Florida’s largest private landowner, The St. Joe Company, reported a third quarter net loss of $19.2 million (21 cents a share) on Tuesday. JOE’s President and CEO Britt Greene cited the global financial crisis and the downturn in the Florida. Now for the good news.
In a day and age when a line of credit is a historical concept similar to the gold standard, JOE entered into a new $100 million revolving credit facility with Branch Banking and Trust Company. JOE has not drawn on this facility, which matures in September 2011.
“Given the current state of the capital markets, we are pleased that we were able to close this three-year borrowing facility,” said William McCalmont, JOE’s chief financial officer. “We have a solid balance sheet, virtually no debt, and no current plans to draw on this new facility.”