"JOE turned in another great year in 2002, providing shareholders with a total return (dividends and stock appreciation) for the year of 8.4%, compared to a 22.1% decline in the S&P 500 Index," says company chairman and CEO Peter S. Rummell.

Strong revenue from commercial, residential and land deals was credited for the performance. Q4 net income was $55.3 million or 70 cents per share compared to $18.8 million or 23 cents per share in 2001. Fourth-quarter earnings before interest, taxes, depreciation and amortization was $60.2 million versus $44.6 million in the same 2001 period.

The operations of Arvida Realty Services were included in the 2002 financials through April 17, 2002 when Arvida was sold for $170 million cash to NRT Inc., a subsidiary of New York-based Cendant Corp.

Fourth-quarter results included three conservation land sales totaling 8,924 acres that were sold to the state for $24.3 million or an average $2,723 per acre.

"JOE closed 2002 with a strong fourth quarter," says Rummell, a former division chief at Walt Disney World's engineering division. "Arvida's residential sales at our beachfront resort property remained strong; St. Joe Commercial also turned in a good quarter, as did St. Joe Land Co."

The St. Joe chairman says "our success this past year went beyond delivering strong results to shareholders in difficult economic conditions. In 2002, JOE's efforts to improve Northwest Florida's roads, air service, health care and education showed tangible results and continue to represent real promise."

The company's common stock was trading at $27 per share on the New York Stock Exchange Feb. 6. The 52-week high-low was $33.74 and $24.35 per share.