St. Joe's revised numbers show net income of $23 million, or 30 cents per diluted share, up from $12.9 million, or 17 cents per share. The revised figures compare with $11.7 million, or 15 cents per share, for third quarter 2002.
In a prepared statement, the company says third quarter 2003 net income and net income per share include a pretax gain from conservation land sales of $3.9 million versus $1 million in third quarter 2002.
The revised third-quarter numbers for this year eliminate a $10.1 million (13 cents per share) non-income cash after-tax charge which has been deferred. This charge related principally to the company's minority interest in St. Joe/Arvida Co. LP acquired on July 2, 2003.
Revised EBITDA total $49.6 million, or 64 cents per diluted share, compared with the previously reported $33.5 million, or 43 cents per share. In the same 2002 period, St. Joe reported $31.3 million, or 39 cents per diluted share. EBITDA includes gains from conservation land sales of $3.9 million, or five cents per share, in this year's third quarter, compared with $1 million in third quarter last year.
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