St. Joe Quarterly Numbers Up from Last Year

The Q1 2008 Earnings Call Transcript was posted on the 6th.

Reported was an increase in net income up to $32.1 million from $19.7 million first quarter 2007. This increase was mostly attributed to strong rural land sales.

Significant progress in four areas was noted:

  1. Construction has begun on the new Panama City – Bay County International Airport following favorable jurisdictional decisions
  2. The completion of a successful equity offering that virtually eliminated all debt (the sale of 17 million common shares of stock – apprx $580 million)
  3. 57,000+ acres of non-strategic rural lands were sold for more than $91 million
  4. A new CEO will be appointed next week, Britt Greene

Peter Rummell was quoted, “we’re taking important steps to be properly positioned when [the markets improve]. . . we have become a leaner, more nimble company.”

“At the construction site of the new Panama City Airport, at West Bay, the first quarter saw the combination of a decade of hard work. Each day the airport authority continues, construction brings us one day closer to a new airport capable of tracking better our service and stronger economic development for the region.

Continue reading “St. Joe Quarterly Numbers Up from Last Year”

Analysts say Northwest Florida already prospering

Assuming the current climate of the Florida real estate market, many investors are weary of St. Joe stock.  With it peaking at around $80/share in mid 2005, shares were at $42.30 this morning.  One thing that may not be as commonly known is the powerful position St. Joe is actually in.

If you remember a couple of weeks ago, I quoted Bob Toll in his “hunker-down” statement:

“You move from an expansion mode to protecting your balance sheet immediately. . .  Then you hunker down, build up your cash, wait for the blood in the streets and take advantage of the opportunities.”

Continue reading “Analysts say Northwest Florida already prospering”