Exhibit 99.1
Reconciliation of Income from Continuing Operations Before Taxes and Minority Interest to EBITDA by Operating Segment
(in millions)
| Community | |||||||||||||||||||||||||
| Residential | Commercial | Corporate | |||||||||||||||||||||||
| Real Estate | Real Estate | Forestry | St. Joe Land | & Other | Consolidated | ||||||||||||||||||||
For the Three Months Ended September 30, 2003 | |||||||||||||||||||||||||
Income from continuing operations before taxes and minority interest | $ | 31.9 | $ | 0.3 | $ | 1.7 | $ | 14.8 | $ | (12.0 | ) | $ | 36.7 | ||||||||||||
| Plus: | |||||||||||||||||||||||||
| Depreciation & amortization | 2.0 | 3.6 | 1.0 | 0.1 | 0.6 | $ | 7.3 | ||||||||||||||||||
| Interest expense | 2.5 | 2.0 | — | — | 1.1 | $ | 5.6 | ||||||||||||||||||
| Less: | |||||||||||||||||||||||||
| Cumulative effect of a change in accounting principle | — | — | — | — | (16.1 | ) | $ | (16.1 | ) | ||||||||||||||||
EBITDA | $ | 36.4 | $ | 5.9 | $ | 2.7 | $ | 14.9 | $ | (26.4 | ) | $ | 33.5 | ||||||||||||
For the Three Months Ended September 30, 2002 | |||||||||||||||||||||||||
Income from continuing operations before taxes and minority interest | $ | 21.4 | $ | (1.0 | ) | $ | 1.7 | $ | 8.6 | $ | (11.2 | ) | $ | 19.5 | |||||||||||
| Plus: | |||||||||||||||||||||||||
| Depreciation & amortization | 1.1 | 3.0 | 1.0 | — | 0.9 | $ | 6.0 | ||||||||||||||||||
| Interest expense | 1.8 | 2.1 | — | — | 2.2 | $ | 6.1 | ||||||||||||||||||
| Less: | |||||||||||||||||||||||||
| Minority interest | — | — | — | — | (0.3 | ) | $ | (0.3 | ) | ||||||||||||||||
EBITDA | $ | 24.3 | $ | 4.1 | $ | 2.7 | $ | 8.6 | $ | (8.4 | ) | $ | 31.3 | ||||||||||||
EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. Prior year EBITDA has been changed to conform with the SEC’s current guidance on non-GAAP financial measures.
