Consolidated-Tomoka Land Co., (NYSE MKT:CTO) today announced its operating results for the third quarter and nine months ended September 30, 2012.
Operating results for the third quarter ended September 30, 2012 (compared to the same quarterly period in 2011):
- Net Loss per share was $0.10
- The quarter was impacted by $145,000 of separation costs for a retiring senior executive and a non-cash legal reserve of $611,691, related to previously disclosed litigation commenced in 2010, an $0.08 impact on net loss per share
- Revenue from Income Properties portfolio increased 7% to $2.46 million
- Revenue from Real Estate Operations totaled $331,496, an increase of $262,090
- Revenue from Golf Operations increased nearly 3%, while net operating losses were approximately $453,000, a 2% improvement.
- Book value increased by approximately $1 million since December 31, 2011, to $114,120,431 or $19.98 per share
- Acquired a 1.53- acre land parcel in Phoenix, Arizona, for $1.8 million with a 15-year ground lease for a new corporately owned Buffalo Wild Wings restaurant
- Entered into an amendment to the unsecured revolving credit facility increasing the borrowing capacity to $62 million and adding an additional participating lender on the line
- Entered into an amendment of lease with the City of Daytona Beach on Golf Operations land/facility, reducing scheduled rent to $250,0000 per year with a 1.75% escalator per annum beginning in 2013, versus the rent increase of $500,000 per year scheduled to begin in 2012, and agreed to spend a maximum of $200,000 on renovations to the clubhouse, which commenced in early October
- Total golf memberships for the golf operations grew by 94% since January 2012
- Debt totaled approximately $16.7 million at September 30, 2012, versus $15.3 million at December 31, 2011, and total cash was approximately $2.4 million at September 30, 2012
- Received the second year payment of $922,114 pursuant to the terms of a subsurface lease agreement, with the two payments received being recognized into income over the two- year lease term commencing in September, 2011
- The Company hired a Director of Real Estate in the quarter to oversee the Company’s Daytona Beach land holdings