ST JOE Co - FORM 10-K - EX-99.1

Attached files

file	filename
10-K - FORM 10-K - ST JOE Co	b78682e10vk.htm
EX-10.7 - EX-10.7 - ST JOE Co	b78682exv10w7.htm
EX-23.1 - EX-23.1 - ST JOE Co	b78682exv23w1.htm
EX-32.1 - EX-32.1 - ST JOE Co	b78682exv32w1.htm
EX-31.1 - EX-31.1 - ST JOE Co	b78682exv31w1.htm
EX-32.2 - EX-32.2 - ST JOE Co	b78682exv32w2.htm
EX-31.2 - EX-31.2 - ST JOE Co	b78682exv31w2.htm
EX-21.1 - EX-21.1 - ST JOE Co	b78682exv21w1.htm
EX-10.12 - EX-10.12 - ST JOE Co	b78682exv10w12.htm

Exhibit 99.1

Table 1
Residential Real Estate
Sales Activity
Three Months Ended December 31,
($ in millions)


	2009								2008
	Number				Cost of				Number				Cost of
	of Units Closed		Revenue		Sales⁽¹⁾		Gross Profit		of Units Closed		Revenue		Sales⁽¹⁾		Gross Profit
Homesites		52	$	2.7	$	2.4	$	0.3		4	$	1.4	$	0.6	$	0.8
Homes ⁽²⁾		12		3.7		3.7		—		5		1.3		1.3		—

Total ⁽³⁾		64	$	6.4	$	6.1	$	0.3		9	$	2.7	$	1.9	$	0.8


⁽¹⁾		Cost of sales for homesites in the fourth quarter of 2009 consisted of $2.1 million in direct costs, $0.1 million in selling costs and 0.2 million in indirect costs. Cost of sales for homesites in the fourth quarter of 2008 consisted of $0.4 million in direct costs, $0.1 million in selling costs and $0.1 million in indirect costs. Cost of sales for homes in the fourth quarter of 2009 consisted of $3.3 million in direct costs, $0.2 million in selling costs and $0.2 million in indirect costs. Cost of sales for homes in the fourth quarter of 2008 consisted of $1.0 million in direct costs, $0.1 million in selling costs and $0.2 million in indirect costs.

⁽²⁾		Homes include single-family and multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods.

⁽³⁾		Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009.

Year Ended December 31,
($ in millions)


	2009								2008
	Number				Cost of				Number				Cost of
	of Units Closed		Revenue		Sales⁽¹⁾		Gross Profit		of Units Closed		Revenue		Sales⁽¹⁾		Gross Profit
Homesites		80	$	6.5	$	4.6	$	1.9		89	$	10.1	$	6.6	$	3.5
Homes ⁽²⁾		84		24.8		24.0		0.8		33		17.9		17.4		0.5

Total ⁽³⁾		164	$	31.3	$	28.6	$	2.7		122	$	28.0	$	24.0	$	4.0


⁽¹⁾		Cost of sales for homesites for the year ended 2009 consisted of $3.9 million in direct costs, $0.2 million in selling costs and $0.5 million in indirect costs. Cost of sales for homesites for the year ended 2008 consisted of $5.6 million in direct costs, $0.6 million in selling costs and $0.4 million in indirect costs. Cost of sales for homes for the year ended 2009 consisted of $18.8 million in direct costs, $1.7 million in selling costs and $3.5 million in indirect costs. Cost of sales for homes for the year ended 2008 consisted of $12.9 million in direct costs, $1.0 million in selling costs and $3.5 million in indirect costs.

⁽²⁾		Homes include single-family and multifamily units. Multifamily revenue is recognized, if preconditions are met, on a percentage-of-completion basis. As a consequence, revenue recognition and closings may occur in different periods.

⁽³⁾		Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009 and the SevenShores condominium project sold in the third quarter of 2009.

