Company Press Release
July 21, 2000
JACKSONVILLE, FL -- St. Joe Land Company Continues to Exceed Expectations
WaterColor Sales Contribute to Earnings
Relocation of Panama City Airport Receives
Airport Authority Approval
The St. Joe Company (NYSE:JOE) yesterday announced that its earnings before interest, taxes, depreciation and amortization, net of minority interests (Net EBITDA) was $44.4 million, or $0.51 per diluted share, for the second quarter of 2000, compared with $27.9 million, or $0.31 per diluted share, for the same quarter in 1999, representing increases of 59 percent and 65 percent, respectively.
During the second quarter, St. Joe Land Company continued to exceed expectations with Net EBITDA of $14.9 million. St. Joe Land began operations in the fourth quarter of 1999. Also in the second quarter, the residential development pipeline continued to expand, and initial sales at WaterColor contributed $4.3 million to second quarter Net EBITDA. Second quarter 1999 results include a one-time charge (``the FECI charges'') related to a restructuring program at Florida East Coast Industries (FECI) (NYSE: FLA). St. Joe holds a 54 percent equity interest in FECI. The FECI charges affected St. Joe's Net EBITDA by $4.5 million, or $0.05 per diluted share.
Second quarter 2000 Net EBITDA for St. Joe Only - that part of St. Joe to remain after the pending spin-off of St. Joe's 54 percent equity interest in Florida East Coast Industries (``the spin-off'') was $32.8 million, or $0.38 per diluted share, compared with $20.4 million, or $0.23 per diluted share in 1999's second quarter, increases of 61 percent and 65 percent, respectively.
Consolidated net income for the second quarter of 2000 was $18.8 million, or $0.22 per diluted share, compared with $38.8 million, or $0.44 per diluted share, in the same quarter of 1999. The FECI charges affected second quarter 1999 net income by $2.8 million, or $0.03 per diluted share, in 1999. Also in the second quarter of 1999, the company reversed a pension excise tax accrual, which had a positive impact on net income of $26.8 million, or $0.30 per diluted share. Net income in the second quarter of 1999, net of special charges, was $14.7 million, or $0.17 per diluted share.
Net income for St. Joe Only for the second quarter of 2000 was $15.0 million, or $0.17 per diluted share, compared with $36.5 million, or $0.41 per diluted share, in 1999's second quarter. Net of the pension excise tax reversal, net income for St. Joe Only was $9.7 million, or $0.11 per diluted share in the 1999 second quarter.
``St. Joe has delivered another strong quarter,'' said Peter S. Rummell, chairman and CEO of St. Joe. ``We are particularly pleased that these results reflect the increasing contribution of our assets in northwest Florida. The results of the St. Joe Land Company and initial sales for WaterColor point to a promising future as we work to achieve value for shareholders from our unique assets.''
Rummell noted that Net EBITDA for St. Joe Only has more than tripled since the first quarter of 1997, the point at which St. Joe began to shift its focus to becoming a real estate operating company. ``Few companies match St. Joe's real estate and financial assets,'' said Rummell. ``Our operating results indicate that this unique combination of land, assets and management will produce shareholder value, both now and far into the future.''
``For the full year 2000, we expect Net EBITDA for St. Joe Only to exceed the upper end of our most recent projections of 30 to 50 percent above the $0.84 per diluted share earned in 1999,'' said Kevin M. Twomey, president, COO and CFO.
``The above projections do not include sales of conservation land to governments or conservation groups,'' said Twomey. ``As we have noted before, St. Joe is working on several active projects to sell land that will be used for conservation purposes. Timing of these sales is uncertain, but it is possible that some will occur in the second half of 2000. Profits from these sales would be in addition to the above projections.''
On July 13, the Panama City-Bay County International Airport Authority board of directors unanimously approved a feasibility study that recommended moving the Panama City airport to an area within a boundary marked by State Road 77, State Road 79, and Bay County Road 388 - an area almost entirely owned by St. Joe. ``This is an important milestone toward a first-class airport facility for northwest Florida which could greatly stimulate the economic development of this entire region,'' said Rummell. ``If the final site selected is on St. Joe land, St. Joe is committed to providing the land necessary for the airport.'' The board's vote sends the feasibility study to the Federal Aviation Administration for review with a decision expected before year's end.
