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
October 17, 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, October 17, 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 October 17, 2005, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the three and nine months ended September 30, 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 October 17, 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: October 17, 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: October 17, 2005
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile: (386) 274-1223
CONSOLIDATED TOMOKA ANNOUNCES THIRD QUARTER EARNINGS
DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (AMEX-CTO)
announced today net income of $2,688,847 or $.47 per share and
earnings before depreciation, amortization and deferred taxes (EBDDT)
of $2,734,245 or $.49 per share for the quarter ended September 30,
2005. The comparable numbers for the third quarter of 2004 were net
income of $732,535 or $.13 per share and EBDDT of $1,120,425 or $.20
per share. For the nine months ended September 30, 2005, net income
totaled $12,622,406 or $2.23 basic earnings per share, compared with
net income of $1,092,529 or $.19 per share in 2004. EBDDT totaled
$16,107,728 or $2.85 per share in 2005's first nine months, compared
with $2,303,698 or $.41 per share in 2004 for the same period.
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, "Third quarter operating results improved due to higher land
sales and growing income property revenues compared with the same
quarter of 2004. Six free-standing income properties have been
acquired during 2005, bringing the total inventory to twenty-two
properties located in Florida, Georgia and North Carolina. Profits
for the quarter were also positively impacted by reduced stock option
expense accruals. The company has a backlog of contracts expected to
close during the fourth quarter of 2005."
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
----------------------------
SEPTEMBER 30, SEPTEMBER 30,
2005 2004
------------ ------------
REVENUES $6,678,289 $4,194,731
NET INCOME $2,688,847 $ 732,535
EARNINGS PER SHARE:
BASIC $0.47 $0.13
DILUTED $0.47 $0.13
EARNINGS NEWS RELEASE
NINE MONTHS ENDED
----------------------------
SEPTEMBER 30, SEPTEMBER 30,
2005 2004
------------ ------------
REVENUES $36,383,906 $12,345,077
NET INCOME $12,622,406 $ 1,092,529
EARNINGS PER SHARE:
BASIC $2.23 $0.19
DILUTED $2.20 $0.19
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RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
QUARTER ENDED
--------------------------
SEPTEMBER 30, SEPTEMBER 30,
2005 2004
------------ ------------
Net Income $ 2,688,847 $ 732,535
Add Back:
Depreciation and Amortization 452,202 348,465
Deferred Taxes (406,804) 39,425
--------- --------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $ 2,734,245 $1,120,425
========== =========
EBDDT Per Share $0.49 $0.20
===== =====
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
NINE MONTHS ENDED
--------------------------
SEPTEMBER 30, SEPTEMBER 30,
2005 2004
----------- ------------
Net Income $12,622,406 $1,092,529
Add Back:
Depreciation and Amortization 1,277,275 964,412
Deferred Taxes 2,208,047 246,757
--------- --------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $16,107,728 $2,303,698
========== =========
EBDDT Per Share $2.85 $0.41
===== =====
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
UNAUDITED
SEPTEMBER 30, DECEMBER 31,
2005 2004
------------ -----------
ASSETS
Cash $ 3,604,674 $ 273,911
Restricted Cash 1,634,357 27,717,882
Investment Securities 16,879,903 3,642,785
Notes Receivable 490,000 4,425,252
Land and Development Costs 9,689,237 9,821,988
Intangible Assets 4,378,892 2,726,763
Other Assets 2,033,115 2,034,530
---------- ----------
$ 38,710,178 $50,643,111
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 2,255,979 $ 2,091,080
Golf Buildings, Improvements and Equipment 11,371,524 11,345,915
Income Properties Land, Buildings and Improvements 87,577,787 58,703,711
Other Furnishings and Equipment 1,821,044 1,228,400
---------- ----------
Total Property, Plant and Equipment 103,026,334 73,369,106
Less Accumulated Depreciation and Amortization (5,886,851) (4,791,243)
---------- ----------
Net - Property, Plant and Equipment 97,139,483 68,577,863
---------- ----------
TOTAL ASSETS $135,849,661 $119,220,974
=========== ===========
LIABILITIES
Accounts Payable $ 361,308 $ 405,609
Accrued Liabilities 6,138,637 3,895,125
Income Taxes Payable 1,195,296 658,040
Deferred Income Taxes 28,142,522 25,934,475
Notes Payable 7,353,955 8,716,976
---------- ----------
TOTAL LIABILITIES $ 43,191,718 $ 39,610,225
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,667,796 5,641,722
Additional Paid in Capital 3,665,006 2,176,184
Retained Earnings 83,693,326 72,316,660
Accumulated Other Comprehensive Loss ( 368,185) ( 523,817)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 92,657,943 79,610,749
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $135,849,661 $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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