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
February 14, 2007
Date of Report
(Date of earliest
event reported)
CONSOLIDATED-TOMOKA LAND CO.
(exact name of registrant as specified in its charter)
FLORIDA 0-5556 59-0483700
(State or other (IRS Employer
jurisdiction Identification
of incorporation) (Commission File Number) 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)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
PAGE>
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FORM 8-K, February 14, 2007
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
Item 2.02. Results of Operations and Financial Condition.
On February 14, 2007, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the quarter and year ended December 31, 2006.
A copy of the press release is furnished as an exhibit to this report.
Item 9.01. Financial Statements and Exhibits
The following exhibit is furnished herewith pursuant to Item 2.02 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 February 14, 2007
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: February 14, 2007 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: February 14, 2007
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile: (386) 274-1223
CONSOLIDATED TOMOKA REPORTS 2006 EARNINGS
DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO) today
reported net income of $14,028,322 or $2.47 basic earnings per share for the
year ended December 31, 2006, and earnings before depreciation, amortization,
and deferred taxes (EBDDT) of $21,626,683 or $3.80 per basic share for such
period. The comparable numbers for 2005 were net income of $14,817,750 or
$2.62 basic earnings per share and EBDDT of $14,797,476 or $2.61 per basic
share For the three months ended December 31, 2006, net income totaled
$5,776,338 or $1.01 per basic share compared with net income of $2,195,344
or $.39 per basic share for the same period in 2005.
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. In 2006, EBDDT was significantly higher
because all qualifying profits from 2006 sales were deferred for tax
purposes compared with 2005 when only a portion of the profits were deferred
for tax purposes and a $5.0 million reclassification adjustment of deferred
taxes resulting from an Internal Revenue Service settlement agreement which
was reflected in 2005's EBDDT.
William H. McMunn, president and chief executive officer, stated,
"Despite the national weakening of the residential real estate market,
the Company's operating results of $2.47 per basic share for 2006 were
near record levels. We attribute our performance to a relatively table
commercial sales market and to the design of our business model, which tends
to level out periodic downturns in the real estate cycle. Real estate sales
for 2006 totaled 213 acres at an average price of $96,470 per acre. Profit
from our income properties portfolio continued to grow with the addition
of Dick's Sporting Goods and Best Buy stores in Atlanta, Georgia, in the
second quarter of 2006."
Consolidated-Tomoka Land Co. is a Florida-based Company primarily
engaged in the conversion of 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 www.consolidatedtomoka.com.
# # #
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"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, 2007, 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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EARNINGS NEWS RELEASE
QUARTER ENDED
----------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
------------ ------------
REVENUES $17,908,566 $8,372,221
============ ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $5,776,338 $2,207,525
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- ($12,181)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -- --
(NET OF INCOME TAX)
----------- ------------
NET INCOME $5,776,338 $2,195,344
=========== ============
BASIC EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $1.01 $0.39
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- --
CULULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) -- --
----------- ------------
NET INCOME $1.01 $0.39
=========== ============
DILUTED EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $1.01 $0.38
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) -- --
----------- ------------
NET INCOME $1.01 $0.38
=========== ============
PAGE> 1
YEAR ENDED
----------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
----------- ------------
REVENUES $43,589,253 $44,719,956
=========== ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $14,003,939 $14,821,189
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $240,476 ($3,439)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) ($216,093) (1) --
----------- ------------
NET INCOME $14,028,322 $14,817,750
=========== ============
BASIC EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $2.47 $2.62
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $0.04 --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE ($0.04) (1) --
(NET OF INCOME TAX)
----------- ------------
NET INCOME $2.47 $2.62
=========== ============
DILUTED EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $2.46 $2.58
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $0.04 --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE ($0.04) (1) --
----------- ------------
NET INCOME $2.46 $2.58
=========== ============
()THE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE REPRESENTS THE
CHANGE IN ACCOUNTING FOR STOCK OPTIONS WITH THE ADOPTION OF FINANCIAL
ACCOUNTING STANDARDS BOARD STATEMENT NO. 123 (REVISED 2004)EFFECTIVE
JANUARY 1, 2006.
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RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
QUARTER ENDED
----------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
------------ ----------
Net Income $5,776,338 $2,195,344
Add Back:
Depreciation and Amortization 603,482 477,852
Deferred Taxes 3,159,297 (3,983,448)
Earnings Before Depreciation, ----------- ------------
Amortization, and Deferred Taxes $ 9,539,117 ($1,310,252)
=========== ============
WEIGHTED AVERAGE SHARES OUTSTANDING 5,692,890 5,667,996
=========== ============
EBDDT PER SHARE $1.68 ($0.24)
=========== ============
YEAR ENDED
---------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
----------- ------------
Net Income $14,028,322 $14,817,750
Add Back:
Depreciation and Amortization 2,265,848 1,755,127
Deferred Taxes 5,332,513 (1,775,401)
----------- ------------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $21,626,683 $14,797,476
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING 5,684,042 5,667,387
=========== ===========
EBDDT Per Share $3.80 $2.61
=========== ===========
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 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 fund 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-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEET
DECEMBER 31, DECEMBER 31,
2006 2005
------------ ------------
ASSETS
Cash $ 738,264 $ 1,127,143
Restricted Cash 1,185,962 7,840,167
Investment Securities 11,780,205 14,341,097
Notes Receivable 700,000 --
Land and Development Costs 15,058,340 9,142,551
Intangible Assets 5,103,649 4,591,944
Other Assets 5,569,605 5,205,415
---------- ----------
$ 40,136,025 $42,248,317
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 3,012,623 $ 2,280,355
Golf Buildings, Improvements and Equipment 11,442,492 11,382,515
Income Properties Land, Buildings and Improvements 104,819,695 91,656,972
Other Building, Equipment and Land Improvements 2,584,467 1,769,407
---------- ----------
Total Property, Plant and Equipment 121,859,277 107,089,249
Less Accumulated Depreciation and Amortization (8,221,138) (6,079,090)
---------- ----------
Net - Property, Plant and Equipment 113,638,139 101,010,159
---------- ----------
TOTAL ASSETS $153,774,164 $143,258,476
=========== ===========
LIABILITIES
Accounts Payable $ 167,378 $ 248,698
Accrued Liabilities 13,492,894 6,083,047
Income Taxes Payable -- 5,157,171
Deferred Income Taxes 29,491,587 24,159,074
Deferred Profit 563,467 5,345,006
Notes Payable 7,061,531 7,297,593
---------- ----------
TOTAL LIABILITIES $ 50,776,857 $ 48,290,589
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,693,007 5,667,796
Additional Paid in Capital 2,630,748 4,168,865
Retained Earnings 95,650,170 85,435,246
Accumulated Other Comprehensive Loss ( 976,618) ( 304,020)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 102,997,307 94,967,887
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $153,774,164 $143,258,476
=========== ===========
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