The St. Joe Company (NYSE: JOE) today announced a Net Loss for the full year ended 2011 of $(330.3) million, or $(3.58) per share, which included pre-tax non-cash impairment charges of $377.3 million, or $3.52 per share after tax. This compares to a Net Loss of $(35.9) million, or $(0.39) per share for the year 2010, which included pre-tax charges of $27.1 million, or $0.12 per share after tax.
For the fourth quarter of 2011, St. Joe had a Net Loss of $(328.6) million, or $(3.56) per share, which included pre-tax non-cash impairment charges of $374.8 million, or $3.50 per share after-tax. This compares to a Net Loss of $(2.7) million, or $(0.03) per share, for the fourth quarter of 2010, which included pre-tax charges of $10.7 million, or $0.07 per share after tax.
As previously announced on January 27, 2012, the Company’s Board of Directors adopted a new real estate investment strategy, which is focused on reducing future capital outlays and employing new risk-adjusted investment return criteria for evaluating the Company’s properties and future investments in such properties. Pursuant to this new strategy, the Company intends to significantly reduce and reprioritize future capital expenditures for infrastructure, amenities and master planned community development, and reposition certain assets to encourage increased absorption of such properties in their respective markets. As a result of this new strategy, the Company recorded a non-cash charge for impairments of $374.8 million in the fourth quarter of 2011. Other pre-tax charges for the fourth quarter of 2011 included restructuring charges, as well as pension settlement and curtailment charges related to restructurings totaling $1.8 million. By comparison, in the fourth quarter of 2010, the Company had pre-tax charges of $8.0 million for impairments on unconsolidated affiliates, real estate and other assets; $1.6 million for costs resulting from the Deepwater Horizon oil spill; and $1.1 million of restructuring and other charges.
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