DAYTONA BEACH, Fla., Feb. 20 /PRNewswire-FirstCall/ --
Consolidated-Tomoka Land Co. (NYSE Alternext US: CTO) today
reported net income of $4,834,900 or $0.84 earnings per basic share
for the year ended December 31, 2008, and earnings before
depreciation, amortization, and deferred taxes (EBDDT) of
$7,924,025 or $1.38 per share for such period. The comparable
numbers for 2007 were net income of $13,532,838 or $2.37 earnings
per basic share and EBDDT of $19,390,631 or $3.39 per share. For
the three months ended December 31, 2008, net income totaled
$2,402,338 or $0.42 earnings per basic share compared with net
income of $10,898,146 or $1.91 earnings per basic share for the
same period in 2007. EBDDT is being provided to reflect the impact
of the Company's business strategy of investing in income
properties utilizing tax deferred exchanges. 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. EBDDT for 2008
includes a reduction for deferred income taxes of $780,125 or $.14
per share associated with increased pension liabilities charged to
shareholder equity. William H. McMunn, president and chief
executive officer, stated, "I am pleased to report that the Company
was profitable in 2008 despite lower real estate land sales.
Although our performance was lower compared to prior years, we
believe our results were significantly better than most if not all
of our industry peers. We are well-positioned to remain profitable
in 2009 and thereafter, despite the current downturn in the local
and national real estate and financial markets. We do not foresee
much improvement during the next twenty-four months. In the
interim, the Company will continue to minimize debt, manage our
portfolio of income properties, complete current capital projects,
and focus on enhancing shareholder value by pursuing new land
entitlements in preparation of a return to a more predictable real
estate market." Consolidated-Tomoka Land Co. is a Florida-based
company primarily engaged in converting 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
http://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," foresee," "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, 2009, 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; the loss of any major income property tenants; 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; 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. Disclosures in this press release regarding the Company's
year-end financial results are preliminary and are subject to
change in connection with the Company's preparation and filing of
its Form 10-K for the year ended December 31, 2008. The financial
information in this release reflects the Company's preliminary
results subject to completion of the year-end review process. The
final results for the year may differ from the preliminary results
discussed above due to factors that include, but are not limited
to, risks associated with final review of the results and
preparation of financial statements. This release refers to certain
non-GAAP financial measures. As required by the SEC, the Company
has provided a reconciliation of these measures to the most
directly comparable GAAP measures with this release. Non-GAAP
measures as the Company has calculated them may not be comparable
to similarly titled measures reported by other companies. EARNINGS
NEWS RELEASE QUARTER ENDED DECEMBER 31, DECEMBER 31, 2008 2007
REVENUES $6,509,572 $21,918,617 NET INCOME $2,402,338 $10,898,146
BASIC EARNINGS PER SHARE: NET INCOME $0.42 $1.91 DILUTED EARNINGS
PER SHARE: NET INCOME $0.42 $1.90 YEAR ENDED DECEMBER 31, DECEMBER
31, 2008 2007 REVENUES $20,555,184 $43,076,024 NET INCOME
$4,834,900 $13,532,838 BASIC EARNINGS PER SHARE: NET INCOME $0.84
$2.37 DILUTED EARNINGS PER SHARE: NET INCOME $0.84 $2.36
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE DEPRECIATION,
AMORTIZATION AND DEFERRED TAXES QUARTER ENDED DECEMBER 31, DECEMBER
31, 2008 2007 NET INCOME $2,402,338 $10,898,146 ADD BACK:
DEPRECIATION & AMORTIZATION 688,594 618,767 DEFERRED TAXES
(703,169) 2,754,421 EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND
DEFERRED TAXES $2,387,763 $14,271,334 BASIC WEIGHTED AVERAGE SHARES
OUTSTANDING 5,727,515 5,720,219 BASIC EBDDT PER SHARE $0.42 $2.49
YEAR ENDED DECEMBER 31, DECEMBER 31, 2008 2007 NET INCOME
$4,834,900 $13,532,838 ADD BACK: DEPRECIATION & AMORTIZATION
2,655,088 2,466,981 DEFERRED TAXES 434,037 3,390,812 EARNINGS
BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES $7,924,025
$19,390,631 BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 5,727,183
5,716,564 BASIC EBDDT PER SHARE $1.38 $3.39 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 DECEMBER 31, DECEMBER 31, 2008
2007 ASSETS $ $ Cash 388,787 863,826 Restricted Cash 462,765
10,387,550 Investment Securities 5,260,868 10,193,094 Notes
Receivable 4,153,693 5,164,421 Land and Development Costs
18,973,138 15,654,456 Intangible Assets 5,009,819 4,717,699 Other
Assets 6,048,126 7,899,810 40,297,196 54,880,856 Property, Plant
& Equipment: Land, Timber and Subsurface Interests 12,643,391
7,793,594 Golf Buildings, Improvements & Equipment 11,750,711
11,713,046 Income Properties Land, Buildings & Improvements
116,517,534 104,820,647 Other Building, Equipment and Land
Improvements 3,207,845 2,909,057 Construction in Process 1,217,549
-- Total Property, Plant and Equipment 145,337,030 127,236,344
Less, Accumulated Depreciation and Amortization (12,488,163)
(10,284,670) Net - Property, Plant and Equipment 132,848,867
116,951,674 TOTAL ASSETS 173,146,063 171,832,530 LIABILITIES
Accounts Payable 706,095 452,090 Accrued Liabilities 7,204,749
7,081,179 Accrued Stock Based Compensation 1,190,725 3,277,821
Pension Liability 3,127,230 1,602,996 Income Taxes Payable
1,236,206 3,058,049 Deferred Income Taxes 33,316,436 32,882,399
Notes Payable 8,550,315 6,807,388 TOTAL LIABILITIES 55,331,756
55,161,922 SHAREHOLDERS' EQUITY Common Stock 5,727,515 5,725,806
Additional Paid in Capital 5,217,955 5,130,574 Retained Earnings
109,556,103 107,012,038 Accumulated Other Comprehensive Loss
(2,687,266) (1,197,810) TOTAL SHAREHOLDERS' EQUITY 117,814,307
116,670,608 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 173,146,063
171,832,530 DATASOURCE: Consolidated-Tomoka Land Co. CONTACT: Bruce
W. Teeters, Sr. Vice President, +1-386-274-2202, fax,
+1-386-274-1223 Web Site: http://www.ctlc.com/
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