SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
___ OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 0-5556
CONSOLIDATED-TOMOKA LAND CO.
(Exact name of registrant as specified in its charter)
Florida 59-0483700
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
149 South Ridgewood Avenue 32114
Daytona Beach, Florida (Zip Code)
(Address of principal executive offices)
(904) 255-7558
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months and (2) has been
subject tosuch filing requirements for the past 90 days.
Yes X No
___ ___
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Outstanding
Class of Common Stock November 1, 1995
_____________________ _________________
$1.00 par value 6,261,272
1
CONSOLIDATED-TOMOKA LAND CO.
INDEX
Page No.
________
PART I - - FINANCIAL INFORMATION
Consolidated Condensed Balance Sheets -
September 30, 1995 and December 31, 1994 3
Consolidated Condensed Statements of Income and
Retained Earnings - Three Months and
Nine Months Ended September 30, 1995 and 1994 4
Consolidated Condensed Statements of Cash Flows -
Nine Months Ended September 30, 1995 and 1994 5
Notes to Consolidated Condensed Financial Statements 6-8
Management's Discussion and Analysis of Financial
Condition and Results of Operations 9-11
PART II -- OTHER INFORMATION 12
SIGNATURES 13
2
PART I -- FINANCIAL INFORMATION
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
September 30, December 31,
1995 1994
------------ ------------
ASSETS
Cash $ 1,048,566 $ 503,545
Investment Securities 4,001,926 1,290,955
Notes Receivable 10,128,491 9,222,968
Accounts Receivable 1,541,412 1,877,220
Inventories 861,298 660,461
Cost of Fruit on Trees 2,893,892 2,435,401
Real Estate Held for Development and Sale 13,966,395 16,626,505
Net Investment in Direct Financing Lease 814,820 880,222
Refundable Income Taxes 760,186 --
Other Assets 291,133 375,486
Net - Property, Plant, and Equipment 26,547,835 27,662,652
---------- ----------
TOTAL ASSETS $62,855,954 $61,535,415
========== ==========
LIABILITIES
Customer Deposits $ 66,431 $ 924,268
Accounts Payable 1,630,216 749,277
Notes Payable 29,767,805 24,973,283
Accrued Liabilities 2,958,920 2,134,670
Deferred Income Taxes 95,504 95,504
Income Taxes Payable -- 1,481,531
---------- ----------
TOTAL LIABILITIES 34,518,876 30,358,533
---------- ----------
MINORITY INTEREST 117,889 146,790
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 6,261,272 6,261,272
Additional Paid-in Capital 1,782,105 1,782,105
Retained Earnings 20,175,812 22,986,715
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 28,219,189 31,030,092
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $62,855,954 $61,535,415
========== ==========
See Accompanying Notes to Consolidated Condensed Financial
Statements.
3
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS
(Unaudited)
Three Months Ended Nine Months Ended
-------------------------- --------------------------
September 30, September 30, September 30, September 30,
1995 1994 1995 1994
-------------------------- ------------ -------------
INCOME:
Citrus Operations:
Sales of Fruit and Other Income $ 21,118 $ 30,297 $ 5,794,311 $ 6,223,041
Production and Selling Expenses ( 448,902) ( 468,504) ( 5,741,660) ( 6,057,006)
---------- ---------- ---------- ----------
( 427,784) ( 438,207) 52,651 166,035
---------- ---------- ---------- ----------
Real Estate Operations:
Sales and Other Income 1,380,354 1,834,771 3,938,205 8,123,751
Costs and Other Expenses ( 1,157,023) ( 1,248,689) ( 3,285,894) ( 4,076,880)
---------- ---------- ---------- ----------
223,331 586,082 652,311 4,046,871
---------- ---------- ---------- ----------
Profit On Sales of Undeveloped
Real Estate Interests 500 593,034 1,485,939 980,025