``St. Joe is the right company in the right place at the right time,'' said Rummell. ``We own a significant portion of the remaining developable beachfront and waterfront coastal lands in Florida. Over the next 10 years, more Baby Boomers will move to Florida than any other state, creating unprecedented demand for vacation properties and second homes - particularly on, or near, the water. We intend to meet that demand.''
The following table summarizes Net EBITDA and net income results for the quarters ended June 30, 2000 and 1999,
and the year-to-date periods ending June 30, 2000 and 1999, excluding one-time gains and charges occurring in 1999.
Table 1
Quarter Ended Y-T-D
June 30 June 30 June 30 June 30
2000 1999 2000 1999(a)
Consolidated
Net EBITDA $ 44.4 $ 32.4 $ 87.1 $ 60.8
Net EBITDA per diluted share 0.51 0.36 1.00 0.68
Net Income 18.8 14.7 37.6 26.0
Net Income Per Diluted Share 0.22 0.17 0.43 0.29
St. Joe Only
Net EBITDA $ 32.8 $ 20.4 $ 62.0 $ 30.3
Net EBITDA per diluted share 0.38 0.23 0.72 0.34
Net Income 15.0 9.7 27.9 12.2
Net Income Per Diluted Share 0.17 0.11 0.32 0.14
(a) In addition to the FECI charges and the pension excise tax
reversal discussed earlier, in the first quarter of 1999 the
company had a net-of-tax gain of $42.8 million, or $0.48 per
diluted share, on the sale of the company's sugar assets.
STOCK REPURCHASE PROGRAM
During the second quarter of 2000, the company repurchased a total
of 219,700 shares. The company has approximately $132.2 million of its
second authorization of $150 million remaining.
Table 2
Second Quarter 2000
Stock Repurchase Program
Authorization Shares Purchased Average Price Total Cost
------------- ---------------- Per Share (in millions)
--------- -------------
Authorization No. 2 219,700 $29.46 $6.5
Table 3
Total Stock Repurchase Program
Authorization Shares Purchased Average Price Total Cost
------------- ---------------- Per Share (in millions)
------------- -------------
Authorization No. 1 6,485,311 $23.13 $150.0
Authorization No. 2 636,955 $27.95 $ 17.8
--------- ------
Total Program 7,122,266 $23.56 $167.8
The company intends to increase stock buyback activity later in the year after the pending spin-off is completed.
As of June 30, 2000, the company had 84,982,472 total shares outstanding.
SEGMENT RESULTS
Community Residential Real Estate
Arvida Community Development's Net EBITDA for the second quarter of 2000 was $9.6 million, compared with $9.4 million in the second quarter of 1999.
During the second quarter, momentum built for Arvida projects in the northwest, northeast and central regions of Florida. Building on the strong start for WaterColor in the second quarter, the first beachfront product will be offered there later in the third quarter. In the second half of the year, construction is set to begin at WaterSound in Walton County, SouthWood in Tallahassee, Victoria Park near Orlando and a smaller residential project, The Hammocks, in Bay County in northwest Florida.
WaterColor
WaterColor, a Southern coastal resort community being developed by Arvida in northwest Florida, began sales on April 15, 2000. A total of 46 units have been sold or reserved to date. The lots at WaterColor had an average sales price of approximately $286,000, while the condominium residences averaged approximately $414,000. All sales thus far have been inland from the beach with the first 16 of the WaterColor beachfront product, premium Gulf-front residential units, going on the market this August. These units will average over 3,000 square feet and will be priced at more than $1 million each.
``Our WaterColor sales experience is further evidence of the significant demand for our northwest Florida product,'' said Rummell. ``Progress on the community continues to be made, with 56 condominiums and 12 single family homes finished or under construction. The Town Center is taking shape with site preparation for the Beach Club and the WaterColor now underway.''
WaterSound
Just down the beach, sales and construction of beachfront condominiums at WaterSound are expected to get underway late in the third quarter of 2000. This community is approximately three miles east of WaterColor on more than a mile of beachfront on the Gulf of Mexico. Site work is well underway for an 18-hole golf course adjacent to WaterSound and designed by Tom Fazio. Fairway cottages and an additional 18 holes of golf also are planned for the project.
