earnings41808.htm
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 17, 2008

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
(Commission File Number)
59-0483700
(IRS Employer Identification No.)
 
1530 Cornerstone Boulevard, Suite 100
Daytona Beach, Florida
(Address of principal executive offices)
 
 
32117
(Zip Code)
Registrant’s telephone number, including area code:  (386) 274-2202
 
Not Applicable
(Former name or former address, if changed since last report.)
 
 
     


 
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))


Press Release
FORM 8-K, April 17, 2008
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700


Item 2.02. Results of Operations and Financial Condition.

On April 17, 2008, Consolidated-Tomoka Land Co., a Florida Corporation, issued a press release relating to the Company’s
earnings for the quarter ended March 31, 2008.  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 April 17, 2008


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 17, 2008                          By:/S/Bruce W. Teeters
                                    Bruce W. Teeters, Senior
                                    Vice President - Finance
                                    and Treasurer
                                    Chief Financial Officer




 
 
 
 
 
 
 
 
 

pressrelease.htm

PRESS RELEASE
For Immediate Release
 

Date:
April 17, 2008
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 net income of $156,124 or $.03 basic earnings per share and earnings before depreciation, amortization and deferred taxes (EBDDT) of $348,037 or $.06 per basic share for the quarter ended March 31, 2008.  The comparable numbers for the first quarter of 2007 were a net loss of $583,812 or $.10 basic loss per share and EBDDT of $333,210 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, “Positive operating results were achieved despite no scheduled land sales closings during the first quarter. These results were also impacted by a decrease in general and administrative expenses resulting from lower stock option expenses due to a change in the Company’s stock price. Historically, the first quarter of each year has few closings with most occurring in the third and fourth quarters.  Although new contract activity is down for the quarter, the current contract backlog dollar volume remains healthy.  The Company’s adopted business plan was designed to allow the Company to remain profitable during slower economic periods.  We completed the acquisition of a Harris Teeter Supermarket in Charlotte, North Carolina today.  Our income property portfolio now totals 26 properties and over $9.2 million in annual revenues.”
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of income properties strategically located throughout the Southeast, and development, management, and sale of targeted real estate properties.  Visit our website at www.ctlc.com
 
 
 
                  EARNINGS NEWS RELEASE
               
     
QUARTER ENDED
 
     
MARCH 31,
   
MARCH 31,
 
     
2008
   
2007
 
               
               
REVENUES
    $ 3,938,496     $ 8,589,011  
                   
                   
NET INCOME (LOSS)
    $ 156,124     $ (583,812 )
                   
                   
BASIC & DILUTED EARNINGS PER SHARE:
                 
  NET INCOME  (LOSS)
    $ 0.03     $ (0.10 )
                   
                   
  RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
  DEPRECIATION, AMORTIZATION AND DEFERRED TAXES
                   
     
QUARTER ENDED
 
     
MARCH 31,
   
MARCH 31,
 
     
2008
   
2007
 
NET INCOME (LOSS)
    $ 156,124     $ (583,812 )
                   
ADD BACK:
                 
                   
    DEPRECIATION & AMORTIZATION
      624,930       609,793  
                   
    DEFERRED TAXES
      (433,017 )     307,229  
                   
EARNINGS BEFORE DEPRECIATION,  AMORTIZATION
               
     AND DEFERRED TAXES
    $ 348,037     $ 333,210  
                   
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
    5,726,182       5,704,068  
                   
BASIC EBDDT PER SHARE
    $ 0.06     $ 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 (LOSS) AS THEY REPRESENT NON-CASH CHARGES.
         



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CONSOLIDATED BALANCE SHEETS
           
     
MARCH 31,
 
DECEMBER 31,
     
2008
 
2007
ASSETS
   
$
 
$
   Cash
   
164,547
 
863,826
   Restricted Cash
 
9,510,980
 
10,387,550
   Investment Securities
 
6,590,756
 
10,193,094
   Notes Receivable
 
4,703,693
 
5,164,421
   Land and Development Costs
 
15,249,071
 
15,654,456
   Intangible Assets
 
4,621,213
 
4,717,699
   Other Assets
 
8,240,955
 
7,899,810
     
49,081,215
 
54,880,856
           
Property, Plant & Equipment:
       
  Land, Timber and Subsurface Interests
8,660,652
 
7,793,594
  Golf Buildings, Improvements & Equipment
11,718,993
 
11,713,046
  Income Properties Land, Buildings & Improvements
104,819,695
 
104,820,647
  Other Building, Equipment and Land Improvements
3,081,596
 
2,909,057
  Construction in Process
 
2,059,089
 
--
    Total Property, Plant and Equipment
130,340,025
 
127,236,344
  Less, Accumulated Depreciation and Amortization
(10,813,114)
 
(10,284,670)
   Net - Property, Plant and Equipment
119,526,911
 
116,951,674
           
      TOTAL ASSETS
 
168,608,126
 
171,832,530
           
LIABILITIES
         
   Accounts Payable
 
268,201
 
452,090
   Accrued Liabilities
 
8,678,323
 
8,684,175
   Accrued Stock Based Compensation
3,011,753
 
3,277,821
   Income Taxes Payable
 
1,083,131
 
3,058,049
   Deferred Income Taxes
 
32,449,382
 
32,882,399
   Notes Payable
 
6,926,375
 
6,807,388
           
      TOTAL LIABILITIES
 
52,417,165
 
55,161,922
           
SHAREHOLDERS' EQUITY
       
   Common Stock
 
5,727,515
 
5,725,806
   Additional Paid in Capital
 
5,217,955
 
5,130,574
   Retained Earnings
 
106,595,582
 
107,012,038
   Accumulated Other Comprehensive Loss
(1,350,091)
 
(1,197,810)
           
      TOTAL SHAREHOLDERS' EQUITY
116,190,961
 
116,670,608
           
      TOTAL LIABILITIES AND
       
      SHAREHOLDERS' EQUITY
 
168,608,126
 
171,832,530
           


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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, 2008, 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; 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, 2008.  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.




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