Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced its operating results for the fourth quarter and year ended
December 31, 2014.
SIGNIFICANT ACTIVITIES
Operating results for the quarter ended December 31, 2014 (compared to
the same quarter in 2013):
-
Total revenue decreased approximately 17.7% to $8.1 million primarily
due to the timing of land sales year-over-year;
-
Net operating income was approximately $2.0 million, a decrease of
34.3%;
-
Net income per share was $0.12 versus $0.32;
-
Net operating loss from Golf Operations was approximately ($95,000),
versus ($16,000); and
-
Net operating income and net income per share for the quarter ended
December 31, 2014 decreased due to the impact of the timing of land
sales previously noted and the termination of the pension plan, which
was completed in November 2014 and resulted in a charge of
approximately $0.6 million or $0.10 per share, after tax, of which
approximately $0.07 of the charge was non-cash, with the charge
classified to general and administrative expense.
Operating results for the year ended December 31, 2014 (compared to the
year ended 2013):
-
Total revenue increased approximately 37.5% to $35.5 million;
-
Net operating income was approximately $12.6 million, an increase of
100.5%;
-
Net income per share was $1.11 versus $0.64, an increase of 73.4%;
-
Net operating loss from Golf Operations improved by approximately
$6,900 or 1.7%; and
-
The termination of our pension plan was completed, resulting in a
charge to earnings of approximately $0.5 million or $0.09 per share,
after tax, for the year ended December 31, 2014, of which $0.07 per
share was non-cash.
OTHER HIGHLIGHTS
Other highlights for the year ended December 31, 2014, include the
following:
-
Book value increased by approximately $8.2 million or $1.30 per share,
to $128.4 million or $21.83 per share;
-
Invested, in aggregate, approximately $73.4 million in income
properties and commercial loan investments, which amount assumes the
full commitment of approximately $6.3 million on our construction loan
investment, an increase of 29% over 2013;
-
Received cash of approximately $278,000 and $537,000 for impact fees
for the fourth quarter and twelve months ended December 31, 2014,
respectively, versus approximately $51,000 and $232,000 in the same
period of 2013, respectively; and
-
Debt totaled approximately $103.9 million, with $31.5 million of
available borrowing capacity on our credit facility; cash totaled
approximately $1.9 million, and our leverage totaled less than 25% of
total enterprise value.
Income Property Portfolio Update
Property Acquisitions
During the year ended December 31, 2014, the Company acquired two
single-tenant income properties and two multi-tenant income properties
for approximately $42.2 million located in Katy, Texas, Daytona Beach,
Florida, Sarasota, Florida and Winter Park, Florida, respectively,
diversifying into one new state and with two new national tenants.
On October 7, 2014, the Company acquired a 59,341 square-foot retail
center, in Sarasota, Florida, spanning two city blocks, anchored by a
36,000 square-foot Whole Foods Market retail grocery store. The center
also has approximately 23,000 square-feet of additional retail space
including a Starbucks retail store, and a three level parking garage.
The total purchase price was $19.1 million, and as of the acquisition
date, the weighted average remaining term of the leases was
approximately 7 years; and
On December 30, 2014, the Company acquired a two-parcel 112,292
square-foot retail shopping center in Winter Park, Florida as a
redevelopment opportunity. The total purchase price was $3.1 million. As
of the acquisition date, the current tenants are under short term
leases. As part of the redevelopment activities planned for this
property, the Company will likely terminate the majority of the leases.
Property Dispositions
On November 17, 2014, the Company sold its interest in the 14,560
square-foot building, located in Apopka, Florida, which was under lease
to Walgreens but had been vacated by the tenant earlier in 2014, with a
remaining lease term of 14.5 years, for proceeds of approximately $3.1
million, generating a loss of approximately $420,000. The loss was
recognized as an impairment charge in the third quarter of 2014.
Portfolio Summary
At December 31, 2014, the Company owned thirty-six single-tenant income
properties in ten states, with an average remaining lease term of
approximately 9.3 years. In addition, the Company owned seven
multi-tenant income properties located in Florida, of which five were
self-developed, with an average remaining lease term of approximately
5.1 years.
Loan Investment Update
Loan Investments
During the year ended December 31, 2014, the Company acquired or
originated five commercial loan investments for approximately $31.2
million, which amount assumes the full commitment of approximately $6.3
million on our construction loan investment secured by commercial real
estate or the borrower’s equity interest in real estate located in
Dallas, Texas, Sarasota, Florida, Phoenix, Arizona, Atlanta, Georgia and
Ormond Beach, Florida.