---------- ---------- ---------- ----------
Interest and Other Income 180,549 ( 135,121) 460,535 ( 43,162)
---------- ---------- ---------- ----------
OPERATING INCOME (LOSS) ( 23,404) 605,788 2,651,436 5,149,769
GENERAL AND ADMINISTRATIVE EXPENSES ( 831,084) ( 1,013,927) ( 2,711,611) ( 3,022,085)
---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE MINORITY INTEREST
IN PARTNERSHIP ( 854,488) ( 408,139) ( 60,175) 2,127,684
MINORITY INTEREST 11,554 10,252 28,902 30,197
---------- ---------- ---------- ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES ( 842,934) ( 397,887) ( 31,273) 2,157,881
INCOME TAXES 333,672 138,532 37,942 ( 721,862)
---------- ---------- ---------- ----------
INCOME (LOSS)FROM CONTINUING
OPERATIONS ( 509,262) ( 259,355) 6,669 1,436,019
LOSS FROM DISCONTINUED
RESORT OPERATIONS (net of tax) -- ( 228,999) -- ( 134,302)
---------- ---------- ---------- ----------
NET INCOME (LOSS) ( 509,262) ( 488,354) 6,669 1,301,717
RETAINED EARNINGS, Beginning of Period 22,250,392 19,674,250 22,986,715 18,823,370
DIVIDENDS ( 1,565,318) ( 1,252,254) ( 2,817,572) ( 2,191,445)
---------- ---------- ---------- ----------
RETAINED EARNINGS, End of Period $20,175,812 $17,933,642 $20,175,812 $17,933,642
========== ========== ========== ==========
PER SHARE INFORMATION:
Average Shares Outstanding 6,261,272 6,261,272 6,261,272 6,261,272
========== ========== ========== ==========
Income (Loss)From Continuing
Operations $(.08) $(.04) -- $ .23
Loss From Discontinued Resort
Operations (net of tax) -- $(.04) -- $(.02)
---------- ---------- ---------- ----------
Net Income (Loss) Per Share $(.08) $(.08) -- $ .21
========== ========== ========== ==========
DIVIDENDS PER SHARE $ .25 $ .20 $ .45 $.35
========== ========== ========== ==========
See Accompanying Notes to Consolidated Condensed Financial
Statements.
4
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
----------------------------
September 30, September 30,
1995 1994
------------- -------------
CASH FLOW FROM OPERATING ACTIVITIES:
CASH RECEIVED FROM:
Citrus Sales and Other Income $ 6,006,455 $ 6,735,006
Real Estate Sales and Other Income 6,797,296 8,266,005
Sales of Undeveloped Real Estate 1,485,939 980,025
Interest and Other Income 453,571 155,014
---------- ----------
Total 14,743,261 16,136,050
---------- ----------
CASH EXPENDED FOR:
Citrus Production and Selling Expenses 6,359,068 5,870,901
Real Estate Costs and Expenses 2,732,137 2,844,426
General and Administrative Expenses 1,039,480 1,491,960
Interest 1,432,010 1,669,041
Income Taxes 2,203,775 1,300,000
---------- ----------
Total 13,766,470 13,176,328
---------- ----------
Net Cash Provided by Operating Activities 976,791 2,959,722
---------- ----------
CASH FLOW FROM INVESTING ACTIVITIES:
Acquisition of Property, Plant, and Equipment ( 997,711) ( 1,225,634)
Investments in Investment Securities ( 2,710,971) ( 25,888)
Direct Financing Lease 65,402 56,035
Proceeds from Sale of Property, Plant,
and Equipment 1,234,560 15,883
Cash Flow from Discontinued Resort Operations -- 6,590,626
---------- ----------
Net Cash Provided by (Used in) Investing
Activities ( 2,408,720) 5,411,022
---------- ----------
CASH FLOW FROM FINANCING ACTIVITIES:
Cash Proceeds from Debt 6,750,000 2,800,000
Payments of Debt ( 1,955,478) (10,944,656)
Dividends Paid ( 2,817,572) ( 2,191,445)
---------- ----------
Net Cash Provided by (Used in) Financing
Activities 1,976,950 (10,336,101)
---------- ----------
NET INCREASE (DECREASE) IN CASH 545,021 ( 1,965,357)
CASH, BEGINNING OF YEAR 503,545 2,155,712
---------- ----------
CASH,END OF PERIOD $ 1,048,566 $ 190,355
========== ==========
See Accompanying Notes to Consolidated Condensed Financial
Statements.
5
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
1. Principles of Interim Statements. The information presented in the
unaudited consolidated condensed financial statements reflects all
adjustments which are, in the opinion of the management, necessary to
present fairly the Company's financial position and the results of
operations for the interim periods. The consolidated condensed format
is designed to be read in conjunction with the last annual report.
The consolidated condensed financial statements include the accounts of
the Company and its wholly owned subsidiaries. Intercompany balances
and transactions have been eliminated in consolidation.
2. Seasonal Operations. The Company's citrus operations involve a single
crop agricultural commodity and are seasonal in nature. To a lesser
extent, its forestry activities are seasonal in nature. Accordingly,
results for the nine months ended September 30, 1995 and 1994 are not
necessarily indicative of results to be expected for the full year.
Results of operations for the twelve months ended September 30, 1995
and 1994 are summarized as follows (in thousands):
Twelve Months Ended September 30,
-------------------------------------------------
1995 1994
--------------------- ------------------------
Revenues Income(Loss) Revenues Income(Loss)
--------- ----------- -------- ------------
Citrus Operations $ 7,746 $( 27) $ 8,792 $ 1,194
Real Estate Operations 12,343 6,243 8,742 6,727
General Corporate & Other 5,033 1,864 1,278 (2,337)
------ ----- ------ -----
Total Revenues $25,122 $18,812
====== ======
Income Before Income Taxes 8,080 5,584
Income Taxes (3,019) (1,987)
----- -----
Income from Continuing Operations 5,061 3,597
Loss From Discontinued Resort
Operations (net of income taxes) ( 1) ( 506)
----- -----
Net Income $5,060 $3,091
===== =====
3. Common Stock and Earnings Per Common Share. Primary earnings per
share are based on the average number of common shares and common share
equivalents outstanding during the period. Primary and fully diluted
earnings per share are the same for the periods.
4. Notes Payable. Notes payable consist of the following:
September 30, 1995
-----------------------------------
Due Within
Total One Year
---------- -----------
Consolidated-Tomoka Land Co.
- ----------------------------
$15,000,000 Line of Credit $ 8,550,000 $ 8,550,000
Mortgages Payable 9,703,404 163,468
Industrial Revenue Bonds 3,213,697 261,870
---------- ---------
21,467,101 8,975,338
---------- ----------
Indigo Group Ltd.
- -----------------
Industrial Revenue Bonds 2,006,500 56,400
Mortgages Payable 6,294,204 95,029
---------- ----------
8,300,704 151,429
---------- ----------
Total $29,767,805 $ 9,126,767
========== ==========
Indigo Group Ltd. ("IG LTD.") is a 100% owned limited partnership in
the real estate business. Included in notes payable is a $2,577,262
mortgage note collateralized by developed real estate in a joint
venture project. IG Ltd.'s 50% partner is jointly liable on the note.
6
Payments applicable to reduction of principal amounts will be required
as follows:
Consolidated- Indigo
Tomoka Group
Year Ending Sept. 30, Land Co. Ltd. Total
--------------------- ------------- ---------- ----------
1996 $ 8,975,338 $ 151,429 $9,126,767
1997 543,615 159,556 703,171
1998 590,603 168,387 758,990
1999 641,662 2,611,014 3,252,676
2000 697,146 142,804 839,950
Thereafter 10,018,737 5,067,514 15,086,251
---------- --------- ----------
$21,467,101 $ 8,300,704 $29,767,805
========== ========= ==========
In the first nine months of 1995 interest totaled $1,646,632 of
which $97,976 was capitalized to land held for development and sale.
Total interest for the nine months ended September 30, 1994 was
$1,669,041, all of which was expensed during the period.
