Net Income (Loss)Net income for the year-ended December 31, 2012, was approximately $600,000, an improvement of 112.7% compared to a loss of approximately $4.7 million in 2011. Our results in 2012 benefited from approximately $3.3 million or 23.2% in increased revenues and a reduction in direct cost of revenues of approximately $950,000 or 12.0%. Our general and administrative costs increased 21.8% or $1.2 million in 2012 due to a non-cash legal reserve of $723,058, a one-time separation payment to a retiring senior executive of $167,000 and increased stock compensation costs of $794,000. Excluding the non-recurring charges and the increase in non-cash stock compensation costs, our general and administrative costs totaled $4.9 million. Net income for the quarter-ended December 31, 2012, was $61,821, equivalent to $0.01 per share, compared to a net loss of $548,076, or ($0.10) per share, during the same period in 2011.
Consolidated-Tomoka Land Co. Reports Fourth Quarter And Year-End 2012 Earnings
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