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TheStreet Open House

Consolidated-Tomoka Land Co. Reports Fourth Quarter And Year-End 2012 Earnings

Stocks in this article: CTO

Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced its operating results for the fourth quarter and year-ended December 31, 2012.

SIGNIFICANT ACTIVITIES

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.

OTHER HIGHLIGHTS

Other highlights for the year-ended December 31, 2012, include the following:

  • 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.

Financial Results

Revenue

Total revenue for the year-ended December 31, 2012, increased 23.2% to approximately $17.3 million, compared to approximately $14.1 million in 2011. This increase included a $783,862, or 8.9% increase, in revenue generated by our income properties and revenue from our real estate operations, which increased $2.6 million, or 517.8%, from the same period in 2011, reflecting revenue generated by a land transaction totaling $618,000, or more than $37,000 per acre, revenues from our subsurface leases, and the resolution of the Dunn Avenue commitment related to prior land transactions. Total revenues for the quarter-ended December 31, 2012, increased 15.3% to approximately $4.3 million compared to approximately $3.7 million during the same period in 2011. The growth in total revenues during the fourth quarter reflects an increase of 11.8% in revenue from our income properties, without the full benefit of the acquisitions closed in the latter part of the fourth quarter, and a 126.5% increase in revenue from our real estate operations, primarily from our subsurface leases, offset by slight decreases in golf revenues and other income.

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