St. Joe Co. reported quarterly net income plunged to $1.0 million, compared with earnings of $22.3 million in the last quarter of 2006. For 2007, St. Joe reported net income of $39.2 million, a 23-percent drop from the 2006 total of $51.0 million.
The company is in the preliminary phase of developing the 1,414-acre Breakfast Point planned community north of Panama City Beach Parkway. At the end of 2007, St. Joe owned about 700,000 acres, concentrated primarily in Northwest Florida, that includes about 310,000 acres within 10 miles of the Gulf of Mexico.
Read this News Herald article: St. Joe revenue drops