Florida
(State or other jurisdiction of incorporation)
|
001-11350
(Commission File Number)
|
59-0483700
(IRS Employer Identification No.)
|
|
1530 Cornerstone Boulevard, Suite 100
Daytona Beach, Florida
(Address of principal executive offices)
|
32117
(Zip Code)
|
||
Registrant’s telephone number, including area code: (386) 274-2202
|
|||
Not Applicable
(Former name or former address, if changed since last report.)
|
CONSOLIDATED-TOMOKA LAND CO.
|
|
Date: July 21, 2011
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/S/Bruce W. Teeters
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Bruce W. Teeters, Senior Vice President - Finance and Treasurer
|
|
Chief Financial Officer
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Date:
|
July 21, 2011
|
Contact:
|
Bruce W. Teeters, Sr. Vice President
|
Phone:
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(386) 274-2202
|
Facsimile:
|
(386) 274-1223
|
EARNINGS NEWS RELEASE
|
||||||||
QUARTER ENDED
|
||||||||
JUNE 30,
|
JUNE 30,
|
|||||||
2011
|
2010
|
|||||||
REVENUES
|
$
|
3,892,717
|
$
|
2,682,061
|
||||
NET INCOME (LOSS)
|
$
|
318,782
|
$
|
(593,171
|
)
|
|||
BASIC & DILUTED EARNINGS (LOSS) PER SHARE:
|
||||||||
NET INCOME
|
$
|
0.06
|
$
|
(0.10
|
)
|
|||
SIX MONTHS ENDED
|
||||||||
JUNE 30,
|
JUNE 30,
|
|||||||
2011
|
2010
|
|||||||
REVENUES
|
$
|
7,885,053
|
$
|
6,387,940
|
||||
NET INCOME (LOSS)
|
$
|
59,877
|
$
|
(515,352
|
)
|
|||
BASIC & DILUTED EARNINGS (LOSS) PER SHARE:
|
||||||||
NET INCOME
|
$
|
0.01
|
$
|
(0.09
|
)
|
|||
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
|
||||||||
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES (EBDDT)
|
||||||||
QUARTER ENDED
|
||||||||
JUNE 30,
|
JUNE 30,
|
|||||||
2011
|
2010
|
|||||||
NET INCOME (LOSS)
|
$
|
318,782
|
$
|
(593,171
|
)
|
|||
ADD BACK:
|
||||||||
DEPRECIATION & AMORTIZATION
|
635,043
|
686,897
|
||||||
DEFERRED TAXES
|
51,897
|
(320,980
|
)
|
|||||
EARNINGS (LOSS) BEFORE DEPRECIATION, AMORTIZATION
|
||||||||
AND DEFERRED TAXES
|
$
|
1,005,722
|
$
|
(227,254
|
)
|
|||
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
|
5,724,140
|
5,723,872
|
||||||
BASIC EBDDT PER SHARE
|
$
|
0.18
|
$
|
(0.04
|
)
|
|||
SIX MONTHS ENDED
|
||||||||
JUNE 30,
|
JUNE 30,
|
|||||||
2011
|
2010
|
|||||||
NET INCOME (LOSS)
|
$
|
59,877
|
$
|
(515,352
|
)
|
|||
ADD BACK:
|
||||||||
DEPRECIATION & AMORTIZATION
|
1,293,311
|
1,379,800
|
||||||
DEFERRED TAXES
|
(96,989
|
)
|
(322,158
|
)
|
||||
EARNINGS BEFORE DEPRECIATION, AMORTIZATION
|
||||||||
AND DEFERRED TAXES
|
$
|
1,256,199
|
$
|
542,290
|
||||
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
|
5,724,060
|
5,723,607
|
||||||
BASIC EBDDT PER SHARE
|
$
|
0.22
|
$
|
0.09
|
||||
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.
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
(UNAUDITED)
|
||||||||
JUNE 30,
|
DECEMBER 31,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
||||||||
Cash
|
$
|
138,080
|
$
|
337,617
|
||||
Investment Securities
|
4,985,138
|
4,939,625
|
||||||
Refundable Income Taxes
|
--
|
29,351
|
||||||
Land and Development Costs
|
27,158,842
|
27,047,317
|
||||||
Intangible Assets
|
4,086,746
|
4,167,478
|
||||||
Other Assets
|
8,102,233
|
8,192,705
|
||||||
$
|
44,471,039
|
$
|
44,714,093
|
|||||
Property, Plant, and Equipment:
|
||||||||
Land, Timber, and Subsurface Interests
|
15,033,929
|
14,770,388
|
||||||
Golf Buildings, Improvements, and Equipment
|
11,827,237
|
11,823,081
|
||||||
Income Properties Land, Buildings, and Improvements
|
121,450,046
|
119,935,128
|
||||||
Other Building, Equipment, and Land Improvements
|
3,039,120
|
3,262,345
|
||||||
Construction in Progress
|
$
|
700,173
|
$
|
346,968
|
||||
Total Property, Plant, and Equipment
|
152,050,505
|
150,137,910
|
||||||
Less, Accumulated Depreciation, and Amortization
|
(17,910,417
|
)
|
(17,093,053
|
)
|
||||
Net - Property, Plant, and Equipment
|
$
|
134,140,088
|
$
|
133,044,857
|
||||
TOTAL ASSETS
|
$
|
178,611,127
|
$
|
177,758,950
|
||||
LIABILITIES
|
||||||||
Accounts Payable
|
259,327
|
1,046,581
|
||||||
Accrued Liabilities
|
7,048,652
|
7,216,039
|
||||||
Accrued Stock Based Compensation
|
700,020
|
761,827
|
||||||
Pension Liability
|
854,131
|
791,941
|
||||||
Income Taxes Payable
|
60,100
|
--
|
||||||
Deferred Income Taxes
|
35,046,825
|
35,093,214
|
||||||
Notes Payable
|
$
|
16,992,904
|
$
|
15,249,248
|
||||
TOTAL LIABILITIES
|
$
|
60,961,959
|
$
|
60,158,580
|
||||
SHAREHOLDERS' EQUITY
|
||||||||
Common Stock
|
5,724,147
|
5,723,980
|
||||||
Additional Paid in Capital
|
5,187,033
|
5,164,102
|
||||||
Retained Earnings
|
107,752,717
|
107,807,321
|
||||||
Accumulated Other Comprehensive Loss
|
$
|
(1,014,729
|
)
|
$
|
(1,095,303
|
)
|
||
TOTAL SHAREHOLDERS' EQUITY
|
$
|
117,649,168
|
$
|
117,600,100
|
||||
TOTAL LIABILITIES AND
|
||||||||
SHAREHOLDERS' EQUITY
|
$
|
178,611,127
|
$
|
177,758,950
|