SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
October 16, 2003
Date of Report
(Date of earliest
event reported)
CONSOLIDATED-TOMOKA LAND CO.
(exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation)
0-5556 59-0483700
(Commission File Number) (IRS Employer
Identification Number)
149 South Ridgewood Avenue
Daytona Beach, FL 32114
(Address of principal executive offices) (Zip Code)
(386)255-7558
(Registrant's telephone number, including area code)
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FORM 8-K, October 16, 2003
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
The following exhibit is furnished herewith pursuant to Item 12 of
this Report and shall not be deemed to be "filed" for any purpose,
including for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that
section.
( c ) Exhibits.
99.1 Press Release issued October 16, 2003.
Item 12. Results of Operations and Financial Condition.
On October 16, 2003, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the third quarter of fiscal year 2003. A copy of the
press release is furnished as an exhibit to this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CONSOLIDATED-TOMOKA LAND CO.
Date: October 16, 2003 By:/S/William H. McMunn
-----------------------
William H. McMunn, President
and Chief Executive Officer
Date: October 16, 2003 By:/S/Bruce W. Teeters
----------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
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PRESS RELEASE
For Immediate Release
Date: October 16, 2003
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 255-7558
Facsimile: (386) 239-0555
CONSOLIDATED TOMOKA ANNOUNCES SECOND QUARTER EARNINGS
DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO)
announced today a net loss of $.02 per share and earnings before
depreciation and deferred taxes (EBDDT) of $.07 per share for the
quarter ended September 30, 2003. The comparable numbers for the
third quarter of 2002 were net income of $.62 and EBDDT of $1.06 per
share. For the nine months ended September 30, 2003, net income
totaled $1,390,043 or $.25 per share, compared with net income of
$5,924,548 or $1.06 per share in 2002. EBDDT totaled $.56 per share
in 2003's first nine months, compared with $1.96 in 2002 for the same
period.
EBDDT is being provided to reflect the impact of the Company's
business strategy of investing in income properties. 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 McMunn, president and chief executive officer, stated,
"This year's third-quarter operating results were more typical with
historical third-quarter operating performance. The Company has a
significant back log of contracts and the management team is focusing
its efforts on several real estate closings scheduled for the fourth
quarter of 2003. Income from the Company's growing portfolio of
eleven net-lease properties continues to rise. Consistent with our
long-term investment strategy, the Company is actively identifying and
acquiring additional income properties throughout Florida."
Consolidated-Tomoka Land Co. is a Florida based Company
primarily engaged in the real estate industry. Real estate operations
include investment in and development of land holdings in the Daytona
Beach area and the management of income properties strategically
located in Florida's rapid growth areas.
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EARNINGS NEWS RELEASE
QUARTER ENDED
------------ ------------
September 30, September 30,
2003 2002
------------ ------------
Revenues $2,753,871 $8,899,912
Net Income (Loss) ( 110,600) 3,458,404
Basic and Diluted Earnings Per Share:
Net Income (Loss) ( $0.02) $0.62
NINE MONTHS ENDED
------------ ------------
September 30, September 30,
2003 2002
------------ ------------
Revenues $11,790,194 $18,885,038
Net Income 1,390,043 5,924,548
Basic and Diluted Earnings Per Share:
Net Income $0.25 $1.06
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RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION AND DEFERRED TAXES
QUARTER ENDED
------------- ------------
September 30, September 30,
2003 2002
------------- ------------
Net income (Loss) $(110,600) $3,458,404
Add Back:
Depreciation 252,037 201,428
Deferred Taxes 241,071 2,267,224
------- ---------
Earnings Before Depreciation and Deferred Taxes $ 382,508 $5,927,056
======= =========
EBDDT Per Share $0.07 $1.06
======= =========
NINE MONTHS ENDED
------------- ------------
September 30, September 30,
2003 2002
------------- ------------
Net Income $1,390,043 $ 5,924,548
Add Back:
Depreciation 802,215 599,496
Deferred Taxes 933,422 4,459,523
--------- ----------
Earnings Before Depreciation and Deferred Taxes $3,125,680 $10,983,567
========= ==========
EBDDT Per Share $0.56 $1.96
========= ==========
EBDDT - Earnings Before Depreciation and Deferred Taxes. EBDDT is not
a measure of operating results or cash flows from operating activities
as defined by 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 and deferred income taxes
to net income as they represent non-cash charges.
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CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, December 31,
2003 2002
------------ -----------
ASSETS
Cash $ 176,351 $ 1,019,976
Restricted Cash 950,000 12,339,527
Investment Securities 4,069,314 5,013,224
Notes Receivable 8,731,558 9,640,676
Real Estate Held for Development and Sale 10,439,667 7,453,628
Refundable Income Taxes 866,847 815,503
Other Assets 3,192,861 3,684,860
---------- ----------
$28,426,598 $39,967,394
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 2,034,291 $ 1,958,550
Golf Buildings, Improvements and Equipment 11,276,679 11,259,631
Income Properties Land, Buildings and Improvements 38,876,843 22,964,712
Other Furnishings and Equipment 901,696 886,767
---------- ----------
Total Property, Plant and Equipment 53,089,509 37,069,660
Less Accumulated Depreciation and Amortization (3,513,207) (2,710,992)
---------- ----------
Net - Property, Plant and Equipment 49,576,302 34,358,668
---------- ----------
TOTAL ASSETS $78,002,900 $74,326,062
========== ==========
LIABILITIES
Accounts Payable $ 509,835 $ 304,480
Accrued Liabilities 3,967,479 3,085,131
Deferred Income Taxes 9,777,150 8,843,728
Notes Payable 9,845,967 9,235,072
---------- ----------
TOTAL LIABILITIES 24,100,431 21,468,411
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,623,442 5,615,579
Additional Paid in Capital 1,334,669 835,750
Retained Earnings 47,662,746 47,171,449
Accumulated Other Comprehensive Loss ( 718,388) ( 765,127)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 53,902,469 52,857,651
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $78,002,900 $74,326,062
========== ==========
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"Safe Harbor"
Certain statements contained in this press release (other than the
financial statements and statements of historical fact), are forward-
looking statements. The words "believe," "estimate," "expect,"
"intend," "anticipate," "will," "could," "may," "should," "plan,"
"potential," "predict," "forecast," 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, 2003, 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 market demand of the Company's real estate
parcels, income properties, timber and other products; the impact of
competitive real estate; changes in pricing by the Company or its
competitors; the costs and other effects of complying with
environmental and other regulatory requirements; losses due to natural
disasters; and changes in national, regional or local economic and
political conditions, such as inflation, deflation, or fluctuation in
interest rates.
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.
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