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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) February 11, 2003
The St. Joe Company
(Exact Name of Registrant as Specified in Its Charter)
Florida
(State or Other Jurisdiction of Incorporation)
| 1-10466 | 59-0432511 | |
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| (Commission File Number) | (IRS Employer Identification No.) | |
| 1650 Prudential Drive, Suite 400, Jacksonville, FL | 32207 | |
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| (Address of Principal Executive Offices) | (Zip Code) |
(904) 396-6600
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
| SIGNATURES | ||||||||
| SUPPLEMENTAL INFORMATION FOR PERIOD 12/31/02 | ||||||||
Table of Contents
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
99.1 Supplemental Information for the period ending December 31, 2002.
ITEM 9. REGULATION FD DISCLOSURE
| The purpose of this Form 8-K is to furnish Supplemental Information for the period ended December 31, 2002. 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 | ||||
| Dated: February 11, 2003 | By: | /s/ Michael N. Regan | ||
| Name: Michael N. Regan Title: Senior Vice President |
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EXHIBIT 99.1 RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND MINORITY INTEREST TO EBITDA BY SEGMENT (IN MILLIONS) EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization and is net of the effects of minority interests. EBITDA excludes gains from the sale of discontinued operations except for gains (losses) for sales of assets which are classified as discontinued operations under the provisions of FAS 144 and are sold in the normal course of business. EBITDA also excludes gains on sales of non-strategic lands and other assets.
COMMU- NITY RESI- RESI- DENTIAL COMMER- DENTIAL REAL CIAL TRANS- ST. HOS- CORPO- CON- REAL ESTATE REAL PORTA- FOR- JOE PITA- RATE SOLIDA- ESTATE SERVICES ESTATE TION ESTRY LAND LITY & OTHER ATED ------- -------- ------ ---- ----- ----- ---- ------- ------ FOR THE YEAR ENDED DECEMBER 31, 2002 PRETAX INCOME FROM CONTINUING OPERATIONS $72.7 $ -- $ 2.0 $(3.6) $ 8.0 $68.1 $(0.6) $ 95.5 $242.1 Plus: Discontinued operations -- 3.7 0.4 4.1 Depreciation & amortization 4.4 1.1 10.2 1.6 4.1 0.2 0.1 2.2 23.9 Interest expense 6.6 0.2 7.5 -- 0.1 -- -- 9.3 23.7 Other -- -- -- 0.6 -- -- -- 2.0 2.6 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- 0.9 0.9 Gain on derivatives sales -- -- -- -- -- -- -- (132.9) (132.9) (Gain) loss on sales of other assets -- -- -- 0.1 -- -- -- 0.1 0.2 Minority interest (1.3) -- (0.2) -- -- -- -- -- (1.5) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $82.4 $ 5.0 $19.9 $(1.3) $12.2 $68.3 $(0.5) $(22.9) $163.1 ===== ===== ===== ==== ===== ===== ==== ====== ====== FOR THE YEAR ENDED DECEMBER 31, 2001 PRETAX INCOME FROM CONTINUING OPERATIONS $48.5 $ -- $ 5.0 $(3.3) $ 9.0 $63.8 $0.1 $(28.0) $ 95.1 Plus: Discontinued operations -- 17.9 0.1 -- -- -- -- -- 18.0 Depreciation & amortization 2.0 8.3 9.9 1.5 3.9 0.1 0.1 3.8 29.6 Interest expense 4.1 0.7 3.7 -- 0.1 -- -- 13.5 22.1 Other -- -- -- -- -- -- -- 2.0 2.0 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- (4.0) (4.0) Gain on derivatives sales -- -- -- -- -- -- -- -- -- (Gain) loss on sales of other assets -- 0.1 (0.1) -- -- -- -- -- -- Minority interest (0.6) -- ( --) -- -- -- -- -- (0.6) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $54.0 $27.0 $18.6 $(1.8) $13.0 $63.9 $0.2 $(12.7) $162.2 ===== ===== ===== ==== ===== ===== ==== ====== ====== EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization and is net of the effects of minority interests. EBITDA excludes gains from the sale of discontinued operations except for gains (losses) for sales of assets which are classified as discontinued operations under the provisions of FAS 144 and are sold in the normal course of business. EBITDA also excludes gains on sales of non-strategic lands and other assets.
COMMU- NITY RESI- RESI- DENTIAL COMMER- DENTIAL REAL CIAL TRANS- ST. HOS- CORPO- CON- REAL ESTATE REAL PORTA- FOR- JOE PITA- RATE SOLIDA- ESTATE SERVICES ESTATE TION ESTRY LAND LITY & OTHER ATED ------- -------- ------ ---- ----- ----- ---- ------- ------ FOR THE QUARTER ENDED DECEMBER 31, 2002 PRETAX INCOME FROM CONTINUING OPERATIONS $19.7 $ -- $ 4.5 $(0.7) $ 2.0 $30.7 $(0.4) $ 29.5 $ 85.3 Plus: Discontinued operations -- -- -- -- -- -- -- -- Depreciation & amortization 1.5 -- 3.0 0.5 1.0 -- -- 0.5 6.5 Interest expense 2.7 -- 2.1 -- -- -- -- 1.2 6.0 Other -- -- -- -- -- -- -- 0.5 0.5 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- (0.1) (0.1) Gain on derivatives sales -- -- -- -- -- -- -- (38.2) (38.2) (Gain) loss on sales of other assets -- -- -- -- 0.2 -- -- 0.4 0.6 Minority interest (0.4) -- -- -- -- -- -- -- (0.4) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $23.5 $ -- $ 9.6 $(0.2) $ 3.2 $30.7 $(0.4) $ (6.2) $ 60.2 ===== ===== ===== ==== ===== ===== ==== ====== ====== FOR THE QUARTER ENDED DECEMBER 31, 2001 PRETAX INCOME FROM CONTINUING OPERATIONS $16.8 $ -- $ 3.3 $(0.9) $ 1.3 $12.4 $ -- $ (7.1) $ 25.8 Plus: Discontinued operations -- 4.5 -- -- -- -- -- -- 4.5 Depreciation & amortization 1.1 2.0 2.4 0.4 1.1 -- -- 1.0 8.0 Interest expense 1.1 0.2 1.8 -- -- -- -- 3.8 6.9 Other -- -- -- -- -- -- -- 0.5 0.5 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- (0.5) (0.5) Gain on derivatives sales -- -- -- -- -- -- -- -- -- (Gain) loss on sales of other assets -- -- -- -- -- -- -- 0.1 0.1 Minority interest (0.7) -- -- -- -- -- -- -- (0.7) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $18.3 $ 6.7 $ 7.5 $(0.5) $ 2.4 $12.4 $ -- $ (2.2) $ 44.6 ===== ===== ===== ==== ===== ===== ==== ====== ======