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St. Joe Reports Deeper Q2 Loss

JACKSONVILLE, FL-The major landowner and developer cites pre-tax charges.

By Carl Cronan | Updated on August 04, 2009

JACKSONVILLE, FL-Locally based St. Joe Co., one of Florida’s largest landholders, posted a net loss of $44.6 million for the second quarter, more than double that of $20.8 million in the same period last year. The latest results include pre-tax non-cash charges of $64.7 million.

St. Joe previously annuitized approximately $93 million of its pension plan liabilities through an insurance company transfer. The transaction resulted in a pre-tax charge for the second quarter of $44.7 million.

Remaining non-cash charges of $20 million included the $7.4-million write-off of a note receivable from GVA Advantis, which ceased operation in late July. It also included a $6.7-million write-down related to St. Joe’s SevenShores condominium and marina development in Bradenton.

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