St. Joe announces 2009 losses

St. Joe announces 2009 losses

JACKSONVILLE  — The St. Joe Company on Tuesday announced a net loss of $130 million, or $1.42 per share, for 2009.

That compares with a $35.9 million loss ($0.40 per share) for 2008.

“In 2009, we successfully continued our efforts to reduce capital expenditures, eliminate expenses and increase our financial flexibility,” said St. Joe’s President and CEO Britt Greene. At the same time, he added, “We also focused our efforts on positioning the Company to benefit from the May 2010 opening of the new Northwest Florida Beaches International Airport. We are energized by the significant opportunities the airport will present since it is surrounded by some of St. Joe’s most valuable land holdings.”

During 2009, St. Joe sold: its remaining assets at Victoria Park in DeLand, Fla.; St. Johns Golf & Country Club near Jacksonville; remaining homes at Artisan Park in Celebration; SevenShores condominium project in Bradenton; homes and homesites in North and South Carolina; generated $57.5 million of revenue from residential real estate sales; sold 29 acres of commercial land for $6.6 million, or more than $227,000 per acre; sold 6,967 acres of rural land for $14.3 million, or more than $2,050 per acre.