5. Discontinued Operations. On July 14, 1994, the Company sold its
resort complex for a price of $7,175,000. The sales price of the
transaction approximated book value of the assets. Summary
financial information follows:
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. 30, Sept.30, Sept. 30, Sept. 30,
1995 1994 1995 1994
--------- -------- -------- --------
Revenues from Discontinued
Resort Operations -- 289,918 -- 5,596,948
Income Tax Credits for Discontinued
Resort Operations -- (138,161) -- ( 81,029)
Earnings (Loss) Per Share from
Discontinued Resort Operations
(net of income taxes) -- ($.04) -- ($.02)
7
MANAGEMENT'S DISCUSSION AND ANALYSIS
The Management's Discussion and Analysis is designed to be read in
conjunction with the financial statements and Management's Discussion and
Analysis in the last annual report.
RESULTS OF OPERATIONS
Citrus Operations
As is typical for the third quarter, with harvesting of fruit
completed by late spring, a loss was posted from citrus operations. The
loss of $427,784 reported for 1995's third period represents a 2%
improvement over 1994's same period results with negligible revenues
recorded for both periods.
Nine month year-to-date profits from citrus operations totaled
$52,651, representing a modest downturn from the $166,035 of profits
generated in 1994's first nine months. The unfavorable results can be
attributed to a 7% fall in revenues. Revenues of $5,794,311 were produced
for the period on the sale of 696,057 boxes of fruit at an average sale
price of $8.25 per box. These figures compare to the 718,342 boxes of
fruit harvested and sold in 1994's nine month period at an average price of
$8.49 per box which generated revenues of $6,223,041. Both the number of
boxes harvested and sold and the average sales price for 1995 represent a
3% decline from 1994 levels. Production and selling expenses, coinciding
with the lower fruit production, decreased 5% year-to-date to $5,741,660.
Real Estate Operations
Real estate operating profits for the third quarter and nine months of
1995 were $223,331 and $652,311 respectively, represent a significant
downturn from year earlier results. The 25% and 52% fall in revenues for
the quarter and year-to-date can be directly traced to unfavorable
commercial real estate closing activity. During the first nine months of
1995 closings occurred on 32 commercial acres, of which one acre closed in
the third quarter. These closings produced revenues of $850,000 year-to-
date including $307,000 during the third quarter. This commercial closing
activity compares to 1994 nine month closing level of 86 acres generating
revenue of $4,860,000, of which $850,000 was posted in the third period on
the sale of 53 acres.
Increased harvesting, along with higher pricing, produced profit gains
from forestry operations of $116,000 for the quarter and $408,000 for the
nine month period when compared to the prior year.
Income properties recorded modest profits for both the three month and
nine month periods of 1995 compared to modest losses generated in 1994.
These improvements are primarily due to overall higher occupancy levels.
Both revenues and expenses from income properties were down slightly for
the third quarter of 1995 due to the May sale of the 18,000 square foot
Mariner Towne Square shopping center located in Spring Hill, Florida. The
earnings impact of the sale was immaterial.
General Corporate and Other
Profits on sales of undeveloped real estate interests fell sharply in
the third quarter, as negligible income was recognized in 1995 compared to
income of $593,034 generated primarily on the sale of mineral rights in 1994.
Year-to-date the sale of 389 acres in Highlands County produced income of
$1,485,939. This compares favorably to the $980,025 generated in 1994's
nine month period on the sale of 97 acres in addition to the sale of
mineral rights. Interest and other income of $180,549 and $460,535 for the
quarter and nine months respectively, show substantial improvement over
1994's third quarter and nine month losses of $135,121 and $43,162,
respectively. The losses posted in 1994 were due to a $193,000 write-off
of leasehold improvements. Favorable interest and other income results
were also due to increased interest income generated on mortgage notes
receivable from year end 1994 closings. Reductions in general and
administrative expenses of 18% and 10% for the three months and year-to-
date 1995 were achieved on lower salary benefit and professional fee costs.
8
FINANCIAL POSITION
The seasonal nature of citrus operations, along with slow commercial
real estate closing activity, resulted in a loss of $509,262, equivalent to
$.08 per share in 1995's third quarter. This loss is in line with prior
year's third period loss of $.08 per share or $488,354. Year-to-date slightly
over breakeven results at September 30, 1995 compare unfavorably to the
$1,301,717 profit, equivalent to $.21 per share, recorded in 1994's nine
month period. The downturn in 1995 again can be attributed to the low
commercial real estate closing volume.
