This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Consolidated-Tomoka Land Co. Reports First Quarter 2012 Earnings

Stocks in this article: CTO

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


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 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.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs