275 9,684 12,714
Interest and other income, net of
interest expense 7,439 7,816 10,289
----------- ---------- ---------
(Loss) income from continuing
operations before income taxes (259,662) (14,901) 87,601
Benefit (provision) for income
taxes 23,277 5,758 (32,532)
----------- ---------- ---------
(Loss) income from continuing
operations (236,385) (9,143) 55,069
Discontinued operations:
Income (loss) from discontinued
operations, net of tax 1,765 (21) (158)
----------- ---------- ---------
Net (loss) income $ (234,620) (9,164) 54,911
=========== ========== =========

Basic (loss) earnings per common
share:
Continuing operations $ (6.05) (0.45) 2.73
Discontinued operations 0.05 - (0.01)
----------- ---------- ---------
Total basic (loss) earnings per
common share $ (6.00) (0.45) 2.72

Diluted (loss) earnings per common
share:
Continuing operations $ (6.05) (0.46) 2.70
Discontinued operations 0.05 - (0.01)
----------- ---------- ---------
Total diluted (loss) earnings per
common share $ (6.00) (0.46) 2.69

Weighted average common shares
outstanding:
Basic 39,092 20,214 20,208
Diluted 39,092 20,214 20,320

Dividends declared per common share:
Class A common stock $ 0.02 0.08 0.08
Class B common stock $ 0.02 0.08 0.08
*T

-0-
*T
LEVITT CORPORATION
Summary of Selected Financial Data (unaudited)

As of or for the
Twelve Months Ended
--------------------
(dollars in
thousands,
except share and 12/31 12/31
per share data) 2007 2006
--------- ----------

Consolidated
Operations:
Revenues from
sales of real
estate $ 410,115 566,086
Cost of sales
of real estate $ 573,241 482,961
--------- ----------
Margin (a) $(163,126) 83,125
Earnings from
Bluegreen
Corporation $ 10,275 9,684
Selling,
general and
administrative
expenses $ 116,087 119,337
(Loss) income
from
continuing
operations $(236,385) (9,143)
Income (loss)
from
discontinued
operations,
net of taxes $ 1,765 (21)
Net (loss)
income $(234,620) (9,164)

Basic (loss)
earnings per
share (b)
Continuing
operations $ (6.05) (0.45)
Discontinued
operations $ 0.05 -
--------------------
Total basic
(loss)
earnings per
share $ (6.00) (0.45)

Diluted (loss)
earnings per
share (b)
Continuing
operations $ (6.05) (0.46)
Discontinued
operations $ 0.05 -
--------------------
Total diluted
(loss)
earnings per
share $ (6.00) (0.46)

Weighted
average shares
outstanding -
basic 39,092 20,214
Weighted
average shares
outstanding -
diluted 39,092 20,214

Dividends
declared per
common share $ 0.02 0.08

Key Performance
Ratios:
S, G & A
expense as a
percentage of
total revenues 27.9% 20.8%
Return on
average
shareholders'
equity,
trailing 12
mos. (d) (77.6%) (2.6%)
Ratio of debt
to
shareholders'
equity 105.3% 171.4%
Ratio of debt
to total
capitalization 51.3% 63.2%
Ratio of net
debt to total
capitalization 14.9% 58.0%

Consolidated
Financial
Condition Data:
Cash and cash
equivalents $ 195,181 48,391
Inventory of
real estate 227,290 822,040
Investment in
Bluegreen
Corporation 116,014 107,063
Total assets 712,851 1,090,666
Total debt 274,820 588,365
Total
liabilities 451,745 747,427
Shareholders'
equity 261,106 343,239

Homebuilding
Division (e):
Revenues from
sales of real
estate $ 387,708 500,719
Cost of sales
of real estate 552,566 440,059
--------- ----------
Margin (a) $(164,858) 60,660
Margin
percentage (c) (42.5%) 12.1%
Gross orders
(units) 1,031 1,520
Cancellations
(units) 538 404
Net orders
(units) 493 1,116
Net orders
(value) 115,403 381,993
Construction
starts 729 1,682
Homes delivered 1,144 1,660
Average closing
price of homes
delivered (h) $ 321 302
Backlog of
homes (units) - 1,248
Backlog of
homes ($) $ - 438,240

Land Division
(f):
Revenues from
sales of real
estate (i) $ 16,567 69,778
Cost of sales
of real estate
(i) 7,447 42,662
--------- ----------
Margin (a) (i) $ 9,120 27,116
Margin
percentage (c)
(i) 55.0% 38.9%
Acres sold 40 371
Inventory of
real estate
(acres) (g) 6,679 6,871
Inventory of
real estate
($) $ 189,903 176,356
Backlog of land
(acres) -
Third parties 259 74
Backlog of land
($) - Third
parties $ 77,888 21,124