Cash flow for the first nine months of 1995 totalled $545,021, with
$976,791 generated from operating activities, $2,408,720 used in investing
activities and $1,976,950 provided by financing activities. Cash outflow
from investing activities included a $2,710,971 increase in investment
securities and $997,711 spent on acquisition of property, plant and
equipment, offset by $1,234,560 of proceeds on the sale of property, plant
and equipment. Acquisition of property, plant and equipment included
$420,000 spent on the expansion of the Winn Dixie supermarket at the
Mariner Village shopping center, $230,000 spent on equipment and improvements
at the citrus packing house and an additional $230,000 on the citrus groves.
The sale of the 18,000 square foot Mariner Towne Square shopping center in
Spring Hill, Florida generated the majority of the proceeds from the sale of
property, plant and equipment. Funds provided by financing activities
included $4,795,000 of additional debt offset by dividends paid of $2,817,572.
Dividends declared and paid to date are equivalent to $.45 per share, a 29%
increase over the $.35 per share paid one year earlier. Capital additions
scheduled for the fourth quarter are relatively small, at approximately
$200,000, and will be centered around the Ladies Professional Golf Association
(LPGA) mixed-use development. Operations, and if necessary available financing
sources, will be the source of funds for the capital expenditures.
Although citrus operating profits have been somewhat depressed for the
last two years, the near term future looks positive. Company groves are in
excellent condition and new growth on trees of all ages is abundant. Early
indications of the 1995-1996 company citrus crop point to the return to
production levels in excess of 1.2 million boxes, which were last achieved
in the 1992-1993 season. This estimate compares to the approximate level
of 900,000 to 950,000 boxes harvested the last two seasons. The initial
USDA Florida orange crop estimate for the 1995-1996 crop year totaled 202
million boxes. This estimate represents an approximate 3.4 million box
drop from the 1994-1995 harvest. The estimated decrease in fruit, coupled
with strong demand and relatively low juice inventories on hand, could lead
to stronger prices in the future.
Although progress continues, the extremely wet and rainy weather
conditions experienced during the summer and early fall have caused some
delays in development at the LPGA mixed-use development. Completion of
the I-95 interchange at LPGA Boulevard has been delayed due to the weather
and is scheduled for year end. Several residential models are under
construction in the development, but again are behind schedule due to the
weather. The permitting of the second golf course is on schedule and is
expected to be complete by the first part of 1996, at which time construction
will begin. The design phase of the clubhouse and resort facilities is
underway with construction expected to commence the first half of 1996.
Buoyed by the development efforts, sales interest remain very strong on
company-owned property in and around the LPGA development. Contract backlog
for closing in 1995 is in excess of $8.3 million, with additional properties
under contract or under negotiation for closing in 1996 through 1998. A
significant amount of work is still ahead to close these contracts, but the
conversion of these contracts to closings, coupled with the improved
prospects from citrus operations, provide a path to a profitable 1995 and
near term future.
9
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
There are no material pending legal proceedings to which the Company
or its subsidiaries is a party.
Items 2 through 5.
Not Applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit 11 - Computation of Earnings Per Common Share
Exhibit 27 - Financial Data Schedule (for SEC use only)
(b) Reports on Form 8-K
None
10
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 thereunto duly authorized.
CONSOLIDATED-TOMOKA LAND CO.
(Registrant)
Date: November 10, 1995 By: /s/ Bob D. Allen
----------------------
Bob D. Allen, President and
Chief Executive Officer
Date: November 10, 1995 By: /s/ Bruce W. Teeters
-------------------------
Bruce W. Teeters,Sr. Vice
President
Finance and Treasurer
11
EXHIBIT INDEX
Page No.
