The St. Joe Company (NYSE:JOE) (the “Company”) today announced
Net Loss for the fourth quarter of 2015 of $(2.5) million, or
$(0.03) per share, compared with Net Loss of $(11.1) million, or
$(0.12) per share, for the fourth quarter of 2014. For the full
year ended December 31, 2015, the Company reported Net Loss of
$(1.7) million, or $(0.02) per share compared to Net Income of
$406.5 million, or $4.40 per share for the same period last year.
The 2014 earnings included the Company’s AgReserves and RiverTown
transactions and the Company’s Pension Plan termination.
Fourth Quarter and Full Year 2015 update includes:
- Total revenue for the quarter was $21.1
million as compared to $15.7 million in the fourth quarter of 2014
due to increases in real estate sales, resorts and leisure revenues
and leasing revenues partially offset by a decrease in timber
sales. For the full year 2015, total revenue was $103.9 million
compared to $701.9 million for the same period in 2014. Excluding
the Company’s AgReserves and RiverTown transactions, 2014 revenue
was $87.4 million.
- Real estate sales increased to $9.4
million in the fourth quarter of 2015 as compared to $4.4 million
in the fourth quarter of 2014. This increase was due to increased
volume and price of lots in the Company’s primary and resort home
communities and the sale of a non-strategic commercial 3.1 acre
parcel for $2.5 million.
- Resorts and leisure revenue increased
approximately $0.8 million, or 10%, in the fourth quarter of 2015
as compared to the fourth quarter of 2014. The increase relates to
continuing growth in visitors particularly for the fall school
break, due in part to favorable weather conditions, and increases
in wedding and corporate functions business.
- Timber sales decreased to $0.7 million
during the fourth quarter of 2015 as compared to $1.2 million in
the fourth quarter of 2014 due to lower tons sold.
- During the fourth quarter of 2015, the
Company, through the Pier Park North joint venture, refinanced the
construction loan and entered into a $48.2 million, 10 year, term
loan secured by a first lien and security interest in the joint
venture property and a short term $6.62 million letter of credit
with limited guarantees. In addition, in October 2015, the
Company’s defeased debt of $25.3 million was repaid utilizing the
cash from previously pledged treasury securities.
- As of December 31, 2015, the Company
had cash, cash equivalents and investments of $404.0 million, as
compared to $671.4 million as of December 31, 2014, a decrease of
$267.4 million. The decrease was related to the $305.0 million of
cash used for stock repurchases offset by net receipts from the
Company’s operations and other activities.
Jorge Gonzalez, the Company’s President and Chief Executive
Officer, said, “We had a constructive year at St. Joe with a number
of initiatives we can build upon such as the approval of the
Bay-Walton Sector Plan, return to our shareholders of over $300
million in cash through our share buy-backs, and a seamless
management transition.” Mr. Gonzalez added, “We are poised to focus
our resources and energy on maximizing the value of our assets as
we move forward into the new year.”
FINANCIAL DATA Consolidated Results ($ in
millions except share and per share amounts)
Quarter Ended
December 31,
Year Ended
December 31,
2015
2014 2015
2014 Revenues
Real estate sales $9.4 $4.4
$33.7 $634.9 Resorts and leisure
revenues 8.8 8.0 54.5
48.5 Leasing revenues 2.2
2.1 9.0 7.0 Timber sales
0.7 1.2
6.7 11.5 Total revenues
21.1 15.7
103.9 701.9
Expenses
Cost of real estate sales
4.2 2.5 16.4 87.1 Cost of
resorts and leisure revenues 8.8 8.5
47.1 42.9 Cost of leasing revenues
0.8 0.8 2.8
2.3 Cost of timber sales 0.2 0.2
0.8 4.5 Other operating and corporate expenses
8.7 6.2 33.4
26.2 Administrative costs associated with special purpose
entities -- -- --
3.7 Depreciation, depletion and amortization
2.2 2.2 9.5 8.4 Pension
charge -- 11.3 --
13.5 Total expenses
24.9
31.7 110.0
188.6 Operating (loss) income
(3.8) (16.0)
(6.1) 513.3 Other (loss)
income
(0.1)
5.1 5.0
8.5 Loss (income) from operations before equity in
income from unconsolidated affiliates and income taxes
(3.9) (10.9)
(1.1) 521.8 Income
tax (benefit) expense
(1.2)
0.3 0.8
115.5 Net (loss) income
(2.7) (11.2)
(1.9) 406.3 Net gain
attributable to non-controlling interest
0.2 0.1
0.2 0.2 Net (loss) income
