The St. Joe Company Reports Fourth Quarter and Full Year 2016 Results
WATERSOUND, Fla.--(BUSINESS WIRE)--
Total revenue for the quarter was
Fourth Quarter 2016 highlights include:
-
While revenue for the fourth quarter of 2016 was
$2.4 million lower than the fourth quarter of 2015, Net Income increased by$5.2 million due to lower operating and corporate expenses and an increase in investment income. -
Real estate revenue decreased to
$5.4 million in the fourth quarter of 2016 as compared to$9.4 million in the fourth quarter of 2015. This decrease was primarily related to timing of development of finished lots in the communities of Watersound Origins andBreakfast Point as well as lower volume of non-strategic commercial land sales. -
Resorts and leisure revenue increased approximately
$0.9 million , or 10%, in the fourth quarter of 2016 as compared to the fourth quarter of 2015. The increase was broad based including an increase in average room rates in both theWaterColor Inn and in the vacation rental program as well as an increase in total membership, growth in rounds played at the golf courses, strong showing in the food and beverage component and increased membership revenue from theSt. Joe Club & Resorts private membership club. -
Timber sales increased to
$1.2 million during the fourth quarter of 2016 as compared to$0.7 million in the fourth quarter of 2015 due to an increase in tons sold. -
Leasing revenue increased approximately
$0.2 million , or 11%, in the fourth quarter of 2016 as compared to fourth quarter of 2015. As ofDecember 31, 2016 , the Company owned approximately 604,000 square feet of rentable commercial space which is 87% leased. Of this amount, thePier Park North retail center has approximately 320,000 square feet constructed and is 93% leased. -
As of
December 31, 2016 , the Company had cash, cash equivalents and investments of$416.8 million , as compared to$404.0 million as ofDecember 31, 2015 , an increase of$12.8 million .
FINANCIAL DATA | ||||||||
Consolidated Results | ||||||||
($ in millions except share and per share amounts) |
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Quarter Ended
|
Year Ended
|
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2016 |
2015 |
2016 |
2015 |
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Revenue | ||||||||
Real estate revenue |
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|
|
|
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Resorts and leisure revenue | 9.7 | 8.8 | 57.3 | 54.5 | ||||
Leasing revenue | 2.4 | 2.2 | 9.8 | 9.0 | ||||
Timber revenue |
1.2 |
0.7 |
5.2 |
6.7 |
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Total revenue |
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|
|
|
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Expenses | ||||||||
Cost of real estate revenue | 1.3 | 4.2 | 8.0 | 16.4 | ||||
Cost of resorts and leisure revenue | 9.8 | 8.8 | 50.2 | 47.1 | ||||
Cost of leasing revenue | 0.9 | 0.8 | 3.1 | 2.8 | ||||
Cost of timber revenue | 0.2 | 0.2 | 0.8 | 0.8 | ||||
Other operating and corporate expenses | 5.3 | 8.7 | 23.1 | 33.4 | ||||
Depreciation, depletion and amortization |
2.1 |
2.2 |
8.6 |
9.5 |
||||
Total expenses |
19.6 |
24.9 |
93.8 |
110.0 |
||||
Operating (loss) income |
(0.9) |
(3.8) |
1.9 |
(6.1) |
||||
Other income (loss) |
5.5 |
(0.1) |
20.7 |
5.0 |
||||
Income (loss) from operations before equity in | ||||||||
income from unconsolidated affiliates and income | ||||||||
taxes | 4.6 | (3.9) | 22.6 | (1.1) | ||||
Income tax expense (benefit) |
2.0 |
(1.2) |
7.1 |
0.8 |
||||
Net income (loss) | 2.6 | (2.7) | 15.5 | (1.9) | ||||
Net loss attributable to non-controlling interest |
0.1 |
0.2 |
0.4 |
0.2 |
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Net income (loss) attributable to the Company |
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|
|
|
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Net income (loss) per share attributable to the Company |
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|
|
|
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Weighted average shares outstanding | 74,342,826 | 75,329,557 | 74,457,541 | 87,827,869 | ||||
Revenue Detail | ||||||||
($ in millions) | ||||||||
Quarter Ended
|
Year Ended
|
|||||||
2016 |
2015 |
2016 |
2015 |
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Revenue: | ||||||||
Real estate revenue | ||||||||
Residential |
|
|
|
|
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Commercial | 1.5 | 2.5 | 2.1 | 7.2 | ||||
Other real estate revenue |
0.3 |
-- |
1.8 |
5.4 |
||||
Total real estate revenue | 5.4 | 9.4 | 23.4 | 33.7 | ||||
Resorts and leisure revenue | 9.7 | 8.8 | 57.3 | 54.5 | ||||
Leasing revenue | 2.4 | 2.2 | 9.8 | 9.0 | ||||
Timber revenue |
1.2 |
0.7 |
5.2 |
6.7 |
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Total revenue |
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|
|
|
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Summary Balance Sheet ($ in millions) |
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Assets | ||||
Investment in real estate, net |
|
|
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Cash and cash equivalents | 241.1 | 212.8 | ||
Investments | 175.7 | 191.2 | ||
Restricted investments | 5.6 | 7.1 | ||
Income tax receivable | 27.1 | 2.3 | ||
Claim settlement receivable | 7.8 | -- | ||
Other assets | 38.4 | 36.8 | ||
Property and equipment, net | 9.0 | 10.1 | ||
Investments held by special purpose entities |
208.6 |
208.8 |
||
Total assets |
|
|
||
Liabilities and Equity | ||||
Debt |
|
|
||
Other liabilities | 41.0 | 41.9 | ||
Deferred tax liabilities | 68.8 | 36.8 | ||
Senior Notes held by special purpose entity |
176.3 |
176.1 |
||
Total liabilities |
341.1 |
309.3 |
||
Total equity |
686.8 |
673.4 |
||
Total liabilities and equity |
|
|
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Debt Schedule | ||||
($ in millions) | ||||
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|
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Pier Park North JV |
|
|
||
|
7.5 |
7.0 |
||
Total debt |
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|
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Other Operating and Corporate Expenses ($ in millions) |
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Quarter Ended
|
Year Ended
|
|||||||
2016 |
2015 |
2016 |
2015 |
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Employee costs |
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|
|
|
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401(k) contribution / pension costs | -- | 0.1 | 1.4 | 1.3 | ||||
Non-cash stock compensation costs | -- | -- | 0.1 | 0.2 | ||||
Property taxes and insurance | 1.3 | 1.4 | 5.6 | 5.7 | ||||
Professional fees | 1.2 | 1.8 | 5.0 | 7.4 | ||||
Marketing and owner association costs | 0.5 | 0.4 | 1.5 | 1.4 | ||||
Occupancy, repairs and maintenance | 0.2 | 0.6 | 0.7 | 1.3 | ||||
Other |
0.3 |
0.6 |
1.7 |
2.3 |
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Total other operating and corporate expenses |
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Important Notice Regarding Forward-Looking Statements
This press release includes forward-looking statements, including
statements regarding the Company's planned 2017 increase in capital
expenditures and its belief that the increase will provide recurring
revenue and asset value; selective one-off sales of land holdings; the
Company's belief that the
About
© 2017,
View source version on businesswire.com: http://www.businesswire.com/news/home/20170302006356/en/
St. Joe
Investor Relations Contact:
Chief
Financial Officer
Marek.Bakun@Joe.Com
Source:
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