The St. Joe Company (JOE, Financial) filed Quarterly Report for the period ended 2012-06-30.
The St. Joe Company has a market cap of $1.6 billion; its shares were traded at around $17.08 with and P/S ratio of 11.
During the three months ended June 30, 2012, we closed three land sales totaling 12 acres for $0.2 million, or $16,198 per acre, compared to one sale in the three months ended June 30, 2011 of 5 acres at $15,152 per acre. For the six months ended June 30, 2012, we closed four land sales totaling 2,867 acres for $4.5 million or $1,566 per acre, compared to two sales in the six months ended June 30, 2011 totaling 103 acres for $2.8 million, or $27,387 per acre. Average sales prices per acre vary according to the characteristics of each particular piece of land being sold. As a result, average prices will vary from one parcel to another and one period to another. As part of the land sales occurring in the six months ended June 30, 2012, we sold a 2,855 acre non-strategic parcel of land that was not connected to any of our other property. The price at which it was sold was comparable to the value of the surrounding property. The cost basis for this particular piece of property was relatively high due to the capital improvements that had been made to the property. We may continue to sell non-strategic property in the future if the opportunity arises.
Timber sales during the three months ended June 30, 2012 and June 30, 2011 arose from sales of wood fiber to RockTenn, pursuant to our wood fiber agreement, and sales in the open market. RockTenn has a Panama City, Florida mill which is the largest consumer of pine pulpwood logs within the immediate area in which most of our timberlands are located. Sales under this agreement were $3.7 million (152,000 tons) in the three months ended June 30, 2012 and $4.4 million (170,000 tons) during the three months ended June 30, 2011, yielding a per ton price of $24.61 and $25.81, respectively.
Our open market sales increased approximately 61% on a quarter over quarter comparison, primarily as a result of our decision to open an additional 70,000 acres to harvesting by other timber operators. Open market sales during the three months ended June 30, 2012 totaled $5.9 million (223,000 tons) as compared to $3.7 million (133,000 tons) in the three months ended June 30, 2011, yielding a per ton price of $26.48 and $27.82, respectively.
Excluding the impact of the $54.5 million timber deed in the first quarter of 2011, revenue increased approximately $2.9 million in the six month period ended June 30, 2012 over the same period in 2011 due to the volume increase and improved pricing levels. Sales to RockTenn were $7.1 million (290,000 tons) in the six months ended June 30, 2012 and $8.4 million (325,000 tons) in the three months ended June 30, 2011, yielding a per ton price of $24.48 and $25.85, respectively. Our open market sales increased approximately 54%, or $4.2 million, in the six months ended June 30, 2012 as compared to the same period ended June 30, 2011. Open market sales during the six months ended June 30, 2012 totaled $11.9 million (436,000 tons) as compared to $7.7 million (273,000 tons) in the six months ended June 30, 2011, yielding a per ton price of $27.29 and $28.21, respectively.
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The St. Joe Company has a market cap of $1.6 billion; its shares were traded at around $17.08 with and P/S ratio of 11.
Highlight of Business Operations:
Resort and club revenues include revenue from the WaterColor Inn, WaterColor, WaterSound Beach and WindMark Beach vacation rental programs and other resort, golf, club and marina operations. Total resort and club revenues were $21.1 million for the six months ended June 30, 2012 with related costs of $18.4 million as compared to revenue totaling $18.1 million for the six months ended June 30, 2011 with $17.6 million in related costs. Increased revenues were primarily due to increased activity at our resorts, resulting in higher occupancies, room rates and ancillary revenue at our resort lodging operations as well as stronger activity and rates at our golf courses.During the three months ended June 30, 2012, we closed three land sales totaling 12 acres for $0.2 million, or $16,198 per acre, compared to one sale in the three months ended June 30, 2011 of 5 acres at $15,152 per acre. For the six months ended June 30, 2012, we closed four land sales totaling 2,867 acres for $4.5 million or $1,566 per acre, compared to two sales in the six months ended June 30, 2011 totaling 103 acres for $2.8 million, or $27,387 per acre. Average sales prices per acre vary according to the characteristics of each particular piece of land being sold. As a result, average prices will vary from one parcel to another and one period to another. As part of the land sales occurring in the six months ended June 30, 2012, we sold a 2,855 acre non-strategic parcel of land that was not connected to any of our other property. The price at which it was sold was comparable to the value of the surrounding property. The cost basis for this particular piece of property was relatively high due to the capital improvements that had been made to the property. We may continue to sell non-strategic property in the future if the opportunity arises.
Timber sales during the three months ended June 30, 2012 and June 30, 2011 arose from sales of wood fiber to RockTenn, pursuant to our wood fiber agreement, and sales in the open market. RockTenn has a Panama City, Florida mill which is the largest consumer of pine pulpwood logs within the immediate area in which most of our timberlands are located. Sales under this agreement were $3.7 million (152,000 tons) in the three months ended June 30, 2012 and $4.4 million (170,000 tons) during the three months ended June 30, 2011, yielding a per ton price of $24.61 and $25.81, respectively.
Our open market sales increased approximately 61% on a quarter over quarter comparison, primarily as a result of our decision to open an additional 70,000 acres to harvesting by other timber operators. Open market sales during the three months ended June 30, 2012 totaled $5.9 million (223,000 tons) as compared to $3.7 million (133,000 tons) in the three months ended June 30, 2011, yielding a per ton price of $26.48 and $27.82, respectively.
Excluding the impact of the $54.5 million timber deed in the first quarter of 2011, revenue increased approximately $2.9 million in the six month period ended June 30, 2012 over the same period in 2011 due to the volume increase and improved pricing levels. Sales to RockTenn were $7.1 million (290,000 tons) in the six months ended June 30, 2012 and $8.4 million (325,000 tons) in the three months ended June 30, 2011, yielding a per ton price of $24.48 and $25.85, respectively. Our open market sales increased approximately 54%, or $4.2 million, in the six months ended June 30, 2012 as compared to the same period ended June 30, 2011. Open market sales during the six months ended June 30, 2012 totaled $11.9 million (436,000 tons) as compared to $7.7 million (273,000 tons) in the six months ended June 30, 2011, yielding a per ton price of $27.29 and $28.21, respectively.
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