Company Website:
http://ctlc.com
DAYTONA BEACH, Fla. -- (Business Wire)
Consolidated-Tomoka Land Co., (NYSE Amex:CTO) today announced its
operating results for the first quarter ended March 31, 2012.
SIGNIFICANT ACTIVITIES:
For the first quarter ended March 31, 2012:
-
Net Income per share was $0.09 per share versus a loss of ($0.05) for
2011
-
Office and Flex Building occupancy was at 86% versus 42% for 2011
-
Income Properties revenue was $2,339,000 versus $2,208,000 in 2011
-
The Company received final proceeds from Volusia County for the Dunn
Avenue Extension road project, which generated $731,000 in income
-
Agricultural equipment sales produced an $85,000 gain during the
quarter
-
General and Administrative Expenses reflected a 15% decrease prior to
the write-off of $245,000 in loan costs related to the early repayment
of the SunTrust term loan
-
The Company entered into a new $46 million unsecured revolving credit
facility, replacing the previous $25 million secured credit facility
with SunTrust and paying off the previous SunTrust term loan
-
Debt was $16,227,000 versus $15,267,000 at year-end 2011; however,
cash was higher at $1,677,000 versus $6,000 at December 31, 2011
-
The Company engaged ClubCorp as the new golf management company for
the LPGA International Golf Course
-
The Company engaged American Forest Management, Inc. to manage its
timber and hay operations
-
The Company signed a three-year excavation agreement for fill dirt
removal with up to four 9-month excavation periods and received an
upfront non-refundable payment of $250,000 for the first excavation
period ending November 30, 2012
-
The Company engaged Grant Thornton LLP as its independent public
accounting firm for 2012
-
In January, the Company hired a new Director of Investments, Steven
Greathouse, to oversee our single-tenant retail portfolio and
acquisitions
Financial Results
Revenue
Revenue for the quarter ended March 31, 2012, increased 27% to
$4,855,211, compared to revenue during the same quarter in 2011. This
was primarily the result of the income generated by the final
reconciliation of the Dunn Avenue Extension agreement, the new leases at
Mason Commerce Center, and a new subsurface interest lease signed last
year.
Real Estate Portfolio Update
Property Acquisition
In April 2012, the Company funded a two-step transaction to acquire a
14,280 square-foot commercial property in Boulder, Colorado, for $7.4
million. This property is net-leased to Walgreens for an initial term of
over 20 years. The Company is acquiring this property in part through
investment of proceeds from the December 2011 sale of the Barnes & Noble
property in Lakeland, Florida. The completion of this transaction is
anticipated to occur during the second quarter of 2012.
Property Dispositions
We continue to selectively evaluate our income producing properties for
opportunities to recycle our capital, and we currently have two of these
properties deemed held for sale and thereby presented as discontinued
operations because they are under contract to be sold.
CEO Comments on Operating Results
John P. Albright, president and chief executive officer, stated, “We are
progressing in our plans to operate our businesses more efficiently, and
grow our income property portfolio, and we are continuing to maximize
shareholder value. We are encouraged by the early indications of
progress that ClubCorp is making in addressing the operating challenges
of the LPGA International club. On April 16, we added to our management
team by announcing Mark Patten as our new Chief Financial Officer and
Bruce Teeters as the head of real estate operations for our holdings in
the Daytona Beach area. As we grow, we are putting the right resources
in place to deliver for our shareholders.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns over 11,000 acres in the Daytona Beach area
and a portfolio of income properties in diversified markets. Visit our
website at www.ctlc.com.
Forward-Looking Statements
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,”
“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, 2012, and thereafter
include many factors that are beyond the Company’s ability to control or
estimate precisely. For a description of the risks and uncertainties
that may cause actual results to differ from the forward-looking
statements contained in this press release, please see the Company’s
filings with the Securities and Exchange Commission, including, but not
limited to the Company’s most recent 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 quarter-end
financial results are preliminary and are subject to change in
connection with the Company’s preparation and filing of its Form 10-Q
for the quarter ended March 31, 2012. 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.
