Exhibit 99.1
Table 1
Residential Real Estate
Sales Activity
Three Months Ended December 31, 2011
($ in millions)
2011 | 2010 | |||||||||||||||||||||||||||||||
Number of Units Closed | Revenue | Cost of Sales (1) | Gross Profit | Number of Units Closed | Revenue | Cost of Sales (1) | Gross Profit | |||||||||||||||||||||||||
Homesites | 46 | $ | 3.2 | $ | 2.4 | $ | 0.8 | 40 | $ | 2.9 | $ | 2.0 | $ | 0.9 | ||||||||||||||||||
Homes | — | — | — | — | 1 | 0.6 | 0.6 | — | ||||||||||||||||||||||||
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Total | 46 | $ | 3.2 | $ | 2.4 | $ | 0.8 | 41 | $ | 3.5 | $ | 2.6 | $ | 0.9 | ||||||||||||||||||
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(1) | Cost of sales for homesites in the fourth quarter of 2011 consisted of $2.1 million in direct costs, $0.1 million in selling costs and $0.2 million in indirect costs. Cost of sales for homesites in the fourth quarter of 2010 consisted of $1.8 million in direct costs, $0.2 million in selling costs and $0.7 million in indirect costs. Cost of sales for homes in the fourth quarter of 2010 consisted of $0.5 million in direct costs and $0.1 million in selling costs. |
Year Ended December 31,
($ in millions)
2011 | 2010 | |||||||||||||||||||||||||||||||
Number of Units Closed | Revenue | Cost of Sales (1) | Gross Profit | Number of Units Closed | Revenue | Cost of Sales (1) | Gross Profit | |||||||||||||||||||||||||
Homesites | 131 | $ | 10.6 | $ | 8.0 | $ | 2.6 | 83 | $ | 7.5 | $ | 5.4 | $ | 2.1 | ||||||||||||||||||
Homes | 2 | 1.3 | 1.3 | — | 2 | 1.0 | 0.9 | 0.1 | ||||||||||||||||||||||||
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Total | 133 | $ | 11.9 | $ | 9.3 | $ | 2.6 | 85 | $ | 8.5 | $ | 6.3 | $ | 2.2 | ||||||||||||||||||
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(1) | Cost of sales for homesites for the year ended 2011 consisted of $7.0 million in direct costs, $0.3 million in selling costs and $0.7 million in indirect costs. Cost of sales for homesites for the year ended 2010 consisted of $4.0 million in direct costs, $1.0 million in selling costs and $0.4 million in indirect costs. Cost of sales for homes for the year ended 2011 consisted of $1.2 million in direct costs and $0.1 million in selling costs. Cost of sales for homes for the year ended 2010 consisted of $0.7 million in direct costs, $0.1 million in selling costs and $0.1 million in indirect costs. |
Table 2
Residential Real Estate Sales Activity
Three Months Ended December 31,
($ in thousands)
2011 | 2010 | |||||||||||||||||||||||||||||||
Units Closed | Avg. Price | Accepted (1) | Avg. Price | Units Closed | Avg. Price | Accepted (1) | Avg. Price | |||||||||||||||||||||||||
Breakfast Point | ||||||||||||||||||||||||||||||||
Homesites | 17 | $ | 57.2 | 17 | $ | 57.2 | — | — | — | — | ||||||||||||||||||||||
Hawks Landing | ||||||||||||||||||||||||||||||||
Homesites | — | — | — | — | 15 | $ | 47.7 | 15 | $ | 47.7 | ||||||||||||||||||||||
RiverTown | ||||||||||||||||||||||||||||||||
Homesites | 5 | $ | 32.6 | 5 | $ | 32.6 | — | — | — | — | ||||||||||||||||||||||
SouthWood | ||||||||||||||||||||||||||||||||
Homesites | 4 | $ | 67.0 | 4 | $ | 67.0 | 12 | $ | 52.1 | 12 | $ | 52.1 | ||||||||||||||||||||
SummerCamp | ||||||||||||||||||||||||||||||||
Homesites | 3 | $ | 76.8 | 2 | $ | 84.0 | 1 | $ | 59.0 | 1 | $ | 59.0 | ||||||||||||||||||||
WaterColor | ||||||||||||||||||||||||||||||||
Homesites | 6 | $ | 120.4 | 5 | $ | 144.5 | 5 | $ | 113.3 | 5 | $ | 113.3 | ||||||||||||||||||||
WaterSound | ||||||||||||||||||||||||||||||||
Homesites | — | — | — | — | 2 | $ | 110.0 | 2 | $ | 110.0 | ||||||||||||||||||||||
WaterSound West Beach | ||||||||||||||||||||||||||||||||
Homesites | 10 | $ | 132.4 | 8 | $ | 122.0 | 5 | $ | 143.9 | 8 | $ | 139.9 | ||||||||||||||||||||
Single-Family Homes | — | — | — | — | 1 | $ | 555.0 | 1 | $ | 555.0 | ||||||||||||||||||||||
WindMark Beach | ||||||||||||||||||||||||||||||||
