St. Joe Company Q3 Profit Declines - Quick Facts

(RTTNews) - The St. Joe Company (JOE) reported third-quarter net Income of $4.2 million, or $0.05 per share, compared to $15.3 million, or $0.17 per share, last year.

Total revenues decreased to $36.83 million, from $55.91 million, last year.

St. Joe also announced that it has entered into a sales agreement with AgReserves, Inc., a Utah corporation, to sell approximately 382,834 acres of its non-strategic timberland and rural land in Northwest Florida for $565 million.

Park Brady, CEO for The St. Joe Company, said, "This sale of timberland 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."