|
RESULTS OF OPERATIONS NEWS RELEASE
|
|
(UNAUDITED)
QUARTER ENDED
|
|
|
MARCH 31,
| |
|
MARCH 31,
| |
| |
2012
| | |
2011
| |
|
Income
| |
$
| | |
$
| |
|
Real Estate Operations:
| | | | | | |
|
Real Estate Sales
| | | | | | | | |
|
Revenues
| | |
1,073,720
| | | |
69,824
| |
|
Costs and Other Expenses
| | |
(293,837
|
)
| | |
(318,093
|
)
|
| | |
779,883
| | | |
(248,269
|
)
|
| | | | | | | |
|
|
Income Properties
| | | | | | | | |
|
Revenues
| | |
2,339,023
| | | |
2,208,209
| |
|
Costs and Other Expenses
| | |
(654,589
|
)
| | |
(609,752
|
)
|
| | |
1,684,434
| | | |
1,598,457
| |
|
Golf Operations
| | | | | | | | |
|
Revenues
| | |
1,329,579
| | | |
1,373,576
| |
|
Costs and Other Expenses
| | |
(1,504,989
|
)
| | |
(1,634,160
|
)
|
| | |
(175,410
|
)
| | |
(260,584
|
)
|
| | | | | | | |
|
|
Total Real Estate Operations
| | |
2,288,907
| | | |
1,089,604
| |
| | | | | | | |
|
|
Interest and Other Income
| | |
112,889
| | | |
175,211
| |
| | | | | | | |
|
| | |
2,401,796
| | | |
1,264,815
| |
| | | | | | | |
|
|
General and Administrative Expenses
| | |
(1,520,241
|
)
| | |
(1,792,613
|
)
|
|
Loan Cost Write Off
| | |
(245,726
|
)
| | |
--
| |
|
|
|
Income (Loss) from Continuing Operations before Income Tax
| | |
635,829
| | | |
(527,798
|
)
|
|
Income Taxes
| | |
(243,096
|
)
| | |
192,991
| |
|
Income (Loss) from Continuing Operations
| | |
392,733
| | | |
(334,807
|
)
|
|
Income from Discontinued Operations (net of tax)
| | |
101,668
| | | |
75,902
| |
|
Net Income (Loss)
| | |
494,401
| | | |
(258,905
|
)
|
| | | | | | | |
|
| | | | | | | |
|
|
Basic and Diluted Per Share Information:
| | | | | | | | |
| | | | | | | |
|
|
Income (Loss) from Continuing Operations
| |
$
|
0.07
| | |
$
|
(0.06
|
)
|
|
Income from Discontinued Operations (net of tax)
| |
$
|
0.02
| | |
$
|
0.01
| |
|
Net Income (Loss)
| |
$
|
0.09
| | |
$
|
(0.05
|
)
|
| | | | | | | |
|
| | | | | | | |
|
|
Dividends Per share
| |
$
|
0.00
| | |
$
|
0.01
| |
| | | | | | | |
|
|
CONSOLIDATED BALANCE SHEETS
| |
|
|
(UNAUDITED)
| | | |
| |
MARCH 31,
| |
DECEMBER 31,
| |
| |
2012
| |
2011
| |
|
ASSETS
| |
$
| |
$
| |
|
Cash
| |
|
1,676,919
| |
6,174
| |
|
Restricted Cash
| | |
2,779,511
| |
2,779,511
| |
|
Refundable Income Taxes
| | |
--
| |
399,905
| |
|
Land and Development Costs
| | |
27,858,696
| |
27,825,924
| |
|
Intangible Assets
| | |
3,474,689
| |
3,572,096
| |
|
Assets Held for Sale
| | |
7,694,710
| |
7,694,710
| |
|
Other Assets
| | |
8,443,413
| |
8,023,872
| |
| | |
51,927,938
| |
50,302,192
| |
| | | | | |
|
|
Property, Plant and Equipment:
| | | | | | |
|
Land, Timber and Subsurface Interests
| | |
15,118,781
| |
15,109,298
| |
|
Golf Buildings, Improvements and Equipment
| | |
2,535,294
| |
2,535,294
| |
|
Income Properties, Land, Buildings and Improvements
| | |
111,564,674
| |
111,564,673
| |
|
Other Building, Equipment, and Land Improvements
| | |
2,048,046
| |
2,320,766
| |
|
Total Property, Plant and Equipment
| | |
131,266,795
| |
131,530,031
| |
|
Less, Accumulated Depreciation and Amortization
| | |
(11,734,101
|
)
|
(11,566,420
|
)
|
|
Net - Property, Plant and Equipment
| | |
119,532,694
| |
119,963,611
| |
| | | | | |
|
|
TOTAL ASSETS
| | |
171,460,632
| |
170,265,803
| |
| | | | | |
|
|
LIABILITIES
| | | | | | |
|
Accounts Payable
| | |
443,808
| |
385,685
| |
|
Accrued Liabilities
| | |
6,844,815
| |
7,317,676
| |
|
Accrued Stock Based Compensation
| | |
384,748
| |
484,489
| |
|
Pension Liability
| | |
1,373,971
| |
1,586,513
| |
|
Income Taxes Payable
| | |
119,860
| |
--
| |
|
Deferred Income Taxes
| | |
32,074,964
| |
32,060,283
| |
|
Notes Payable
| | |
16,226,849
| |
15,266,714
| |
| | | | | |
|
|
TOTAL LIABILITIES
| | |
57,469,015
| |
57,101,360
| |
| | | | | |
|
|
SHAREHOLDERS' EQUITY
| | | | | | |
|
Common Stock
| | |
5,725,442
| |
5,724,147
| |
|
Additional Paid in Capital
| | |
6,029,032
| |
5,697,554
| |
|
Retained Earnings
| | |
103,366,568
| |
102,872,167
| |
|
Accumulated Other Comprehensive Loss
| | |
(1,129,425
|
)
|
(1,129,425
|
)
|
| | | | | |
|
|
TOTAL SHAREHOLDERS' EQUITY
| | |
113,991,617
| |
113,164,443
| |
| | | | | |
|
|
TOTAL LIABILITIES AND
| | | | | | |
|
SHAREHOLDERS' EQUITY
| | |
171,460,632
| |
170,265,803
| |
Contacts:
Consolidated-Tomoka Land Co.
Linda Crisp, 386-944-5632
Vice
President
lcrisp@ctlc.com
Facsimile:
386-274-1223
Source: Consolidated-Tomoka Land Co.
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