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

While the Company periodically reassesses material trends and uncertainties affecting its results of operations and financial condition, the Company does not intend to review or revise any particular forward-looking statement referenced herein in light of future events.

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-K for the year-ended December 31, 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
 
 
   
December 31, December 31,
2012 2011
ASSETS
Cash $ 1,301,739 $ 6,174
Restricted Cash -- 2,779,511
Refundable Income Tax 239,720 399,905
Land and Development Costs 27,848,525 27,825,924
Intangible Assets - Net 4,527,426 3,572,096
Assets Held for Sale 3,433,500 7,694,710
Other Assets 8,254,399 8,023,872
$ 45,605,309 $ 50,302,192
 
Property, Plant, and Equipment:
Land, Timber, and Subsurface Interests $ 15,194,901 $ 15,109,298
Golf Buildings, Improvements, and Equipment 2,879,263 2,535,294
Income Properties, Land, Buildings, and Improvements 132,202,887 111,564,673
Other Furnishings and Equipment 906,441 2,320,766
Total Property, Plant, and Equipment 151,183,492 131,530,031
Less, Accumulated Depreciation and Amortization (12,091,901 ) (11,566,420 )
Net - Property, Plant, and Equipment 139,091,591 119,963,611
 
TOTAL ASSETS $ 184,696,900 $ 170,265,803
 
LIABILITIES
Accounts Payable $ 440,541 $ 385,685
Accrued Liabilities 6,972,343 7,317,676
Accrued Stock Based Compensation 265,311 484,489
Pension Liability 1,317,683 1,586,513
Deferred Income Taxes 32,357,505 32,060,283
Notes Payable 29,126,849 15,266,714
 
TOTAL LIABILITIES $ 70,480,232 $ 57,101,360

Commitments and Contingencies

 
SHAREHOLDERS' EQUITY

Common Stock – 25,000,000 shares authorized; $1 parvalue, 5,844,203 issued and 5,829,569 shares outstandingat December 31, 2012; 5,829,464 issued and 5,829,464outstanding at December 31, 2011

$ 5,726,136 $ 5,724,147

Treasury Stock, at cost – 14,634 Shares held at December31, 2012, with no shares held at December 31, 2011

(453,654 ) --
Additional Paid in Capital 6,939,023 5,697,554
Retained Earnings 103,242,643 102,872,167
Accumulated Other Comprehensive Loss (1,237,480 ) (1,129,425 )
 
TOTAL SHAREHOLDERS' EQUITY $ 114,216,668 $ 113,164,443
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 184,696,900 $ 170,265,803
 
 
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
  Three Months Ended   Year-Ended
December 31, December 31,
2012   2011 2012   2011
Revenues
Income Properties $ 2,521,919 $ 2,255,985 $ 9,559,942 $ 8,776,080
Real Estate Operations 681,473 300,914 3,098,840 501,626
Golf Operations 1,062,085 1,100,876 4,506,069 4,660,802
Other Income   18,350   56,998   164,979   124,776
Total Revenues   4,283,827   3,714,773   17,329,830   14,063,284
 
Direct Cost of Revenues
Income Properties (157,192 ) (152,297 ) (676,096 ) (526,959 )
Real Estate Operations (173,149 ) (224,841 ) (705,062 ) (752,130 )
Golf Operations (1,182,672 ) (1,505,095 ) (5,393,633 ) (5,993,637 )
Other Income   (32,414 )   (206,759 )   (198,834 )   (651,423 )
Total Direct Cost of Revenues (1,545,427 ) (2,088,992 ) (6,973,625 ) (7,924,149 )
 
General and Administrative (1,554,201 ) (2,033,107 ) (6,624,584 ) (5,440,721 )
Impairment Charges -- -- -- (6,618,888 )
Depreciation and Amortization (604,527 ) (736,636 ) (2,308,035 ) (2,450,037 )
Gain (Loss) on Disposition of Assets   (2,406 )   90,500   239,645   246,107
Total Operating Expenses   (3,706,561 )   (4,768,235 )   (15,666,599 )   (22,187,688 )
Operating Income (Loss) 577,266 (1,053,462 ) 1,663,231 (8,124,404 )
Interest Income 665 3,789 1,485 160,369
Interest Expense (134,958 ) (109,276 ) (536,018 ) (655,275 )
Loss on Early Extinguishment of Debt   --   --   (245,726 )   --
Income (Loss) from Continuing Operations
Before Income Tax 442,973 (1,158,949 ) 882,972 (8,619,310 )
Income Tax   (156,498 )   434,567   (323,078 )   3,380,852
Income (Loss) from Continuing Operations 286,475 (724,382 ) 559,894 (5,238,458 )
Income from Discontinued Operations (net of tax)   (224,654 )   176,306   39,308   532,267
Net Income (Loss) $ 61,821 $ (548,076 ) $ 599,202 $ (4,706,191 )
 
Per Share Information:
Income (Loss) from Continuing Operations $ 0.05 $ (0.13 ) $ 0.09 $ (0.91 )
Income (Loss) from Discontinued Operations (net of tax)   (0.04 )   0.03 $ 0.01 $ 0.09
Net Income (Loss) $ 0.01 $ (0.10 ) $ 0.10 $ (0.82 )
 




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