Other The St. Joe Company Reports Fourth Quarter and Full Year 2015 Results

[SoWal Staff]

The St. Joe Company (NYSE:JOE) (the "Company") today announced Net Loss for the fourth quarter of 2015 of $(2.5) million, or $(0.03) per share, compared with Net Loss of $(11.1) million, or $(0.12) per share, for the fourth quarter of 2014. For the full year ended December 31, 2015, the Company reported Net Loss of $(1.7) million, or $(0.02) per share compared to Net Income of $406.5 million, or $4.40 per share for the same period last year. The 2014 earnings included the Company's AgReserves and RiverTown transactions and the Company's Pension Plan termination.

Fourth Quarter and Full Year 2015 update includes:

• Total revenue for the quarter was $21.1 million as compared to $15.7 million in the fourth quarter of 2014 due to increases in real estate sales, resorts and leisure revenues and leasing revenues partially offset by a decrease in timber sales. For the full year 2015, total revenue was $103.9 million compared to $701.9 million for the same period in 2014. Excluding the Company's AgReserves and RiverTown transactions, 2014 revenue was $87.4 million.
• Real estate sales increased to $9.4 million in the fourth quarter of 2015 as compared to $4.4 million in the fourth quarter of 2014. This increase was due to increased volume and price of lots in the Company's primary and resort home communities and the sale of a non-strategic commercial 3.1 acre parcel for $2.5 million.
• Resorts and leisure revenue increased approximately $0.8 million, or 10%, in the fourth quarter of 2015 as compared to the fourth quarter of 2014. The increase relates to continuing growth in visitors particularly for the fall school break, due in part to favorable weather conditions, and increases in wedding and corporate functions business.
• Timber sales decreased to $0.7 million during the fourth quarter of 2015 as compared to $1.2 million in the fourth quarter of 2014 due to lower tons sold.
• During the fourth quarter of 2015, the Company, through the Pier Park North joint venture, refinanced the construction loan and entered into a $48.2 million, 10 year, term loan secured by a first lien and security interest in the joint venture property and a short term $6.62 million letter of credit with limited guarantees. In addition, in October 2015, the Company's defeased debt of $25.3 million was repaid utilizing the cash from previously pledged treasury securities.
• As of December 31, 2015, the Company had cash, cash equivalents and investments of $404.0 million, as compared to $671.4 million as of December 31, 2014, a decrease of $267.4 million. The decrease was related to the $305.0 million of cash used for stock repurchases offset by net receipts from the Company's operations and other activities.

Jorge Gonzalez, the Company's President and Chief Executive Officer, said, "We had a constructive year at St. Joe with a number of initiatives we can build upon such as the approval of the Bay-Walton Sector Plan, return to our shareholders of over $300 million in cash through our share buy-backs, and a seamless management transition." Mr. Gonzalez added, "We are poised to focus our resources and energy on maximizing the value of our assets as we move forward into the new year."

 

[coondog]

Another net operating loss for the quarter, and for the year, continuing a string of net operating losses that seems to stretch back years.

Their 10-K will be interesting reading, especially to see if they specifically disclose the lawsuit filed for alleged extortion by the owners of the Grace Point Development (next to the Hub) against St. Joe Company, and Patrick Murphy. Walton County Case No. 662015CA000210CAAXMX, which is going to trial in August 2016. All of the documents are public record and you can read them on line. Some interesting internal St. Joe emails describing how the principal of Grace Point needs to "suffer more". St. Joe lost their motion to dismiss, and their attempts to slow down discovery and push the trial off until 2017 were also denied by the Court.

 

[Jim Tucker]

Another net operating loss for the quarter, and for the year, continuing a string of net operating losses that seems to stretch back years.

Their 10-K will be interesting reading, especially to see if they specifically disclose the lawsuit filed for alleged extortion by the owners of the Grace Point Development (next to the Hub) against St. Joe Company, and Patrick Murphy. Walton County Case No. 662015CA000210CAAXMX, which is going to trial in August 2016. All of the documents are public record and you can read them on line. Some interesting internal St. Joe emails describing how the principal of Grace Point needs to "suffer more". St. Joe lost their motion to dismiss, and their attempts to slow down discovery and push the trial off until 2017 were also denied by the Court.

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