SouthWood
Infrastructure construction of SouthWood is expected to get underway in August for this 3,200-acre community designed to be an integral part of the college town of Tallahassee. Florida State University School, a research and laboratory school operated by Florida State University with grades kindergarten through 12, is expected to be relocated to SouthWood.
In addition, commercial activities have begun at SouthWood with the sale of a 5-acre site to Datamaxx Applied Technologies, Inc. for their corporate headquarters. Datamaxx will employ approximately 100 people at SouthWood. In addition, St. Joe Commercial has a 50,000-square-foot office building in pre-development at SouthWood.
Other Residential
On May 8th the company held a groundbreaking ceremony for St. Johns Golf and Country Club in St. Johns County in northeast Florida. The 799-unit residential project will include an 18-hole championship golf course on 840 acres. ``This project positions us with a diverse residential product line in one of the fastest growing counties in Florida,'' said Rummell. Net EBITDA from this new community is expected to begin in 2001.
In June, Arvida, through a lottery process, marketed the first phase of 12 riverfront home sites at RiverTown in St. Johns County. The average selling price was approximately $280,000 per lot. Closings will begin in the third quarter of 2000. An additional 11 of these premium lots are scheduled to go on the market in the fourth quarter.
Construction of infrastructure at Victoria Park, located in the college town of DeLand near Orlando, is expected to begin in August of 2000, as final permits have now been received. Plans include 3,800 single and multi-family units with a traditional town center. The sales center is scheduled to open by November 2000.
Saussy Burbank, a premier home builder based in Charlotte, N.C., acquired by Arvida in April 1999, had Net EBITDA of $1.0 million for the second quarter of 2000, compared with $0.2 million in the second quarter of 1999. In the second quarter of 2000, Saussy Burbank delivered 64 homes in North Carolina and South Carolina. Saussy Burbank was acquired in April of 1999.
Arvida Realty Services (ARS)
For the second quarter of 2000, Arvida Realty Services had Net EBITDA of $7.3 million, compared with $4.9 million in the second quarter of 1999. As Florida's largest independent full-service real estate brokerage firm, ARS posted gross sales volume of $2.2 billion during the second quarter of 2000, a 38 percent increase over the $1.6 billion generated in the same quarter of 1999.
``The basic underlying demand continued throughout the quarter in all markets served by Arvida Realty Services,'' said Twomey. ``Mortgage origination and title services had record months as an ever increasing percentage of St. Joe and Arvida business was done by these ARS subsidiaries.''
St. Joe Land Company
St. Joe Land again exceeded expectations. In the second quarter of 2000, Net EBITDA for the St. Joe Land Company totaled $14.9 million. During the quarter, St. Joe Land sold 7,914 acres at an average of $2,211 per acre. One large parcel was sold in the second quarter for a total gain of $10.1 million on 4,094 acres. Parcel sizes ranged from less than one acre to over 4,000 acres.
``Already in the third quarter St. Joe Land has a gain of $7.5 million on the sale of a 3,829-acre parcel,'' said Twomey. ``No other large St. Joe Land Company sales are pending for the remainder of the quarter. Although we're enthusiastic about the value being created by St. Joe Land, we do not expect the St. Joe Land Company to consistently produce such large income numbers. Rather, quarterly results in the $4 million range, along with periodic significant increases, should be expected.''
Table 4
St. Joe Land Company
Sales Analysis
For Quarter Ended June 30, 2000
Number of Number Average Gross Sales Gross
Land Use Parcels of Price Price Profit
Sold Acres Per Acre (in millions) (in millions)
--------- ------ -------- ------------- -------------
Commercial 1 6 $124,416 $ .7 $ .7
Non-commercial 24 7,908 2,118 16.8 14.5
--------- ------ -------- ------------- -------------
Total 25 7,914 $ 2,211 $ 17.5 $ 15.2
Table 5
St. Joe Land Company
Year-to-Date Through June 30, 2000
Number of Number Average Gross Sales Gross
Land Use Parcels of Price Price Profit
Sold Acres Per Acre (in millions) (in millions)
--------- ------ -------- ------------- -------------
Commercial 7 28 $ 78,571 $ 2.2 $ 2.1
Non-commercial 46 16,658 2,113 35.2 $ 31.3
--------- ------ -------- ------------- -------------
Total 53 16,686 $ 2,241 $ 37.4 $ 33.4
In addition, St. Joe is currently in various stages of negotiations to sell 88,000 acres of conservation land to governments and conservation groups. The company expects sales to begin in the second half of the year.
