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.