SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
April 17, 2003
Date of Report
(Date of earliest
event reported)
CONSOLIDATED-TOMOKA LAND CO.
(exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation)
0-5556 59-0483700
(Commission File Number) (IRS Employer
Identification Number)
149 South Ridgewood Avenue
Daytona Beach, FL 32114
(Address of principal executive offices) (Zip Code)
(386)255-7558
(Registrant's telephone number, including area code)
1
FORM 8-K, April 17, 2003
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
The following exhibit is furnished herewith pursuant to Items 9 and 12
of this Report and shall not be deemed to be "filed" for any purpose,
including for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that
section.
( c ) Exhibits.
99 Press Release issued April 17, 2003.
Item 9. Regulation FD Disclosure and Item 12. Results of
Operations and Financial Conditions.
On April 17, 2003, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's earnings
for the first quarter of fiscal year 2003. A copy of the press
release is furnished as part of this report pursuant to Items 9 and 12
of this Form 8-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CONSOLIDATED-TOMOKA LAND CO.
Date: April 17, 2003 By:/S/ William H. McMunn
------------------------
William H. McMunn, President
and Chief Executive Officer
Date: April 17, 2003 By:/S/ Bruce W. Teeters
-----------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
2
PRESS RELEASE
For Immediate Release
Date: April 17, 2003
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 255-7558
Facsimile: (386) 239-0555
CONSOLIDATED TOMOKA ANNOUNCES FIRST QUARTER EARNINGS
DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO)
today reported net income of $.31 per share and earnings before
depreciation and deferred taxes (EBDDT) of $.53 per share and for the
quarter ended March 31, 2003. The comparable numbers for the first
quarter of 2002 were a net loss of $.02 per share and EBDDT of $.00 per
share.
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.
William H. McMunn, president and chief executive officer, stated,
"First quarter operating results were favorably impacted by several land
sales closings and higher lease revenues generated by income properties.
Interest in Company lands for all aspects of real estate uses remains
strong."
Consolidated-Tomoka Land Co. is a Florida based Company primarily
engaged in the real estate industry. Real estate operations include
development of land holdings in the Daytona Beach area and the management
of income properties strategically located in Florida's rapid growth
areas.
# # #
1
EARNINGS NEWS RELEASE
QUARTER ENDED
--------------------------
March 31, March 31,
2003 2002
------------ ------------
REVENUES $5,923,043 $2,711,001
NET INCOME (LOSS) $1,732,699 ($119,229)
BASIC & DILUTED EARNINGS PER SHARE:
NET INCOME (LOSS) $0.31 ($0.02)
RECONCILIATION OF NET INCOME TO
EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES
QUARTER ENDED
--------------------------
March 31, March 31,
2003 2002
------------ ------------
NET INCOME (LOSS) $1,732,699 ($119,229)
ADD BACK:
DEPRECIATION 292,352 198,622
DEFERRED TAXES 960,262 (84,975)
EARNINGS BEFORE DEPRECIATION AND ------------ ------------
DEFERRED TAXES $2,985,313 ($5,582)
============ ============
EBDDT PER SHARE $0.53 ($0.00)
EBDDT - EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES. EBDDT IS NOT
A MEASURE OF OPERATING RESULTS OR CASH FLOWS FROM OPERATING ACTIVITIES
AS DEFINED BY 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 AND DEFERRED INCOME TAXES
TO NET INCOME AS THEY REPRESENT NON-CASH CHARGES.
2
CONSOLIDATED-TOMOKA LAND CO. CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
2003 2002
------------ -----------
ASSETS
Cash $ 71,181 1,019,976
Restricted Cash 2,734,293 12,339,527
Investment Securities 4,823,416 5,013,224
Notes Receivable 9,486,806 9,640,676
Real Estate Held for Development and Sale 8,913,025 7,453,628
Refundable Income Taxes 718,858 815,503
Other Assets 3,286,593 3,684,860
---------- ----------
$30,034,172 39,967,394
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 1,994,628 1,958,550
Golf Buildings, Improvements and Equipment 11,259,631 11,259,631
Income Properties Land, Buildings and Improvements 36,013,571 22,964,712
Other Furnishings and Equipment 889,847 886,767
---------- ----------
Total Property, Plant and Equipment 50,157,677 37,069,660
Less Accumulated Depreciation and Amortization (3,003,344) (2,710,992)
---------- ----------
Net - Property, Plant and Equipment 47,154,333 34,358,668
---------- ----------
TOTAL ASSETS $77,188,505 74,326,062
========== ==========
LIABILITIES
Accounts Payable $ 131,566 304,480
Accrued Liabilities 3,140,766 3,085,131
Deferred Income Taxes 9,803,990 8,843,728
Notes Payable 9,752,061 9,235,072
---------- ----------
TOTAL LIABILITIES 22,828,383 21,468,411
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,615,579 5,615,579
Additional Paid in Capital 887,547 835,750
Retained Earnings 48,623,369 47,171,449
Accumulated Other Comprehensive Loss (766,373) (765,127)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 54,360,122 52,857,651
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $77,188,505 $74,326,062
========== ==========
3
"Safe Harbor"
Certain statements contained in this press release (other than the
financial statements and statements of historical fact), are forward-
looking statements. The words "believe," "estimate," "expect," "intend,"
"anticipate," "will," "could," "may," "should," "plan," "potential,"
"predict," "forecast," 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, 2003, 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 market demand of the Company's real estate parcels, income
properties, timber and other products; the impact of competitive real
estate; changes in pricing by the Company or its competitors; the costs
and other effects of complying with environmental and other regulatory
requirements; losses due to natural disasters; and changes in national,
regional or local economic and political conditions, such as inflation,
deflation, or fluctuation in interest rates.
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.
4