Commercial Real Estate
St. Joe Commercial
Net EBITDA for St. Joe Commercial, which includes Advantis, its commercial real estate services arm, but does not include Florida East Coast Industries' real estate subsidiary, Flagler Development Company, totaled $2.6 million for the second quarter of 2000, compared with $0.2 million in the second quarter of 1999. At the end of the second quarter of 2000, St. Joe Commercial had 534,000 square feet under construction.
``In the second quarter, St. Joe Commercial continued its emphasis on its Florida development program, particularly in northwest Florida,'' said Rummell. ``As a part of our effort to drive the economic development of northwest Florida, St. Joe Commercial has obtained necessary entitlements and approvals to develop three 50,000-square-foot office buildings in Tallahassee and the Panama City area. ''The expertise of St. Joe Commercial - creating diverse work environments that meet the needs of corporate America - is being focused on St. Joe's unparalleled assets in northwest Florida with these and other new commercial projects currently in the pre-development stage,`` continued Rummell.
St. Joe Commercial, Armando Codina and J.P. Morgan Investment Management (JPMIM) formed an equity partnership to develop ``355 Alhambra,'' the landmark office tower located in the Coral Gables area of Miami, Fla. JPMIM's Special Situation Property Fund has invested approximately $7.0 million for a 45-percent equity interest in this venture. The 16-story, 224,000-square-foot, Class-A office building is currently under construction and is expected to be completed in December 2000.
St. Joe Commercial acquired a 35-acre parcel in Boca Raton, Fla., with plans to develop a new office park at this site, which will include a 170,000-square-foot build-to-suit office building for IBM Corporation. The project is adjacent to the 310,000-square-foot NCCI headquarters building also being developed by St. Joe Commercial, with completion expected in the third quarter of 2000.
St. Joe Commercial is also in the preliminary development stages for the second Class-A building at Deerwood Park North, located in the booming Southside area of Jacksonville, Fla. St. Joe Commercial is developing the 135,000-square-foot building for Flagler Development Company, the real estate subsidiary of FECI, and is expected to begin construction in the third quarter.
By using tax-deferred proceeds from the sale of timberland and other real estate assets to purchase top-quality commercial properties, St. Joe has made an aggressive push into the Tampa-St. Petersburg area, one of the strongest economic markets in Florida and the U.S. During the second quarter of 2000, the company acquired LakeView, a Class-A office building in the Tampa area. The five-story, 125,000-square-foot building is located in the region's prestigious Hidden River Corporate Park and marks the fourth Class-A office property purchased by St. Joe in this market since late in fourth quarter of 1999.
Advantis
Advantis provides commercial real estate services as a unit of St. Joe Commercial. During the second quarter of 2000, Advantis' Net EBITDA was $1.2 million, compared with $0.4 million in the second quarter of the previous year. St. Joe, through Advantis and affiliates, currently leases and manages 32.9 million square feet of commercial real estate throughout the Southeast and Mid-Atlantic.
St. Joe Hospitality Development Group
In the second quarter of 2000, St. Joe Hospitality Development Group had feasibility and design work underway on four major market resort, convention and full service hotel projects under preliminary development agreements. The largest of these projects is the development of a resort hotel, spa and meeting facility in the central Florida resort area around Orlando. A major international hospitality corporation intends to operate the property under a long-term management agreement. Equity financing for the project is committed and is being provided by a New York-based institutional investor, which will own the underlying asset. Site preparation is expected to get underway in August, and the resort hotel is scheduled to be completed in early 2003.
``This start-up segment was designed to utilize the vast hospitality development experience and expertise of our senior management team and create a new and valuable asset for our clients to generate fee income without using the company's capital,'' said Rummell. ``We are pleased to report that this unit is ahead of expectations.''
In addition, the hospitality development group has started site preparation for the WaterColor Inn situated on Gulf of Mexico beachfront in northwest Florida with a formal groundbreaking ceremony scheduled for later this quarter.
