Current Report Filing (8-k)
May 07 2015 - 4:11PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of report (Date of earliest event reported):
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May 7,
2015
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THE ST. JOE COMPANY
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(Exact Name of Registrant as
Specified in Its Charter)
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Florida
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1-10466
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59-0432511
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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133 South WaterSound Parkway
WaterSound, FL
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32413
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(850) 231-6400
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(Registrant’s Telephone Number, Including Area Code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
⃞
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
⃞
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
⃞
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
On May 7, 2015, The St. Joe Company issued
a press release announcing its financial results for the quarter ended
March 31, 2015. A copy of the press release is furnished with this
Current Report on Form 8-K as Exhibit 99.1.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
The following exhibit is furnished as part
of this Current Report on Form 8-K.
99.1 Press Release dated May 7, 2015.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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THE ST. JOE COMPANY
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Dated:
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May 7, 2015
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By:
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/s/ Marek Bakun
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Marek Bakun
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Chief Financial Officer
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Exhibit 99.1
The St.
Joe Company Reports First Quarter 2015 Results
WATERSOUND, Fla.--(BUSINESS WIRE)--May 7, 2015--The St. Joe Company
(NYSE: JOE) (the “Company”) today announced a Net Loss for the first
quarter of 2015 of $(1.7) million, or $(0.02) per share, compared with
Net Income of $403.0 million, or $4.37 per share, for the first quarter
of 2014. During the first quarter of 2014, the Company sold
approximately 380,000 acres of the Company’s non-strategic timberlands
and rural land to AgReserves, Inc (the “AgReserves Sale”). As a result
of this sale, the Company recorded earnings of $511.1 million before
income taxes in the first quarter of 2014.
Revenue for the first quarter of 2015 was $17.1 million as compared to
$23.2 million, excluding the AgReserves Sale, in the first quarter of
2014. The decrease in revenue is primarily due to a $6.3 million
decrease in timber revenue as a result of the AgReserves Sale. The
Company’s first quarter revenue was generated from $5.4 million of
residential real estate sales, $7.8 million from resorts and leisure
operations, $2.1 million from leasing operations and $1.8 million from
timber sales.
During the first quarter of 2015, the Company’s revenue from leasing
operations increased 75% to $2.1 million, as compared to $1.2 million in
the first quarter in 2014, primarily due to the Company’s consolidated
joint venture, Pier Park North. Stores at Pier Park North opened
throughout 2014 as construction progressed. Pier Park North is currently
over 80% leased.
Investment income from the Company’s available-for-sale securities for
the first quarter of 2015 was $2.9 million, as compared to $0.2 million
in the first quarter of 2014.
As of March 31, 2015, the Company had cash, cash equivalents and
investments of $675.1 million, as compared to $671.4 million as of
December 31, 2014.
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FINANCIAL DATA
Consolidated Results
($ in millions except share and per share amounts)
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Quarter Ended
March 31,
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2015
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2014
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Revenues
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Real estate sales
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$5.4
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$577.8
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Resorts and leisure revenues
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7.8
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7.0
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Leasing revenues
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2.1
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1.2
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Timber sales
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1.8
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8.1
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Total revenues
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17.1
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594.1
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Expenses
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Cost of real estate sales
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3.1
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62.1
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Cost of resorts and leisure revenues
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8.8
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7.6
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Cost of leasing revenues
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0.7
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0.4
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Cost of timber sales
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0.2
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3.9
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Other operating and corporate expenses
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7.1
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8.5
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Depreciation, depletion and amortization
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2.9
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2.1
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Total expenses
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22.8
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84.6
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Operating (loss) income
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(5.7)
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509.5
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Other income
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2.9
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0.4
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(Loss) income before income taxes
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(2.8)
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509.9
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Income tax (benefit) expense
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(1.1)
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106.9
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Net (loss) income
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(1.7)
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403.0
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Net (loss) income per share
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$(0.02)
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$4.37
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Weighted average shares outstanding
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92,302,636
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92,292,913
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Revenues by Segment
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($ in millions)
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Quarter Ended
March 31,
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2015
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2014
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Revenues:
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Real estate sales
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Residential
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$5.4
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$5.7
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Commercial
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--
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2.4
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AgReserves Sale and other
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--
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569.7
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Total real estate sales
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5.4
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577.8
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Resorts and leisure revenues
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7.8
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7.0
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Leasing revenues
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2.1
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1.2
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Timber sales
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1.8
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8.1
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Total revenues
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$17.1
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$594.1
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Summary Balance Sheet
($ in millions)
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March 31, 2015
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December 31, 2014
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Assets
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Investment in real estate, net
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$321.1
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$321.8
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Cash and cash equivalents
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289.7
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34.5
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Investments
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385.4
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636.9
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Restricted investments
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7.1
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7.9
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Notes receivable, net
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22.4
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24.3
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Pledged treasury securities
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25.5
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25.7
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Property and equipment, net
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10.5
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10.2
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Other assets
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34.4
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32.0
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Investments held by special purpose entities
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209.4
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209.8
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Total assets
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$1,305.5
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$1,303.1
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Liabilities and Equity
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Debt
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$66.4
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$63.8
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Accounts payable, accrued liabilities and deferred credits
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47.4
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47.5
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Deferred tax liabilities
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35.5
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34.8
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Senior Notes held by special purpose entity
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177.4
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177.3
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Total liabilities
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326.7
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323.4
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Total equity
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978.8
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979.7
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Total liabilities and equity
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$1,305.5
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$1,303.1
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Debt Schedule
($ in millions)
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March 31, 2015
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December 31, 2014
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In substance defeased debt
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$25.5
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$25.7
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Community Development District debt
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7.1
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6.5
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Pier Park North joint venture – construction loan
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33.8
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31.6
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Total debt
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$66.4
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$63.8
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Other Operating and Corporate Expenses
($ in millions)
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Quarter Ended
March 31,
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2015
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2014
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Employee costs
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$2.6
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$2.5
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AgReserves Sale severance
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1.2
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401(k) contribution / pension plan
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0.9
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0.7
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Property taxes and insurance
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1.5
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1.7
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Professional fees
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1.2
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1.4
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Marketing and owner association costs
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0.3
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0.5
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Occupancy, repairs and maintenance
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0.1
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0.2
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Other
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0.5
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0.3
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Total other operating and corporate expenses
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$7.1
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$8.5
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Additional Information and Where to Find It
Additional information with respect to the Company’s results for the
first quarter of 2015 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 growth and development
of the resort operations business. 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 the Company’s 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 its resorts 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 26, 2015 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 currently concentrated primarily between Tallahassee and
Destin, Florida. The Company uses these assets in its residential or
commercial real estate developments, resorts and leisure operations,
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.
CONTACT:
The St. Joe Company
Investor Relations Contact:
Marek
Bakun, 1-866-417-7132
Chief Financial Officer
Marek.Bakun@Joe.Com
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