St. Joe Co. Mulls Arvida Realty Services Alternatives
DOW JONES NEWSWIRES
JACKSONVILLE, Fla. -- St. Joe Co. (JOE) is in talks with outside parties regarding strategic alternatives for its real estate brokerage and services unit, Arvida Realty Services.
Company officials weren't immediately available to specify what alternatives are being considered.
In a press release Friday, St. Joe Co. said it will suspend its share repurchase program during the talks. In May 2001, the company received authorization to repurchase up to $200 million in its outstanding common stock.
St. Joe Co. said Friday it has yet to reach an agreement, but should a further announcement be necessary, "it would likely come within the next three weeks."
Arvida, St. Joe's community real estate development unit, is not a part of the discussions.
Last month, the real estate development company posted fourth quarter EBITDA of 50 cents a share, beating its own estimates, due to higher earnings at Arvida Realty Services and increased sales at Arvida Community Residential Real Estate.
St. Joe also said it plans to report first quarter results on April 24.
-Dorothea Degen; Dow Jones Newswires; 201-938-5400
Updated March 29, 2002 1:47 p.m. EST |