attributable to the Company
$(2.5)
$(11.1)
$(1.7) $406.5 Net (loss)
income per share attributable to the Company
$(0.03) $(0.12)
$(0.02) $4.40
Weighted average shares outstanding 75,329,557
92,297,467 87,827,869 92,297,467
Revenues by Segment ($ in millions)
Quarter Ended
December 31,
Year Ended
December 31,
2015
2014 2015
2014 Revenues:
Real estate sales
Residential $6.9
$4.3 $21.1 $17.8 RiverTown Sale -- --
-- 43.6 Commercial 2.5 -- 7.2
3.3 AgReserves Sale and other rural land sales
-- 0.1 5.4
570.2 Total real estate sales 9.4
4.4 33.7 634.9 Resorts and leisure revenues
8.8 8.0 54.5 48.5 Leasing revenues 2.2
2.1 9.0 7.0 Timber sales
0.7 1.2 6.7
11.5 Total revenues
$21.1
$15.7 $103.9
$701.9
Summary Balance Sheet ($ in
millions) December 31,
2015 December 31, 2014
Assets Investment in real
estate, net $313.6 $321.8 Cash and cash equivalents
212.8 34.5 Investments 191.2 636.9
Restricted investments 7.1 7.9 Notes receivable, net
2.6 24.3 Pledged cash and treasury securities
-- 25.7 Property and equipment, net 10.1 10.2
Other assets 38.6 32.0 Investments held by special
purpose entities
208.8
209.8 Total assets
$984.8
$1,303.1
Liabilities and Equity Debt
$55.2 $63.8 Accounts payable, accrued liabilities and
deferred credits 41.9 47.5 Deferred tax liabilities
36.8 34.8 Senior Notes held by special purpose entity
177.5 177.3 Total
liabilities
311.4 323.4
Total equity
673.4 979.7
Total liabilities and equity
$984.8
$1,303.1 Debt Schedule ($ in
millions) December 31,
2015 December 31, 2014 Pier
Park North $48.2 $31.6 Community Development District
debt 7.0 6.5 In substance defeased debt
-- 25.7
Total debt
$55.2 $63.8 Other
Operating and Corporate Expenses ($ in millions)
Quarter Ended
December 31,
Year Ended
December 31,
2015
2014 2015
2014 Employee costs $3.8 $1.5
$13.8 $8.4 AgReserves Sale severance --
-- -- 1.2 401(k) contribution / pension costs
0.1 -- 1.3 -- Non-cash stock compensation
costs -- -- 0.2 0.2 Property taxes and
insurance 1.4 1.5 5.7 6.3 Professional
fees 1.8 1.4 7.4 5.2 Marketing and
owner association costs 0.4 0.5 1.4 1.6
Occupancy, repairs and maintenance 0.6 0.3 1.3
0.9 Other
0.6 1.0
2.3 2.4 Total other
operating and corporate expense
$8.7
$6.2 $33.4
$26.2
Important Notice Regarding
Forward-Looking Statements
This press release includes forward-looking statements,
including statements regarding the Company’s expectations regarding
its business strategy, future operations and pursuit of value
creation for its shareholders. 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 and its ability to implement such
strategic objectives; (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) any potential negative impact
of the Company’s longer-term property development strategy,
including losses and negative cash flows for an extended period of
time if the Company continues with the self-development of recently
granted entitlements; (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) the
Company’s ability to capitalize on its leasing operations in the
Pier Park North joint venture; (6) the Company’s ability to
capitalize on opportunities relating to its mixed use and active
adult communities, including its ability to successfully and timely
obtain land-use entitlements and construction financing, maintain
compliance with state law requirements and address issues that
arise in connection with the use and development of its land,
including the permits required for the mixed use and active adult
communities; (7) the impact of market volatility on the value of
the Company’s investments, including potential unrealized losses or
the realization of losses on its investments; (8) the Company’s use
of its share repurchase authorization and its ability to carry out
the Stock Repurchase Program in accordance with applicable
securities laws; (9) the Company’s ability to realize the
anticipated benefits of its Stock Repurchase Program; 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, asset management and operating
company concentrated primarily between Tallahassee and Destin,
Florida. More information about the Company can be found on its
website at www.joe.com.
© 2016, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160302006553/en/
The St. Joe CompanyInvestor Relations:Marek Bakun,
1-866-417-7132Chief Financial OfficerMarek.Bakun@Joe.Com
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