St. Joe Timberland Company
Net EBITDA for the forestry segment totaled $3.5 million in the second quarter of 2000, compared with $3.4 million in the second quarter of 1999. ``These second quarter 2000 results were achieved despite a two-week shutdown at the facilities of a major wood fiber customer,'' said Twomey. ``At the end of the quarter solid wood markets softened slightly, and are expected to remain stable through the third quarter.''
Other Income
Other income, which includes dividend and interest income, interest expense, gains and losses on sales of investments and non-operating assets, and miscellaneous income, was $1.3 million for the second quarter of 2000, compared with $4.6 million for the second quarter of 1999.
Florida East Coast Industries (FECI)
Net EBITDA for Florida East Coast Industries, including its real estate, transportation and telecom subsidiaries, was $11.6 million, or $0.13 per diluted share, compared with $12.0 million, or $0.13 per diluted share, for the same quarter in 1999, excluding one time gains and charges.
FLORIDA EAST COAST INDUSTRIES SPIN-OFF
On October 27, 1999, the company announced that it had agreed with Florida East Coast Industries, Inc. (FECI) to undertake a recapitalization of FECI to facilitate a pro rata tax-free spin-off to St. Joe's shareholders of St. Joe's 54 percent equity interest in FECI. On March 8, 2000, a majority of FECI's minority shareholders voted to approve this transaction. On June 12, 2000, St. Joe announced that the timing of the spin-off, originally expected to close in the second quarter or early in the third quarter, will be delayed as the Internal Revenue Service has requested certain additional information. This information will be submitted this week.The completion of the transaction is conditioned on the receipt of a revenue ruling from the IRS as to the tax-free nature of the distribution.
-0-
Table 6
Consolidated Quarterly Comparisons
($ in millions except per share amounts)
Year-to-Date Quarter-Ended
June 30 June 30 June 30 June 30
2000 1999 2000 1999
----------- ----------- ----------- -----------
Total revenues $ 433.0 $ 352.1 $ 222.0 $ 170.1
Operating expenses 325.2 285.5 167.0 141.4
Depreciation and
amortization 28.4 22.1 14.4 11.0
Corporate expenses 10.6 7.0 5.4 4.4
----------- ----------- ----------- -----------
Operating profit 68.8 37.5 35.2 13.3
Other income 6.5 9.7 1.3 4.6
----------- ----------- ----------- -----------
Income before taxes,
minority interest
and discontinued
operations 75.3 47.2 36.5 17.9
Income tax expense
(benefit) 29.4 (7.3) 14.5 (19.7)
Minority interest 8.3 9.1 3.2 1.7
Discontinued
operations -- 47.4 -- 2.9
----------- ----------- ----------- -----------
Net income $ 37.6 $ 92.8 $ 18.8 $ 38.8
=========== =========== =========== ===========
Net income per
diluted share $ 0.43 $ 1.04 $ 0.22 $ 0.44
=========== =========== =========== ===========
Net income
excluding
one-time items $ 37.6 $ 26.0 $ 18.4 $ 14.7
=========== =========== =========== ===========
Net income per
diluted share
excluding
one-time items $ 0.43 $ 0.29 $ 0.22 $ 0.17
=========== =========== =========== ===========
Net EBITDA $ 87.1 $ 56.3 $ 44.4 $ 27.9
=========== =========== =========== ===========
Net EBITDA per
diluted share $ 1.00 $ 0.63 $ 0.51 $ 0.31
=========== =========== =========== ===========
Net EBITDA
excluding
one-time items $ 87.1 $ 60.8 $ 44.4 $ 32.4
=========== =========== =========== ===========
Net EBITDA per
diluted share
excluding
one-time items $ 1.00 $ 0.68 $ 0.51 $ 0.36
=========== =========== =========== ===========
Weighted average
diluted shares
outstanding 86,729,901 89,166,208 86,922,557 89,054,056
Table 7
St. Joe Only
Quarterly Comparisons
($ in millions except per share amounts)
Year-to-Date Quarter-Ended
June 30 June 30 June 30 June 30