As of or for the Three Months Ended
---------------------------------------------------
(dollars in
thousands,
except share and 12/31 9/30 6/30 3/31 12/31
per share data) 2007 2007 2007 2007 2006
-------- --------- ---------- ---------- ----------

Consolidated
Operations:
Revenues from
sales of real
estate 20,629 122,824 125,364 141,298 178,946
Cost of sales
of real estate 13,399 275,340 171,594 112,908 170,734
-------- --------- ---------- ---------- ----------
Margin (a) 7,230 (152,516) (46,230) 28,390 8,212
Earnings from
Bluegreen
Corporation 2,756 4,418 1,357 1,744 658
Selling,
general and
administrative
expenses 19,200 31,556 33,017 32,314 30,634
(Loss) income
from
continuing
operations (9,189) (169,980) (58,195) 979 (10,695)
Income (loss)
from
discontinued
operations,
net of taxes 848 812 108 (3) (45)
Net (loss)
income (8,341) (169,168) (58,087) 976 (10,740)

Basic (loss)
earnings per
share (b)
Continuing
operations (0.10) (8.41) (2.88) 0.05 (0.53)
Discontinued
operations 0.01 0.04 0.01 - -
----------------------------------------------------
Total basic
(loss)
earnings per
share (0.09) (8.37) (2.87) 0.05 (0.53)

Diluted (loss)
earnings per
share (b)
Continuing
operations (0.10) (8.41) (2.88) 0.05 (0.53)
Discontinued
operations 0.01 0.04 0.01 - -
----------------------------------------------------
Total diluted
(loss)
earnings per
share (0.09) (8.37) (2.87) 0.05 (0.53)

Weighted
average shares
outstanding -
basic 96,256 20,220 20,218 20,217 20,216
Weighted
average shares
outstanding -
diluted 96,256 20,220 20,218 20,228 20,216

Dividends
declared per
common share - - - 0.02 0.02

Key Performance
Ratios:
S, G & A
expense as a
percentage of
total revenues 90.0% 25.4% 26.0% 22.6% 16.9%
Return on
average
shareholders'
equity,
trailing 12
mos. (d) (77.6%) (100.3%) (20.4%) (2.2%) (2.6%)
Ratio of debt
to
shareholders'
equity 105.3% 510.0% 227.6% 185.4% 171.4%
Ratio of debt
to total
capitalization 51.3% 83.6% 69.5% 65.0% 63.2%
Ratio of net
debt to total
capitalization 14.9% 78.7% 62.9% 58.8% 58.0%

Consolidated
Financial
Condition Data:
Cash and cash
equivalents 195,181 35,733 61,618 60,550 48,391
Inventory of
real estate 227,290 580,104 776,211 844,598 822,040
Investment in
Bluegreen
Corporation 116,014 115,408 109,658 108,615 107,063
Total assets 712,851 900,392 1,096,585 1,129,487 1,090,666
Total debt 274,820 609,149 654,093 639,190 588,365
Total
liabilities 451,745 780,959 809,244 784,715 747,427
Shareholders'
equity 261,106 119,433 287,341 344,772 343,239

Homebuilding
Division (e):
Revenues from
sales of real
estate 7,662 122,224 123,653 134,169 143,233
Cost of sales
of real estate 6,747 267,210 171,006 107,603 147,132
-------- --------- ---------- ---------- ----------
Margin (a) 915 (144,986) (47,353) 26,566 (3,899)
Margin
percentage (c) 11.9% (118.6%) (38.3%) 19.8% (2.7%)
Gross orders
(units) 62 206 478 285 204
Cancellations
(units) 68 157 187 126 122
Net orders
(units) (6) 49 291 159 82
Net orders
(value) (3,695) 12,872 62,326 43,900 27,243
Construction
starts 4 236 235 254 277
Homes delivered 28 375 379 362 426
Average closing
price of homes
delivered (h) 274 302 326 340 336
Backlog of
homes (units) - 631 957 1,045 1,248
Backlog of
homes ($) - 197,404 297,832 359,029 438,240

