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 18, 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, April 18, 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 April 18, 2005, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the quarter ended March 31, 2005. 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 April 18, 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: April 18, 2005 By:/S/Bruce W. Teeters
----------------------
Bruce W. Teeters, Senior
Vice President - Finance
and Treasurer
Chief Financial Officer
EXHIBIT 99.1
PRESS RELEASE
For Immediate Release
Date: April 18, 2005
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile: (386) 274-1223
CONSOLIDATED TOMOKA ANNOUNCES FIRST QUARTER EARNINGS
DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO)
today reported net income of $9,082,433 or $1.61 basic per share
earnings and earnings before depreciation, amortization and deferred
taxes (EBDDT) of $14,480,653 or $2.56 per share for the quarter ended
March 31, 2005. The comparable numbers for the first quarter of 2004
were a net loss of $131,039 or $.02 per share and negative EBDDT of
$265,870 ($.05) 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
understand the Company's operating results.
William H. McMunn, president and chief executive officer,
stated, "First quarter operating results were favorably impacted by
the sale of 174 acres, including approximately 120 acres to Florida
Hospital, which has announced plans to construct a new hospital on the
property. Improved earnings were also experienced by the Company's
growing portfolio of income properties. In January, the Company
acquired a Lowe's Home Improvement Center located in North Carolina.
The Company has contracts pending on five selected income properties
to reinvest the proceeds of its current land sales. Overall sales
activity remains strong and the Company has a significant backlog of
contracts to close."
Consolidated-Tomoka Land Co. is a Florida-based Company
primarily engaged in converting Company owned timber lands into a
portfolio of income properties strategically located throughout the
Southeast, and development, management and sale of targeted real
estate properties. Visit our website at www.consolidatedtomoka.com
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EARNINGS NEWS RELEASE
QUARTER ENDED
----------------------------
MARCH 31, MARCH 31,
2005 2004
------------ -----------
REVENUES
$23,329,993 $3,576,145
NET INCOME (LOSS)
$ 9,082,433 ($ 131,039)
EARNINGS (LOSS) PER SHARE:
BASIC $1.61 ($0.02)
DILUTED $1.59 ($0.02)
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
QUARTER ENDED
--------------------------
MARCH 31, MARCH 31,
2005 2004
----------- ------------
Net Income (Loss) $ 9,082,433 ($131,039)
Add Back:
Depreciation and Amortization 399,731 285,459
Deferred Taxes 4,998,489 ( 420,290)
--------- --------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $14,480,653 $( 265,870)
========== ========
WEIGHTED AVERAGE NUMBER OF SHARES 5,649,799 5,629,347
========== =========
EBDDT Per Share $2.56 ($0.05)
==== =====
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
MARCH 31, DECEMBER 31,
2005 2004
------------ -----------
ASSETS
Cash $ 462,966 $ 273,911
Restricted Cash 32,110,043 27,717,882
Investment Securities 4,491,763 3,642,785
Notes Receivable 4,334,979 4,425,252
Land and Development Costs 10,702,595 9,821,988
Intangible Assets 3,248,124 2,726,763
Other Assets 2,493,446 2,034,530
---------- ----------
$ 57,843,916 $50,643,111
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 2,071,931 $ 2,091,080
Golf Buildings, Improvements and Equipment 11,363,137 11,345,915
Income Properties Land, Buildings and Improvements 68,301,231 58,703,711
Other Furnishings and Equipment 1,365,112 1,228,400
---------- ----------
Total Property, Plant and Equipment 83,101,411 73,369,106
Less Accumulated Depreciation and Amortization (5,139,908) (4,791,243)
---------- ----------
Net - Property, Plant and Equipment 77,961,503 68,577,863
---------- ----------
TOTAL ASSETS $135,805,419 $119,220,974
=========== ===========
LIABILITIES
Accounts Payable $ 87,884 $ 405,609
Accrued Liabilities 5,130,808 3,895,125
Income Taxes Payable 1,449,863 658,040
Deferred Income Taxes 30,932,964 25,934,475
Notes Payable 8,663,627 8,716,976
---------- ----------
TOTAL LIABILITIES $ 46,265,146 $ 39,610,225
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,655,995 5,641,722
Additional Paid in Capital 3,266,205 2,176,184
Retained Earnings 81,003,369 72,316,660
Accumulated Other Comprehensive Loss ( 385,296) ( 523,817)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 89,540,273 79,610,749
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $135,805,419 $119,220,974
=========== ===========
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"Safe Harbor"
Certain statements contained in this press release (other than the
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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