Tag: st. joe

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.

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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” →