Land Division
(f):
Revenues from
sales of real
estate (i) 13,116 757 1,917 777 40,118
Cost of sales
of real estate
(i) 6,636 256 483 72 25,165
-------- --------- ---------- ---------- ----------
Margin (a) (i) 6,480 501 1,434 705 14,953
Margin
percentage (c)
(i) 49.4% 66.2% 74.8% 90.7% 37.3%
Acres sold 38 1 1 - 237
Inventory of
real estate
(acres) (g) 6,679 6,717 6,870 6,871 6,871
Inventory of
real estate
($) 189,903 212,704 204,611 195,394 176,356
Backlog of land
(acres) -
Third parties 259 291 98 74 74
Backlog of land
($) - Third
parties 77,888 92,451 29,013 21,124 21,124

-----------------------------
(a) Margin is calculated as sales of real estate minus cost of sales
of real estate. Homebuilding Division impairment charges and
write-offs of deposits and pre-acquisition costs included in cost
of sales for the quarters ended December 31, 2006; March 31,
2007; June 30, 2007 and September 30, 2007; total $31.1 million,
$282,000, $63.0 million and $154.3 million, respectively. There
were no impairment charges for the quarter ended December 31,
2007.
(b) Diluted (loss) earning per share takes into account the dilutive
effect of our stock options and restricted stock using the
treasury stock method and the dilution in earnings we recognize
as a result of outstanding Bluegreen securities that entitle the
holders thereof to acquire shares of Bluegreen's common stock.
The weighted average number of common shares outstanding in basic
and diluted (loss) earnings per share for all prior periods
presented have been retroactively adjusted for a number of shares
representing a bonus element arising from the rights offering
that closed at a higher price ($2.05) on October 1, 2007 than the
offering price of $2.00 per share.
(c) Margin percentage is calculated by dividing margin by sales of
real estate.
(d) Calculated by dividing net income (loss) by average shareholders'
equity. Average shareholders' equity is calculated by averaging
the equity balance at the end of the current period with the
equity balance at the end of the same period in the prior year.
(e) Backlog includes all homes subject to sales contracts.
(f) Land sales to the Homebuilding Division represented $15.5 million
of the total revenues and $4.6 million of margin from sales of
real estate for the three months ended December 31, 2006. There
were no land sales to the Homebuilding Division during 2007.
These inter-segment transactions are eliminated in consolidation.
(g) Estimated net saleable acres (subject to final zoning, permitting,
and other governmental regulations/approvals). Includes
approximately 56 acres related to assets held for sale as of
December 31, 2007.
(h) Average closing price of homes delivered excludes lot sales and
land sales in the Homebuilding Division.
(i) Consists of land sales, look back fees and revenue recognition of
previously deferred revenue associated with percentage of
completion accounting.
*T

-0-
*T
LEVITT CORPORATION
Land Development Properties
As of: 12/31/07

Non- Net
Total Saleable Saleable Closed
Project Location Acres Acres (a) Acres (a) Acres
------------- -------------- ---------- ---------- --------- ---------
Currently in Development
----------------------------

Tradition, FL St. Lucie
County, FL 8,246 2,583 5,663 1,794

Tradition, SC Jasper County,
SC 5,390 2,417 2,973 163
---------- ---------- --------- ---------

Total
Currently in
Development 13,636 5,000 8,636 1,957
========== ========== ========= =========

$ Book Acres
value Under
Saleable per Contract Saleable
Acres Saleable to Third Acres
Remaining Acre Parties Available
Project Location (c) ($000) (b) (d)
------------- -------------- ----------- --------- --------- ---------
Currently in Development
----------------------------

Tradition, FL St. Lucie
County, FL 3,869 25 259 3,610

Tradition, SC Jasper County,
SC 2,810 34 - 2,810
----------- --------- --------- ---------

Total
Currently in
Development 6,679 $ 28 259 6,420
=========== ========= ========= =========

(a) Actual saleable acres may vary from original plan due to changes
in zoning, project design, or other factors.
(b) There can be no assurance that current property contracts will be
consummated.
(c) Includes approximately 56 acres related to assets held for sale as
of December 31, 2007.
(d) Saleable acres available for sale are approved for the following
mix of use:

Acres Residential Commercial
Project Available Units(a) Sq. Ft.
-------------- ---------- ----------- ----------
Tradition, FL 3,610 11,000 6,350,000
Tradition, SC 2,810 8,500 1,500,000
---------- ----------- ----------
Total 6,420 19,500 7,850,000

(a) Based on current plans for these communities.
Management does not expect to utilize the full
residential density allowed by the existing
entitlements.
*T

Levitt Corporation, Fort Lauderdale
Leo Hinkley, 954-940-4995

Copyright Business Wire 2008