Press Release: The St. Joe Company
April 1, 2002
JACKSONVILLE, FL -- The St. Joe Company (NYSE:JOE) Friday said that it has discussions underway with outside parties
regarding strategic alternatives for Arvida Realty Services, the company's real estate brokerage and services unit
headquartered in Clearwater, Florida.
At the current time, these discussions have not proceeded to a point where there is an agreement. Should a further
announcement be appropriate, it would likely come within the next three weeks.
The company's stock repurchase program has been suspended during these discussions.
Arvida, St. Joe's community real estate development unit, is not a part of these discussions.
St. Joe has set the release of its first quarter 2002 results prior to the opening of the New York Stock Exchange
on the morning of Wednesday, April 24, 2002. The company will host an interactive conference call to review the
company's results for the quarter that ends March 31, 2002. The conference call will be held on Wednesday, April
24, 2002 at 10:00 AM Eastern Daylight Time. Peter S. Rummell, chairman and CEO and Kevin M. Twomey, president,
COO and CFO, will discuss the company's performance and take questions.
The St. Joe Company, a publicly held company based in Jacksonville, is Florida's largest real estate operating
company. It is engaged in community, commercial, industrial, hospitality, leisure and resort development, along
with residential and commercial real estate services. The company also has significant interests in timber.
Forward-Looking Statements
Certain matters discussed in this press release are ``forward-looking statements'' within the meaning of the Private
Securities Litigation Reform Act of 1995. Some matters involve risk and uncertainty, and there can be no assurance
that the results described in such forward-looking statements will be realized. In particular, discussions regarding
strategic alternatives for Arvida Realty Services are forward-looking statements. Such statements are based on
current expectations and are subject to certain risks. Should one or more of these risks or uncertainties materialize
or should the underlying assumptions prove incorrect, the company's actual performance may differ materially from
that indicated or suggested by any forward-looking statement contained herein. Additional risk factors that may
cause actual results to differ materially from those expressed in forward-looking statements contained in the press
release are described in various documents filed by the company with the U.S. Securities and Exchange Commission,
including the company's Annual Report on Form 10-K for the year ended December 31, 2001.
Copyright 2002, The St. Joe Company. The ``taking flight'' logo is a service mark of The St. Joe Company. Arvida
is a registered trademark.
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Contact:
The St. Joe Company, Jacksonville
Media Contact: Jerry M. Ray, 904/858-2707
or
Investor Contact: Steve Swartz, 904/858-5295