St Joe Company (JOE) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $2.70 million, or $ 0.04 a share in the quarter, against a net loss of $2.50 million, or $0.03 a share in the last year period.

Revenue during the quarter dropped 11.37 percent to $18.70 million from $21.10 million in the previous year period.

Cost of revenue dropped 12.86 percent or $1.80 million during the quarter to $12.20 million. Gross margin for the quarter expanded 111 basis points over the previous year period to 34.76 percent.

Total expenses were $19.60 million for the quarter, down 21.29 percent or $5.30 million from year-ago period. Operating margin for the quarter stood at negative 4.81 percent as compared to a negative 18.01 percent for the previous year period.

Operating loss for the quarter was $0.90 million, compared with an operating loss of $3.80 million in the previous year period.

Revenue from real estate activities during the quarter plunged 32.76 percent or $3.80 million to $7.80 million. Revenue from sale of real estate was $5.40 million for the quarter, down 42.55 percent or $4 million from year-ago period.

Income from operating leases during the quarter rose 9.09 percent or $0.20 million to $2.40 million.

Jorge Gonzalez, the Company’s president and chief executive officer, said, "Our open for business’ strategy and focus on maximizing the value of our assets while maintaining a low fixed expense structure is gaining traction. The recent announcement of GKN Aerospace locating a new world-class manufacturing facility in VentureCrossings Enterprise Centre in Bay County is an example of both an investment in generating recurring income and in creating quality aerospace manufacturing jobs with a high economic multiplier effect that we believe will enhance long term value of the area and the Company.” Mr. Gonzalez added, “With a strong balance sheet, our plan for 2017 is to increase capital expenditures particularly on projects that we believe will provide recurring revenue and asset value while being selective about one-off sales of our land holdings."

Net receivables were at $34.90 million as on Dec. 31, 2016, up 1,417.39 percent or $32.60 million from year-ago.

Investments stood at $175.70 million as on Dec. 31, 2016, down 8.11 percent or $15.50 million from year-ago.

Total assets grew 4.38 percent or $43.09 million to $1,027.90 million on Dec. 31, 2016. On the other hand, total liabilities were at $341.10 million as on Dec. 31, 2016, up 9.55 percent or $29.73 million from year-ago.

Return on assets moved down 63 basis points to 0.25 percent in the quarter. Return on equity was at 0.39 percent in the quarter against a negative 0.37 percent in the last year period.