Consolidated-Tomoka Land Co. Reports 2011 Earnings

In the subhead of release dated February 17, 2012, the last bullet under Quarter Ended December 31, 2011 has been removed and placed as last bullet under Year Ended Decmber 31, 2011:

The corrected release reads:

CONSOLIDATED-TOMOKA LAND CO. REPORTS 2011 EARNINGS

Consolidated-Tomoka Land Co. (NYSE Amex:CTO) today announced operating results for the fourth quarter and the year ended December 31, 2011.

SIGNIFICANT ACTIVITIES:

For the quarter ended December 31, 2011 (as compared to the same quarterly period in 2010):
  • Revenues increased 13% to $3,861,783
  • Net loss per share was ($0.10) versus net income per share of $0.02 for 2010
  • Office and Flex Building occupancy ended at 86% versus 42% for 2010
  • Single Tenant revenue was $9,009,330 versus $9,085,771 in 2010
  • The vacant Barnes & Noble Store in Lakeland, Florida was sold for $2.9 million
  • The repurchase of the final 17.43 acres from Halifax Hospital was completed for $3,245,537

For the year ended December 31, 2011 (as compared to 2010):
  • Revenues increased 16% to $14.7 million
  • Net loss per share was ($0.82) versus a net loss per share of ($0.11) in 2010
  • A 136,000 acre, eight-year subsurface mineral lease and received $913,657 for the first year of the lease
  • General and Administrative Expenses increased by over $2 million in 2011 to $6,089,133, due to increased stock option expense, former CEO severance payment, new CEO expense, and new association expense. Approximately 50% of this increase was due to non-cash items
  • Debt was primarily unchanged from the prior year at $15,266,714
  • Dividend was unchanged from 2010 at $0.04 per share
  • The CVS Tallahassee expansion and lease extension was finalized
  • Corporate and agricultural employees were reduced from 21 to 16
  • The Department of Revenue took occupancy of 19,200 square feet in the Mason Commerce Center for a lease period of five years
  • No land was sold in 2011 or 2010
  • The value of golf and certain land assets were written down by $6,618,888

Financial Results

Revenue

Revenue for the quarter ended December 31, 2011, increased 13%, to $3,861,783 as compared to $3,418,752 for the same quarter in 2010. Revenue for 2011 increased 16% to $14,702,147 as compared to $12,703,670 in 2010.

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