-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D7r/t5p0n1hitgZXrzBV+GEfBt4f4fUClAdWw8gdweE4mqcIVFc92NPdK937dA9M kaaDUgi1fiMra1n60r6YpA== 0000950144-03-001528.txt : 20030211 0000950144-03-001528.hdr.sgml : 20030211 20030211152140 ACCESSION NUMBER: 0000950144-03-001528 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030211 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20030211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ST JOE CO CENTRAL INDEX KEY: 0000745308 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 590432511 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10466 FILM NUMBER: 03550064 BUSINESS ADDRESS: STREET 1: 1650 PRUDENTIAL DR STE 400 CITY: JACKSONVILLE STATE: FL ZIP: 32207 BUSINESS PHONE: 9043966600 MAIL ADDRESS: STREET 1: P O BOX 1380 STREET 2: P O BOX 1380 CITY: JACKSONVILLE STATE: FL ZIP: 32201 FORMER COMPANY: FORMER CONFORMED NAME: ST JOE PAPER CO DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ST JOE CORP DATE OF NAME CHANGE: 19980430 8-K 1 g80582e8vk.htm THE ST JOE COMPANY THE ST JOE COMPANY
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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) February 11, 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.)
1650 Prudential Drive, Suite 400, Jacksonville, FL   32207
 
(Address of Principal Executive Offices)   (Zip Code)

(904) 396-6600

(Registrant’s Telephone Number, Including Area Code)

N/A

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

 

SIGNATURES
SUPPLEMENTAL INFORMATION FOR PERIOD 12/31/02

Table of Contents

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

99.1     Supplemental Information for the period ending December 31, 2002.

ITEM 9. REGULATION FD DISCLOSURE

  The purpose of this Form 8-K is to furnish Supplemental Information for the period ended December 31, 2002. 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: February 11, 2003   By:   /s/ Michael N. Regan
       
