Florida
(State or other jurisdiction of incorporation)
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001-11350
(Commission File Number)
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59-0483700
(IRS Employer Identification No.)
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1530 Cornerstone Boulevard, Suite 100
Daytona Beach, Florida
(Address of principal executive offices)
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32117
(Zip Code)
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Registrant’s telephone number, including area code: (386) 274-2202
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|||
Not Applicable
(Former name or former address, if changed since last report.)
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CONSOLIDATED-TOMOKA LAND CO.
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Date: April 20, 2011
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/S/Bruce W. Teeters
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Bruce W. Teeters, Senior Vice President - Finance and Treasurer
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Chief Financial Officer
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Date:
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April 20, 2011
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Contact:
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Bruce W. Teeters, Sr. Vice President
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Phone:
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(386) 274-2202
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Facsimile:
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(386) 274-1223
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EARNINGS NEWS RELEASE
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||||||||
QUARTER ENDED
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||||||||
MARCH 31,
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MARCH 31,
|
|||||||
2011
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2010
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|||||||
REVENUES
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$
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3,992,336
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$
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3,705,879
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||||
NET INCOME (LOSS)
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$
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(258,905
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) |
$
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77,819
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|||
BASIC & DILUTED EARNINGS (LOSS) PER SHARE:
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||||||||
NET INCOME (LOSS)
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$
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(0.05
|
) |
$
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0.01
|
|||
RECONCILIATION OF NET INCOME (LOSS) TO EARNINGS BEFORE
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||||||||
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES (EBDDT)
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||||||||
QUARTER ENDED
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||||||||
MARCH 31,
|
MARCH 31,
|
|||||||
2010
|
2009
|
|||||||
NET INCOME (LOSS)
|
$
|
(258,905
|
) |
$
|
77,819
|
|||
ADD BACK:
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||||||||
DEPRECIATION & AMORTIZATION
|
658,268
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692,903
|
||||||
DEFERRED TAXES
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(148,886
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)
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(1,178
|
)
|
||||
EARNINGS BEFORE DEPRECIATION, AMORTIZATION
|
||||||||
AND DEFERRED TAXES
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$
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250,447
|
$
|
769,544
|
||||
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
|
5,723,980
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5,723,339
|
||||||
BASIC EBDDT PER SHARE
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$
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0.04
|
$
|
0.13
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EBDDT - EARNINGS BEFORE DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES. EBDDT IS NOT A MEASURE OF OPERATING RESULTS OR CASH FLOWS FROM OPERATING ACTIVITIES AS DEFINED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FURTHER, EBDDT IS NOT NECESSARILY INDICATIVE OF CASH AVAILABILITY TO FUND CASH NEEDS AND SHOULD NOT BE CONSIDERED AS AN ALTERNATIVE TO CASH FLOW AS A MEASURE OF LIQUIDITY. THE COMPANY BELIEVES, HOWEVER, THAT EBDDT PROVIDES RELEVANT INFORMATION ABOUT OPERATIONS AND IS USEFUL, ALONG WITH NET INCOME, FOR AN UNDERSTANDING OF THE COMPANY'S OPERATING RESULTS.
|
||||
EBDDT IS CALCULATED BY ADDING DEPRECIATION, AMORTIZATION AND THE CHANGE IN DEFERRED INCOME TAXES TO NET INCOME AS THEY REPRESENT
NON-CASH CHARGES.
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CONSOLIDATED BALANCE SHEETS | |||||||||
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|||||||||
MARCH 31,
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DECEMBER 31,
|
||||||||
2011
|
2010
|
||||||||
ASSETS
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$ | $ | |||||||
Cash
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118,798 | 337,617 | |||||||
Investment Securities
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4,821,879 | 4,939,625 | |||||||
Refundable Income Taxes
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-- | 29,351 | |||||||
Land and Development Costs
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27,096,896 | 27,047,317 | |||||||
Intangible Assets
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4,062,186 | 4,167,478 | |||||||
Other Assets
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7,957,628 | 8,192,705 | |||||||
$ | 44,057,387 | $ | 44,714,093 | ||||||
Property, Plant & Equipment:
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|||||||||
Land, Timber and Subsurface Interests
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14,950,383 | 14,770,388 | |||||||
Golf Buildings, Improvements & Equipment
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11,825,058 | 11,823,081 | |||||||
Income Properties Land, Buildings & Improvements
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119,964,168 | 119,935,128 | |||||||
Other Building, Equipment and Land Improvements
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3,102,120 | 3,262,345 | |||||||
Construction in Process
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$ | 458,545 | $ | 346,968 | |||||
Total Property, Plant and Equipment
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150,300,274 | 150,137,910 | |||||||
Less, Accumulated Depreciation and Amortization
|
(17,443,884 | ) | (17,093,053 | ) | |||||
Net - Property, Plant and Equipment
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$ | 132,856,390 | $ | 133,044,857 | |||||
TOTAL ASSETS
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$ | 176,913,777 | $ | 177,758,950 | |||||
LIABILITIES
|
|||||||||
Accounts Payable
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192,575 | 1,046,581 | |||||||
Accrued Liabilities
|
6,814,531 | 7,216,039 | |||||||
Accrued Stock Based Compensation
|
1,199,447 | 761,827 | |||||||
Pension Liability
|
823,036 | 791,941 | |||||||
Deferred Income Taxes
|
34,975,259 | 35,093,214 | |||||||
Notes Payable
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$ | 15,564,187 | $ | 15,249,248 | |||||
TOTAL LIABILITIES
|
$ | 59,569,035 | $ | 60,158,850 | |||||
SHAREHOLDERS' EQUITY
|
|||||||||
Common Stock
|
5,723,980 | 5,723,980 | |||||||
Additional Paid in Capital
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5,175,635 | 5,164,102 | |||||||
Retained Earnings
|
107,491,176 | 107,807,321 | |||||||
Accumulated Other Comprehensive Loss
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$ | (1,046,049 | ) | $ | (1,095,303 | ) | |||
TOTAL SHAREHOLDERS' EQUITY
|
$ | 117,344,742 | $ | 117,600,100 | |||||
TOTAL LIABILITIES AND
|
|||||||||
SHAREHOLDERS' EQUITY
|
$ | 176,913,777 | $ | 177,758,950 |