St Joe Company (JOE) has reported a 3.57 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $2.70 million, or $0.04 a share in the quarter, compared with $2.80 million, or $0.03 a share for the same period last year.
Revenue during the quarter went down marginally by 2.16 percent to $27.20 million from $27.80 million in the previous year period.
Cost of revenue went up marginally by 1.10 percent or $0.20 million during the quarter to $18.30 million. Gross margin for the quarter contracted 217 basis points over the previous year period to 32.72 percent.
Total expenses were $25.60 million for the quarter, down 15.23 percent or $4.60 million from year-ago period. Operating margin for the quarter period stood at positive 5.88 percent as compared to a negative 8.63 percent for the previous year period.
Operating income for the quarter was $1.60 million, compared with an operating loss of $2.40 million in the previous year period.
Revenue from real estate activities during the quarter declined 6.76 percent or $0.50 million to $6.90 million. Revenue from sale of real estate was $4.20 million for the quarter, down 14.29 percent or $0.70 million from year-ago period.
Income from operating leases during the quarter rose 8 percent or $0.20 million to $2.70 million.
Jorge Gonzalez, the Company’s President and Chief Executive Officer, said “One of our areas of focus is to grow recurring revenue while maintaining a low fixed expense structure.” Mr. Gonzalez added, “Accordingly, we are planning to grow our leasable spaces and we are focused on attracting new businesses into the area and into our commerce parks that can diversify the economy.”
Net receivables were at $14.70 million as on Sep. 30, 2016, up 408.12 percent or $11.81 million from year-ago.
Investments stood at $236.70 million as on Sep. 30, 2016.
Total assets went down marginally by 2.57 percent or $26.06 million to $986.40 million on Sep. 30, 2016. On the other hand, total liabilities were at $313.20 million as on Sep. 30, 2016, down 6.59 percent or $22.09 million from year-ago.
Return on assets moved down 29 basis points to 0.27 percent in the quarter. At the same time, return on equity moved down 1 basis points to 0.40 percent in the quarter.
Debt comes down
Total debt was at $54.20 million as on Sep. 30, 2016, down 22.27 percent or $15.53 million from year-ago. Shareholders equity stood at $673.20 million as on Sep. 30, 2016, down 0.59 percent or $3.96 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.08 percent in the quarter.
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