Excluding conservation land gains, EBITDA was $33.4 million or 40 cents per diluted share compared with $38.4 million or 45 cents per share last year.
Conservation land sales produced EBITDA of $1.1 million versus $9.9 million previously. Arvida Realty Services, which produced EBITDA of $9.4 million in last year's second quarter, was sold April 17 of this year for $170 million cash to NRT Inc., a subsidiary of New York-based Cendant Corp.
"JOE continued to perform well during the second quarter," Peter S. Rummell, the Jacksonville, FL-based company's chairman/CEO, says in a prepared statement. "If you compare the second quarter of 2002 with the same quarter last year, excluding conservation land sales and the results of the discontinued operations of Arvida from both periods, EBITDA per share was 15% higher."
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