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Consolidated-Tomoka Reports Third Quarter Results

Stocks in this article: CTO

Consolidated-Tomoka Land Co. (NYSE Amex:CTO) today reported a net loss of $4,217,992 or $0.74 loss per basic share and a loss before depreciation, amortization and deferred taxes (EBDDT) of $6,512,375 or $1.14 per share for the quarter ended September 30, 2011. The comparable numbers for the third quarter of 2010 were a net loss of $176,993 or $0.03 loss per basic share and EBDDT of $1,789,261 or $0.31 per share. For the nine months ended September 30, 2011, the net loss totaled $4,158,115 or $0.73 loss per basic share, compared with net loss of $692,345 or $0.12 loss per basic share in the first nine months of 2010. EBDDT totaled a loss of $5,256,176 or $0.92 per share in 2011's first nine months, compared with EBDDT of $2,331,551 or $0.41 per share in 2010 for the same period.

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.

John P. Albright, president and chief executive officer, stated, “Given the weak real estate market environment, the Company is reducing expenses to reflect the continued soft outlook for real estate demand and has reevaluated appropriate carrying values of certain assets. The Company’s cost basis of $2,606,412 for the 317 acres that were foreclosed upon by the Company in 2009 was written off due to recent increases in assessments and carrying costs associated with these parcels relative to the current market environment. In addition, the Company has written down the carrying value of the LPGA International golf operations by $4,012,476 to $2,500,000 due to the continuing losses of this operation, next year’s scheduled lease escalation, and the weak golf pricing environment. The Company is focused on improving operating performance for the golf operations while operating in a challenging environment. The Company is also addressing the losses associated with its hay operations by reducing expenses and selling some of the related equipment.

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