The St. Joe Company (NYSE: JOE) (the “Company”) today announced
a Net Loss for the fourth quarter of 2014 of $11.1 million, or
$0.12 per share, compared with Net Income of $0.5 million, or $0.00
per share, for the fourth quarter of 2013. Net loss for the fourth
quarter of 2014 includes $11.3 million of expense related to the
previously announced termination of the Company’s Pension Plan,
which includes a non-cash charge of $6.5 million and excise taxes
of $4.8 million. In December 2014, the Company received the
remaining plan assets of $23.8 million of cash prior to paying the
excise taxes.
For the full year ended December 31, 2014, the Company reported
pretax income of $521.8 million as compared to $4.5 million for the
prior year. Net Income for the full year of 2014 was $406.5
million, or $4.40 per share, compared to Net Income of $5.0
million, or $0.05 per share, for full year of 2013.
Revenue for the fourth quarter of 2014 was $15.7 million as
compared to $33.9 million in the fourth quarter of 2013. The
Company’s fourth quarter revenue was generated from $4.4 million of
real estate sales, $10.1 million from resort, leisure and leasing
operations and $1.2 million of timber sales. For the full year of
2014, the Company generated $701.9 million in revenue as compared
to $131.2 million for the full year of 2013.
As of December 31, 2014, the Company had cash, cash
equivalents and investments of $671.4 million, as compared to
$168.9 million as of December 31, 2013.
FINANCIAL DATA Consolidated Results
($ in millions except share and per
share amounts)
Quarter
Ended
Year
Ended
December 31, December 31,
2014 2013
2014 2013 Revenues
Real estate
sales $4.4 $17.2 $634.9 $45.0 Resorts,
leisure and leasing revenues 10.1 8.4 55.5
50.8 Timber sales
1.2
8.3 11.5 35.4
Total revenues
15.7 33.9
701.9 131.2 Expenses
Cost of real
estate sales 2.3 8.6 86.6 24.3 Cost of
resorts, leisure and leasing revenues 9.5 7.6
45.7 41.1 Cost of timber sales 0.2 4.9
4.5 21.5 Other operating expenses 3.7 3.6
13.5 12.3 Corporate expenses 2.5 3.4
12.7 15.5 Administrative costs associated with
special purpose entities -- -- 3.7 --
Depreciation, depletion and amortization 2.2 2.2
8.4 9.1 Impairment losses -- 5.1
-- 5.1 Pension charges
11.3
0.5 13.5 1.5
Total expenses
31.7 35.9
188.6 130.4 Operating
(loss) income
(16.0) (2.0)
513.3 0.8 Other income
5.1 1.8
8.5 3.7 (Loss) income from
operations before equity in loss from unconsolidated affiliates and
income taxes
(10.9) (0.2)
521.8 4.5 Equity in income
from unconsolidated affiliates
--
0.1 -- 0.1
Income tax (benefit) expense
0.3
(0.6) 115.5
(0.4) Net (loss) income
(11.2)
0.5 406.3
5.0 Net loss attributable to non-controlling interest
0.1 --
0.2 -- Net (loss) income
attributable to the Company
(11.1)
$0.5 $406.5
$5.0 Net (loss) income per share attributable to the
Company
$(0.12) $--
$4.40 $0.05 Weighted average
shares outstanding 92,297,467 92,293,378
92,297,467 92,285,888
Revenues by Segment
($ in millions)
Quarter
Ended
Year
Ended
December 31, December 31,
2014 2013
2014 2013 Revenues:
Real estate
sales
Residential $4.3 $9.7 $17.8 $33.7
RiverTown Sale -- 7.4 43.6 10.9
Commercial -- -- 3.3 -- AgReserves Sale
and other
0.1 0.1
570.2 0.4 Total real estate sales
4.4 17.2 634.9 45.0 Resorts, leisure
and leasing revenues 10.1 8.4 55.5 50.8
Timber sales
1.2 8.3
11.5 35.4 Total revenues
$15.7 $33.9
$701.9 $131.2
Summary Balance Sheet
($ in millions)
December 31, 2014
December 31, 2013 Assets
Investment in real estate, net $321.8
$385.0 Cash and cash equivalents 34.5 21.9
Investments 636.9 147.0 Restricted investments
7.9 -- Notes receivable, net 24.3 7.3 Pledged
treasury securities 25.7 26.3 Prepaid pension asset
-- 35.1 Property and equipment, net 10.2
11.4 Deferred tax asset -- 12.9 Other assets
32.0 22.6 Investments held by special purpose
entities
209.8 -- Total
assets
$1,303.1 $669.5
Liabilities and Equity
Debt 63.8 $44.2 Senior
Notes held by special purpose entity 177.3 --
Accounts payable, accrued liabilities and deferred credits
47.5 61.8 Deferred tax liabilities
34.8
-- Total liabilities
323.4
106.0 Total equity
979.7
563.5 Total liabilities and equity
$1,303.1 $669.5
Debt Schedule
($ in millions)
December 31, 2014
December 31, 2013 In substance defeased
debt $25.7 $26.3 Community Development District debt
6.5 11.5 Pier Park North joint venture – construction
loan
31.6 6.4 Total debt
$63.8 $44.2
Other Operating and Corporate
Expenses
($ in millions)
Quarter Ended
Year Ended
December 31,
December 31,
2014
2013
2014 2013
Employee costs $1.5 $2.6 $8.4 $11.2
AgReserves Sale severance -- -- 1.2 --
Non-cash stock compensation costs -- -- 0.2
-- Property taxes and insurance 1.5 2.4
6.3 7.6 Professional fees 1.4 1.1 5.2
4.9 Marketing and owner association costs 0.5
0.4 1.6 1.8 Occupancy, repairs and maintenance
0.3 0.3 0.9 0.7 Other
1.0
0.2 2.4
1.6 Total other operating and corporate expense
$6.2 $7.0
$26.2 $27.8
Additional Information and Where to
Find It
Additional information with respect to the Company’s results for
the full year and fourth quarter of 2014 will be available in a
Form 10-K 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. 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) changes in the Company’s strategic objectives,
including any such changes implemented as a result of our planned
CEO search; (2) 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 a slowing of the
population growth in Florida, inflation, or unemployment rates or
declines in consumer confidence or the demand for, or the prices
of, housing; (3) pending or future regulatory or legislative
actions, accounting changes or litigation that could adversely
affect the Company; (4) the impact of natural or man-made disasters
or weather conditions, including hurricanes and other severe
weather conditions, on the Company’s business; (5) changes in the
Company’s customer base and the mix of homesites available for sale
in its residential real estate; (6) changes in the cyclical nature
of the Company’s real estate operations; (6) the Company’s ability
to capitalize on its leasing operations in the Pier Park North
joint venture; (7) the Company’s ability to effectively execute its
strategy in resort and leisure operations; (8) 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; (9) the realization of any unrealized losses related
to the Company’s investments, including any potential further
downturns in the Company’s corporate debt securities or any other
of its investments; and (10) the Company’s ability to effectively
deploy and invest its assets, including available-for-sale
securities 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 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, resorts,
leisure and leasing operations or its forestry operations. More
information about the Company can be found on its website at
www.joe.com.
© 2015, 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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