This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The St. Joe Company Reports Full Year And Fourth Quarter 2013 Results

The St. Joe Company (NYSE: JOE) today announced Net Income for full year 2013 of $5.0 million, or $0.05 per share, which includes a non-cash impairment charge of $5.1 million. This compares to Net Income of $6.0 million, or $0.07 per share for full year 2012.

For the fourth quarter of 2013, St. Joe announced Net Income of $0.5 million, or $0.00 per share, which includes the non-cash impairment charge of $5.1 million. This compares to a Net Loss of $(8.6) million, or $(0.09) per share for the fourth quarter of 2012.

For the full year 2013, revenues and gross margins increased in the Company’s residential real estate segment, commercial real estate segment, and resorts, leisure and leasing segment while revenue decreased in the forestry segment. There were no significant transactions in the Company’s rural land segment in 2013.

2013 highlights include:
  • Residential real estate revenue increased from $22.1 million in 2012 to $33.7 million for the full year 2013. The 53% increase in 2013 was primarily due to increased demand and pricing from homebuilders for homesites in the Company’s resort and primary communities.
  • Commercial real estate revenue increased from $10.4 million in 2012 to $10.9 million in 2013. In 2013, commercial real estate sales including $6.0 million for two build-to-suit operating properties.
  • Resorts, leisure and leasing revenue increased 14% in 2013 to $50.8 million primarily due to the increase in the number and size of homes in the Company’s vacation rental program, higher room occupancy rates and a full year of rent from a build-to-suit property.

  • Timber sales decreased $3.6 million from $39.0 million in 2012 to $35.4 million in 2013 primarily due to a 17% decrease in tons sold, partially offset by 9% increase in price of pulpwood and 14% increase in sawtimber. The decrease in volume of tons sold was primarily due to unusually high amounts of rain over the summer months and harvest limits included in the AgReserves sale agreement which affected the fourth quarter of 2013.
  • Rural land revenues can vary drastically. During 2013, there were no significant transactions in the Company’s rural land segment as compared to nine land sales for $23.4 million during 2012.
  • Other operating expenses and Corporate expenses declined by $1.9 million in 2013 compared to 2012 primarily due to reductions in employee related costs and lower real estate carrying costs.

During the fourth quarter, the Company entered into two material agreements. The first was an agreement to sell approximately 382,834 acres of timberland to AgReserves Inc. for $565 million. The closing is subject to a number of conditions, including approval by the Company’s shareholders. The second was an agreement to sell the 4,057 acre RiverTown Community to Mattamy (Jacksonville) Partnership for $43.6 million in cash, subject to adjustments set forth in the agreement, assumption of RiverEdge CDD obligations of approximately $11.1 million ($5.6 is recorded as a liability as of December 31, 2013) and an estimated $20 million to $26 million for impact fees over the 5-year period following closing. Additional information on these two agreements can be found in the Company’s Forms 8-K filed with the SEC.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,818.77 +98.85 0.56%
S&P 500 2,092.28 +11.87 0.57%
NASDAQ 5,133.4270 +24.7610 0.48%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs