The St. Joe Company Logo

Print Print page   Email Email page   PDF Download PDF    Add to Briefcase
« Previous Release | Next Release »



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

WATERSOUND, Fla.--(BUSINESS WIRE)-- 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:

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."

FINANCIAL DATA
 
Consolidated Results
($ in millions except share and per share amounts)
      Quarter Ended

December 31,

    Year Ended

December 31,

      2015     2014     2015     2014
Revenues                        
Real estate sales     $9.4     $4.4     $33.7     $634.9
Resorts and leisure revenues     8.8     8.0     54.5     48.5
Leasing revenues     2.2     2.1     9.0     7.0
Timber sales     0.7     1.2     6.7     11.5
Total revenues     21.1     15.7     103.9     701.9
Expenses                        
Cost of real estate sales     4.2     2.5     16.4     87.1
Cost of resorts and leisure revenues     8.8     8.5     47.1     42.9
Cost of leasing revenues     0.8     0.8     2.8     2.3
Cost of timber sales     0.2     0.2     0.8     4.5
Other operating and corporate expenses     8.7     6.2     33.4     26.2
Administrative costs associated with special purpose entities     --     --     --     3.7
Depreciation, depletion and amortization     2.2     2.2     9.5     8.4
Pension charge     --     11.3     --     13.5
Total expenses     24.9     31.7     110.0     188.6
Operating (loss) income     (3.8)     (16.0)     (6.1)     513.3
Other (loss) income     (0.1)     5.1     5.0     8.5
Loss (income) from operations before equity in income from unconsolidated affiliates and income taxes     (3.9)     (10.9)     (1.1)     521.8
Income tax (benefit) expense     (1.2)     0.3     0.8     115.5
Net (loss) income     (2.7)     (11.2)     (1.9)     406.3
Net gain attributable to non-controlling interest     0.2     0.1     0.2     0.2
Net (loss) income attributable to the Company     $(2.5)     $(11.1)     $(1.7)     $406.5
Net (loss) income per share attributable to the Company     $(0.03)     $(0.12)     $(0.02)     $4.40
Weighted average shares outstanding     75,329,557     92,297,467     87,827,869     92,297,467
 
Revenues by Segment
($ in millions)
 
    Quarter Ended

December 31,

  Year Ended

December 31,

    2015   2014   2015   2014
Revenues:                
Real estate sales                
Residential   $6.9   $4.3   $21.1   $17.8
RiverTown Sale   --   --   --   43.6
Commercial   2.5   --   7.2   3.3
AgReserves Sale and other rural land sales   --   0.1   5.4   570.2
Total real estate sales   9.4   4.4   33.7   634.9
Resorts and leisure revenues   8.8   8.0   54.5   48.5
Leasing revenues   2.2   2.1   9.0   7.0
Timber sales   0.7   1.2   6.7   11.5
Total revenues   $21.1   $15.7   $103.9   $701.9
                 
 

Summary Balance Sheet
($ in millions)
   
    December 31, 2015   December 31, 2014
Assets        
Investment in real estate, net   $313.6   $321.8
Cash and cash equivalents   212.8   34.5
Investments   191.2   636.9
Restricted investments   7.1   7.9
Notes receivable, net   2.6   24.3
Pledged cash and treasury securities   --   25.7
Property and equipment, net   10.1   10.2
Other assets   38.6   32.0
Investments held by special purpose entities   208.8   209.8
Total assets   $984.8   $1,303.1
         
Liabilities and Equity        
Debt   $55.2   $63.8
Accounts payable, accrued liabilities and deferred credits   41.9   47.5
Deferred tax liabilities   36.8   34.8
Senior Notes held by special purpose entity   177.5   177.3
Total liabilities   311.4   323.4
Total equity   673.4   979.7
Total liabilities and equity   $984.8   $1,303.1
 
Debt Schedule
($ in millions)
 
    December 31, 2015   December 31, 2014
Pier Park North   $48.2   $31.6
Community Development District debt   7.0   6.5
In substance defeased debt   --   25.7

Total debt

  $55.2   $63.8
 
Other Operating and Corporate Expenses
($ in millions)
 
    Quarter Ended

December 31,

  Year Ended

December 31,

    2015   2014   2015   2014
Employee costs   $3.8   $1.5   $13.8   $8.4
AgReserves Sale severance   --   --   --   1.2
401(k) contribution / pension costs   0.1   --   1.3   --
Non-cash stock compensation costs   --   --   0.2   0.2
Property taxes and insurance   1.4   1.5   5.7   6.3
Professional fees   1.8   1.4   7.4   5.2
Marketing and owner association costs   0.4   0.5   1.4   1.6
Occupancy, repairs and maintenance   0.6   0.3   1.3   0.9
Other   0.6   1.0   2.3   2.4
Total other operating and corporate expense   $8.7   $6.2   $33.4   $26.2
 

Important Notice Regarding Forward-Looking Statements

This press release includes forward-looking statements, including statements regarding the Company's expectations regarding its business strategy, future operations and pursuit of value creation for its shareholders. 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) changes in the Company's strategic objectives and its ability to implement such strategic objectives; (2) economic or other conditions that affect the future prospects for the Southeastern region of the United States and the demand for the Company's products, including a slowing of the population growth in Florida, inflation, or unemployment rates or declines in consumer confidence or the demand for, or the prices of, housing; (3) any potential negative impact of the Company's longer-term property development strategy, including losses and negative cash flows for an extended period of time if the Company continues with the self-development of recently granted entitlements; (4) the impact of natural or man-made disasters or weather conditions, including hurricanes and other severe weather conditions, on the Company's business; (5) the Company's ability to capitalize on its leasing operations in the Pier Park North joint venture; (6) the Company's ability to capitalize on opportunities relating to its mixed use and active adult communities, including its ability to successfully and timely obtain land-use entitlements and construction financing, maintain compliance with state law requirements and address issues that arise in connection with the use and development of its land, including the permits required for the mixed use and active adult communities; (7) the impact of market volatility on the value of the Company's investments, including potential unrealized losses or the realization of losses on its investments; (8) the Company's use of its share repurchase authorization and its ability to carry out the Stock Repurchase Program in accordance with applicable securities laws; (9) the Company's ability to realize the anticipated benefits of its Stock Repurchase Program; and (10) the Company's ability to effectively deploy and invest its assets, including available-for-sale securities; as well as, the cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings including the Company's Annual Report on Form 10-K filed with the Commission on February 26, 2015 as updated by subsequent Quarterly Reports on Form 10-Qs and other current report filings.

About The St. Joe Company

The St. Joe Company together with its consolidated subsidiaries is a real estate development, asset management and operating company concentrated primarily between Tallahassee and Destin, Florida. More information about the Company can be found on its website at www.joe.com.

© 2016, The St. Joe Company. "St. Joe®", "JOE®", the "Taking Flight" Design®, "St. Joe (and Taking Flight Design)®" are registered service marks of The St. Joe Company.

The St. Joe Company
Investor Relations:
Marek Bakun, 1-866-417-7132
Chief Financial Officer
Marek.Bakun@Joe.Com

Source: The St. Joe Company

News Provided by Acquire Media

Close window | Back to top