Kurt
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The St. Joe Company (NYSE: JOE) (the "Company") today announced Net Income for the third quarter of 2015 of $2.8 million, or $0.03 per share, compared with Net Loss of $(0.1) million, or $(0.00) per share, for the third quarter of 2014. For the nine months ended September 30, 2015, the Company reported Net Income of $0.8 million, or $0.01 per share compared to Net Income of $417.6 million, or $4.52 per share for the same period last year. The 2014 earnings included the Company's AgReserves and RiverTown transactions.
During the nine months ended September 30, 2015, the Company repurchased a total of 16,982,739 shares of its common stock outstanding. This amount included 16,348,143 shares of its common stock acquired pursuant to a tender offer at a purchase price of $18.00 per share, for a total purchase price of $294.3 million. The tender offer was announced on August 21, 2015 and expired on September 22, 2015. In addition, prior to the commencement of the tender offer, the Company purchased 634,596 shares of its common stock under its Stock Repurchase Program at a weighted average purchase price of $16.03 in open market transactions. As of September 30, 2015, the Company had approximately 75.3 million shares outstanding.
The Company's Board of Directors recently approved an additional amount of $200 million for the repurchase of its outstanding common stock under the Company's Stock Repurchase Program. As a result, the Company currently has a total of $205.7 million available for share repurchases. The Company may repurchase its stock in open market purchases pursuant to Rule 10b-18, in privately negotiated transactions or otherwise. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions, applicable legal requirements and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company's Board of Directors at any time in its sole discretion.
Third Quarter 2015 update includes:
Jeffrey C. Keil, the Company's President and Interim Chief Executive Officer said, "We are pleased with the result of the repurchase programs and the Board's decision to increase the authority by $200 million." Mr. Keil added, "We are committed to maintaining a healthy balance sheet as we continue to pursue value creation for our shareholders."
During the nine months ended September 30, 2015, the Company repurchased a total of 16,982,739 shares of its common stock outstanding. This amount included 16,348,143 shares of its common stock acquired pursuant to a tender offer at a purchase price of $18.00 per share, for a total purchase price of $294.3 million. The tender offer was announced on August 21, 2015 and expired on September 22, 2015. In addition, prior to the commencement of the tender offer, the Company purchased 634,596 shares of its common stock under its Stock Repurchase Program at a weighted average purchase price of $16.03 in open market transactions. As of September 30, 2015, the Company had approximately 75.3 million shares outstanding.
The Company's Board of Directors recently approved an additional amount of $200 million for the repurchase of its outstanding common stock under the Company's Stock Repurchase Program. As a result, the Company currently has a total of $205.7 million available for share repurchases. The Company may repurchase its stock in open market purchases pursuant to Rule 10b-18, in privately negotiated transactions or otherwise. The timing and amount of any additional shares to be repurchased will depend upon a variety of factors, including market and business conditions, applicable legal requirements and other factors. Repurchases may be commenced or suspended at any time or from time to time without prior notice. The Stock Repurchase Program will continue until otherwise modified or terminated by the Company's Board of Directors at any time in its sole discretion.
Third Quarter 2015 update includes:
- Total revenue for the quarter was $27.8 million as compared to $24.0 million in the third quarter of 2014. The Company experienced increases in real estate sales, resorts and leisure revenues, leasing revenues and timber sales.
- Real estate sales increased to $4.9 million in the third quarter of 2015 as compared to $3.9 million in the third quarter of 2014.
- Resorts and leisure revenue increased approximately $1.6 million, or 10%, during the three months ended September 30, 2015, as compared to the third quarter of 2014. The increase was primarily due to higher membership revenue, additional nights rented, higher average rates in vacation rental programs and ancillary receipts.
- Leasing operations increased $0.4 million during the third quarter of 2015, as compared to the third quarter of 2014. The increase was primarily related to the increase in lease revenue at Pier Park North.
- Timber sales increased to $1.9 million during the third quarter of 2015 as compared to $1.1 million in the third quarter of 2014 due to tons sold. Tons sold were approximately 109,000 during the third quarter of 2015 as compared to approximately 76,000 tons during the third quarter of 2014. Gross margins increased during the third quarter of 2015 to 89%, as compared to 82% during the third quarter of 2014.
- Investment income and realized gains from the Company's available-for-sale securities for the third quarter of 2015 was $7.0 million as compared to $1.0 million during the third quarter of 2014. Approximately $5.3 million in gains related to a sale of corporate debt securities.
- As of September 30, 2015, the Company had cash, cash equivalents and investments of $409.9 million, as compared to $671.4 million as of December 31, 2014. The decrease was related to the $304.9 million of cash used for the stock repurchases.
Jeffrey C. Keil, the Company's President and Interim Chief Executive Officer said, "We are pleased with the result of the repurchase programs and the Board's decision to increase the authority by $200 million." Mr. Keil added, "We are committed to maintaining a healthy balance sheet as we continue to pursue value creation for our shareholders."
