St. Joe struggles continue

From News Service of Florida:

In what its CEO described as a "challenging" year, The St. Joe Co. reported a third-quarter net loss of $2.4 million, or 3 cents a share, according to Securities & Exchange Commission filing this week.

St. Joe is the largest private landowner in Wakulla County.

The results were better than during the third quarter of 2010, when the WaterSound-based real estate giant had a net loss of $13.1 million, or 14 cents a share.

St. Joe has been hard hit by the downturn in the real-estate and development industry in recent years.

"This has certainly been a challenging year for our company,'' Chief Executive Officer Park Brady said in a news release about the earnings report. "We have transitioned to a new board of directors, a new CEO and a new management team, while at the same time significantly reducing the company's expense structure. We will continue to look for ways to reduce expenses and review all of our assets and projects. We expect to present a new strategic plan for going forward by the annual shareholders meeting in 2012.''