8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)        October 22, 2003        

The St. Joe Company

(Exact Name of Registrant as Specified in Its Charter)

Florida

(State or Other Jurisdiction of Incorporation)

1-10466	59-0432511
(Commission File Number)	(IRS Employer Identification No.)
245 Riverside Avenue, Suite 500, Jacksonville, FL	32202
(Address of Principal Executive Offices)	(Zip Code)

(904) 301-4200

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	ITEM 9. REGULATION FD DISCLOSURE
SIGNATURES
EX-99.1 RECONCILIATION OF INCOME

ITEM 9. REGULATION FD DISCLOSURE

The purpose of this Form 8-K is to furnish Supplemental Information for the period ended September 30, 2003. A copy is furnished with this Form 8-K as Exhibit 99.1 and is incorporated by reference. Exhibit 99.1 reconciles Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) to the Registrants’ income from continuing operations before taxes and minority interest. EBITDA is a metric widely used in the real estate industry and the Company believes the attached reconciliation will be helpful to investors and security analysts in understanding the Registrant’s results of operations.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		THE ST. JOE COMPANY
Dated: October 22, 2003	By:	/s/ Michael N. Regan
		Name: Michael N. Regan Title: Senior Vice President

EX-99.1 3 b48174sjexv99w1.htm EX-99.1 RECONCILIATION OF INCOME

Exhibit 99.1

Reconciliation of Income from Continuing Operations Before Taxes and Minority Interest to EBITDA by Operating Segment

(in millions)

		Community
		Residential		Commercial							Corporate
		Real Estate		Real Estate			Forestry		St. Joe Land		& Other			Consolidated
For the Three Months Ended September 30, 2003
Income from continuing operations before taxes and minority interest		$	31.9	$	0.3		$	1.7	$	14.8	$	(12.0	)	$	36.7
Plus:
	Depreciation & amortization		2.0		3.6			1.0		0.1		0.6		$	7.3
	Interest expense		2.5		2.0			—		—		1.1		$	5.6
Less:
	Cumulative effect of a change in accounting principle		—		—			—		—		(16.1	)	$	(16.1	)
EBITDA		$	36.4	$	5.9		$	2.7	$	14.9	$	(26.4	)	$	33.5
For the Three Months Ended September 30, 2002
Income from continuing operations before taxes and minority interest		$	21.4	$	(1.0	)	$	1.7	$	8.6	$	(11.2	)	$	19.5
Plus:
	Depreciation & amortization		1.1		3.0			1.0		—		0.9		$	6.0
	Interest expense		1.8		2.1			—		—		2.2		$	6.1
Less:
	Minority interest		—		—			—		—		(0.3	)	$	(0.3	)
EBITDA		$	24.3	$	4.1		$	2.7	$	8.6	$	(8.4	)	$	31.3

EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. Prior year EBITDA has been changed to conform with the SEC’s current guidance on non-GAAP financial measures.

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EX-99.1

EX-99.1 RECONCILIATION OF INCOME