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Consolidated-Tomoka Land Co. Reports First Quarter 2012 Earnings

Consolidated-Tomoka Land Co., (NYSE Amex:CTO) today announced its operating results for the first quarter ended March 31, 2012.

SIGNIFICANT ACTIVITIES:

For the first quarter ended March 31, 2012:
  • Net Income per share was $0.09 per share versus a loss of ($0.05) for 2011
  • Office and Flex Building occupancy was at 86% versus 42% for 2011
  • Income Properties revenue was $2,339,000 versus $2,208,000 in 2011
  • The Company received final proceeds from Volusia County for the Dunn Avenue Extension road project, which generated $731,000 in income
  • Agricultural equipment sales produced an $85,000 gain during the quarter
  • General and Administrative Expenses reflected a 15% decrease prior to the write-off of $245,000 in loan costs related to the early repayment of the SunTrust term loan
  • The Company entered into a new $46 million unsecured revolving credit facility, replacing the previous $25 million secured credit facility with SunTrust and paying off the previous SunTrust term loan
  • Debt was $16,227,000 versus $15,267,000 at year-end 2011; however, cash was higher at $1,677,000 versus $6,000 at December 31, 2011
  • The Company engaged ClubCorp as the new golf management company for the LPGA International Golf Course
  • The Company engaged American Forest Management, Inc. to manage its timber and hay operations
  • The Company signed a three-year excavation agreement for fill dirt removal with up to four 9-month excavation periods and received an upfront non-refundable payment of $250,000 for the first excavation period ending November 30, 2012
  • The Company engaged Grant Thornton LLP as its independent public accounting firm for 2012
  • In January, the Company hired a new Director of Investments, Steven Greathouse, to oversee our single-tenant retail portfolio and acquisitions

Financial Results

Revenue

Revenue for the quarter ended March 31, 2012, increased 27% to $4,855,211, compared to revenue during the same quarter in 2011. This was primarily the result of the income generated by the final reconciliation of the Dunn Avenue Extension agreement, the new leases at Mason Commerce Center, and a new subsurface interest lease signed last year.

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