Homesites | 1 | $ | 90.0 | — | — | — | — | — | — | |||||||||||||||||||||||
Total Homesites | 46 | $ | 82.0 | 41 | $ | 79.8 | 40 | $ | 72.6 | 43 | $ | 76.9 | ||||||||||||||||||||
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Total Single-Family Homes | — | — | — | — | 1 | $ | 555.0 | 1 | $ | 555.0 | ||||||||||||||||||||||
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Total | 46 | $ | 82.0 | 41 | $ | 79.8 | 41 | $ | 84.4 | 44 | $ | 87.7 | ||||||||||||||||||||
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(1) | Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed. |
Year Ended December 31,
($ in thousands)
2011 | 2010 | |||||||||||||||||||||||||||||||
Units Closed | Avg. Price | Accepted (1) | Avg. Price | Units Closed | Avg. Price | Accepted (1) | Avg. Price | |||||||||||||||||||||||||
Breakfast Point | ||||||||||||||||||||||||||||||||
Homesites | 27 | $ | 55.1 | 27 | $ | 55.1 | — | — | — | — | ||||||||||||||||||||||
Hawks Landing | ||||||||||||||||||||||||||||||||
Homesites | 3 | $ | 55.0 | 3 | $ | 55.0 | 23 | $ | 51.0 | 23 | $ | 51.0 | ||||||||||||||||||||
Port St. Joe Primary | ||||||||||||||||||||||||||||||||
Homesites | 3 | $ | 20.3 | 3 | $ | 20.3 | — | — | — | — | ||||||||||||||||||||||
RiverCamps | ||||||||||||||||||||||||||||||||
Single-Family Homes | 1 | $ | 450.0 | 1 | $ | 450.0 | — | — | — | — | ||||||||||||||||||||||
RiverTown | ||||||||||||||||||||||||||||||||
Homesites | 13 | $ | 35.7 | 13 | $ | 35.7 | 2 | $ | 31.3 | 2 | $ | 31.3 | ||||||||||||||||||||
SouthWood | ||||||||||||||||||||||||||||||||
Homesites | 27 | $ | 54.5 | 27 | $ | 54.5 | 17 | $ | 56.9 | 17 | $ | 56.9 | ||||||||||||||||||||
SummerCamp | ||||||||||||||||||||||||||||||||
Homesites | 4 | $ | 85.1 | 4 | $ | 85.1 | 5 | $ | 251.8 | 5 | $ | 251.8 | ||||||||||||||||||||
Single-Family Homes | — | — | — | — | 1 | $ | 450.0 | 1 | $ | 450.0 | ||||||||||||||||||||||
WaterColor | ||||||||||||||||||||||||||||||||
Homesites | 25 | $ | 119.1 | 25 | $ | 119.1 | 19 | $ | 106.7 | 20 | $ | 106.3 | ||||||||||||||||||||
WaterSound | ||||||||||||||||||||||||||||||||
Homesites | 2 | $ | 69.0 | 2 | $ | 69.0 | 3 | $ | 107.5 | 2 | $ | 110.0 | ||||||||||||||||||||
WaterSound Beach | ||||||||||||||||||||||||||||||||
Homesites | — | — | 4 | $ | 350.0 | 1 | $ | 1,253.7 | 1 | $ | 1,253.7 | |||||||||||||||||||||
WaterSound West Beach | ||||||||||||||||||||||||||||||||
Homesites | 26 | $ | 126.2 | 24 | $ | 126.4 | 11 | $ | 122.3 | 14 | $ | 124.6 | ||||||||||||||||||||
Single-Family Homes | — | — | — | — | 1 | $ | 555.0 | 1 | $ | 555.0 | ||||||||||||||||||||||
White Fence Farms | ||||||||||||||||||||||||||||||||
Single-Family Homes | 1 | $ | 850.0 | 1 | $ | 850.0 | — | — | — | — | ||||||||||||||||||||||
WindMark Beach | ||||||||||||||||||||||||||||||||
Homesites | 1 | $ | 90.0 | 1 | $ | 90.0 | 2 | $ | 152.7 | 2 | $ | 152.7 | ||||||||||||||||||||
Total Homesites | 131 | $ | 80.0 | 133 | $ | 87.4 | 83 | $ | 105.0 | 86 | $ | 105.9 | ||||||||||||||||||||
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Total Single-Family Homes | 2 | $ | 650.0 | 2 | $ | 650.0 | 2 | $ | 502.5 | 2 | $ | 502.5 | ||||||||||||||||||||
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Total | 133 | $ | 88.5 | 135 | $ | 95.8 | 85 | $ | 114.4 | 88 | $ | 115.0 | ||||||||||||||||||||
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(1) | Contracts accepted during the quarter. Contracts accepted and closed in the same quarter are also included as units closed. |
Table 3
Commercial Land Sales
Three Months Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2011 | 3 | 3.3 | $ | 1,060 | $ | 318 | ||||||||||
2010 | 1 | 1.7 | 425 | 250 |
Year Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2011 | 77 | 8.6 | $ | 3,111 | $ | 363 | ||||||||||
2010 | 4 | 18 | 4,358 | 237 |
Also included in commercial land sales for the fourth quarter and year ended 2011 was $0.6 million of revenue from a forfeited deposit upon cancellation of a sales contract.
