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Consolidated-Tomoka Land Co. Reports Third Quarter 2013 Earnings Of $0.22 Per Share

Stocks in this article: CTO

Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today announced its operating results and earnings for the third quarter and nine months ended September 30, 2013.

OPERATING RESULTS

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

  • Net income was $0.22 per share compared to a net loss of $0.10 per share in 2012, an increase of $0.32 per share or 311%; the Company’s highest quarterly earnings since 2008;
  • Revenue from Income Properties totaled approximately $3.4 million, an increase of 54%;
  • Income from the commercial mortgage loan acquired in August 2013 totaled approximately $644,000;
  • Revenue from Real Estate Operations totaled approximately $1.4 million, an increase of 225%, which included $1.0 million in revenue, an impact of $0.11 per share, from a payment of approximately $4.3 million received relating to the amendment of an oil exploration lease;
  • Revenue from Golf Operations increased by 14% to approximately $981,000, while net operating losses were approximately $340,000, a 25% improvement;
  • Agriculture and other income generated a loss of approximately $13,000 compared to income of approximately $67,000 in the prior period quarter; and
  • The weighted average lease duration of our income property portfolio equaled 10.17 years as of September 30, 2013, a slight decline from 10.20 years as of September 30, 2012.

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

  • Net income was $0.32 per share compared to $0.09 per share in 2012, an increase of $0.23 per share or 240%;
  • Revenue from Income Properties totaled approximately $9.6 million, an increase of 51%;
  • Income from the commercial mortgage loan acquired in August 2013 totaled approximately $644,000;
  • Revenue from Real Estate Operations totaled approximately $2.0 million, which included $1.0 million in revenue from a payment of approximately $4.3 million received relating to the amendment of an oil exploration lease;
  • Revenue from Golf Operations increased by 9% to approximately $3.8 million, while net operating losses were approximately $396,000, a 48% improvement; and
  • Agriculture and other income generated net operating income of approximately $29,000 versus a net operating loss of approximately $20,000 during the same period in 2012, a 245% improvement.

OTHER HIGHLIGHTS

Other highlights for the quarter and nine months ended September 30, 2013, include the following:

  • Total investments made during the quarter totaled approximately $29.3 million, including the acquisition of a $19.56 million commercial mortgage loan, secured by a hotel in Atlanta, Georgia, which matures in March 2014;
  • Received a payment of approximately $4.3 million, in conjunction with an amendment to our oil exploration lease with Kerogen Florida Energy Company, consisting of $1.0 million related to drilling commitment requirements and approximately $3.3 million related to the rent payment for the third year of the lease ending in September 2014;
  • Commenced construction on two buildings located within the Gateway Center, a two-building, flex-office project totaling approximately 30,720 square feet on approximately 4.51 acres, in Daytona Beach, Florida, of which 25% is pre-leased under a 10.4-year lease with Lamar Advertising Co.;
  • Golf memberships increased more than 21% from year end 2012 through the quarter ended September 30, 2013;
  • Debt totaled approximately $66.7 million at September 30, 2013, with approximately $29.7 million of available borrowing capacity on our credit facility, and total cash was approximately $743,000 at September 30, 2013; and
  • Received approximately $96,000 and $181,000 for impact fees for the quarter and nine months ended September 30, 2013, respectively, versus $146,000 and $159,000 in the quarter and nine months ended September 30, 2012, respectively.

Financial Results

Revenue

Total revenue for the quarter ended September 30, 2013, increased 79%, totaling approximately $6.4 million, compared to approximately $3.6 million in the same period of 2012. The increase of approximately $2.8 million included approximately $1.2 million of additional rent revenue generated by our income property portfolio, an increase of 54%, particularly from our acquisitions in the fourth quarter of 2012 and the three quarters in 2013, $1.0 million in revenue from the amendment of our oil exploration lease, approximately $644,000 of income generated by our commercial mortgage loan investment, and approximately $120,000 of increased revenue from our golf operations offset by a reduction in our agriculture and other revenues of approximately $75,000.

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