Consolidated-Tomoka Land Co., (NYSE MKT: CTO) today announced its operating results for the second quarter and six months ended June 30, 2012.
Operating results for the second quarter ended June 30, 2012 (compared to the same quarterly period in 2011):
- Net Income per share increased to $0.10, versus $0.06 in 2011
- Sold 16.6 acres of industrial land for $618,000
- Revenue from Income Properties portfolio increased 10% to $2.45 million
- Revenue from Real Estate operations totaled approximately $930,000, an increase of $861,000
- Sold substantially all remaining agricultural equipment, producing a gain of approximately $195,000
- Net operating losses from golf operations decreased to approximately $226,000, an improvement of approximately $186,000 or 45%, and overall memberships now total 175, a 45% increase since the change in club management
- Debt totaled approximately $20.9 million at June 30, 2012 versus $15.3 million at December 31, 2011, and total cash was $6.6 million at June 30, 2012 versus $6,000 at December 31, 2011
- On July 17, 2012 paid down $4.1 million of debt
- Through newly hired manager of agriculture operations, American Forest Management, Inc., signed a new hay and hunt lease covering 3,377 acres, and executed a timber sales agreement for 95 acres
- Completed the Odd Lot stock buy-back program, implemented May 1, 2012, with 14,634 shares tendered and now held in treasury, representing approximately 283 shareholders
Total revenue for the quarter ended June 30, 2012, increased 30% to $4.8 million, compared to $3.7 million during the same quarter in 2011. This increase included revenue generated by the sale of 16.6 acres of industrial land for $618,000 and increasing rent revenue in our income properties portfolio offset slightly by a decrease in revenues from our golf operations. Total revenue for the quarter also reflected revenue from subsurface leasing arrangements commencing in the second half of 2011. Total revenues for the six months ended June 30, 2012, increased to $9.7 million, compared to $7.6 million during the same period in 2011.