DAYTONA BEACH, Fla., Feb. 17 /PRNewswire-FirstCall/ --
Consolidated-Tomoka Land Co. (NYSE Amex: CTO) today reported net
income of $800,570, or $0.14 earnings per basic share, for the year
ended December 31, 2009, and earnings before depreciation,
amortization, and deferred taxes (EBDDT) of $4,531,135, or $0.79
per share, for such period. The comparable numbers for 2008 were
net income of $4,834,900, or $0.84 earnings per basic share and
EBDDT of $7,924,025, or $1.38 per share. For the three months ended
December 31, 2009, net income totaled $80,893, or $0.01 earnings
per basic share, compared with net income of $2,402,338, or $0.41
earnings per basic share, for the same period in 2008. EBDDT is
being provided to reflect the impact of the Company's business
strategy of investing in income properties utilizing tax deferred
exchanges. This strategy generates significant amounts of
depreciation and deferred taxes. The Company believes EBDDT is
useful, along with net income, to understanding the Company's
operating results. EBDDT for 2009 included an increase for deferred
income taxes of $669,460, or $0.12 per share, associated with
decreased pension liabilities while 2008 EDBBT included a reduction
of deferred income taxes of $780,125, or $0.14 per share due to
increased pension liabilities, with both amounts recorded directly
in shareholders equity. William H. McMunn, president and chief
executive officer, stated, "The Company continues to remain
profitable despite the unprecedented downturn in the real estate
market, locally and nationally, as well the significant decline in
the overall economy. Our business strategy of converting
tax-deferred land sales proceeds into stable, high-quality income
properties and minimizing debt has provided the catalyst to sustain
the Company's financial health and shareholder value in these
difficult times. We expect economic conditions to remain unchanged
in 2010. To protect and enhance long-term shareholder value, the
Company will continue to control costs, monitor debt, and work on
obtaining valuable land-use entitlements in order to be prepared
for the eventual rebound of the real estate market."
Consolidated-Tomoka Land Co. is a Florida-based company primarily
engaged in converting Company owned agricultural lands into a
portfolio of net lease income properties strategically located in
the Southeast, through the efficient utilization of 1031
tax-deferred exchanges. The Company has low long-term debt and
currently generates over $9 million in annual before tax cash flow
from its income property portfolio. The Company also engages in
selective self-development of targeted income properties. The
Company's adopted strategy is designed to provide the financial
strength and cash flow to weather difficult real estate cycles.
Visit our website at http://www.ctlc.com/. "Safe Harbor" Certain
statements contained in this press release (other than statements
of historical fact) are forward-looking statements. The words
"believe," "estimate," "expect," "intend," "anticipate," "will,"
"could," "may," "should," "plan," "potential," "predict,"
"forecast," foresee," "project," and similar expressions and
variations thereof identify certain of such forward-looking
statements, which speak only as of the dates on which they were
made. Forward-looking statements are made based upon management's
expectations and beliefs concerning future developments and their
potential effect upon the Company. There can be no assurance that
future developments will be in accordance with management's
expectations or that the effect of future developments on the
Company will be those anticipated by management. The Company wishes
to caution readers that the assumptions which form the basis for
forward-looking statements with respect to or that may impact
earnings for the year ended December 31, 2010, and thereafter
include many factors that are beyond the Company's ability to
control or estimate precisely. These risks and uncertainties
include, but are not limited to, the strength of the real estate
market in the City of Daytona Beach in Volusia County, Florida; the
impact of a prolonged recession or further downturn in economic
conditions; our ability to successfully execute acquisition or
development strategies; the loss of any major income property
tenants; any loss of key management personnel; changes in local,
regional and national economic conditions affecting the real estate
development business and income properties; the impact of
environmental and land use regulations; the impact of competitive
real estate activity; variability in quarterly results due to the
unpredictable timing of land sales; and the availability of
capital. Additional information concerning these and other factors
that could cause actual results to differ materially from those
forward-looking statements is contained from time to time in the
Company's Securities and Exchange Commission filings, including,
but not limited to, the Company's Annual Report on Form 10-K.
Copies of each filing may be obtained from the Company or the SEC.
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 year-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, 2009. 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. This release
refers to certain non-GAAP financial measures. As required by the
SEC, the Company has provided a reconciliation of these measures to
the most directly comparable GAAP measures with this release.
