Real estate sales from all ventures totaled $35 million with related costs of sales of $24.9 million. A year ago, that number was $23.9 million with related costs of sales of $18.8 million.

Residential real estate services checked in with a net earnings before interest, taxes and depreciation of $2.3 million, the same number posted in first quarter 2000. Revenue was up, however, to $53.8 million compared to $50.9 million last year.

St. Joe Co.'s community residential development operations comprise multifamily, townhomes and single-family residential units on land owned 100% by the company, its 26% equity interest in Arvida/JMB Partners and its 74% ownership of St. Joe/Arvida Co.

Net earnings before interest, taxes and depreciation on residential development revenue came in at $7.9 million on revenue of $39.2 million compared to a net of $4.5 million on revenue of $27.6 million in first quarter 2000.

But that's as far as the good news goes.

Net income was $11 million or 13 cents per diluted share on revnue of $140.1 million compared to $18.8 million or 22 cents per diluted share on revenue of $211 million in the same 2000 period.

Revenue was down by $70.9 million or 34%, primarily due to the October 2000 spinoff of Florida East Industries Inc. which was primarily included in the transportation and commercial real estate development segments, the company says in its 10-Q filing with the Securities and Exchange Commission.

Timber land sales, handled by the two-year-old St. Joe Land Co., logged in at $17.5 million on 40 parcels totaling 7,506 acres at an average price of $2,318 per acre (five cents per sf). The company's gross profit on the sales was $15.4 million or 88% of total revenue versus $18.2 million or 91% of total revenue last year.

The company's commercial real estate development and services segment, through Orlando-directed St. Joe Commercial, contributed $19.5 million in sales, a 60% decrease compared to $48.7 million in first quarter 2000.

Last year's numbers came from both St. Joe Commercial and Flagler Development Co., a wholly owned subsidiary of Florida East Coast Industries Inc.

Operating expenses total $111.8 million, a decrease of $46.4 million or 29%, compared to $158.2 million in first quarter 2000. The commercial real estate development and services segment contributed $17.6 million in costs recorded in the first quarter, a 56% decrease compared to $40.3 million last year.