The St. Joe Company Reports First Quarter 2011 Results

The St. Joe Company (NYSE:JOE) today announced Net Income for the first quarter of 2011 of $14.1 million, or $0.15 per share, compared to a Net Loss of $(11.4) million, or $(0.13) per share for the first quarter of 2010.

Results for the three months ended March 31, 2011 included a pre-tax gain of $50.3 million, or $0.36 per share net of tax, from the sale of a 40,975 acre timber deed and pre-tax charges of $16.8 million, or $0.12 per share net of tax, including the following:

• Acceleration of $6.2 million of restricted stock amortization expense due to the change in control of the Board of Directors and the vesting of most of our former President and Chief Executive Officer’s restricted stock,
• Legal fees totaling $5.3 million due to defending the securities class action lawsuit, responding to the SEC informal inquiry, engaging a new law firm related to the foregoing, pursuing the three lawsuits against the parties St. Joe believes are responsible for the Deepwater Horizon oil spill, and legal costs incurred in connection with the change in control of the Board and other corporate governance matters,
• Restructuring charges of $4.5 million including payments to our former President and Chief Executive Officer under the terms of his Separation Agreement, and
• Impairment charges of $0.8 million in connection with the decision to indefinitely delay the development of the Company’s new corporate headquarters.

“We were very pleased to close the timber deed sale in March,” said Hugh Durden, Interim Chief Executive Officer. “Although real estate sales remain sluggish, we experienced some increased traffic and activity in our real estate segments, and we continued to invest our time and resources in the VentureCrossings project adjacent to the new airport.”

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