        Name: Michael N. Regan
Title: Senior Vice President

  EX-99.1 3 g80582exv99w1.txt SUPPLEMENTAL INFORMATION FOR PERIOD 12/31/02 EXHIBIT 99.1 RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND MINORITY INTEREST TO EBITDA BY SEGMENT (IN MILLIONS)
COMMU- NITY RESI- RESI- DENTIAL COMMER- DENTIAL REAL CIAL TRANS- ST. HOS- CORPO- CON- REAL ESTATE REAL PORTA- FOR- JOE PITA- RATE SOLIDA- ESTATE SERVICES ESTATE TION ESTRY LAND LITY & OTHER ATED ------- -------- ------ ---- ----- ----- ---- ------- ------ FOR THE YEAR ENDED DECEMBER 31, 2002 PRETAX INCOME FROM CONTINUING OPERATIONS $72.7 $ -- $ 2.0 $(3.6) $ 8.0 $68.1 $(0.6) $ 95.5 $242.1 Plus: Discontinued operations -- 3.7 0.4 4.1 Depreciation & amortization 4.4 1.1 10.2 1.6 4.1 0.2 0.1 2.2 23.9 Interest expense 6.6 0.2 7.5 -- 0.1 -- -- 9.3 23.7 Other -- -- -- 0.6 -- -- -- 2.0 2.6 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- 0.9 0.9 Gain on derivatives sales -- -- -- -- -- -- -- (132.9) (132.9) (Gain) loss on sales of other assets -- -- -- 0.1 -- -- -- 0.1 0.2 Minority interest (1.3) -- (0.2) -- -- -- -- -- (1.5) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $82.4 $ 5.0 $19.9 $(1.3) $12.2 $68.3 $(0.5) $(22.9) $163.1 ===== ===== ===== ==== ===== ===== ==== ====== ====== FOR THE YEAR ENDED DECEMBER 31, 2001 PRETAX INCOME FROM CONTINUING OPERATIONS $48.5 $ -- $ 5.0 $(3.3) $ 9.0 $63.8 $0.1 $(28.0) $ 95.1 Plus: Discontinued operations -- 17.9 0.1 -- -- -- -- -- 18.0 Depreciation & amortization 2.0 8.3 9.9 1.5 3.9 0.1 0.1 3.8 29.6 Interest expense 4.1 0.7 3.7 -- 0.1 -- -- 13.5 22.1 Other -- -- -- -- -- -- -- 2.0 2.0 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- (4.0) (4.0) Gain on derivatives sales -- -- -- -- -- -- -- -- -- (Gain) loss on sales of other assets -- 0.1 (0.1) -- -- -- -- -- -- Minority interest (0.6) -- ( --) -- -- -- -- -- (0.6) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $54.0 $27.0 $18.6 $(1.8) $13.0 $63.9 $0.2 $(12.7) $162.2 ===== ===== ===== ==== ===== ===== ==== ====== ======
EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization and is net of the effects of minority interests. EBITDA excludes gains from the sale of discontinued operations except for gains (losses) for sales of assets which are classified as discontinued operations under the provisions of FAS 144 and are sold in the normal course of business. EBITDA also excludes gains on sales of non-strategic lands and other assets.
COMMU- NITY RESI- RESI- DENTIAL COMMER- DENTIAL REAL CIAL TRANS- ST. HOS- CORPO- CON- REAL ESTATE REAL PORTA- FOR- JOE PITA- RATE SOLIDA- ESTATE SERVICES ESTATE TION ESTRY LAND LITY & OTHER ATED ------- -------- ------ ---- ----- ----- ---- ------- ------ FOR THE QUARTER ENDED DECEMBER 31, 2002 PRETAX INCOME FROM CONTINUING OPERATIONS $19.7 $ -- $ 4.5 $(0.7) $ 2.0 $30.7 $(0.4) $ 29.5 $ 85.3 Plus: Discontinued operations -- -- -- -- -- -- -- -- Depreciation & amortization 1.5 -- 3.0 0.5 1.0 -- -- 0.5 6.5 Interest expense 2.7 -- 2.1 -- -- -- -- 1.2 6.0 Other -- -- -- -- -- -- -- 0.5 0.5 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- (0.1) (0.1) Gain on derivatives sales -- -- -- -- -- -- -- (38.2) (38.2) (Gain) loss on sales of other assets -- -- -- -- 0.2 -- -- 0.4 0.6 Minority interest (0.4) -- -- -- -- -- -- -- (0.4) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $23.5 $ -- $ 9.6 $(0.2) $ 3.2 $30.7 $(0.4) $ (6.2) $ 60.2 ===== ===== ===== ==== ===== ===== ==== ====== ====== FOR THE QUARTER ENDED DECEMBER 31, 2001 PRETAX INCOME FROM CONTINUING OPERATIONS $16.8 $ -- $ 3.3 $(0.9) $ 1.3 $12.4 $ -- $ (7.1) $ 25.8 Plus: Discontinued operations -- 4.5 -- -- -- -- -- -- 4.5 Depreciation & amortization 1.1 2.0 2.4 0.4 1.1 -- -- 1.0 8.0 Interest expense 1.1 0.2 1.8 -- -- -- -- 3.8 6.9 Other -- -- -- -- -- -- -- 0.5 0.5 Less: (Gain)loss on derivatives valuation -- -- -- -- -- -- -- (0.5) (0.5) Gain on derivatives sales -- -- -- -- -- -- -- -- -- (Gain) loss on sales of other assets -- -- -- -- -- -- -- 0.1 0.1 Minority interest (0.7) -- -- -- -- -- -- -- (0.7) ----- ----- ----- ---- ----- ----- ---- ------ ------ EBITDA $18.3 $ 6.7 $ 7.5 $(0.5) $ 2.4 $12.4 $ -- $ (2.2) $ 44.6 ===== ===== ===== ==== ===== ===== ==== ====== ======
EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization and is net of the effects of minority interests. EBITDA excludes gains from the sale of discontinued operations except for gains (losses) for sales of assets which are classified as discontinued operations under the provisions of FAS 144 and are sold in the normal course of business. EBITDA also excludes gains on sales of non-strategic lands and other assets. -----END PRIVACY-ENHANCED MESSAGE-----