The St. Joe Company (NYSE: JOE) today announced Net Profit for the full year ended 2012 of $6.0 million, or $0.07 per share. This compares to a Net Loss of $(330.3) million, or $(3.58) per share for the year 2011, which included pre-tax non-cash impairment charges of $377.3 million, or $3.52 per share after tax.
For the fourth quarter of 2012, St. Joe had a Net Loss of $(8.6) million, or $(0.09) per share. This compares to a Net Loss of $(328.6) million, or $(3.56) per share, for the fourth quarter of 2011, which included pre-tax non-cash impairment charges of $374.8 million, or $3.50 per share after-tax.
2012 highlights include:
- The number of residential units sold increased from 133 units in 2011 to 158 units in 2012. Pricing also improved, particularly in the Company’s resort communities. The combination of higher pricing and a greater number of units sold contributed to a revenue increase of 81% in residential real estate sales in 2012 compared to 2011.
- Tons of timber sold increased approximately 19% year over year because the Company opened more of the Company’s land to timber harvesting, and our investments in technology and infrastructure had a positive impact on production.
- Revenue in the Company’s resorts, leisure and leasing operations business grew approximately 16% in 2012 compared to 2011 due to a strong summer vacation season as well as the commencement of rent for two commercial leases, one at Port St. Joe and the other at Venture Crossings, in the latter half of 2012.
- Real estate sales in the Company’s rural land businesses was positively and significantly impacted by the sale of two non-strategic pieces of property totaling 3,240 acres at an average price of $5,655 per acre, or $18.3 million in total.
- Operating and corporate expenses declined $18.8 million compared to 2011 as a result of lower legal fees, decreased pension charges and reduced stock-based compensation charges.
- The Company prepaid $19.3 million of debt at its RiverTown project related to infrastructure and community improvement projects. By prepaying the debt, the Company will save approximately $6.0 million in interest expense over the next four and half years.
Park Brady, St. Joe’s Chief Executive Officer, said, “We’re very happy with our progress in 2012. Operating results in each of our businesses improved compared to 2011. Our residential development business, in particular, experienced improving trends in sales volume and pricing and that momentum appears to be carrying forward into 2013. Although the economic recovery is still slow, we are optimistic about future growth in our businesses.”
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