My selection of industri news

St. Joe Co. is yet another land development company that continues to take financial blows because of the declining real estate market. The organization recently announced losses of up $27.9 million in the fourth quarter which translates to 31 cents per diluted share. Compare this loss to the $1 million net income gained or 1 cent per diluted share for the same period back in 2007. In that same year the company experienced an annual net income of 53 cents per diluted share or a total of $39.2 million in profits. In 2008 the organization declared a loss of 40 cents per diluted share or a net loss of $35.9 million.
St. Joe’s stock went down by 83 cents from $21.74 to $20.91 when the NYSE closed last Feb. 23. This just goes to show us that the market is looking bleak and it seems that the light at the end of the tunnel is very far from sight.