WaterSound, Florida - (August 2, 2012) - The St. Joe Company (NYSE: JOE) today announced Net Income for the second quarter of 2012 of $0.2 million, or $0.00 per share, compared to a Net Loss of $(13.3) million, or $(0.14) per share for the second quarter of 2011. For the six months ended June 30, 2012, the Company reported a Net Loss of $(0.7) million or $(0.01) per share compared to Net Income of $0.8 million or $0.01 per share for the same period last year.
Revenue for the second quarter of 2012 increased to $30.4 million compared to $25.3 million in the second quarter of 2011, which is a 20.2% increase. For the six months ended June 30, 2012, the Company recorded $60.9 million in revenue compared to $98.7 million for the first six months of 2011. Included in the 2011 figure is a one-time timber deed transaction that added $54.5 million to revenue for the first six months of 2011. Excluding the effect of the timber deed, revenue in the first six months of 2012 increased to $60.9 million compared to $44.2 million in the first six months of 2011.
Highlights for the second quarter of 2012 compared to the second quarter of 2011 include:
Park Brady, St. Joe's Chief Executive Officer, said "Our second quarter results reflect our efforts to stabilize the company. I'm encouraged by the trends in our residential, timber and resorts businesses. With $170 million in cash we're in a position to either hold or opportunistically reposition our assets to create additional shareholder value. We plan to continue to invest in those projects that we believe meet our risk-adjusted return criteria such as our holdings in Venture Crossings at the Airport, the Port of St. Joe, Breakfast Point, our primary home community in Northwest Florida, and Rivertown, our primary home community in Northeast Florida. We're continuing to study our other real estate assets and markets for growth opportunities."
Additional information with respect to the Company's results for the second quarter of 2012 will be available in a Form 10-Q that will be filed with the Securities and Exchange Commission (the "Commission").
Important Notice Regarding Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the Company's expectations or beliefs regarding the Company's continued investment in those projects that the Company believes will meet its risk-adjusted return criteria. These forward-looking statements may be affected by the risks and uncertainties in the Company's business, including those included in the Company's Annual Report on Form 10-K filed with the Commission on February 27, 2012. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company, including (1) increases in operating costs, including costs related to real estate taxes, construction materials, labor and insurance; (2) the Company's ability to manage its cost structure; (3) the Company's belief regarding whether specified projects meet its risk adjusted return criteria; (4) economic or other conditions that affect the desire or ability of the Company's customers to purchase or enter into leases for its properties, such as reductions in the availability of mortgage financing or property insurance, increases in foreclosures, interest rates, the cost of property insurance, inflation, or unemployment rates or declines in consumer confidence or the demand for, or the prices of, housing; and (5) the impact of natural or man-made disasters or weather conditions, including hurricanes and other severe weather conditions, on the Company's business.
About St. Joe
The St. Joe Company is a Florida-based real estate developer and manager. The Company owns approximately 571,000 acres of land concentrated primarily in Northwest Florida and has significant residential and commercial land-use entitlements in hand or in process. The majority of land not under development is used for the growing and selling of timber or is available for sale. The Company also owns various commercial, resort and club properties. More information about the Company can be found on its website at www.joe.com.
© 2012, The St. Joe Company. "St. Joe," "VentureCrossings," " Breakfast Point," "RiverTown," and the "Taking Flight" design are service marks of The St. Joe Company.
St. Joe Investor/Media Contact:
Tom Hoyer - Chief Financial Officer