On November 14, 2014, the Company acquired a first mortgage loan secured
by a 1,000 acre land parcel in Ormond Beach, Florida which is fully
entitled for over 1,500 single family homes. The Company purchased the
$1.0 million performing loan at par. The loan matures in November 2015
and bears interest at LIBOR plus 725 basis points.
Portfolio Summary
At December 31, 2014, the Company owned five performing commercial loan
investments which have an aggregate outstanding principal balance of
$30.3 million. These loans are secured by real estate or the borrower’s
equity interest in real estate located in four states and have an
average remaining maturity of approximately 1.5 years and a weighted
average interest rate of 7.9%.
Land Update
On October 31, 2014, the Company sold approximately 21.0 acres of land,
which presented certain issues for development involving wetlands
mitigation, for $625,000, resulting in a gain of approximately $545,000.
As part of the transaction, in addition to the sale proceeds, the
Company sold a specified amount of mitigation credits for $389,000.
For the year ended December 31, 2014, a total of approximately 99.7
acres were sold, which is less than 1% of our land holdings, for
approximately $8.8 million.
As of January 31, 2015, the Company had six executed purchase and sale
agreements with six different buyers whose intended use for the land
under contract includes residential, retail, and office. These
agreements, in aggregate, represent the potential sale of approximately
1,674 acres, or 16% of our land holdings, with anticipated sales
proceeds totaling more than $47.0 million. The agreements contemplate
closing dates ranging from the third quarter of 2015 to year end 2016,
with some of the transactions expected to close in 2015 not
contractually obligated to close until after 2015. Each of the
transactions are in varying stages of due diligence by the various
buyers, including, in some instances having made submissions to the
planning and development departments of the applicable governmental
authorities. In addition to other customary closing conditions, the
majority of these transactions are conditioned upon both the receipt of
approvals from various governmental authorities, as well as other
matters that are beyond our control. If such approvals are not obtained,
the prospective buyers may have the ability to terminate their
respective agreements prior to closing. As a result, there can be no
assurances regarding the likelihood or timing of any one of these
potential land transactions being completed or the final terms,
including the sales price.
Financial Results
Revenue
Total revenue for the year ended December 31, 2014 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 our income properties, an increase of approximately $7.0
million, or 117.9%, in revenue from our real estate operations,
approximately $0.5 million in income from our commercial loan
investments, and a slight increase in revenue from our golf operations.
Revenue from our real estate operations benefited from three land sales
of approximately 99.7 acres in aggregate and revenue totaling
approximately $8.7 million, compared to revenue of approximately $3.0
million in the same period in 2013, as well as higher revenues from our
subsurface lease that was amended in September 2014. 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 our 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
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. Our results in 2014 benefited
from an increase of approximately $9.7 million, or 37.5%, in revenues
offset by an increase in our direct cost of revenues of approximately
$1.4 million, or 13.0%, which reflect increased acquisition costs for
properties acquired in 2014 and the cost of sales associated with our
land transactions. Our general and administrative costs were higher by
approximately 29.1%, or approximately $1.6 million, reflecting
approximately $842,000 of a charge related to the termination of the
pension plan, of which approximately $643,000 was non-cash, increased
stock compensation costs in 2014 of approximately $370,000, and a
non-cash legal reserve of approximately $110,000 recognized in
connection with an adjustment to an existing environmental reserve. The
non-cash general and administrative expenses, after tax, totaled
approximately $1.2 million, and equated to $0.22 per share. 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.
Semi-Annual Dividend
The Company paid dividends of $0.07 per share in 2014, an increase of
16.7% from 2013. The Company paid a $0.04 per share dividend in November
2014. The Company has paid a dividend every year since 1976.
Full Year 2015 Guidance
The Company is issuing the following guidance for the year ended
December 31, 2015, with regard to the Company’s range of estimates for
operating results, investment and disposition activity, land sales and
leverage:
-- Earnings per share (on a fully diluted basis)
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|
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$2.80 - $3.10 per share;
|
-- Acquisition of Income-Producing Assets
|
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$70.0 million - $90.0 million;
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-- Target Initial Investment Yields
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6.00% - 8.0%;
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-- Disposition of Non-Core Income Properties
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$7.0 million - $15.0 million;
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-- Target Disposition Yields
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7.5% - 10.0%;
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-- Land Transactions (sales value)
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$25.0 million - $35.0 million; and
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-- Leverage Target
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<40.0%
|
Exploration of REIT Conversion
Pursuant to authorization from its board of directors, the Company
initiated a process to explore the potential conversion of the Company
into a Real Estate Investment Trust (REIT) with a possible conversion
date of January 1, 2017.
