Press Release: The St. Joe Company
August 21, 2002
JACKSONVILLE, FL -- The St. Joe Company (NYSE:JOE) yesterday announced that its board of directors has authorized
an additional $150 million Stock Repurchase Program for the purchase of the company's outstanding common stock.
"We are at a place and time in history when the Baby Boomer demographics, Florida's land scarcity and St.
Joe's extensive land holdings in Florida's Great Northwest are converging," said Peter S. Rummell, chairman
and CEO of St. Joe. "But even more important is our success in managing and sequencing of our activities in
Northwest Florida that is creating value on value."
For the year, through August 19, 2002, St. Joe has repurchased 3,553,906 shares of its common stock at an average
price of $29.06, for a total of $103.3 million. During the second quarter of 2002, the company purchased $75 million
in stock from the Alfred I. duPont Testamentary Trust, the company's largest shareholder, and said that it expects
to repurchase approximately $75.0 million of shares from the public this year.
As of August 19, 2002, $17.4 million remained of the company's current authorization of $200 million.
Stock Repurchase Activity
As of August 19, 2002
Shares From Shares From Total Total Average
Public Trust Shares Cost Price
($ in Per Share
millions)
Pre-Spin (a)
Authorization #1 6,485,311 -- 6,485,311 $150.0 $23.09
Authorization #2 636,955 -- 636,955 17.8 $27.91
--------- --------- ------ ------
7,122,266 -- 7,122,266 $167.8 $23.52
Post-Spin (a)
Authorization #2 3,016,375 2,923,800 5,940,175 $132.2 $22.23
Authorization #3 2,833,425 3,663,806 6,497,231 182.6 $28.08
--------- --------- --------- ------ ------
Total 5,849,800 6,587,606 12,437,406 $314.8 $25.29
Grand Total 12,972,066 6,587,606 19,559,672 $482.6 $24.65
========== ========= ========== ====== ======
(a) St. Joe distributed the shares it owned of Florida East Coast
Industries (NYSE:FLA.B - News) to its shareholders on October 9, 2000.
The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating
companies. It is engaged in community, commercial, industrial, hospitality, leisure and resort development, along
with commercial real estate services. The company also has significant interests in timber.
More information about St. Joe can be found online at http://www.joe.com.
FORWARD LOOKING STATEMENT
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 the size and number of commercial buildings and residential units, expected development timetables
and development approvals, and the ability to obtain approvals, anticipated price ranges of developments, the number
of units that can be supported upon full build-out of development, the number and price of anticipated land sales,
estimated land holdings for particular use within a specific timeframe, the absorption rate and expected gain on
land sales, statements concerning future operating performance, cash flows and short- and long-term revenue and
earnings growth rates and comparisons to historical projects, and statements about the number of shares of the
company's stock which may be purchased under the terms of its existing or future share repurchase programs 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 and a Prospectus dated June 17, 2002.
Copyright 2002, The St. Joe Company. The "taking flight" logo is a service mark of The St. Joe Company.
----------------------------------------------------
Contact:
The St. Joe Company, Jacksonville
Media Contact:
Jerry M. Ray, 904/858-2707
or
Investor Contact:
Steve Swartz, 904/858-5295