--------
No. 11 Computation of Earnings Per Common Share 15
No. 27 Financial Data Schedule (for SEC use only) 16
14
EXHIBIT 11
CONSOLIDATED-TOMOKA LAND CO. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
For the Three Months Ended For the Six Months Ended
-------------------------- ------------------------
Sept. 30, Sept. 30, Sept. 30, Sept.30,
1995 1994 1995 1994
--------- --------- ---------- ----------
PRIMARY EARNINGS (IN THOUSANDS)
INCOME (LOSS) FROM CONTINUED
OPERATIONS (509,262) (259,355) 6,669 1,436,019
LOSS FROM DISCONT. RESORT OPERATIONS
(NET OF TAX) -- (228,999) -- (134,302)
--------- --------- --------- ---------
NET INCOME (LOSS)APPLICABLE TO
COMMON STOCK (509,262) (488,354) 6,669 1,301,717
========= ========= ========= =========
PRIMARY SHARES USED IN COMPUTATION
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 6,261,272 6,261,272 6,261,272 6,261,272
SHARES APPLICABLE TO STOCK OPTIONS
USING THE TREASURY STOCK METHOD
AT AVERAGE MARKET PRICE FOR
THE PERIOD 47,837 30,776 28,594 31,115
--------- --------- --------- ---------
TOTAL PRIMARY SHARES 6,309,109 6,292,048 6,289,866 6,292,387
========= ========= ========= =========
PRIMARY EARNINGS PER COMMON
SHARE:
INCOME (LOSS) FROM CONTINUING
OPERATIONS ($0.08) ($0.04) $0.00 $0.23
LOSS FROM DISCONT. RESORT
OPERATIONS (NET OF TAX) -- ($0.04) -- ($0.02)
--------- --------- --------- ---------
NET INCOME (LOSS) APPLICABLE
TO COMMON STOCK $(0.08) ($0.08) $0.00 $0.21
========= ========== ========= =========
FULLY DILUTED SHARES USED IN
COMPUTATION
TOTAL PRIMARY SHARES 6,309,109 6,292,048 6,289,866 6,292,387
SHARES APPLICABLE TO STOCK
OPTIONS IN ADDITION TO THOSE
USED IN PRIMARY COMPUTATION
DUE TO USE OF THE HIGHER OF
AVERAGE MARKET PRICE OR PERIOD
END MARKET PRICE 17,602 -- 6,365 --
--------- --------- --------- ---------
6,326,711 6,292,048 6,296,231 6,292,387
========= ========= ========= =========
FULLY DILUTED EARNINGS PER SHARE:
INCOME (LOSS) FROM CONTINUTING
OPERATIONS ($0.08) ($0.04) $0.00 $0.23)
LOSS FROM DISCONT. RESORT
OPERATIONS (NET OF TAX) -- ($0.04) -- ($0.02)
--------- --------- --------- ---------
NET INCOME (LOSS) APPLICABLE TO
COMMON STOCK ($0.08) ($0.08) $0.00 $0.21
========= ========= ========= =========
15
TYPE EX-27 FINANCIAL DATA SCHEDULE
[ARTICLE] 5
[LEGEND]
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL EXTRACTED FROM CONSOLIDATED-
TOMOKA LAND COMPANY'S 1995 THIRD QUARTER 10-Q AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
[LEGEND]
[PERIOD-TYPE] 9-MOS
DEC. 31-1995
[PERIOD-START] JAN. 01-1995
[PERIOD-END] SEPT.30-1995
[CASH] 1,048,566
[SECURITIES] 4,001,926
[RECEIVABLES] 11,669,903
[ALLOWANCES] 0
[INVENTORY] 17,721,585
[CURRENT-ASSETS] 0
[PP&E] 39,263,167
[DEPRECIATION] 12,715,332
[TOTAL-ASSETS] 62,855,954
[CURRENT-LIABILITIES] 0
[BONDS] 0
[COMMON] 6,261,272
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[OTHER-SE] 21,957,917
[TOTAL-LIABILITY-AND-EQUITY] 62,855,954
[SALES] 11,218,455
[TOTAL-REVENUES] 11,678,990
[CGS] 6,215,799
[TOTAL-COSTS] 9,027,554
[OTHER-EXPENSES] 1,721,013
[LOSS-PROVISION] 0
[INTEREST-EXPENSE] 961,696
[INCOME-PRETAX] (31,273)
[INCOME-TAX] (37,942)
6,669
[DISCONTINUED] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] 6,669
[EPS-PRIMARY] 0.00
[EPS-DILUTED] 0.00
16