The St. Joe Company (NYSE: JOE) today announced a Net Loss for
the third quarter of 2014 of $(0.1) million, or $(0.00) per share,
compared with Net Income of $4.2 million, or $0.05 per share, for
the third quarter of 2013. For the nine months ended September 30,
2014, the Company reported Net Income of $417.6 million, or $4.52
per share, compared to Net Income of $4.4 million, or $0.05 per
share, for the same period last year.
Third quarter 2014 update includes:
- Total revenue for the third quarter of
2014 was $24.0 million.
- Residential real estate revenue
decreased from $10.7 million in the third quarter of 2013 to $3.7
million for the third quarter of 2014 due to a decrease in finished
lot availability and the timing of a sixty-two homesite sale to a
homebuilder during the third quarter of 2013. During the third
quarter of 2014, there were no significant commercial real estate
sales as compared to $2.1 million in the third quarter of
2013.
- Resorts, leisure and leasing revenue
increased $2.7 million, or 17%, during the third quarter of 2014 to
$19.0 million as compared to $16.3 million in the third quarter of
2013. The increase includes $1.7 million of incremental resorts and
leisure revenues primarily due to an increase in room nights rented
and $1.0 million of incremental leasing revenue from leases in the
Pier Park North joint venture as retail stores become occupied by
tenants.
- Timber sales decreased to $1.1 million
during the third quarter of 2014 as compared to $7.7 million in the
third quarter of 2013 due to the AgReserves sale which closed in
March 2014. Tons delivered were less than 80,000 during the third
quarter as compared to 373,000 during the third quarter of
2013.
- As of September 30, 2014, the
Company had cash, cash equivalents and investments of $657.6
million as compared to $168.9 million as of December 31, 2013.
Jeffrey C. Keil, the Company’s President and Interim Chief
Executive Officer, said “We are pleased with the progress in the
Company’s sector plan entitlement process. Our team has been
working closely with the local community through the entire
process.” Mr. Keil added, “We look forward to continuing to work
with the local community and the state agencies to pursue the
plan’s approval.”
FINANCIAL DATA
Consolidated Results($ in
millions except share and per share amounts)
Quarter
Ended
September
30,
Nine Months
Ended
September
30,
2014
2013 2014
2013 Revenues
Real estate sales $3.9
$12.8 $630.5 $27.9 Resorts, leisure and leasing
revenues 19.0 16.3 45.4 42.4 Timber
sales
1.1 7.7
10.3 27.1 Total revenues
24.0 36.8
686.2 97.4 Expenses
Cost of real estate sales
1.9 7.0 84.2 15.7 Cost of resorts,
leisure and leasing revenues 14.5 12.5 36.3
33.5 Cost of timber sales 0.2 4.8 4.3
16.7 Other operating expenses 2.5 2.6
9.8 8.7 Corporate expenses 4.0 4.2 12.5
13.1 Administrative costs associated with special purpose
entities -- -- 3.7 -- Depreciation,
depletion and amortization
2.2
2.3 6.2 7.0
Total expenses
25.3 33.4
157.0 94.7 Operating (loss)
income
(1.3) 3.4
529.2 2.7 Other income
0.8 1.0 3.5
1.9 (Loss) income from operations before equity
in loss from unconsolidated affiliates and income taxes
(0.5) 4.4
532.7 4.6 Income tax (benefit)
expense
(0.3) 0.2
115.2 0.2 Net (loss) income
(0.2) 4.2
417.5 4.4 Net loss attributable to
non-controlling interest
0.1
-- 0.1 -- Net
(loss) income attributable to the Company
($0.1) $4.2
$417.6 $4.4 Net (loss) income per
share attributable to the Company
($0.00)
$0.05 $4.52
$0.05 Weighted average shares outstanding
92,295,213 92,284,532 92,297,467 92,285,161
Revenues by Segment
($ in millions)
Quarter
Ended
September
30,
Nine Months
Ended
September
30,
2014
2013 2014
2013 Revenues:
Real estate sales
Residential $3.7
$10.7 $13.5 $24.0 RiverTown Sale -- --
43.6 -- Commercial -- 2.1 3.3
3.5 AgReserves Sale and other
0.2
-- 570.1 0.4
Total real estate sales 3.9 12.8 630.5
27.9 Resorts, leisure and leasing revenues 19.0 16.3
45.4 42.4 Timber sales
1.1
7.7 10.3 27.1
Total revenues
$24.0 $36.8
$686.2 $97.4
Summary Balance Sheet
($ in millions)
September 30, 2014
December 31, 2013 Assets
Investment in real estate, net $324.1
$385.0 Cash and cash equivalents 61.6 21.9
Investments 596.0 147.0 Notes receivable, net
25.2 7.3 Pledged treasury securities 25.8 26.3
Prepaid pension asset 33.7 35.1 Property and
equipment, net 10.5 11.4 Deferred tax asset --
12.9 Other assets 32.2 22.6 Investments held
by special purpose entities
209.8
-- Total assets
$1,318.9
$669.5
Liabilities and Equity Debt
$60.7 $44.2 Senior Notes held by special purpose
entity 177.3 -- Accounts payable, accrued liabilities
and deferred credits 46.1 61.5 Income taxes payable
