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
April 20, 2004
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)
1530 Cornerstone Boulevard, Suite 100
Daytona Beach, Florida 32117
(Address of principal executive offices) (Zip Code)
(386)274-2202
(Registrant's telephone number, including area code)
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FORM 8-K, April 20, 2004
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 April 20, 2004
Item 12. Results of Operations and Financial Condition.
On April 20, 2004, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the first quarter March 31, 2004. 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: April 20, 2004 By:/S/Bruce W. Teeters
----------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
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EXHIBIT 99.1
PRESS RELEASE
For Immediate Release
Date: April 20, 2004
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile: (386) 274-1223
CONSOLIDATED TOMOKA ANNOUNCES FIRST QUARTER EARNINGS
DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO)
today reported a net loss of $.02 per share and earnings (loss) before
depreciation, amortization and deferred taxes (EBDDT) of ($.05) per
share for the quarter ended March 31,2004. The comparable numbers for
the first quarter of 2003 were net income of $.31 per share and EBDDT
of $.53 per share.
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 H. McMunn, president and chief executive officer,
stated, "First quarter operating results reflect the timing of real
estate closings. Sales activity remains strong and the Company has a
significant backlog of contracts pending closing. The Company's
portfolio of net lease properties now totals 14 properties in Florida
and Georgia with two additional properties scheduled to close
shortly."
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 rapid growth areas in Florida and Atlanta, Georgia.
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EARNINGS NEWS RELEASE
QUARTER ENDED
--------------------------
MARCH 31, MARCH 31,
2004 2003
----------- ----------
REVENUES $ 3,576,145 5,923,043
NET INCOME (LOSS) (131,039) 1,732,699
BASIC & DILUTED EARNINGS PER SHARE:
NET INCOME(LOSS) ($0.02) $0.31
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES
QUARTER ENDED
--------------------------
MARCH 31, MARCH 31,
2004 2003
----------- ------------
NET INCOME (LOSS) ($131,039) $1,732,699
ADD BACK:
DEPRECIATION & AMORTIZATION 285,459 292,352
DEFERRED TAXES (420,290) 960,262
EARNINGS(LOSS)BEFORE DEPRECIATION, ----------- ------------
AMORTIZATION AND DEFERRED TAXES ($265,870) $2,985,313
=========== ============
EBDDT PER SHARE ($0.05) $0.53
=========== ============
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 ACCOUNTING PRINCIPLES GENERALLY
ACCEPTED IN THE UNITED STATES OF AMERICA. 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 DEFERRED
INCOME TAXES TO NET INCOME AS THEY REPRESENT NON-CASH CHARGES.
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Consolidated Balance Sheets
March 31, December 31,
2004 2003
----------- -----------
Assets
Cash $ 261,321 $ 1,026,210
Restricted Cash 6,580,093 19,359,098
Investment Securities 5,398,158 3,891,697
Notes Receivable 6,617,918 9,150,217
Real Estate Held for Development and Sale 12,124,324 11,659,581
Intangible Assets 2,183,985 1,270,307
Other Assets 2,344,923 2,665,653
---------- ----------
35,510,722 49,022,763
---------- ----------
Property, Plant and Equipment
Land, Timber and Subsurface Interests 1,984,529 1,984,529
Golf Buildings, Improvements and Equipment 11,306,356 11,277,853
Income Properties: Land, Buildings and Improvements 50,933,591 38,442,481
Other Furnishings and Equipment 882,429 954,575
---------- ----------
Total Property, Plant and Equipment 65,106,905 52,659,438
Less Accumulated Depreciation and Amortization (3,847,970) (3,776,223)
---------- ----------
Net Property, Plant and Equipment 61,258,935 48,883,215
---------- ----------
Total Assets $96,769,657 $97,905,978
========== ==========
Liabilities
Accounts Payable $ 183,322 $ 105,922
Accrued Liabilities 3,926,431 3,510,824
Income Taxes Payable 282,827 25,868
Deferred Income Taxes 16,924,209 17,344,499
Deferred Profit 1,131,135 1,131,135
Notes Payable 9,118,287 10,129,951
---------- ----------
Total Liabilities 31,566,211 32,248,199
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,634,662 5,623,442
Additional Paid-In Capital 1,647,352 1,514,339
Retained Earnings 58,661,208 59,129,692
Accumulated Other Comprehensive Loss (739,776) (609,694)
---------- -----------
Total Shareholders' Equity 65,203,446 65,657,779
---------- ----------
Total Liabilities and Shareholders' Equity $96,769,657 $97,905,978
========== ==========
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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," "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, 2004, 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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