cons tomoka land co-florida (CTO) Key Developments
Consolidated Tomoka Land Co. Declares Semi-Annual Dividend, Payable on May 27, 2015
Apr 23 15
Consolidated Tomoka Land Co. declared semi-annual dividend of $0.04 per share payable on May 27, 2015 to shareholders of record on May 8, 2015.
Consolidated-Tomoka Land Co. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Impairment Charges for the First Quarter Ended March 31, 2015
Apr 22 15
Consolidated-Tomoka Land Co. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $7,308,325 against $7,172,719 a year ago. This increase was primarily the result of an increase of approximately $856,000, or 25%, in revenue from income property operations reflecting acquisitions in 2014, and approximately $120,000, or 8%, in revenue generated by golf operations, offset by decreased revenues of approximately $312,000 from commercial loan investments and approximately $489,000 from real estate operations. Operating income was $1,493,887 against $2,903,869 a year ago. Income from continuing operations before income tax expense was $577,844 against $2,450,165 a year ago. Net income was $353,356 against $1,500,407 a year ago. Net income in the first quarter of 2015 was impacted by the decreases in revenues in commercial loan investments and real estate operations and an increase in direct cost of revenues of approximately $698,000, or 35% which reflected an increase of approximately $301,000 in operating expenses primarily related to Whole Foods and The Grove at Winter Park investments. In addition, net income for the quarter ended March 31, 2015 was impacted by increased depreciation and amortization of approximately $384,000, or 50%, reflecting acquisitions in 2014, increased interest expense of approximately $599,000, or 128%, reflecting $30.0 million fixed rate borrowing which closed in September 2014 and $75.0 million convertible debt issuance which closed in early March 2015, offset by a decrease in stock compensation expenses of approximately $216,000 due to forfeitures of stock awards and investment income which increased approximately $137,000 resulting from the favorable disposition of investment in preferred securities of a publicly-traded real estate company. In addition, during the first quarter of 2015, the company recognized an impairment charge of approximately $510,000, an impact of approximately $0.05 per share after tax, from the sale of two non-core income properties on April 17, 2015. Basic and diluted net income per share was $0.06 against $0.26 a year ago. Book value per outstanding share increased from $21.83 as of December 31, 2014 to $23.83 as of March 31, 2015.
For the quarter ended March 31, 2015, the company reported impairment charges of $510,041.
Consolidated Tomoka Land Co. Announces Lease for 50% of Williamson Business Park & Expansion and Renewal of Tenant At Mason Commerce Center
Mar 6 15
Consolidated-Tomoka Land Co. announced that the company has entered into a 10-year lease with Teledyne ODI (Teledyne) for 15,360 square feet at Williamson Business Park. The company completed the development of Williamson Business Park, a two-building 30,720 square foot flex office property, in June 2014. Teledyne will occupy one of the buildings in its entirety. Upon commencement of the Teledyne lease, Williamson Business Park will be 75% occupied with approximately 7,660 square feet available for lease. Dick McNerney of Adams, Cameron & Co. represented the company as the leasing agent for the lease. Lamar Advertising Co. leases the other 7,700 square feet under a long-term lease.
Consolidated Tomoka Seeks Acquisitions
Mar 4 15
Consolidated Tomoka Land Co. (AMEX:CTO) is seeking acquisitions. Consolidated Tomoka announced that it intends to offer $75 million aggregate principal amount of Convertible Senior Notes due 2020 through a private placement. Consolidated Tomoka expects to use the net proceeds from the sale of the notes to repay borrowings under its credit facility, to fund future investments in income-producing assets and for general corporate purposes, which may include the repurchase of Company common stock under the Company's share repurchase program.
Consolidated Tomoka Land Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year Ending December 31, 2015
Feb 10 15
Consolidated Tomoka Land Co. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company’s Total revenues for the quarter-ended December 31, 2014 decreased 17.7% to approximately $8.1 million compared to approximately $9.8 million during the same period in 2013. The lower total revenues of approximately $1.7 million during the fourth quarter of 2014, compared to the same period in 2013, reflects a decrease of 48.4% in revenue from real estate operations, primarily resulting from fewer land transactions in the fourth quarter of 2014 than were closed in the same period in 2013. Net income for the quarter-ended December 31, 2014, was approximately $0.7 million or $0.12 per share, compared to net income of approximately $1.9 million, or $0.32 per share, during the same period in 2013 due to the previously noted impact of the timing of land sales year-over-year and the termination of the pension plan, which was completed in November 2014. Operating income was $1,989,998 compared to $3,031,104 a year ago. Income from continuing operations before income tax was $1,124,192 compared to $2,520,580 a year ago. Income from continuing operations was $681,812 or $0.12 per basic and diluted share, compared to $1,365,021 or $0.24 per basic and diluted share, a year ago.
For the full year, the company’s total revenue increased 37.5% to approximately $35.5 million, compared to approximately $25.8 million during the same period in 2013. This $9.7 million increase was primarily from an increase of approximately $2.1 million, or 16.7%, in revenue generated by income properties, an increase of approximately $7.0 million, or 117.9%, in revenue from real estate operations, approximately $0.5 million in income from commercial loan investments, and a slight increase in revenue from golf operations. Net income for the year ended December 31, 2014 was approximately $6.4 million, an improvement of 73.3% compared to net income of approximately $3.7 million for the same period in 2013. Operating income was $12,592,506 compared to $6,279,377 a year ago. Income from continuing operations before income tax was $10,214,681 compared to $4,453,218 a year ago. Income from continuing operations was $6,383,818 or $1.11 per basic and diluted share, compared $2,561,538 or $0.44 per basic and diluted share, a year ago. Book value increased by approximately $8.2 million or $1.30 per share, to $128.4 million or $21.83 per share;
The company provided earnings guidance for the full year ending December 31, 2015. For the period, the company is expecting its earnings per share (on a fully diluted basis) in the range of $2.80 per share to $3.10 per share; and acquisition of income producing assets in the range of $70 million to $90 million.