2000 1999 2000 1999
----------- ----------- ----------- -----------
Total revenues $ 303.5 $ 181.0 $ 157.2 $ 108.5
Operating expenses 237.3 159.0 122.5 92.2
Depreciation and
amortization 10.2 7.0 5.0 3.3
Corporate expenses 10.7 7.0 5.4 4.4
----------- ----------- ----------- -----------
Operating profit
(loss) 45.3 8.0 24.3 8.6
Other income 2.4 6.9 0.9 3.6
----------- ----------- ----------- -----------
Income before
taxes, minority
interest and
discontinued
operations 47.7 14.9 25.2 12.2
Income tax expense
(benefit) 19.7 (19.2) 10.2 (21.6)
Minority interest 0.1 (0.3) -- 0.1
Discontinued
operations -- 47.4 -- 2.9
----------- ----------- ----------- -----------
Net income $ 27.9 $ 81.8 $ 15.0 $ 36.5
=========== =========== =========== ===========
Net income per
diluted share $ 0.32 $ 0.91 $ 0.17 $ 0.41
=========== =========== =========== ===========
Net income
excluding
one-time items $ 27.9 $ 12.2 $ 15.0 $ 9.7
=========== =========== =========== ===========
Net income per
diluted share
excluding
one-time items $ 0.32 $ 0.14 $ 0.17 $ 0.11
=========== =========== =========== ===========
Net EBITDA $ 62.0 $ 30.3 $ 32.8 $ 20.4
=========== =========== =========== ===========
Net EBITDA per
diluted share $ 0.72 $ 0.34 $ 0.38 $ 0.23
=========== =========== =========== ===========
Net EBITDA
excluding
one-time items $ 62.0 $ 30.3 $ 32.8 $ 20.4
=========== =========== =========== ===========
Net EBITDA per
diluted share
excluding
one-time items $ 0.72 $ 0.34 $ 0.38 $ 0.23
=========== =========== =========== ===========
Weighted average
diluted shares
outstanding 86,729,901 89,166,208 86,922,557 89,054,056
Table 8
Quarterly Segment Net EBITDA
Excluding One-time Gains and Charges
($ in millions)
June 30, March 31, Dec 31, Sept 30,
2000 2000 1999 1999
----------- ----------- ----------- -----------
Community
residential
real estate $ 9.6 $ 4.5 $ 17.9 $ 11.4
Residential
realty
services 7.3 2.3 3.4 5.5
Commercial
real estate 2.6 0.7 (5.0) 3.5
St. Joe Land 14.9 17.9 3.1
Forestry 3.5 6.9 1.8 3.7
Transportation (0.2) 0.6 1.1 1.1
Hospitality 0.1 (0.2) --
Corporate
and other (5.0) (3.5) (2.1) (2.5)
Discontinued
operations
(Sugar) -- -- 0.4 0.8
----------- ----------- ----------- -----------
Total St. Joe
Only $ 32.8 $ 29.2 $ 20.6 $ 23.5
=========== =========== =========== ===========
FECI (Net) 11.6 13.5 17.3 12.7
Consolidated
St. Joe $ 44.4 $ 42.7 $ 37.9 $ 36.2
=========== =========== =========== ===========
Diluted
shares
outstanding 86,922,557 86,537,245 87,672,123 88,206,360
June 30, March 31, Dec 31,
1999 1999 1998
----------- ----------- -----------
Community
residential
real estate $ 9.4 $ 1.6 $ (1.4)
Residential
realty
services 4.9 0.2 3.6
Commercial
real estate 0.2 3.7 0.3
St. Joe Land -- -- --
Forestry 3.4 3.3 3.8
Transportation -- (0.7) (0.1)
Hospitality -- -- --
Corporate
and other (2.2) (1.3) 5.5
Discontinued
operations
(Sugar) 4.7 3.1 3.2
----------- ----------- -----------
Total St. Joe
Only $ 20.4 $ 9.9 $ 14.9
=========== =========== ===========
FECI (Net) 12.0 18.5 14.0
Consolidated
St. Joe $ 32.4 $ 28.4 $ 28.9
=========== =========== ===========
Diluted
shares
outstanding 89,054,056 89,280,663 90,290,775
Sept 30, June 30,
1998 1998
----------- -----------
Community
residential
real estate $ (0.5) $ (0.8)
Residential
realty
services 2.8 --
Commercial
real estate 0.2 0.8
St. Joe Land -- --
Forestry 4.4 4.0
Transportation 0.7 1.2
Hospitality -- --
Corporate
and other 0.4 2.3
Discontinued
operations
(Sugar) (0.5) (0.3)
----------- -----------
Total St. Joe
Only $ 7.5 $ 7.2
=========== ===========
FECI (Net) 15.2 13.5
Consolidated
St. Joe $ 22.7 $ 20.7
=========== ===========
Diluted
shares
outstanding 91,699,715 93,404,656
Table 9
Quarterly Segment Net EBITDA Per Share
Excluding One-time Gains and Charges
June 30, March 31, Dec 31, Sept 30,
