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JACKSONVILLE, Fla. - Florida real-estate developer St. Joe Co. said Tuesday its losses nearly tripled in the third quarter as the state's housing market continued to slump.
| JOE | 25.02 |  -0.58 |
Its shares fell $1.62, or 5 percent, to $30.68 in morning trading.
The company's loss widened to $19.2 million, or 21 cents per share, from $6.8 million, or 9 cents per share, a year ago. The results included restructuring charges and other impairment costs of $13 million, or 9 cents per share.
Revenue plunged 58 percent to $32.8 million, with sales hardhit in Florida.
Developers around the nation have been scaling back operations to weather the housing bust.
Last year, St. Joe said it would end its new-home construction efforts, lay off more than 75 percent of its workforce and try to sell 100,000 acres of land.
The company ended the quarter with more than $106.3 million on its balance sheet.
"With virtually no debt and a strong cash position, Joe's solid balance sheet better positions us to withstand the global financial crisis and the downturn in the Florida real-estate market," Britt Greene, the company's chief executive, said in a statement.
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