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SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) October 22, 2003
The St. Joe Company
Florida
(State or Other Jurisdiction of Incorporation)
| 1-10466 |
59-0432511 |
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| (Commission File Number) | (IRS Employer Identification No.) | |||
| 245 Riverside Avenue, Suite 500, Jacksonville, FL |
32202 |
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| (Address of Principal Executive Offices) | (Zip Code) | |||
(904) 301-4200
N/A
| ITEM 9. REGULATION FD DISCLOSURE | ||||||||
| SIGNATURES | ||||||||
| EX-99.1 RECONCILIATION OF INCOME | ||||||||
Table of Contents
ITEM 9. REGULATION FD DISCLOSURE
| The purpose of this Form 8-K is to furnish Supplemental Information for the period ended September 30, 2003. A copy is furnished with this Form 8-K as Exhibit 99.1 and is incorporated by reference. Exhibit 99.1 reconciles Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) to the Registrants’ income from continuing operations before taxes and minority interest. EBITDA is a metric widely used in the real estate industry and the Company believes the attached reconciliation will be helpful to investors and security analysts in understanding the Registrant’s results of operations. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE ST. JOE COMPANY |
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| Dated: October 22, 2003 | By: | /s/ Michael N. Regan | ||
| Name: Michael N. Regan Title: Senior Vice President |
Exhibit 99.1
Reconciliation of Income from Continuing Operations Before Taxes and Minority Interest to EBITDA by Operating Segment
(in millions)
| Community | |||||||||||||||||||||||||
| Residential | Commercial | Corporate | |||||||||||||||||||||||
| Real Estate | Real Estate | Forestry | St. Joe Land | & Other | Consolidated | ||||||||||||||||||||
For the Three Months Ended September 30, 2003 |
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Income from continuing operations before
taxes and minority interest |
$ | 31.9 | $ | 0.3 | $ | 1.7 | $ | 14.8 | $ | (12.0 | ) | $ | 36.7 | ||||||||||||
Plus: |
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Depreciation & amortization |
2.0 | 3.6 | 1.0 | 0.1 | 0.6 | $ | 7.3 | ||||||||||||||||||
Interest expense |
2.5 | 2.0 | — | — | 1.1 | $ | 5.6 | ||||||||||||||||||
Less: |
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Cumulative effect of a change in accounting principle |
— | — | — | — | (16.1 | ) | $ | (16.1 | ) | ||||||||||||||||
EBITDA |
$ | 36.4 | $ | 5.9 | $ | 2.7 | $ | 14.9 | $ | (26.4 | ) | $ | 33.5 | ||||||||||||
For the Three Months Ended September 30, 2002 |
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Income from continuing operations before
taxes and minority interest |
$ | 21.4 | $ | (1.0 | ) | $ | 1.7 | $ | 8.6 | $ | (11.2 | ) | $ | 19.5 | |||||||||||
Plus: |
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Depreciation & amortization |
1.1 | 3.0 | 1.0 | — | 0.9 | $ | 6.0 | ||||||||||||||||||
Interest expense |
1.8 | 2.1 | — | — | 2.2 | $ | 6.1 | ||||||||||||||||||
Less: |
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Minority interest |
— | — | — | — | (0.3 | ) | $ | (0.3 | ) | ||||||||||||||||
EBITDA |
$ | 24.3 | $ | 4.1 | $ | 2.7 | $ | 8.6 | $ | (8.4 | ) | $ | 31.3 | ||||||||||||
EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. Prior year EBITDA has been changed to conform with the SEC’s current guidance on non-GAAP financial measures.