Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced its operating results for the fourth quarter and year-ended December 31, 2012.
Operating results for the fourth quarter ended December 31, 2012 (compared to the same quarterly period in 2011):
- Net income per share was $0.01 versus a net loss per share of ($0.10);
- The quarter was impacted by an additional non-cash reserve of $111,367 related to previously disclosed litigation which commenced in 2010, an impact of approximately ($0.01) per share, after tax. Management believes that this reserve will be adequate to settle this litigation, but implementation of the settlement is not yet final;
- The quarter results were also reduced by a $426,794 loss recognized for a property classified as held for sale in December, an impact of approximately ($0.05) per share, after tax;
- Revenue from Income Properties totaled approximately $2.52 million, an increase of 11.8%;
- Revenue from Real Estate Operations totaled $681,473, an increase of 126.5%; and
- Revenue from Golf Operations decreased by 3.5%, while net operating losses improved by 70.2% totaling ($120,587).
Operating results for the year-ended December 31, 2012 (compared to year-ended 2011):
- Net income per share was $0.10 versus a net loss per share of ($0.82);
- The full year was impacted by non-recurring charges in the second half of the year, including $167,000 of separation costs for a retiring senior executive, and a non-cash legal reserve that totaled $723,058, related to previously disclosed litigation which commenced in 2010, an aggregate impact of approximately ($0.10) on net income per share, after tax;
- Revenue from Income Properties totaled approximately $9.6 million, an increase of 8.9%;
- Revenue from Real Estate Operations totaled approximately $3.1 million, an increase of nearly $2.6 million;
- Revenue from Golf Operations decreased by 3.3%, while net operating losses improved by 33.4% or $445,271;
- Net operating losses attributable to our agriculture operations, reflected as Other Income, improved by nearly $500,000 or 93.6%; and
- The weighted average lease duration of our income property portfolio increased to 10.6 years as of December 31, 2012, from 9.0 years as of December 31, 2011.
- Book value increased by approximately $1.1 million since December 31, 2011, to $114,216,668 or $20.00 per share;
- Acquired a total of eight income properties for $25.9 million diversifying into four new states with three new credits;
- Sold two income properties for approximately $8.0 million with an average remaining lease term of 8.4 years;
- Since January 2012, golf memberships nearly doubled through year-end 2012; and
- Debt totaled approximately $29.1 million at December 31, 2012, with $32.9 million of available borrowing capacity on our credit facility, which was $62.0 million as of year-end, and total cash was approximately $1.3 million at December 31, 2012.