Real estate development firm The St. Joe Company (JOE) Tuesday reported a narrower loss for the third quarter, as revenues increased substantially from last year.
Net Loss for the quarter was $14.4 million or $0.16 per share, narrower than $19.2 million or $0.21 per share last year.
Recent quarter results included pre-tax charges of $12.9 million, or $0.08 per share after tax, including $9.0 million related to the settlement of the Saussy Burbank notes receivable, compared with pre-tax charges of $13.0 million, or $0.09 per share after tax, in the prior year.
On an average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
The Jacksonville, Florida-based company's total revenues for the quarter increased to $43.2 million from $33.2 million last year.
Segment-wise, Real estate sales for the quarter was $24.3 million, higher than $13.7 million, and Timber sales increased to $7.0 million from $5.9 million in the prior year. Rental revenues increased to $0.6 million from $0.4 million, while other revenues were $11.3 million, down from $13.2 million in the previous year.
Other income for the quarter was $1.2 million compared with an expense of $7.3 million last year.
On September 30, St. Joe owned about 580 thousand acres, concentrated primarily in Northwest Florida. St. Joe noted that nearly 405 thousand acres, or 70% of the company's total land holdings, are within 15 miles of the coast of the Gulf of Mexico.
At the end of the third quarter, St. Joe's land-use entitlements in hand or in process totaled about 43 thousand residential units and around 13.5 million square feet of commercial space, as well as an additional 646 acres with land-use entitlements for commercial uses.
At September 30, St. Joe had cash of $156.6 million, compared to debt of $43.3 million last year. The company's $100 million revolving credit facility remained undrawn at September 30, 2009.
In October, St. Joe and Southwest Airlines announced a strategic alliance providing for the commencement of low-fare air service to the new international airport under construction near Panama City Beach, Florida. St. Joe said it continues its planning and design work on approximately 1 thousand acres adjacent to the new airport, which is expected to open in May 2010.
For the nine-month period, net loss was $70.7 million or $0.77 per share, much wider than $8.0 million or $0.09 per share in the prior year-period. Latest period's results included a hefty pre-tax charges of $79.1 million or $0.52 per share after tax, compared to $51.8 million or $0.35 per share after tax a year ago.
Year-to-date net sales more than halved to $105.4 million from $217.3 million in the prior year.
JOE closed Monday's regular trading at $24.12 per share on the New York Stock Exchange.
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