Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced its operating results for the fourth quarter and year ended December 31, 2013.
Operating results for the quarter ended December 31, 2013 (compared to the same quarter in 2012):
- Total revenue increased approximately 145.2% to $9.8 million;
- Net operating income was approximately $3.0 million, an increase of 682.1%;
- Net income per share was $0.32 versus $0.01; and
- Net operating loss from Golf Operations was nearly a break-even with a loss of approximately ($16,500), an improvement of 86.3%.
Operating results for the year ended December 31, 2013 (compared to the year ended 2012):
- Total revenue increased approximately 59.2% to $25.8 million;
- Net operating income was approximately $6.3 million, an increase of 626.9%;
- Net income per share was $0.64 versus $0.10;
- Net operating loss from Golf Operations improved by approximately $475,000 or 53.6%; and
- The weighted average lease duration of our income property portfolio was 10.1 years compared to 10.6 years as of December 31, 2012.
- Book value increased by approximately $6.0 million, to $120.2 million or $20.53 per share;
- Debt totaled approximately $63.2 million, with $33.2 million of available borrowing capacity on our credit facility, and cash totaled approximately $4.9 million. Subsequent to December 31, 2013, the outstanding balance of our credit facility was reduced by $18 million, utilizing proceeds from the payoff of our commercial mortgage loan investment; and
- The funded status of our pension plan, as actuarially determined, changed from a liability of approximately $1.3 million to an asset of approximately $408,000, due primarily to gains in the underlying pension assets, as well as a change in the discount rate.