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
February 8, 2005
Date of Report
(Date of earliest
event reported)
CONSOLIDATED-TOMOKA LAND CO.
(exact name of registrant as specified in its charter)
FLORIDA 0-5556 59-0483700
(State or other (IRS Employer
jurisdiction Identification
of incorporation) (Commission File Number) Number)
1530 Cornerstone Boulevard, Suite 100
Daytona Beach, Florida 32117
(Address of principal executive offices) (Zip Code)
(386)274-2202
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
PAGE>
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FORM 8-K, February 8, 2005
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO. 0-5556
EMPLOYER ID NO. 59-0483700
Item 2.02. Results of Operations and Financial Condition.
On February 8, 2005, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the quarter and year ended December 31, 2004. A copy of
the press release is furnished as an exhibit to this report.
Item 9.01. Financial Statements and Exhibits
The following exhibit is furnished herewith pursuant to Item 2.02 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 February 8, 2005
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: February 8, 2005 By:/S/Bruce W. Teeters
----------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
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EXHIBIT 99.1
PRESS RELEASE
For Immediate Release
Date: February 8, 2005
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile:(386) 274-1223
CONSOLIDATED TOMOKA REPORTS 2004 EARNINGS
DAYTONA BEACH FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO)
today reported record net income of $14,651,739 or $2.60 per share for
the year ended December 31, 2004 and record earnings before
depreciation, amortization, and deferred taxes (EBDDT) of $24,586,030
or $4.36 per share for such period. The comparable numbers for 2003
were net income of $13,194,395 or $2.35 per share and EBDDT of
$22,815,319 or $4.06 per share.
EBDDT is being provided to reflect the impact of the Company's
business strategy of investing in income properties. 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, "Record earnings were recorded for a third consecutive year.
Real estate sales for the year were in excess of $32.0 million, an
all-time high, including an approximate $18.0 million sale of acreage
around the Legends golf course, several commercial parcels, and a
hotel resort parcel, all within or adjacent to the LPGA International
Community. The Company has just completed its fourth year of
aggressively transforming the Company's principal assets, silviculture
land, into a portfolio of diversified income properties. Five
additional properties were acquired during 2004, and a Lowe's Home
Improvement Center was acquired in January of this year. Our
portfolio of net lease properties now totals over $70.0 million."
Consolidated-Tomoka Land Co. is a Florida-based Company
primarily engaged in the real estate industry. Real estate operations
include investment in and development of land holdings in the Daytona
Beach area and the management of income properties strategically
located in rapid-growth areas in Florida and the Southeast. Visit our
website at www.consolidatedtomoka.com
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EARNINGS NEWS RELEASE
QUARTER ENDED
---------------------------
DECEMBER 31, DECEMBER 31,
2004 2003
----------- -----------
REVENUES $30,853,269 $23,100,895
NET INCOME $13,559,210 $11,804,352
BASIC & DILUTED EARNINGS PER SHARE:
NET INCOME $2.41 $2.10
YEAR ENDED
---------------------------
DECEMBER 31, DECEMBER 31,
2004 2003
----------- -----------
REVENUES $43,198,346 $34,891,089
NET INCOME
$14,651,739 $13,194,395
BASIC & DILUTED EARNINGS PER SHARE:
NET INCOME $2.60 $2.35
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RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
QUARTER ENDED
--------------------------
DECEMBER 31, DECEMBER 31,
2004 2003
----------- ------------
Net Income $13,559,210 $11,804,352
Add Back:
Depreciation and Amortization 379,903 317,938
Deferred Taxes 8,343,219 7,567,349
---------- ----------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $22,282,332 $19,689,639
========== ==========
Weighted Average Number of Shares 5,639,154 5,623,442
========== ==========
EBDDT Per Share $3.95 $3.50
==== =====
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION AND DEFERRED TAXES
YEAR ENDED
----------------------------
DECEMBER 31, DECEMBER 31,
2004 2003
----------- -----------
Net Income $14,651,739 $13,194,395
Add Back:
Depreciation and Amortization 1,344,315 1,120,153
Deferred Taxes 8,589,976 8,500,771
---------- ----------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $24,586,030 $22,815,319
========== ==========
Weighted Average Number of Shares 5,635,204 5,619,245
========== ==========
EBDDT Per Share $4.36 $4.06
==== ====
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 accounting principles generally
accepted in the United States of America. 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 deferred
income taxes to net income as they represent non-cash charges.
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CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEET
DECEMBER 31, DECEMBER 31,
2004 2003
----------- -----------
ASSETS
Cash $ 273,911 $ 1,026,210
Restricted Cash 27,717,882 19,359,098
Investment Securities 3,642,785 3,891,697
Notes Receivable 4,425,252 9,150,217
Land and Development 9,821,988 11,550,909
Intangible Assets 2,726,763 1,270,307
Other Assets 2,034,530 2,665,653
----------- ----------
$ 50,643,111 $48,914,091
----------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 2,091,080 $ 2,093,201
Golf Buildings, Improvements and Equipment 11,345,915 11,277,853
Income Properties Land, Buildings and Improvements 58,703,711 38,442,481
Other Furnishings and Equipment 1,228,400 954,575
----------- ----------
Total Property, Plant and Equipment 73,369,106 52,768,110
Less Accumulated Depreciation and Amortization ( 4,791,243) ( 3,776,223)
----------- ----------
Net - Property, Plant and Equipment 68,577,863 48,991,887
----------- ----------
TOTAL ASSETS $119,220,974 $97,905,978
=========== ==========
LIABILITIES
Accounts Payable $ 405,609 $ 105,922
Accrued Liabilities 3,895,125 3,510,824
Income Taxes Payable 658,040 25,868
Deferred Income Taxes 25,934,475 17,344,499
Deferred profit -- 1,131,135
Notes Payable 8,716,976 10,129,951
----------- ----------
TOTAL LIABILITIES 39,610,225 32,248,199
----------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,641,722 5,623,442
Additional Paid in Capital 2,176,184 1,514,339
Retained Earnings 72,316,660 59,129,692
Accumulated Other Comprehensive Loss ( 523,817) ( 609,694)
----------- ----------
TOTAL SHAREHOLDERS' EQUITY 79,610,749 65,657,779
----------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $119,220,974 $97,905,978
=========== ==========
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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, 2005, 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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