FINANCIAL DATA

($ in millions except per share amounts)

 

Consolidated Statements of Operations
   
 
  Quarter Ended Sept. 30, Nine Months Ended Sept. 30,
  2012   2011 2012   2011
Revenues        
Real estate sales $32.1 $5.7 $51.0 $14.4
Resort and club revenues 13.1 12.0 34.2 30.1
Timber sales 9.5 8.2 28.8 79.0
Other revenues 1.2 0.8 2.8 2.0
Total revenues 55.9 26.7 116.8 125.5
Expenses        
Cost of real estate sales 14.4 3.6 24.9 8.2
Cost of resort and club revenues 10.9 10.6 29.3 28.1
Cost of timber sales 5.5 5.1 18.0 17.3
Cost of other revenues 0.7 0.7 1.9 1.7
Other operating expenses 3.4 4.7 11.4 18.0
Corporate expense, net 3.2 2.8 12.5 29.4
Restructuring charge -- 0.4 0.1 10.8
Impairment losses -- -- -- 2.5
Depreciation and amortization 2.4 3.0 7.2 12.9
Total expenses 40.5 30.9 105.4 128.9
Operating profit (loss) 15.4 (4.2) 11.4 (3.4)
Other income (expense) 0.3 0.3 4.2 0.9
Pretax loss from continuing operations 15.7 (3.9) 15.6 (2.5)
Income tax (expense) benefit (0.4) 1.5 (1.0) 0.8
Equity (loss) in income of unconsolidated affiliates -- -- -- --
Net income (loss) $15.3 $(2.4) 14.6 $(1.7)
Net income (loss) per share $0.17 $(0.03) $0.16 $(0.02)
         
Weighted average shares outstanding 92,292,053 92,190,064 92,275,790 92,243,345

Revenues by Segment
   
  Quarter Ended Sept. 30, Nine Months Ended Sept. 30,
  2012   2011 2012   2011
Residential        
Real estate sales $9.6 $3.9 $17.4 $9.0
Resort and club revenues 13.1 12.0 34.2 30.1
Other revenues 0.7 0.7 1.9 1.7
Total Residential 23.4 16.6 53.5 40.8
Commercial        
Real estate sales 3.6 1.3 10.3 2.1
Rental revenues 0.5 0.1 0.9 0.3
Total Commercial 4.1 1.4 11.2 2.4
Rural Land sales 18.9 0.5 23.3 3.3
Forestry sales 9.5 8.2 28.8 79.0
Total revenues $55.9 $26.7 $116.8 $125.5

Summary Balance Sheet
 
September 30, 2012 December 31, 2011
Assets    
Investment in real estate $372.8 $387.2
Cash and cash equivalents 172.4 162.4
Notes receivable 4.0 4.6
Pledged treasury securities 21.7 23.3
Prepaid pension asset 34.4 35.1
Property, plant and equipment, net 13.1 14.9
Deferred tax asset 11.7 11.7
Other assets 22.6 22.1
Total assets $652.7 $661.3
   
Liabilities and Equity    
Debt $30.4 $53.5
Accounts payable, accrued liabilities 62.3 63.9
Total liabilities $92.7 $117.4
Total equity 560.0 543.9
Total liabilities and equity $652.7 $661.3

Debt Schedule
   
  September 30, 2012 December 31, 2011
Defeased debt $21.7 $23.3
Community Development District debt 8.7 30.2
Total debt $30.4 $53.5

Other Operating and Corporate Expenses

($ in millions)
   
  Quarter Ended Sept. 30, Nine Months Ended Sept. 30,
  2012   2011 2012   2011
Employee costs $2.6 $(3.3) (1) $8.6 $4.0 (1)
Non-cash stock compensation costs 0.0 0.2 1.1 8.6
Property taxes and insurance 1.7 2.2 6.0 6.9
Marketing and homeowner association cost 0.5 0.4 1.7 2.1
Occupancy, repairs and maintenance 0.4 0.8 0.9 2.7
Professional fees 0.9 3.3 3.5 14.4
Other 0.4 0.4 1.3 1.6
Pension expense 0.1 3.7 0.9 7.8
Capitalized costs 0.0 (0.2) (0.1) (0.8)
Total other operating and corporate expense $6.6 $7.5 $23.9 $47.3

(1) In the three months ending September 30, 2011 the Company recorded a one-time adjustment reducing compensation expense by $5.5 million as a result of the termination of retiree medical benefits.

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