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Other The St. Joe Company Reports Second Quarter 2016 Results

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SoWal Staff

SoWal Staff

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The St. Joe Company (NYSE: JOE) (the "Company") today announced Net Income for the second quarter of 2016 of $1.8 million, or $0.02 per share, compared with Net Loss of $(0.2) million, or $(0.00) per share, for the second quarter of 2015. For the six months ended June 30, 2016, the Company reported Net Income of $10.5 million, or $0.14 per share compared to Net Loss of $(2.0) million, or $(0.02) per share for the same period last year.

Second Quarter highlights include:

  • Total revenue for the quarter was $29.5 million as compared to $37.8 million in the second quarter of 2015 due to a decrease in real estate sales and in timber sales partially offset by an increase in resorts and leisure revenue and in leasing revenue. The Company's second quarter 2016 revenue was generated from $6.7 million of real estate sales, $19.8 million from resorts and leisure operations, $2.3 million from leasing operations and $0.7 million from timber sales.
  • Real estate sales decreased to $6.7 million in the second quarter of 2016 as compared to $14.0 million in the second quarter of 2015. Real estate sales in the second quarter of 2016 were comprised of $5.8 million in residential real estate sales and $0.9 million in rural land sales. The second quarter of 2015 included a $5.3 million rural land sale, $4.7 million in commercial real estate sales and $4.0 million in residential real estate sales. Real estate sales vary significantly from period to period.
  • Resorts and leisure revenue increased approximately $0.5 million in the second quarter of 2016 to $19.8 million as compared to the second quarter of 2015. The increase during the second quarter of 2016 as compared to the same period in 2015 was primarily related to increased average room rates at both the WaterColor Inn and in the vacation rental program as well as an increase in membership revenue from the St. Joe Club & Resorts private membership club.
  • As of June 30, 2016, the Company had cash, cash equivalents and investments of $399.8 million, as compared to $394.9 million as of March 31, 2016, an increase of $4.9 million. The increase was a result of net receipts from operations and other activities.
  • Other operating and corporate expenses declined by $2.0 million in the second quarter of 2016 as compared to the same time last year. The decrease was primarily due to employee related costs.
Jorge Gonzalez, the Company's President and Chief Executive Officer, said, "We are pleased with our financial results through the first six months of the year. We believe we are making progress at creating a solid foundation for growth and value while maintaining a low fixed expense structure."
 
Matt J said:
At least they got approval and didn't just move it over a weekend like in Destin.
Click to expand...
Doesn't make it right. Much of eastern Bay and most of Gulf County has left it undeveloped south of 98. If would have been good will for JOE to do the same. And may have made the Windmark project more desireable. I miss that ride and view. :(

And you would be partly incorrect concerning Old 98 in Destin. The road was in County jurisdiction at the time. Mr. Odom got his approval from the county. The City of Destin had little say in the matter.
The City of Destin dropped that ball a decade earlier when incorporated and refused ownership of Old 98. It cost the community dearly. And continues to do so.
It was also the county who made the deal to put the Crab Trap in the middle of the largest piece of beachfront in "Destin". Ye-P, the new City of Destin refused ownership of James Lee Park at the same time. Citing it was too expensive for the new city to maintain.

They also vacated multiple road easements in Crystal Beach that provided beach access, and allowed it to be developed. Only to purchase a simular piece later for millions.

I could go on. It's not pretty.

But hey, they got incorporated to manage growth and look out for the community. :rolleyes:
 
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