(JOE) The St. Joe Company Sells Non-Strategic Assets

December 30th, 2009

The St. Joe Company (JOE), a publicly held operationally diversified real estate company, recently sold St. Johns Golf & Country Club, an 18-hole daily fee course, clubhouse and maintenance facility, for $2.4 million. The asset was sold to Billy Casper Golf Management, a Northern Virginia golf management company that manages over 100 golf courses across the U.S. Incorporatedluding the Bent Creek Golf Course in Jacksonville.

In accordance with the disposal of the non-strategic asset, St. Joe will record a pre-tax, non-cash impairment charge of approximately $3.6 million in its fourth quarter results. During the quarter, St. Joe also sold its remaining assets in Victoria Park, a residential community in Deland, Florida, for about $11 million in cash. The company will record a pre-tax, non-cash impairment charge of approximately $68 million related to this sale in its fourth quarter results.

Based in Jacksonville, St. Joe is one of Florida’s largest real estate developers engaged in town, resort, commercial, and industrial development, land sales, and commercial real estate operations. The company also has significant interests in the timber industry.

St. Joe is currently in a defensive mode and continues to reduce capital expenditures to conserve cash. Capital expenditures for the first nine months of 2009 were $10.9 million, compared to $28.9 million for the same period in 2008, a reduction of 62%. In addition, St. Joe incurred cash overhead expenses of $45.5 million for the first nine months of 2009, compared to $65.8 million for the same period last year, a reduction of 31%.

Zacks Investment Research

More on this topic (What's this?)
Setting the Record Straight on St. Joes (JOE) (Cheap Stocks, 7/7/10)
St. Joe Deep Water Port Expansion Gets Support (Wall Street Sector Selector, 10/14/11)
David Einhorn’s Huge Short Is On An Unbelievable Winning Streak (JOE) (Wall Street Sector Selector, 6/13/11)
Value Investing Congress: David Einhorn on St. Joes (Cheap Stocks, 10/13/10)
Read more on St. Joe Company at Wikinvest

Related Posts:

  1. (DVN) Devon Energy Corporation Sells Gulf of Mexico AssetsDevon Energy Corporation (DVN) has agreed to sell three of its Gulf of Mexico assets...
  2. (AEP) American Electric Power Company to Buy AssetsAmerican Electric Power Co. Inc.’s (AEP) subsidiary Southwestern Electric Power Co. signed a letter of...
  3. (MWV) MeadWestvaco Sells Specialty Papers Business AssetsPackaging solution provider MeadWestvaco Corp. (MWV) recently agreed to sell its Specialty Papers business in...
  4. (JOE) St. Joe Company Sells Perico Island AssetThe St. Joe Company (JOE), a publicly held operationally diverse real estate company, has recently...
  5. (AIV) Apartment Investment and Management Company Continues to Sell AssetsAimco Properties LP, a division of Apartment Investment and Management Co. (AIV), recently sold its...
  6. (NCIT) NCI, Incorporated – continue to execute our strategic plan of aggressively focusing on organic growthNCI, Inc.(NCIT) continues to top analyst forecasts and recently announced record earnings and revenue. Shares...


Search Posts by Tag: | | Financial | Real Estate Development

RSS Feeds by Tag: JOE | The St. Joe Company | Financial | Real Estate Development |

Other Posts by: | RSS Feed for this author