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Consolidated-Tomoka Land Co. Reports Third Quarter 2012 Earnings

Disclosures in this press release regarding the Company’s quarter-end financial results are preliminary and are subject to change in connection with the Company’s preparation and filing of its Form 10-Q for the quarter ended September 30, 2012. The financial information in this release reflects the Company’s preliminary results subject to completion of the year-end review process. The final results for the year may differ from the preliminary results discussed above due to factors that include, but are not limited to, risks associated with final review of the results and preparation of financial statements.

CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEETS
   
(Unaudited)
September 30, December 31,
2012 2011
ASSETS
Cash $ 2,381,299 $ 6,174
Restricted Cash 3,764,058 2,779,511
Refundable Income Tax -- 399,905
Land and Development Costs 27,844,287 27,825,924
Intangible Assets 3,880,128 3,572,096
Assets Held for Sale -- 7,694,710
Other Assets 7,595,195 8,023,872
$ 45,464,967 $ 50,302,192
 
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 15,144,835 $ 15,109,298
Golf Buildings, Improvements and Equipment 2,535,294 2,535,294
Income Properties Land, Buildings and Improvements 120,173,169 111,564,673
Other Furnishings and Equipment 932,504 2,320,766
Total Property, Plant and Equipment 138,785,802 131,530,031
Less, Accumulated Depreciation and Amortization (11,745,344 ) (11,566,420 )
Net - Property, Plant and Equipment 127,040,458 119,963,611
 
TOTAL ASSETS $ 172,505,425 $ 170,265,803
 
LIABILITIES
Accounts Payable $ 196,564 $ 385,685
Accrued Liabilities 7,671,153 7,317,676
Accrued Stock Based Compensation 351,028 484,489
Pension Liability 1,219,171 1,586,513
Income Taxes Payable 345,393 --
Deferred Income Taxes 31,874,836 32,060,283
Notes Payable 16,726,849 15,266,714
 
TOTAL LIABILITIES $ 58,384,994 $ 57,101,360

Commitments and Contingencies

 
SHAREHOLDERS' EQUITY
Common Stock – 25,000,000 shares authorized; $1 par value,

5,725,442 issued and 5,831,708 shares outstanding at

September 30, 2012; 5,724,147 issued and 5,829,464 outstanding at

December 31, 2011

5,725,442 5,724,147

Treasury Stock – 14,634 Shares held at September 30, 2012; no

shares held at December 31, 2011

(453,654 ) --
Additional Paid in Capital 6,683,030 5,697,554
Retained Earnings 103,295,038 102,872,167
Accumulated Other Comprehensive Loss (1,129,425 ) (1,129,425 )
 
TOTAL SHAREHOLDERS' EQUITY $ 114,120,431 $ 113,164,443
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 172,505,425 $ 170,265,803
 
CONSOLIDATED TOMOKA LAND CO.
CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

       
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2012 2011 2012 2011
Revenues
Income Properties $ 2,461,342 $ 2,301,016 $ 7,241,189 $ 6,723,261
Real Estate Operations 331,496 69,406 2,299,102 200,712
Golf Operations 861,326 838,646 3,443,984 3,559,926
Other Income 186,458 16,646 264,894 67,778
Total Revenues $ 3,840,622 $ 3,225,714 $ 13,249,169 $ 10,551,677
 
 
Direct Cost of Revenues
Income Properties $ (199,710 ) $ (129,271 ) $ (518,904 ) $ (374,662 )
Real Estate Operations (143,138 ) (151,671 ) (531,913 ) (527,289 )
Golf Operations (1,314,428 ) (1,300,876 ) (4,210,959 ) (4,488,542 )
Other (28,530 ) (206,906 ) (166,420 ) (444,664 )
Total Direct Cost of Revenues $ (1,685,806 ) $ (1,788,724 ) $ (5,428,196 ) $ (5,835,157 )
 
General and Administrative $ (1,864,770 ) $ (1,228,398 ) $ (4,200,082 ) $ (3,459,469 )
Stock Compensation (446,678 ) 10,676 (870,303 ) 51,855
Impairment Charges - (6,618,888 ) - (6,618,888 )
Depreciation and Amortization (584,210 ) (604,953 ) (1,723,504 ) (1,733,396 )
Gain (Loss) on Disposition of Assets (33,513 ) 42,692 242,051 155,607
Total Operating Expenses $ (4,614,977 ) $ (10,187,595 ) $ (11,980,034 ) $ (17,439,448 )
Operating Income (Loss) (774,355 ) (6,961,881 ) 1,269,135 (6,887,771 )
Interest Income 453 41,436 820 156,580
Interest Expense (124,650 ) (167,996 ) (401,060 ) (545,999 )
Loss on Early Extinguishment of Debt - - (245,726 ) -
Income (Loss) from Continuing Operations
Before Income Tax (898,552 ) (7,088,441 ) 623,169 (7,277,190 )
Income Tax 341,946 2,778,394 (237,238 ) 2,875,627
Income (Loss) from Continuing Operations (556,606 ) (4,310,047 ) 385,931 (4,401,563 )
Income from Discontinued Operations (net of tax) - 92,055 151,450 243,448
Net Income (Loss) $ (556,606 ) $ (4,217,992 ) $ 537,381 $ (4,158,115 )
 
 
Per Share Information
Basic and Diluted
Income (Loss) from Continuing Operations $ (0.10 ) $ (0.75 ) $ 0.06 $ (0.77 )
Income from Discontinued Operations (net of tax) $ -- $ (0.01 ) $ 0.03 $ 0.04
Net Income (Loss) $ (0.10 ) $ (0.74 ) $ 0.09 $ (0.73 )
 
Dividends Declared and Paid $ - $ - $ 0.02 $ 0.02




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