Consolidated-Tomoka Land Co. (NYSE Amex:CTO) today reported net income of $318,782 or $0.06 earnings per basic share for the quarter ended June 30, 2011, compared with a net loss of $593,171 or $0.10 loss per basic share for the same period in 2010. Earnings before depreciation, amortization and deferred taxes (EBDDT) totaled $1,005,722 or $0.18 per share in 2011's second quarter, compared with a loss of $227,254 or $0.04 per share in the corresponding period in 2010. For the six months ended June 30, 2011, net income totaled $59,877 or $0.01 earnings per basic share and EBDDT totaled $1,256,199 or $0.22 per share. The comparable numbers for the first six months of 2010 were a net loss of $515,352 or $0.09 loss per basic share and EBDDT of $542,290 or $0.09 per 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, “Second quarter operating results produced net income of $318,782 primarily due to revenues of $2.4 million produced by our income property portfolio. In June, the Company entered into an amendment to its line of credit facility that increased the maximum loan amount from $15,000,000 to $25,000,000 and extended the maturity date of the loan to June 27, 2014. During the same period, the City of Daytona Beach approved the rescission of the Ladies Professional Golf Association Development of Regional Impact, which will relieve the Company of many time-consuming regulatory requirements. Management continues to focus on actions that will provide operating flexibility and better position the Company to prosper as the real estate market slowly recovers.”
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