Table 2
Residential Real Estate Sales Activity
Three Months Ended December 31,
($ in thousands)


	2009											2008
	Units		Avg.						Avg.			Units		Avg.						Avg.
	Closed		Price			Accepted⁽¹⁾			Price			Closed		Price			Accepted⁽¹⁾			Price
Artisan Park ⁽²⁾
Multifamily Homes		6	$	217.8			6		$	217.8			—	$	—			—		$	—
Hawks Landing
Homesites		5		62.8			5			62.8			2		73.1			—			—
Palmetto Trace
Single-Family Homes		—		—			—			—			1		268.0			1			268.0
RiverCamps on Crooked Creek
Single-Family Homes		1		490.0			1			490.0			—		—			—			—
SummerCamp Beach
Single-Family Homes		—		—			(1	)		499.9			—		—			—			—
Victoria Park ⁽³⁾
Homesites		41		39.0			1			75.0			—		—			—			—
Single-Family Homes		2		167.0			2			167.0			3		183.4			3			183.4
WaterColor
Homesites		2		94.7			2			94.7			—		—			(1	)		1,040.0
WaterSound
Homesites		1		67.5			2			85.0			—		—			—			—
Single-Family Homes		—		—			—			—			1		530.0			1			530.0
WindMark Beach
Homesites		3		162.3			2			197.2			2		184.5			1			156.9
Single-Family Homes		3		530.1			3			530.1			—		—			—			—

Total Homesites		52	$	51.1	⁽⁴⁾		12		$	95.2	⁽⁴⁾		4	$	128.8	⁽⁴⁾		—		$	—	⁽⁴⁾

Total Single/Multifamily Homes		12	$	310.1	⁽⁴⁾		11		$	292.8	⁽⁴⁾		5	$	269.7	⁽⁴⁾		5		$	269.7	⁽⁴⁾


⁽¹⁾		Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.

⁽²⁾		St. Joe owns 74 percent of Artisan Park.

⁽³⁾		Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009.

⁽⁴⁾		Average prices differ from quarter to quarter primarily because of the relative mix and location of sales.

Year Ended December 31,
($ in thousands)


	2009										2008
	Units		Avg.					Avg.			Units		Avg.					Avg.
	Closed		Price			Accepted⁽¹⁾		Price			Closed		Price			Accepted⁽¹⁾		Price
Artisan Park ⁽²⁾
Single-Family Homes		8	$	352.8			8	$	352.8			6	$	598.5			6	$	598.5
Multifamily Homes		32		227.4			32		227.4			9		342.9			9		342.9
Hawks Landing
Homesites		12		63.5			12		63.5			2		73.1			2		73.1
Palmetto Trace
Single-Family Homes		—		—			—		—			1		268.0			1		268.0
Port St. St. Joe Primary
Homesites		—		—			—		—			1		55.0			1		55.0
RiverCamps on Crooked Creek
Homesites		1		72.9			1		72.9			1		300.0			1		300.0
Single-Family Homes		2		470.0			2		470.0			1		550.0			1		550.0
RiverTown
Homesites		—		—			—		—			3		72.5			3		72.5
SouthWood
Homesites		—		—			—		—			20		47.9			19		44.4
St. Johns G & CC
Single-Family Homes		2		319.4			2		319.4			2		457.5			2		457.5
SummerCamp Beach
Homesites		1		220.0			1		220.0			1		149.9			1		149.9
Victoria Park ⁽³⁾
Homesites		43		39.7			3		61.1			42		39.2			1		82.9
Single-Family Homes		19		176.1			19		176.1			7		198.4			7		198.4
WaterColor
Homesites		10		135.9			10		135.9			3		459.7			3		459.7
Single-Family Homes		17		451.1			17		451.1			3		1,413.3			3		1,413.3
WaterSound
Homesites		3		84.0			4		88.6			1		120.0			1		120.0
Single-Family Homes		1		580.0			1		580.0			1		530.0			1		530.0
WaterSound Beach
Homesites		1		199.3			1		199.3			5		452.5			5		452.5
WaterSound West Beach
Homesites		3		190.9			3		190.9			5		185.1			5		185.1
Single-Family Homes		—		—			—		—			1		837.0			1		837.0
Wild Heron
Homesites		—		—			—		—			1		215.0			1		215.0
WindMark Beach
Homesites		6		139.5			6		139.5			4		171.2			4		171.2
Single-Family Homes		3		530.1			3		530.1			2		1,249.8			1		1,200.0

Total Homesites		80	$	74.8	⁽⁴⁾		41	$	111.2	⁽⁴⁾		89	$	101.8	⁽⁴⁾		47	$	157.1	⁽⁴⁾

Total Single/Multifamily Homes		84	$	296.0	⁽⁴⁾		84	$	296.0	⁽⁴⁾		33	$	542.6	⁽⁴⁾		32	$	518.9	⁽⁴⁾


⁽¹⁾		Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed.