2000 2000 1999 1999
----------- ----------- ----------- -----------
Community
residential
real estate $ .11 $ .05 $ .20 $ .13
Residential realty
services .08 .03 .04 .06
Commercial real
estate .03 .01 (.06) .04
St. Joe Land .17 .20 .04 --
Forestry .04 .08 .02 .04
Transportation -- .01 .01 .01
Hospitality -- -- -- --
Corporate and
other (.05) (.04) (.02) (.02)
Discontinued
operations
(Sugar) -- -- -- .01
----------- ----------- ----------- -----------
Total St. Joe
Only $ .38 $ .34 $ .23 $ .27
=========== =========== =========== ===========
FECI (Net) .13 .15 .20 .14
Consolidated
St. Joe $ .51 $ .49 $ .43 $ .41
=========== =========== =========== ===========
Diluted shares
outstanding 86,922,557 86,537,245 87,672,123 88,206,360
June 30, March 31, Dec 31,
1999 1999 1998
----------- ----------- -----------
Community residential
real estate $ .11 $ .02 $ (.02)
Residential realty
services .05 -- .04
Commercial real
estate -- .04 --
St. Joe Land -- -- --
Forestry .04 .04 .04
Transportation -- (.01) --
Hospitality -- -- --
Corporate and other (.02) (.02) .06
Discontinued operations
(Sugar) .05 .04 .04
----------- ----------- -----------
Total St. Joe Only $ .23 $ .11 $ .16
=========== =========== ===========
FECI (Net) .13 .21 .16
Consolidated St. Joe $ .36 $ .32 $ .32
=========== =========== ===========
Diluted shares outstanding 89,054,056 89,280,663 90,290,775
Sept 30, June 30,
1998 1998
-------------- --------------
Community residential real estate $ (.01) $ (.01)
Residential realty services .03 --
Commercial real estate -- .01
St. Joe Land -- --
Forestry .05 .04
Transportation .01 .01
Hospitality -- --
Corporate and other -- .03
Discontinued operations (Sugar) -- --
-------------- --------------
Total St. Joe Only $ .08 $ .08
============== ==============
FECI (Net) .17 .14
Consolidated St. Joe $ .25 $ .22
============== ==============
Diluted shares outstanding 91,699,715 93,404,656
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.
More information about St. Joe can be found at our web site at http://www.joe.com.
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. Such matters involve risk and uncertainty, and there can be no assurance that the results described in such forward-looking statements will be realized. For example, discussions regarding the size and number of commercial buildings, residential units, development timetables, 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, and the absorption rate and expected gain on land sales are forward-looking statements. Such statements are based on current expectations and are subject to certain risks. In addition, the occurrence or non-occurrence of the recapitalization, the exchange and the spin-off of the company's interest in Florida East Coast Industries Inc. (FLA) depends on St. Joe's receipt of an Internal Revenue Service ruling concerning the tax-free status of the spin-off. The anticipated benefits of the recapitalization, the exchange and the spin-off may be affected by (1) general economic conditions; (2) economic developments that have a particularly adverse effect on St. Joe or FLA and; (3) conditions in the securities markets on which St. Joe's and FLA's securities trade. 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 in this press release. Additional risk factors that may cause actual results to differ materially from those expressed in forward-looking statements contained in this 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, 1999.
``Advantis,'' ``Advantis, a St. Joe company,'' ``WaterColor'' and the ``taking flight'' logo are service marks of The St. Joe Company. Arvida is a registered trademark.
The St. Joe Company, Jacksonville
St. Joe Media Contact:
Jerry M. Ray, 904/858-2707
or
St. Joe Investor Contact:
Steve Swartz, 904/858-5295