-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MGF759ja4Fl2FDELKAEjVbp8Q4/gs807tJKz3krdgL2Gyb9IN6QJoHWE1e+5Wq6l Iz0ixtG/KsNYIsMLBlSQ/g== 0000023795-08-000036.txt : 20081120 0000023795-08-000036.hdr.sgml : 20081120 20081120130102 ACCESSION NUMBER: 0000023795-08-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081120 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081120 DATE AS OF CHANGE: 20081120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED TOMOKA LAND CO CENTRAL INDEX KEY: 0000023795 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 590483700 STATE OF INCORPORATION: FL FISCAL YEAR END: 1024 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11350 FILM NUMBER: 081203186 BUSINESS ADDRESS: STREET 1: 1530 CORNERSTONE BLVD., STE. 100 CITY: DAYTONA BEACH STATE: FL ZIP: 32117 BUSINESS PHONE: 386-274-2202 MAIL ADDRESS: STREET 1: PO BOX 10809 CITY: DAYTONA BEACH STATE: FL ZIP: 32120-0809 8-K 1 nov19-28k.htm 8K NOVEMBER 19-2 nov19-28k.htm
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934


November 20, 2008

Date of Report
(Date of earliest
event reported)


CONSOLIDATED-TOMOKA LAND CO.
(exact name of registrant as specified in its charter)
 
                                                                                          FLORIDA                                      0-5556                                                        59-048370
(State or other jurisdiction of      (Commission File Number)                 (IRS Employer Identification No.)
                                                                                 incorporation)                                                                
1530 Cornerstone Boulevard, Suite 100
                                                                                                                                       60;     Daytona Beach, Florida                                         32117
                                                                                                                             (Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code: (386)274-2202
 


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the securities
Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

    [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))

    [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
FORM 8-K, November 20, 2008
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
 
Item 8.01.  Other Events.

On November 20, 2008, Consolidated-Tomoka Land Co. (the “Company”) issued a press release announcing the authorization of a stock repurchase program. A copy of the Press Release is attached hereto as Exhibit 99.1.

Item 9.01.  Financial Statements and Exhibits.
 
The following exhibit is furnished herewith pursuant to Item 2.02 of this Report and shall not be deemed to be “filed” for any purpose,
including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that
section.

(d)  
Exhibits

99.1 Press Release Issued November 20, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized

                                    
                                                                                   CONSOLIDATED-TOMOKA LAND CO.

 Date: November 20, 2008           By:  /s/ William H. McMunn
 
William H. McMunn
Presdient and Chief Executive Officer
                                       
 
 
 EX-99.1 2 pressrelease112008.htm PRESS RELEASE 11/20/08 pressrelease112008.htm


For Immediate Release
Consolidated-Tomoka Land Co.

Date:
November 20, 2008
Contact:
Bruce W. Teeters, Sr. Vice President
Phone:
(386) 274-2202
Facsimile:
(386) 274-1223

Consolidated-Tomoka Land Co. Announces Authorization of Stock Repurchase Program and Change in Dividend Policy

DAYTONA BEACH, FL. November 20, 2008 Consolidated-Tomoka Land Co. (AMEX: CTO: NYSE Alternext US–CTO) (the “Company”) today announced that its Board of Directors has authorized a program to repurchase shares of the Company’s common stock having an aggregate value of up to $8,000,000. The Company anticipates reducing its quarterly dividend to $0.025 per share, effective for the 2009 first quarter dividend to fund the program.

William H. McMunn, President and Chief Executive Officer stated, “In light of the Company’s current stock price, the Board has determined that it is prudent to reallocate a portion of capital used to pay dividends towards a stock repurchase program.  While we recognize the importance of a dividend to certain of our shareholders, the Board strongly believes that given the existing market price, a stock repurchase program will provide more shareholder value than maintaining the current level of dividends. Based on current economic conditions, the Company has no plans to increase Company debt to fund this repurchase plan.”

Mr. McMunn further emphasized, “The Company expects to continue paying a dividend at a reduced rate.”

The Board authorization permits the Company to effect the repurchases from time to time through a variety of methods including open market repurchases and privately negotiated transactions. There can be no assurance as to the amount, timing or prices of repurchases. The specific timing and amount of repurchases will vary based on market conditions and other factors. The stock repurchase program may be suspended, modified, extended or terminated by the Board at any time and has no expiration date.

About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and generates over $9 million in annual before tax cash flow from its real estate portfolio. The Company also engages in selective self-development of targeted income properties. The Company's adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles. Visit our website at www.ctlc.com.

###
“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, 2008, 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 strength of the real estate market in the City of Daytona Beach in Volusia County, Florida; our ability to successfully execute acquisition or development strategies; any loss of key management personnel; changes in local, regional and national economic conditions affecting the real estate development business and income properties; the impact of environmental and land use regulations; the impact of competitive real estate activity; variability in quarterly results due to the unpredictable timing of land sales; the loss of any major income property tenants; and the availability of capital.  Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Company’s Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC.

     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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