10.7 0.3 Deferred tax liabilities
39.7 -- Total liabilities
334.5 106.0 Total equity
984.4 563.5 Total liabilities and
equity
$1,318.9 $669.5
Debt Schedule
($ in millions)
September 30, 2014
December 31, 2013 In substance defeased
debt $25.9 $26.3 Community Development District debt
5.9 11.5 Pier Park North joint venture – construction
loan
28.9 6.4 Total debt
$60.7 $44.2
Other Operating and Corporate
Expenses
($ in millions)
Quarter
Ended
September
30,
Nine Months
Ended
September
30,
2014
2013 2014
2013 Employee costs $1.8 $2.9
$6.9 $8.6 AgReserves Sale severance --
-- 1.2 -- Pension 0.9 0.6 2.2
1.0 Non-cash stock compensation costs 0.1 --
0.2 -- Property taxes and insurance 1.6
1.5 4.8 5.3 Professional fees 1.2 1.0
3.8 3.8 Marketing and owner association costs
0.3 0.4 1.1 1.4 Occupancy, repairs and
maintenance 0.2 0.3 0.7 0.5 Other
0.4 0.1
1.4 1.2 Total other operating and
corporate expense
$6.5 $6.8
$22.3 $21.8
Additional Information and Where to
Find It
Additional information with respect to the Company’s results for
the third quarter of 2014 will be available in a Form 10-Q that
will be filed with the Securities and Exchange Commission.
Important Notice Regarding
Forward-Looking Statements
This press release includes forward-looking statements,
including statements regarding the Company’s expectations regarding
the Company’s business strategy and future operations and the
progress of the Company it the sector plan approval process
relating to its planned mixed use and active adult communities. The
Company wishes to caution readers that certain important factors
may have affected and could in the future affect the Company’s
actual results and could cause the Company’s actual results for
subsequent periods to differ materially from those expressed in any
forward-looking statement made by or on behalf of the Company,
including (1) economic or other conditions that affect the future
prospects for the Southeastern region of the United States and the
demand for the Company’s products, including reductions in the
availability of mortgage financing or property insurance, increases
in foreclosures, interest rates, the cost of property insurance,
inflation, or unemployment rates or declines in consumer confidence
or the demand for, or the prices of, housing; (2) future regulatory
or legislative actions, accounting changes or litigation that could
adversely affect the Company; (3) the impact of natural or man-made
disasters or weather conditions, including hurricanes and other
severe weather conditions, on the Company’s business; (4) changes
in the Company’s customer base and the mix of homesites available
for sale in its residential real estate, (5) the Company’s ability
to capitalize on its leasing operations in the Pier Park North
joint venture; (6) the Company’s ability to effectively execute its
strategy to expand its resort and leisure operations, (7) the
Company’s ability to capitalize on opportunities relating to its
planned mixed use and active adult communities, including its
ability to successfully and timely obtain land-use entitlements and
construction financing, and address issues that arise in connection
with the use and development of its land, including the permits
required for the launch of its planned mixed use and active adult
communities, and (8) the realization of any further unrealized
losses related to the Company’s investments, including any further
downturns in the Company’s recovery of its corporate debt
securities or any other of its investments as well as the
cautionary statements and risk factor disclosures contained in the
Company's Securities and Exchange Commission filings including the
Company’s Annual Report on Form 10-K filed with the Commission on
February 28, 2014 as updated by subsequent Quarterly Reports on
Form 10-Qs and other current report filings.
About The St. Joe
Company
The St. Joe Company together with its consolidated subsidiaries
is a Florida-based real estate development and operating company
with real estate assets and operations concentrated primarily
between Tallahassee and Destin, Florida. The Company uses these
assets in its residential or commercial real estate developments or
in resorts, leisure and leasing operations or its forestry
operations. More information about the Company can be found on its
website at www.joe.com.
© 2014, The St. Joe Company. “St. Joe®”, “JOE®”, the “Taking
Flight” Design®, “St. Joe (and Taking Flight Design)®” are
registered service marks of The St. Joe Company.
The St. Joe CompanyInvestor Relations Contact:Marek Bakun,
1-866-417-7132Chief Financial OfficerMarek.Bakun@Joe.Com
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