St. Joe narrows 3Q loss as real estate sales climb

November 03, 2009

Real estate developer The St. Joe Co. on Tuesday said its third-quarter loss narrowed despite higher expenses, as it sold off some of its holdings.

The company posted a loss of $14.4 million, or 16 cents per share, compared with a loss of $19.2 million, or 21 cents per share, in the year-ago third quarter. The recent quarter included $11.1 million in charges, including a settlement regarding notes held on property it sold in 2007, charges related to various homes and other long-term assets. It also booked a $1.3 million restructuring charge related to termination benefits.

Revenue rose 30 percent to $43.2 million, from $33.2 million, with real estate sales accounting for most of that jump.

Analysts polled by Thomson Reuters expected, on average, a loss of 6 cents per share on revenue of $28.9 million. Analysts typically do not include one-time charges in their estimates.

St. Joe booked $33.7 million in residential revenue, including the sale of 47 homes and homesites and a condominium project in Bradenton, Fla., during the quarter. The former timber and paper manufacturer also sold $2.2 million of commercial property and $7.3 million of timber and rural land.

Expenses jumped 25 percent, with the cost of real estate sales accounting for nearly all of the increase.

St. Joe is in the midst of planning and design work on a 1,000-acre project adjacent to a new airport slated to open in near Panama City, Fla., in May. The company led an effort to bring Southwest Airlines to the airport, an agreement announced Oct. 21. President and CEO Britt Greene said that deal will help business in the region.

St. Joe shares fell 34 cents to $23.78 in Tuesday morning trading.

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