Table 4
Rural Land Sales
Three Months Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | ||||||||||||||||
2011 | 1 | 27 | $ | 153 | $ | 5,600 | ||||||||||
2010 | 6 | 226 | 1,471 | 5,520 |
Year Ended December 31,
Number of Sales | Acres Sold | Gross Sales Price | Average Price/Acre | |||||||||||||
(in thousands) | ||||||||||||||||
2011 | 4 | 259 | $ | 3,460 | $ | 13,374 | ||||||||||
2010 | 13 | 606 | 2,969 | 4,897 |
Also included in rural land sales for the fourth quarter and year ended 2011 was $0.5 million from the sale of 7 mitigation bank credits.
Table 5
Quarterly Segment Pretax Income (Loss)
From Continuing Operations
($ in millions)
Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Sept. 30, 2010 | June 30, 2010 | Mar. 31, 2010 | Dec. 31, 2009 | ||||||||||||||||||||||||||||
Residential | $ | (366.6 | ) | $ | (3.7 | ) | $ | (6.3 | ) | $ | (8.8 | ) | $ | (12.3 | ) | $ | (16.5 | ) | $ | (7.2 | ) | $ | (11.3 | ) | $ | (80.6 | ) | |||||||||
Commercial | (15.1 | ) | (0.5 | ) | (2.9 | ) | (1.9 | ) | (1.2 | ) | 1.5 | (1.3 | ) | (0.4 | ) | 1.3 | ||||||||||||||||||||
Rural Land Sales | 0.4 | 0.3 | (0.4 | ) | 2.3 | 18.2 | 3.5 | 0.7 | (0.3 | ) | 0.9 | |||||||||||||||||||||||||
Forestry | 2.0 | 2.6 | 1.7 | 52.7 | 1.9 | 0.8 | 2.2 | 1.4 | 1.3 | |||||||||||||||||||||||||||
Corporate and other | (4.3 | ) | (2.6 | ) | (12.4 | ) | (22.6 | ) | (8.0 | ) | (10.9 | ) | (9.1 | ) | (7.0 | ) | (8.8 | ) | ||||||||||||||||||
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Pretax income (loss) from continuing operations(1) | $ | (383.6 | ) | $ | (3.9 | ) | $ | (20.3 | ) | $ | 21.7 | $ | (1.4 | ) | $ | (21.6 | ) | $ | (14.7 | ) | $ | (17.6 | ) | $ | (85.9 | ) | ||||||||||
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(1) | Includes one time charges as described in our SEC filings. |
Table 6
Other Income (Expense)
($ in millions)
Quarter Ended Dec 31, | Year Ended Dec. 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Dividend and interest income | $ | 0.3 | $ | 0.2 | $ | 1.1 | $ | 1.5 | ||||||||
Interest expense | (0.9 | ) | (1.3 | ) | (3.9 | ) | (8.7 | ) | ||||||||
Gain on sale of office buildings | 0.2 | 0.1 | 0.7 | 0.5 | ||||||||||||
Other | 0.3 | 0.8 | 2.6 | 2.5 | ||||||||||||
Retained interest in monetized installment notes | 0.1 | 0.1 | 0.4 | 0.4 | ||||||||||||
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Total | $ | — | $ | (0.1 | ) | $ | 0.9 | $ | (3.8 | ) | ||||||
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