Followers | 241 |
Posts | 12151 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Thursday, August 04, 2011 6:08:06 PM
WATERSOUND, Fla.--(BUSINESS WIRE)--The St. Joe Company (NYSE: JOE) today announced a Net Loss for the second quarter of 2011 of $(13.3) million, or $(0.14) per share, compared to a Net Loss of $(8.6) million, or $(0.09) per share, for the second quarter of 2010. For the six months ended June 30, 2011, St. Joe reported Net Income of $0.8 million, or $0.01 per share, compared to a Net Loss of $(20.0) million, or $(0.22) per share, during the same period of 2010.
Results for the three months ended June 30, 2011 included an increase in operating revenues of 15% compared to the same period last year. Also included in this year’s second quarter results were elevated legal fees and restructuring charges totaling $9.5 million, an increase of $8.0 million over the same period last year.
During the quarter, St. Joe reduced its operating and corporate expenses by an annual run rate of approximately $15 million. The Company expects further reductions throughout the balance of the year and is committed to the goal of achieving sustainable cash flows from core operations in the near term.
Though still early in the economic and real estate recovery, as a result of renewed interest and demand in certain of the Company’s markets, St. Joe plans to invest approximately $30 million of capital over the next 12 months in its Breakfast Point, RiverTown and VentureCrossings projects. Additionally, the Company is experiencing meaningful business relocation interest and believes that it will announce commitments with one or more potential corporate tenants at VentureCrossings before year-end.
At June 30, 2011, St. Joe had cash of $199.8 million, pledged treasury securities of $24.3 million and debt of $53.1 million, $24.3 million of which is defeased debt. The Company believes that its current cash position and anticipated cash flows will be sufficient to meet its currently anticipated liquidity requirements and capital needs.
St. Joe is also continuing to explore strategic opportunities accretive to shareholders including joint ventures and partnerships, acquisitions or dispositions, investments, dividends and stock repurchases.
Additional Information
Additional information with respect to the Company’s results for the second quarter of 2011 will be available in a Form 10-Q that will be filed with the Securities and Exchange Commission.
About St. Joe
The St. Joe Company, a publicly held company based in WaterSound, is one of Florida’s largest real estate development companies and Northwest Florida’s largest private landowner. St. Joe is primarily engaged in real estate development and sales, with significant interests in timber. More information about the Company can be found on its website at www.joe.com.
http://www.businesswire.com/news/home/20110804006867/en/St.-Joe-Company-Reports-Quarter-2011-Results
If you aren't an Enterprising Investor, become one—you'll love making money like Benjamin Graham.
Recent JOE News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/27/2024 09:49:30 PM
- Latitude Margaritaville Watersound Named Among Top 50 Master-Planned Communities in U.S. • Business Wire • 08/21/2024 08:05:00 PM
- The St. Joe Company Announces New Homebuilder Relationships With Holiday Builders and Harris Doyle Homes • Business Wire • 08/15/2024 08:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 08:41:52 PM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 07/30/2024 11:32:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/30/2024 11:29:10 PM
- The St. Joe Company Highlights Record-Breaking Results for Its Hospitality Segment for the Second Quarter 2024 and Releases Video Tour of Diverse Hospitality Offerings • Business Wire • 07/25/2024 08:05:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/24/2024 08:21:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/24/2024 08:10:35 PM
- The St. Joe Company Reports Second Quarter and First Half 2024 Results and Increases Quarterly Dividend by 17% • Business Wire • 07/24/2024 08:10:00 PM
- The St. Joe Company and Tallahassee Memorial HealthCare Announce Opening of the First Building at the FSU/TMH Medical Campus in Panama City Beach, Florida • Business Wire • 07/17/2024 09:00:00 PM
- Construction underway on additional Latitude Town Square amenities at Latitude Margaritaville Watersound • Business Wire • 06/24/2024 08:05:00 PM
- The St. Joe Company Announces the Longleaf Art Park at the Watersound Origins Community • Business Wire • 06/18/2024 08:05:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 06/07/2024 05:30:02 PM
- The St. Joe Company Announces New Tenant Openings at Watersound® Town Center as Construction Continues on Future Leasable Space • Business Wire • 06/04/2024 09:46:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/29/2024 03:46:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 09:49:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 08:49:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/17/2024 08:10:34 PM
- The St. Joe Company Hosts 2024 Annual Meeting of Shareholders and Released a Video Featuring Many of Its Residential, Commercial and Hospitality Assets • Business Wire • 05/15/2024 09:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 10:33:12 AM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 05/07/2024 10:22:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 10:17:38 PM
- The St. Joe Company Releases the Spring/Summer Issue of “Watersound Lifestyle℠,” the Watersound Club® Member Magazine • Business Wire • 04/29/2024 09:20:00 PM
- The St. Joe Company Reports First Quarter 2024 Results and Declares a Quarterly Dividend of $0.12 • Business Wire • 04/24/2024 10:29:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM