DAYTONA BEACH, Fla., Oct. 21 /PRNewswire-FirstCall/ --
Consolidated-Tomoka Land Co. (NYSE Amex: CTO) today reported net
income of $209,662 or $.04 earnings per basic share and earnings
before depreciation, amortization and deferred taxes (EBDDT) of
$952,783 or $.17 per share for the quarter ended September 30,
2009. The comparable numbers for the third quarter of 2008 were net
income of $105,246 or $.02 earnings per basic share and EBDDT of
$1,103,586 or $.19 per share. For the nine months ended September
30, 2009, net income totaled $719,677 or $.13 earnings per basic
share, compared with net income of $2,432,562 or $.42 earnings per
basic share in the first nine months of 2008. EBDDT totaled
$2,944,818 or $.51 per share in 2009's first nine months, compared
with $5,536,262 or $.97 per share in 2008 for the same period.
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, "The Company continues to remain profitable despite
the ongoing nationwide economic downturn and the weak real estate
market. The third quarter was marked by one real estate transaction
and improved golf operating results. Our income property portfolio
remains a solid source of income generation. In this challenging
environment, the Company continues to work on long-range planning
and obtaining beneficial entitlements for our land, which the
Company believes will create significant long-term shareholder
value." 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 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 current quarter's 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 September 30,
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. EARNINGS NEWS RELEASE QUARTER ENDED -------------
SEPTEMBER 30, SEPTEMBER 30, 2009 2008 ------------- ------------
REVENUES $4,344,610 $3,973,382 ========== ========== NET INCOME
$209,662 $105,246 ======== ======== BASIC AND DILUTED EARNINGS PER
SHARE: NET INCOME $0.04 $0.02 ===== ===== NINE MONTHS ENDED
----------------- SEPTEMBER 30, SEPTEMBER 30, 2009 2008
------------ ------------ REVENUES $13,454,067 $14,045,612
=========== =========== NET INCOME $719,677 $2,432,562 ========
========== BASIC AND DILUTED EARNINGS PER SHARE: NET INCOME $0.13
$0.42 ===== ===== RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES QUARTER ENDED
------------- SEPTEMBER 30, SEPTEMBER 30, 2009 2008 ------------
------------ NET INCOME $209,662 $105,246 ADD BACK: DEPRECIATION
AND AMORTIZATION 695,813 676,733 DEFERRED TAXES 47,308 321,607
EARNINGS BEFORE DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
$952,783 $1,103,586 ======== ========== BASIC WEIGHTED AVERAGE
SHARES OUTSTANDING 5,723,268 5,727,515 ========= ========= BASIC
EBDDT PER SHARE $0.17 $0.19 ===== ===== RECONCILIATION OF NET
INCOME TO EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED
TAXES NINE MONTHS ENDED ----------------- SEPTEMBER 30, SEPTEMBER
30, 2009 2008 ------------ ------------ NET INCOME $719,677
$2,432,562 ADD BACK: DEPRECIATION AND AMORTIZATION 2,063,970
1,966,494 DEFERRED TAXES 161,171 1,137,206 EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES $2,944,818
$5,536,262 ========== ========== BASIC WEIGHTED AVERAGE SHARES
OUTSTANDING 5,724,336 5,727,072 ========= ========= BASIC EBDDT PER
SHARE $0.51 $0.97 ===== ===== 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
SEPTEMBER 30, DECEMBER 31, 2009 2008 ------------ ------------
ASSETS $ $ Cash 234,808 388,787 Restricted Cash -- 462,765
Investment Securities 5,009,653 5,260,868 Refundable Income Taxes
328,684 -- Notes Receivable 2,158,317 4,153,693 Land and
Development Costs 22,241,222 18,973,138 Intangible Assets 4,693,942
5,009,819 Other Assets 5,317,337 6,048,126 --------- ---------
39,983,963 40,297,196 ---------- ---------- Property, Plant, and
Equipment: Land, Timber, and Subsurface Interests 13,555,317
12,643,391 Golf Buildings, Improvements, and Equipment 11,789,193
11,750,711 Income Properties Land, Buildings, and Improvements
119,461,552 116,517,534 Other Building, Equipment, and Land
Improvements 3,257,409 3,207,845 Construction in Process --
1,217,549 --------- Total Property, Plant, and Equipment
148,063,471 145,337,030 Less, Accumulated Depreciation, and
Amortization (14,233,330) (12,488,163) ----------- ----------- Net
- Property, Plant, and Equipment 133,830,141 132,848,867
----------- ----------- TOTAL ASSETS 173,814,104 173,146,063
=========== =========== LIABILITIES Accounts Payable 284,085
706,095 Accrued Liabilities 7,700,854 7,204,749 Accrued Stock Based
Compensation 1,944,384 1,190,725 Pension Liability 2,980,400
3,127,230 Income Taxes Payable -- 1,236,206 Deferred Income Taxes
33,477,607 33,316,436 Notes Payable 10,297,476 8,550,315 ----------
--------- TOTAL LIABILITIES 56,684,806 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
108,844,497 109,556,103 Accumulated Other Comprehensive Loss
(2,569,713) (2,687,266) ---------- ---------- TOTAL SHAREHOLDERS'
EQUITY 117,129,298 117,814,307 ----------- ----------- TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY 173,814,104 173,146,063
=========== =========== DATASOURCE: Consolidated-Tomoka Land Co.
CONTACT: Bruce W. Teeters, Sr. Vice President of
Consolidated-Tomoka Land Co., +1-386-274-2202, or Facsimile:
+1-386-274-1223 Web Site: http://www.ctlc.com/
Copyright