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Consolidated-Tomoka Land Co. Reports Second Quarter And Six Months Ended June 30, 2013 Operating Results And Earnings

Stocks in this article: CTO

Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced its operating results and earnings for the second quarter and six months ended June 30, 2013.

OPERATING RESULTS

Operating results for the second quarter ended June 30, 2013 (compared to the same period in 2012):

  • Net income was $0.04 per share, a decrease of $0.06 per share;
  • The quarter results were impacted by an impairment loss of approximately $616,000 on 6.23 acres of land, an impact of $0.07 per share, in connection with a contract to sell 3.21 of the acres;
  • Revenue from Income Properties totaled approximately $3.3 million, an increase of 48.6%;
  • Revenue from Real Estate Operations totaled approximately $303,000, a decrease of 67.4%, the second quarter of 2012 included approximately $618,000 in revenue from a land transaction;
  • Revenue from Golf Operations increased by 4.8% to $1.3 million, while net operating losses were approximately $113,000, a 38.2% improvement;
  • Agriculture and other income generated a loss of approximately $25,000, a 57.9% improvement; and
  • The weighted average lease duration of our income property portfolio equaled 10.28 years as of June 30, 2013, up from 10.10 years as of June 30, 2012.

Operating results for the six months ended June 30, 2013 (compared to the same period in 2012):

  • Net income was $0.10 per share, a decrease of $0.09 per share;
  • The six months results were impacted by the impairment loss of approximately $616,000 on the 6.23 acres of land, an impact of $0.07 per share;
  • Revenue from Income Properties totaled approximately $6.4 million, an increase of 47.0%;
  • Revenue from Real Estate Operations totaled approximately $641,000, a decrease of 67.9%;
  • The operating results for the six months ended June 30, 2012 included approximately $730,000 in revenue from real estate operations in resolution of the Dunn Avenue extension obligation, of which $570,000 was non-cash;
  • Revenue from Golf Operations increased by 7.5% to $2.8 million, while net operating losses were approximately $55,000, an 82.3% improvement; and
  • Agriculture and other income generated net operating income of approximately $42,000 versus a net operating loss of approximately ($87,000) during the six months in 2012, a 147.8% improvement.

OTHER HIGHLIGHTS

Other highlights for the quarter and six months ended June 30, 2013 include the following:

  • Declared and paid our semi-annual dividend of $0.03 per share, a 50% increase from 2012;
  • Sold one income property with a remaining lease term of less than 6 years for approximately $3.4 million resulting in a gain of approximately $503,000;
  • Paid down debt by approximately $5.5 million during the quarter utilizing cash generated by operations and the proceeds from the sale of one income property;
  • Golf memberships increased more than 20% from year end 2012 through the quarter ended June 30, 2013;
  • Debt totaled approximately $44.4 million at June 30, 2013, with approximately $52.0 million of available borrowing capacity on our credit facility, and total cash was approximately $1.3 million at June 30, 2013.
  • Received approximately $12,000 and $85,000 for impact fees for the quarter and six months ended June 30, 2013, respectively, versus $1,000 and $13,000 in the quarter and six months ended June 30, 2012, respectively.

Financial Results

Revenue

Total revenue for the quarter ended June 30, 2013 increased 12.3% totaling approximately $5.0 million, compared to approximately $4.4 million in the same period of 2012. The $0.6 million increase reflects approximately $1.1 million in additional revenue generated from our expanded income property portfolio, an increase of 48.6%, and an increase of 4.8% in revenue from our golf operations offset by a decrease in revenue from our real estate operations of approximately $627,000, as our results in the second quarter of 2012 included the sale of 16.6 acres of land.

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