DAYTONA BEACH, Fla., April 16 /PRNewswire-FirstCall/ --
Consolidated-Tomoka Land Co. (NYSE Amex: CTO) today reported net
income of $322,206 or $.06 earnings per basic share and earnings
before depreciation, amortization and deferred taxes (EBDDT) of
$858,325 or $.15 per basic share for the quarter ended March 31,
2009. The comparable numbers for the first quarter of 2008 were a
net income of $156,124 or $.03 earnings per basic share and EBDDT
of $348,037 or $.06 per basic share. 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. William H.
McMunn, president and chief executive officer, stated, "Our
business plan was designed to allow the Company to be profitable
during slow economic periods. The current economic environment for
the real estate industry and the economy as a whole has proven to
be much more challenging than anticipated. However, in these
difficult times, with no land closings in the first quarter of
2009, we were able to record positive operating results. Our income
property portfolio created by the conversion of land sales
utilizing tax-deferred exchanges provides stable revenues to
produce overall net income. Decreased stock option expenses also
favorably impacted first quarter earnings." 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,
maximizing shareholder value through the efficient utilization of
1031 tax-deferred exchanges. The Company has low long-term debt and
generates over $9 million annually 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 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," "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; the
impact of a prolonged recession or further downturn in economic
conditions; 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. Disclosures in this press release regarding the
Company's first quarter financial results are preliminary and are
subject to change in connection with the Company's preparation and
filing of its Form 10-Q for the quarter ended March 31, 2009. The
financial information in this release reflects the Company's
preliminary results subject to completion of the quarterly review
process. The final results for the quarter 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. Important Additional Information The Company has filed
with the Securities and Exchange Commission ("SEC") and mailed to
its shareholders a definitive proxy statement dated April 8, 2009
in connection with the solicitation of proxies for its 2009 annual
meeting of shareholders. Shareholders are strongly advised to read
the Company's definitive proxy statement and the accompanying WHITE
proxy card because they contain important information. Shareholders
may obtain copies of the Company's definitive proxy statement, any
amendments or supplements to the proxy statement and other
documents filed by the Company with the SEC in connection with its
2009 annual meeting of shareholders free of charge at the SEC's
website at http://www.sec.gov/, on the Company's website at
http://ctlc.com/2009_proxy.html or by writing to our Corporate
Secretary at Post Office Box 10809, Daytona Beach, Florida,
32120-0809. In addition, copies of the proxy materials may be
requested by contacting our proxy solicitor, The Altman Group,
toll-free at (866) 620-1450 or by email at . The Company, its
directors and its executive officers may be deemed to be
participants in the solicitation of proxies from shareholders in
connection with the Company's 2009 annual meeting of shareholders.
Information concerning persons who may be considered participants
in the solicitation of the Company's shareholders under the rules
of the SEC is set forth in the Company's definitive proxy statement
filed with the SEC on April 8, 2009 and its Form 10-K for the
fiscal year ended December 31, 2008, filed with the SEC on March
12, 2009. QUARTER ENDED MARCH 31, MARCH 31, 2009 2008 REVENUES
$3,845,927 $3,938,496 NET INCOME $322,206 $156,124 BASIC &
DILUTED EARNINGS PER SHARE: NET INCOME $0.06 $0.03 RECONCILIATION
OF NET INCOME TO EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND
DEFERRED TAXES QUARTER ENDED MARCH 31, MARCH 31, 2009 2008 NET
INCOME $322,206 $156,124 ADD BACK: DEPRECIATION & AMORTIZATION
682,887 624,930 DEFERRED TAXES (146,768) (433,017) EARNINGS BEFORE
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES $858,325 $348,037
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 5,726,509 5,726,182 BASIC
EBDDT PER SHARE $0.15 $0.06 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
MARCH 31, DECEMBER 31, 2009 2008 ASSETS Cash 263,798 388,787
Restricted Cash -- 462,765 Investment Securities 5,188,024
5,260,868 Notes Receivable 4,153,693 4,153,693 Land and Development
Costs 19,935,142 18,973,138 Intangible Assets 4,904,527 5,009,819
Other Assets 5,940,359 6,048,126 $40,385,543 $40,297,196 Property,
Plant & Equipment: Land, Timber and Subsurface Interests
12,942,267 12,643,391 Golf Buildings, Improvements & Equipment
11,771,488 11,750,711 Income Properties Land, Buildings &
Improvements 116,519,767 116,517,534 Other Building, Equipment and
Land Improvements 3,207,146 3,207,845 Construction in Process
2,040,788 1,217,549 Total Property, Plant & Equipment
146,481,456 145,337,030 Less, Accumulated Depreciation and
Amortization (13,062,833) (12,488,163) Net - Property, Plant and
Equipment 133,418,623 132,848,867 TOTAL ASSETS $173,804,166
$173,146,063 LIABILITIES Accounts Payable 524,335 706,095 Accrued
Liabilities 7,277,623 7,204,749 Accrued Stock Based Compensation
821,461 1,190,725 Pension Liability 3,103,015 3,127,230 Income
Taxes Payable 569,750 1,236,206 Deferred Income Taxes 33,169,668
33,316,436 Notes Payable 10,845,457 8,550,315 TOTAL LIABILITIES
$56,311,309 $55,331,756 SHAREHOLDERS' EQUITY Common Stock 5,723,268
5,727,515 Additional Paid in Capital 5,131,246 5,217,955 Retained
Earnings 109,305,516 109,556,103 Accumulated Other Comprehensive
Loss (2,667,173) (2,687,266) TOTAL SHAREHOLDERS' EQUITY
$117,492,857 $117,814,307 TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $173,804,166 $173,146,063 DATASOURCE: Consolidated-Tomoka
Land Co. CONTACT: Bruce W. Teeters, Sr. Vice President,
Consolidated-Tomoka Land Co., +1-386-274-2202, Facsimile:
+1-386-274-1223 Web Site: http://www.ctlc.com/
Copyright