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
July 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)
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FORM 8-K, July 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 Item 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.
99.1 Press Release issued July 17, 2003.
Item 9. Regulation FD Disclosure and Item 12. Results of Operations
and Financial Condition.
On July 17, 2003, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the second quarter of fiscal year 2003. A copy of the
press release is furnished as part of this report pursuant to Item 12
of this Form 8-K by being presented under Item 9 in accordance with
Securities Exchange Commission Release No. 33-8126.
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: July 17, 2003 By:
----------------------------
William H. McMunn, President
and Chief Executive Officer
Date: July 17, 2003 By:
------------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
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PRESS RELEASE
For Immediate Release
Date: July 17, 2003
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 255-7558
Facsimile: (386) 239-0555
CONSOLIDATED TOMOKA ANNOUNCES SECOND QUARTER EARNINGS
DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO)
today reported a net loss of $.04 per share and earnings before
depreciation and deferred taxes (EBDDT) of a negative $.04 per share
for the quarter ended June 30, 2003. The comparable numbers for the
second quarter of 2002 were a net income of $.46 per share and EBDDT
of $.90 per share. For the six months ended June 30, 2003, net
income totaled $1,500,643 or $.27 per share, compared with net income
of $2,466,144 or $.44 per share in 2002. EBDDT totaled $.49 per
share in 2003's first six months, compared with $.90 in 2002 for the
same period.
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,
"The timing of real estate closings unfavorably impacted second
quarter operating results compared with last year's same period.
Income from the Company's growing portfolio of net-lease properties
increased significantly in the three months ended June 30, 2003,
compared with 2002's second quarter. Demand for Company lands
remains strong. Management is concentrating on closing a backlog of
pending contracts by the fourth quarter of this year."
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.
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EARNINGS NEWS RELEASE
QUARTER ENDED
--------------------------
JUNE 30, JUNE 30,
2003 2002
---------- ----------
Revenues $3,113,280 $7,274,125
Net Income (Loss) ( 232,056) 2,585,373
Basic and Diluted Earnings Per Share:
Net Income (Loss) ( $0.04) $0.46
SIX MONTHS ENDED
--------------------------
JUNE 30, JUNE 30,
2003 2002
---------- ---------
Revenues $9,036,323 $9,985,126
Net Income $1,500,643 $2,466,144
Basic and Diluted Earnings Per Share:
Net Income $0.27 $0.44
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RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION AND DEFERRED TAXES
QUARTER ENDED
----------------------------
JUNE 30, JUNE 30,
2003 2002
----------------------------
Net income (Loss) $(232,056) $2,585,373
Add Back:
Depreciation 257,822 199,446
Deferred Taxes (267,911) 2,277,274
------- ---------
Earnings Before Depreciation and Deferred Taxes $(242,145) $5,062,093
======= =========
EBDDT Per Share $(0.04) $0.90
======= =========
SIX MONTHS ENDED
---------------------------
JUNE 30, JUNE 30,
2003 2002
----------------------------
Net Income $1,500,643 $2,466,144
Add Back:
Depreciation 550,178 398,068
Deferred Taxes 692,351 2,192,299
--------- ---------
Earnings Before Depreciation and Deferred Taxes $2,743,172 $5,056,511
========= =========
EBDDT Per Share $0.49 $0.90
========= =========
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.
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CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEET
(Unaudited)
June 30, December 31,
2003 2002
--------------------------
ASSETS
Cash 125,405 1,019,976
Restricted Cash 2,743,161 12,339,527
Investment Securities 4,651,317 5,013,224
Notes Receivable 8,816,626 9,640,676
Real Estate Held for Development and Sale 9,721,955 7,453,628
Refundable Income Taxes 671,564 815,503
Other Assets 3,184,615 3,684,860
---------- ----------
$29,914,643 $39,967,394
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 2,020,190 $ 1,958,550
Golf Buildings, Improvements and Equipment 11,274,870 11,259,631
Income Properties Land, Buildings and Improvements 35,862,821 22,964,712
Other Furnishings and Equipment 900,482 886,767
---------- ----------
Total Property, Plant and Equipment 50,058,363 37,069,660
Less Accumulated Depreciation and Amortization (3,261,160) (2,710,992)
---------- ----------
Net - Property, Plant and Equipment 46,797,203 34,358,668
---------- ----------
TOTAL ASSETS $76,711,846 $74,326,062
========== ==========
LIABILITIES
Accounts Payable $ 194,557 $ 304,480
Accrued Liabilities 3,828,378 3,085,131
Deferred Income Taxes 9,536,079 8,843,728
Notes Payable 9,129,971 9,235,072
---------- ----------
TOTAL LIABILITIES 22,688,985 21,468,411
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,620,733 5,615,579
Additional Paid in Capital 1,188,503 835,750
Retained Earnings 48,110,534 47,171,449
Accumulated Other Comprehensive Loss ( 896,909) ( 765,127)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 54,022,861 52,857,651
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $76,711,846 $74,326,062
========== ==========
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"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.
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