The St. Joe Company (JOE), a publicly held operationally diverse real estate company, reported a net loss of $11.4 million or 13 cents per share in the first quarter of 2010, compared to a net loss of $12.0 million or 13 cents per share in the year-earlier quarter. Total revenues decreased to $13.3 million during the quarter from $20.1 million in the year-ago quarter.

During the quarter, St. Joe sold 2.8 acres of commercial land for $0.3 million and generated $0.5 million of revenue from residential real estate sales. In addition, the company sold 72 acres of rural land for $0.4 million and generated $0.6 million of revenue from the sale of 9 mitigation bank credits. Going forward, the company will rely less on rural land sales as it has become increasingly harder to sell land at attractive prices due to the challenging macroeconomic environment.

At quarter end, St. Joe had $152.6 million of cash and $26.7 million of pledged securities. Total debt outstanding was $39.2 million, out of which $26.7 million was defeased debt. In addition, the company had $125 million available under its revolving credit facilities.

St. Joe is currently in a defensive mode and continues to reduce capital expenditures to conserve cash. Capital expenditures for first quarter 2010 were $1.6 million, compared to $5.5 million in the year-earlier quarter, a reduction of 71%. In addition, the company incurred cash overhead expenses of $12.4 million during the quarter, compared to $17.3 million in the year-ago period, a reduction of 28%.

The company is continuing construction work of the new international airport near Panama City Beach, slated to open in May 2010. Once completed, the airport will become a major growth driver for the region, creating jobs and revenue generating opportunities for other companies.

St. Joe is also currently developing approximately 1,000 acres adjacent to the new airport for industries, offices, retailers and hotels, which is further expected to have a positive economic impact on the region in the long run.
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