The St. Joe Company Reports First Quarter 2013 Results
WATERSOUND, Fla. - May 8, 2013 - The St. Joe Company (NYSE: JOE) today announced a Net Loss for the first quarter of 2013 of $(2.5) million, or $(0.03) per share, compared to a Net Loss of $(0.9) million, or $(0.01) per share for the first quarter of 2012.
Highlights for the first quarter of 2013 compared to the first quarter of 2012 include:
Park Brady, St. Joe's Chief Executive Officer, said "Our first quarter results for Residential, Forestry and Resorts and Leisure reflect operating improvements and strengthening economic conditions. On another note, our first quarter results for land sales demonstrated that it is the nature of our businesses that revenues and profits may vary on a quarterly and yearly basis due to economic cycles and the timing of business opportunities. We are bullish on the long term business prospects for the Southeastern region of the United States and we are excited about the value that we believe is embedded in our assets. We continue to reduce fixed costs and plan for higher and better uses of our substantial land bank as we witness increasing demand for ready-to-build residential lots and timber products."
WATERSOUND, Fla. - May 8, 2013 - The St. Joe Company (NYSE: JOE) today announced a Net Loss for the first quarter of 2013 of $(2.5) million, or $(0.03) per share, compared to a Net Loss of $(0.9) million, or $(0.01) per share for the first quarter of 2012.
Highlights for the first quarter of 2013 compared to the first quarter of 2012 include:
- Residential revenue increased 111% due primarily to an increase in the number of residential lots sold.
- Resorts, leisure and leasing revenue increased 30% generally due to higher average room rates, a greater number of homes in our vacation rental business, an earlier spring break and the full year effect of commercial leases that commenced during 2012.
- Forestry revenue increased 2% largely due to higher prices for pulp and sawtimber.
- Commercial development revenue decreased by $5.8 million primarily because the Company had a large, $5.4 million land sale in the first quarter of 2012.
- Rural land sale revenue decreased by $4.3 million because the Company did not have the benefit of the rural land sales that it had in the first quarter of last year.
- Operating and corporate expenses declined $1.0 million compared to the first quarter of 2012 primarily due to reductions in staff expense and stock compensation expense.
Park Brady, St. Joe's Chief Executive Officer, said "Our first quarter results for Residential, Forestry and Resorts and Leisure reflect operating improvements and strengthening economic conditions. On another note, our first quarter results for land sales demonstrated that it is the nature of our businesses that revenues and profits may vary on a quarterly and yearly basis due to economic cycles and the timing of business opportunities. We are bullish on the long term business prospects for the Southeastern region of the United States and we are excited about the value that we believe is embedded in our assets. We continue to reduce fixed costs and plan for higher and better uses of our substantial land bank as we witness increasing demand for ready-to-build residential lots and timber products."