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Consolidated-Tomoka Land Co. Reports Third Quarter 2012 Earnings

Consolidated-Tomoka Land Co., (NYSE MKT:CTO) today announced its operating results for the third quarter and nine months ended September 30, 2012.

SIGNIFICANT ACTIVITIES:

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.

OTHER HIGHLIGHTS

  • 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

Financial Results

Revenue

Total revenue for the quarter ended September 30, 2012, increased 19% to $3.8 million, compared to $3.2 million during the same quarter in 2011. This increase included a $160,326 or 7% increase in revenue generated by our Income Properties. Our revenue from the real estate operations increased $262,090, or 377%, from the same period in 2011, reflecting revenue generated by a subsurface lease delay rental payment. Total revenues for the nine months ended September 30, 2012, increased 25% to approximately $13.2 million compared to approximately $10.6 million during the same period in 2011. The significant growth in revenues during the nine-month period in 2012 reflects approximately $520,000 or nearly 8% in revenue growth from our income properties, with $618,000 in revenue from our first land sale in three years, and continued revenues generated by our subsurface leasing agreements.

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