⁽²⁾		St. Joe owns 74 percent of Artisan Park.

⁽³⁾		Excludes homes and homesites sold as part of the Victoria Park bulk sale in December 2009.

⁽⁴⁾		Average prices differ from quarter to quarter primarily because of the relative mix and location of sales.

Table 3
Commercial Land Sales
Three Months Ended December 31,


	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)		(in thousands)
2009		5		23.4	$	4,519	$	193
2008		4		5.0		807		161

Year Ended December 31,


	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)		(in thousands)
2009		8		29	$	6,589	$	227
2008		8		39		3,558		91

Table 4
Rural Land Sales
Three Months Ended December 31,


	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)
2009		3		482	$	1,402	$	2,908
2008		11		20,498		29,522		1,440

Year Ended December 31,


	Number of Sales		Acres Sold		Gross Sales Price		Average Price/Acre
					(in thousands)
2009		13		6,967	$	14,309	$	2,054
2008		26		107,677		162,043		1,505

Table 5
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
($ in millions)


	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
	2009			2009			2009			2009			2008			2008			2008			2008			2007
Residential	$	(80.6	)	$	(19.7	)	$	(23.3	)	$	(14.1	)	$	(70.7	)	$	(12.6	)	$	(13.2	)	$	(18.7	)	$	(11.0	)
Commercial		1.3			(0.5	)		(0.7	)		(0.6	)		(0.3	)		(0.6	)		(0.5	)		(0.8	)		4.6
Rural Land sales		0.9			(0.5	)		6.8			2.8			26.3			2.0			24.1			80.1			24.5
Forestry		1.3			1.2			1.1			1.1			0.8			0.2			(1.1	)		1.9			(1.9	)
Corporate and other		(9.8	)		(6.5	)		(57.5	)		(7.8	)		(4.5	)		(19.2	)		(41.6	)		(13.0	)		(11.0	)

Pretax income (loss) from continuing operations ⁽¹⁾	$	(86.9	)	$	(26.0	)	$	(73.6	)	$	(18.6	)	$	(48.4	)	$	(30.2	)	$	(32.3	)	$	49.5		$	5.2


⁽¹⁾		Includes one time charges as described in our SEC filings.

Table 6
Other Income (Expense)
($ in millions)


	Quarter Ended Dec. 31,					Year Ended Dec. 31,
	2009			2008		2009			2008
Dividend and interest income	$	0.5		$	1.1	$	2.7		$	6.1
Interest expense		(0.8	)		—		(1.2	)		(4.5	)
Gain on sale of office buildings		0.2			0.2		0.7			0.7
Other		1.7			0.4		2.4			0.7
Retained interest in monetized		0.1			0.3		0.4			(8.3	)
installment notes Fair value of standby guarantee		(0.8	)		—		(0.8	)		—
Loss on early extinguishment of debt		—			—		—			(31.3	)

Total	$	0.9		$	2.0	$	4.2		$	(36.6	)

Table 7
Discontinued Operations, Net of Tax
($ in millions)


	Quarter Ended Dec. 31,						Year Ended Dec. 31,
	2009			2008			2009			2008
Loss from operations of Victoria Hills Golf	$	(4.3	)	$	—		$	(4.6	)	$	—
Club Loss from operations of St. Johns Golf &		(2.1	)		—			(2.0	)		—
Country Club Loss from Sunshine State Cypress operations		—			(0.8	)		(0.2	)		(1.0	)

Total	$	(6.4	)	$	(0.8	)	$	(6.8	)	$	(1.0	)

ST JOE Co - FORM 10-K - EX-99.1 - February 23, 2010

Attached files

ST JOE Co Reports