Q3 2013 Earnings Call Transcript

Transcript Call Date 11/07/2013

Operator: Good day, ladies and gentlemen, and welcome to The St. Joe Company Quarter Three 2013 Earnings Conference Call. At this time, participants are in a listen-only mode. Later, we'll conduct the question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded.

I now would like to introduce your host for today's conference Mr. Park Brady. You may begin.

Park Brady - CEO: Thank you. Sorry everyone we had a little technical glitch here in the beginning, so sorry to keep you waiting and listening to the music. I'd like to say hello to everyone and welcome you to St. Joe earnings call for the period ending September 30, 2013. I am Park Brady and joining me on the call is Marek Bakun, our new CFO. Before we get started, Marek will cover the forward looking statement. Marek?

Marek Bakun - SVP and CFO: Thank you, Park. Some of the information we will discuss on this call is forward-looking. The information includes statements that are preceded by or include the words, believe, expect, intend, anticipate, will, may, could or similar expressions. These forward-looking statements may be affected by the risks and uncertainties of our business, and actual results may differ materially from the forward-looking statements.

Everything we say here today is qualified in its entirety by cautionary statements and risk factors set forth in this morning's press release and in our SEC filings, which documents are publicly available. Our statements are as of today, November 7, 2013. We have no obligation to update any forward-looking statements that we may make.

Now I'll turn it back over to Park for some opening comments, after which I'll review the third quarter results.

Park Brady - CEO: Thank you Marek. I'd like to start with a brief comment that will provide some context to our discussion today. In our 8-K filed this morning, we announced that we entered into an agreement to sell approximately 383,000 acres of our timberland. With this sale of non-strategic land, it leaves us with approximately 180,000 acres of core real estate in Northwest Florida, as well as an additional 4,000 plus acres in the remaining Florida areas.

It is a strong step forward in the development of our strategy. The closing of the transaction is subject to a number of conditions, including the approval by the Company's shareholders. Based on the terms, we expect the closings to occur in the first half of 2014. This transaction will help the Company concentrate on its core business activity of real estate development in Northwest Florida. The proceeds from the sale will provide the Company with significant liquidity and numerous opportunities to create long-term value for our shareholders.

The Form 8-K provides the copy of agreement and a summary of the material terms. In addition, we'll shortly be filing a preliminary and then definitive proxy statement with the SEC that will provide additional information regarding this proposed transaction. It will be important for all shareholders to read this definitive document.

Read our Earnings Call Transcript disclaimer.
Add a Comment
E-mail me new replies.