Non-GAAP measures as the Company has calculated them may not be
comparable to similarly titled measures reported by other
companies. EARNINGS NEWS RELEASE QUARTER ENDED -------------
DECEMBER 31, DECEMBER 31, 2009 2008 ---- ---- REVENUES $3,705,282
$6,509,572 ========== ========== NET INCOME $80,893 $2,402,338
======= ========== BASIC AND DILUTED EARNINGS PER SHARE: NET INCOME
$0.01 $0.41 ===== ===== YEAR ENDED ---------- DECEMBER 31, DECEMBER
31, 2009 2008 ---- ---- REVENUES $17,159,349 $20,555,184
=========== =========== NET INCOME $800,570 $4,834,900 ========
========== BASIC AND DILUTED EARNINGS PER SHARE: NET INCOME $0.14
$0.84 ===== ===== RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES QUARTER ENDED
------------- DECEMBER 31, DECEMBER 31, 2009 2008 ---- ---- NET
INCOME $80,893 $2,402,338 ADD BACK: DEPRECIATION & AMORTIZATION
707,663 688,594 DEFERRED TAXES 797,761 (703,169) EARNINGS BEFORE
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES $1,586,317 $2,387,763
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 5,723,268 5,727,515
========= ========= BASIC EBDDT PER SHARE $0.28 $0.41 ===== =====
YEAR ENDED ---------- DECEMBER 31, DECEMBER 31, 2009 2008 ---- ----
NET INCOME $800,570 $4,834,900 ADD BACK: DEPRECIATION &
AMORTIZATION 2,771,633 2,655,088 DEFERRED TAXES 958,932 434,037
EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES
$4,531,135 $7,924,025 BASIC WEIGHTED AVERAGE SHARES OUTSTANDING
5,724,067 5,727,183 ========= ========= BASIC EBDDT PER SHARE $0.79
$1.38 ===== ===== EBDDT -EARNINGS BEFORE DEPRECIATION,
AMORTIZATION, AND DEFERRED TAXES. EBDDT IS NOT A MEASURE OF
OPERATING RESULTS OR CASH FLOWS FROM OPERATING ACTIVITIES AS
DEFINED BY U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. FURTHER,
EBDDT IS NOT NECESSARILY INDICATIVE OF CASH AVAILABILITY TO FUND
CASH NEEDS AND SHOULD NOT BE CONSIDERED AS AN ALTERNATIVE TO CASH
FLOW AS A MEASURE OF LIQUIDITY. THE COMPANY BELIEVES, HOWEVER, THAT
EBDDT PROVIDES RELEVANT INFORMATION ABOUT OPERATIONS AND IS USEFUL,
ALONG WITH NET INCOME, FOR AN UNDERSTANDING OF THE COMPANY'S
OPERATING RESULTS. EBDDT IS CALCULATED BY ADDING DEPRECIATION,
AMORTIZATION, AND THE CHANGE IN DEFERRED INCOME TAXES TO NET INCOME
AS THEY REPRESENT NON-CASH CHARGES. CONSOLIDATED BALANCE SHEETS
DECEMBER 31, DECEMBER 31, 2009 2008 ---- ---- ASSETS $ $ Cash
266,669 388,787 Restricted Cash -- 462,765 Investment Securities
4,966,864 5,260,868 Refundable Income Taxes 433,006 -- Notes
Receivable -- 4,153,693 Land and Development Costs 26,700,494
18,973,138 Intangible Assets 4,588,649 5,009,819 Other Assets
5,634,017 6,048,126 --------- --------- 42,589,699 40,297,196
---------- ---------- Property, Plant & Equipment: Land, Timber
and Subsurface Interests 13,960,019 12,643,391 Golf Buildings,
Improvements & Equipment 11,798,679 11,750,711 Income
Properties Land, Buildings & Improvements 119,800,091
116,517,534 Other Building, Equipment and Land Improvements
3,262,345 3,207,845 Construction in Process -- 1,217,549 ---
--------- Total Property, Plant and Equipment 148,821,134
145,337,030 Less, Accumulated Depreciation and Amortization
(14,835,701) (12,488,163) ----------- ----------- Net -Property,
Plant and Equipment 133,985,433 132,848,867 TOTAL ASSETS
176,575,132 173,146,063 LIABILITIES Accounts Payable 864,186
706,095 Accrued Liabilities 7,385,250 7,204,749 Accrued Stock Based
Compensation 1,428,641 1,190,725 Pension Liability 1,377,719
3,127,230 Income Taxes Payable -- 1,236,206 Deferred Income Taxes
34,275,368 33,316,436 Notes Payable 13,210,389 8,550,315 TOTAL
LIABILITIES 58,541,553 55,331,756 SHAREHOLDERS' EQUITY Common Stock
5,723,268 5,727,515 Additional Paid in Capital 5,131,246 5,217,955
Retained Earnings 108,639,227 109,556,103 Accumulated Other
Comprehensive Loss (1,460,162) (2,687,266) TOTAL SHAREHOLDERS'
EQUITY 118,033,579 117,814,307 TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 176,575,132 173,146,063 =========== =========== DATASOURCE:
Consolidated-Tomoka Land Co. CONTACT: Bruce W. Teeters, Sr. Vice
President, +1-386-274-2202, Facsimile: +1-386-274-1223 Web Site:
http://www.ctlc.com/
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