Table of Contents
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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)
|
April 22, 2004 | |
The St. Joe Company
(Exact Name of Registrant as Specified in Its Charter)
Florida
(State or Other Jurisdiction of Incorporation)
| 1-10466 | 59-0432511 | |
| (Commission File Number) | (IRS Employer Identification No.) |
245 Riverside Avenue, Suite 500, Jacksonville, FL
|
32202 | |
(Address of Principal Executive Offices)
|
(Zip Code) |
(904) 301-4200
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
TABLE OF CONTENTS
| ITEM 9. REGULATION FD DISCLOSURE | ||||||||
| SIGNATURES | ||||||||
| EX-99.1 RECONCILIATION OF PRE-TAX 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 March 31, 2004. 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. For more information regarding our use of EBITDA, see “Financial Data” in our press release dated April 20, 2004 which is Exhibit 99.1 to a Form 8-K furnished on the same date. |
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 | ||
Dated: April 22, 2004
|
/s/ Michael N. Regan | |
| Name: Michael N. Regan | ||
| Title: Senior Vice President |
Exhibit 99.1
Reconciliation of Pretax Income from Continuing Operations to EBITDA by Segment
| Community | Commercial | Corporate | ||||||||||||||||||||||
| Development |
Real Estate |
Land Sales |
Forestry |
and Other |
Consolidated |
|||||||||||||||||||
For the Quarter Ended March 31, 2004 |
||||||||||||||||||||||||
Pretax income before equity in (loss) income of
unconsolidated affiliates, income taxes, and
minority interest |
$ | 9.1 | $ | 1.4 | $ | 18.8 | $ | 2.7 | $ | (11.2 | ) | 20.8 | ||||||||||||
Plus: |
||||||||||||||||||||||||
Depreciation & amortization |
2.4 | 4.8 | 0.1 | 1.1 | 1.0 | 9.4 | ||||||||||||||||||
Interest expense |
1.5 | 2.0 | — | — | 1.3 | 4.8 | ||||||||||||||||||
Equity in income (loss) of unconsolidated
affiliates |
1.1 | (0.4 | ) | — | — | 0.7 | ||||||||||||||||||
Less: |
||||||||||||||||||||||||
Minority interest |
(0.1 | ) | (0.1 | ) | — | — | (0.2 | ) | ||||||||||||||||
EBITDA |
$ | 14.0 | $ | 7.7 | $ | 18.9 | $ | 3.8 | $ | (8.9 | ) | 35.5 | ||||||||||||
For the Quarter Ended March 31, 2003 |
||||||||||||||||||||||||
Pretax income before equity in (loss) income of
unconsolidated affiliates, income taxes, and
minority interest |
$ | 12.4 | $ | 3.3 | $ | 17.6 | $ | 1.9 | $ | (8.1 | ) | 27.1 | ||||||||||||
Plus: |
||||||||||||||||||||||||
Depreciation & amortization |
1.7 | 3.1 | 0.1 | 1.0 | 0.7 | 6.6 | ||||||||||||||||||
Interest expense |
1.5 | 1.9 | — | — | 1.3 | 4.7 | ||||||||||||||||||
Equity in income (loss) of unconsolidated
affiliates |
(3.9 | ) | 0.2 | — | — | — | (3.7 | ) | ||||||||||||||||
Less: |
||||||||||||||||||||||||
Minority interest |
(0.3 | ) | — | — | — | — | (0.3 | ) | ||||||||||||||||
EBITDA |
$ | 11.4 | $ | 8.5 | $ | 17.7 | $ | 2.9 | $ | (6.1 | ) | 34.4 | ||||||||||||