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The St. Joe Company's Management Discusses Results - Earnings Call Transcript

Let me take a moment to explain our approach to investor relations. We're reinstituting a quarterly earnings call, which I'll provide brief comments and then I'll have pre-qualified analysts to ask questions. We're running with a lean management team here, so to save time and make it easier to comply with Regulation FD, we're no longer meeting with analysts and investors between the third quarterly earnings announcements.

These quarterly earnings calls, like this one today, will be your main opportunity to ask questions. I will prepare, ten days after the call, to take phone calls to clarify statements made on today's call, but I won't be answering additional questions or adding information to what was said on today's call.

Let's move on to second quarter results. Compared to the second quarter of last year our situation has certainly improved. Revenue was higher in the second quarter this year compared to the second quarter of last and we generated positive cash flow in the second quarter just ended. We are encouraged by the trends that we see developing in our businesses.

Revenue in the second quarter increased to $30.4 million compared to $25.3 million in the second quarter of 2011, which is about a 20% increase. For the six month ended June 30, 2012, the company reported $60.9 million of revenue compared to about $98.7 million for the first six months of last year. If we adjust for a one-time timber deed, it was executed in the first half of last year for the amount of $54.5 million, then I can tell you that on pro forma basis revenue increased for the first half of the year by $44.2 million to $60.9 million.

Several things have contributed to the improvement in revenues in the second quarter. The sale of residential units increased 68% quarter-over-quarter. In the associated revenue grew 50% for the same period. Sales of home sites increased in all of our communitities and sales in primary communities, such Rivertown and Breakfast Point grew at a faster pace than sales in the resort communities, such as WaterColor.

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