The St. Joe Company (NYSE: JOE) today announced Net Profit for the full year ended 2012 of $6.0 million, or $0.07 per share. This compares to a Net Loss of $(330.3) million, or $(3.58) per share for the year 2011, which included pre-tax non-cash impairment charges of $377.3 million, or $3.52 per share after tax.
For the fourth quarter of 2012, St. Joe had a Net Loss of $(8.6) million, or $(0.09) per share. This compares to a Net Loss of $(328.6) million, or $(3.56) per share, for the fourth quarter of 2011, which included pre-tax non-cash impairment charges of $374.8 million, or $3.50 per share after-tax.
2012 highlights include:
Park Brady, St. Joe's Chief Executive Officer, said, "We're very happy with our progress in 2012. Operating results in each of our businesses improved compared to 2011. Our residential development business, in particular, experienced improving trends in sales volume and pricing and that momentum appears to be carrying forward into 2013. Although the economic recovery is still slow, we are optimistic about future growth in our businesses."
Mr. Brady continued, "We're excited about our key initiatives in 2013. For example, we believe that the retiree demographic presents us with a unique opportunity given our development expertise and the fact that we own a substantial amount of contiguous land located in a desirable part of the country. To that end, we've been working with the best active adult community planners and consultants in the country and collaborating with national builders to bring that concept to reality. Another unique opportunity is the Port at Port St Joe. Our Port boasts the shortest distance to the Panama Canal of any port in the United States. That fact coupled with the long term growth prospects for the Southeast will be, we believe, the basis for building a vibrant port within the next few years. Both of these initiatives are longer term in nature but you will see evidence of our progress in 2013."
Mr. Brady concluded, "In addition to these initiatives we continue to evaluate all of our assets to determine their best use in creating long term shareholder value. We're excited about the potential opportunities represented by our assets, especially against the backdrop of an improving economy."
Information provided by the St. Joe Company