PRESS RELEASE
                        For Immediate Release

Date:               February 14, 2007
Contact:            Bruce W. Teeters, Sr. Vice President
Phone:              (386) 274-2202
Facsimile:          (386) 274-1223

                        CONSOLIDATED TOMOKA REPORTS 2006 EARNINGS

     DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO) today
reported net income of $14,028,322 or $2.47 basic earnings per share for the
year ended December 31, 2006, and earnings before depreciation, amortization,
and deferred taxes (EBDDT) of $21,626,683 or $3.80 per basic share for such
period.  The comparable numbers for 2005 were net income of $14,817,750 or
$2.62 basic earnings per share and EBDDT of $14,797,476 or $2.61 per basic
share For the three months ended December 31, 2006, net income totaled
$5,776,338 or $1.01 per basic share compared with net income of $2,195,344
or $.39 per basic share for the same period in 2005.

     EBDDT is being provided to reflect the impact of the Company's business
strategy of investing in income properties.  This strategy generates
significant amounts of depreciation and deferred taxes.  The Company
believes EBDDT is useful, along with net income, to understanding the
Company's operating   results.  In 2006, EBDDT was significantly higher
because all qualifying profits from 2006 sales were deferred  for tax
purposes compared with 2005 when only a portion of the profits were deferred
for tax purposes and a $5.0 million reclassification adjustment of deferred
taxes resulting from an Internal Revenue Service settlement agreement which
was reflected in 2005's EBDDT.

     William H. McMunn, president and chief executive officer, stated,
"Despite the national weakening of the residential real estate market,
the Company's operating results of $2.47 per basic share for 2006 were
near record levels. We attribute our performance to a relatively table
commercial sales market and to the design of our business model, which tends
to level out periodic downturns in the real estate cycle.  Real estate sales
for 2006 totaled 213 acres at an average price of $96,470 per acre. Profit
from our income properties portfolio continued to grow with the addition
of Dick's Sporting Goods and Best Buy stores in Atlanta, Georgia, in the
second quarter of 2006."

     Consolidated-Tomoka Land Co. is a Florida-based Company primarily
engaged in the conversion of Company owned agricultural lands into a
portfolio of income properties strategically located throughout the
Southeast, and the development, management, and sale of targeted real
estate properties.  Visit our website at www.consolidatedtomoka.com.
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"Safe Harbor"

     Certain statements contained in this press release (other than statements
of historical fact) are forward-looking statements.  The words "believe,"
"estimate," "expect," "intend," "anticipate," "will," "could," "may," "should,"
"plan," "potential," "predict," "forecast," "project," and similar expressions
and variations thereof identify certain of such forward-looking statements,
which speak only as of the dates on which they were made.
Forward-looking statements are made based upon management's expectations and
beliefs concerning future developments and their potential effect upon the
Company. There can be no assurance that future developments will be in
accordance with management's expectations or that the effect of future
developments on the Company will be those anticipated by management.
     The Company wishes to caution readers that the assumptions which form the
basis for forward-looking statements with respect to or that may impact
earnings for the year ended December 31, 2007, and thereafter include many
factors that are beyond the Company's ability to control or estimate precisely
  These risks and uncertainties include, but are not limited to, the market
demand of the Company's real estate parcels, income properties, timber and
other products; the impact of competitive real estate; changes in pricing by
the Company or its competitors; the costs and other effects of complying
with environmental and other regulatory requirements; losses due to natural
disasters; and changes in national, regional or local economic and
political conditions, such as inflation, deflation, or fluctuation in
interest rates.
     While the Company periodically reassesses material trends and uncertainties
affecting its results of operations and financial condition, the Company does
not intend to review or revise any particular forward-looking statement
referenced herein in light of future events.

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