The Company and its board of directors believe that a REIT conversion
could provide substantial benefits to the Company and its shareholders
given the Company’s continuing significant growth in income producing
real estate investments, in part, resulting from its anticipated
monetization of approximately 16% of its land holdings in the near term
and, the impact from the continued growth in taxable income.
Should the Company elect to convert to a REIT, which would require,
among other things, the approval of its shareholders, the date of the
conversion would be as of January 1st of the applicable
calendar year, which the Company does not anticipate would occur prior
to 2017. There can be no assurances that the Company will complete a
REIT conversion or, if the conversion occurs, the year in which the
conversion would take place. The Company does not expect to provide any
further information on the REIT conversion process unless and until its
board of directors has approved or directed a specific transaction or
otherwise deems disclosure appropriate or necessary.
CEO and CFO Comments on Operating Results
Mark E. Patten, senior vice president and chief financial officer,
stated, “We’re pleased with our operating results for the year, having
exceeded our targeted earnings per share despite the impact of
approximately $0.09 per share of largely non-cash charges relating to
the actuarial accounting required for terminating our pension plan, and
another $0.14 in non-cash stock compensation.” Mr. Patten continued,
“With regard to our exploration of converting to a REIT, as a REIT we
would continue to be able to utilize the like-kind exchange structure to
monetize our land holdings and reinvest in income producing assets.” Mr.
Patten continued, “In connection with a potential REIT election, the
Company would be required to distribute to our shareholders the
Company’s accumulated earnings and profits, encompassing the Company’s
104 years of historical earnings and any future earnings achieved prior
to conversion. We would anticipate satisfying such a distribution
requirement through a permitted combination of cash and common stock.”
John P. Albright, president and chief executive officer, stated, “Our
earnings of $1.11 per share are the highest since 2007, with less than
1% of our land having been sold this last year. With over 15% of our
land currently under contract, we may surpass the largest EPS for CTO
since we became a public company in 1969, which was $2.62 per share in
2005.” Mr. Albright continued, “We are pleased with the momentum that
the local and regional markets are exhibiting at this point in the
economic cycle. While residential activity is far from the robust
activity from the last peak, commercial activity is more pronounced. Our
investment guidance for 2015 builds on the growth from 2014, but is
anticipated to occur in the latter half of the year.” Mr. Albright also
stated, “Since we began the implementation of our strategy to unlock
shareholder value in late 2011, we have expanded our income-producing
asset portfolio with greater geographical diversification and with
increasing tenant quality and we’ve implemented a loan investment
strategy. In addition, because of the level of monetization of our land
holdings that we expect to achieve in the near term, converting to a
REIT may enhance shareholder value by having a more efficient tax
structure which could be in the best interest of our shareholders as our
federal income taxes have increased substantially in recent years and
may continue to grow.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income properties in
diversified markets in the United States, as well as over 10,500 acres
of land in the Daytona Beach area. Visit our website at www.ctlc.com.
Forward-Looking Statements
Certain statements contained in this press release (other than
statements of historical fact) are forward-looking statements. The words
“believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,”
“could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” 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. In addition, these
forward-looking statements include, but are not limited to, the
Company’s plans, projections and estimates regarding (i) the possibility
of converting to a REIT and the timing thereof, (ii) the potential
advantages, benefits and impact of, and opportunities created by,
converting into a REIT, (iii) its strategy and growth, (iv) its cost and
allocation of capital, (v) its future earnings and profits and (vi)
dividend plans.
Forward-looking statements are subject to certain events, factors and
conditions, risks, uncertainties and assumptions that could cause the
Company’s actual results in the future to differ materially from its
historical results and those presently anticipated or projected. Such
risks and uncertainties include, among other things, prevailing market
conditions and the following:
-
There are a number of implementation and operational complexities to
address before the Company would decide whether to pursue conversion
to a REIT, including possible changes in personnel and the management
organization. The Company can provide no assurance as to whether it
will ultimately convert to a REIT.
-
REIT qualification involves the application of highly technical and
complex provisions of the Internal Revenue Code of 1986, as amended,
as well as various factual determinations not entirely within the
Company’s control. If the Company determines to convert to a REIT, the
Company cannot give assurance that it will so qualify or remain so
qualified in compliance with the applicable provisions of the tax code.
-
The Company can give no assurances that its board of directors will
pursue a conversion to a REIT, even if there are no impediments to
such conversion.
-
The Company’s exploration of a potential REIT conversion may create a
potential diversion in our management's attention from traditional
business concerns.
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, 2014, and thereafter
include many factors that are beyond the Company’s ability to control or
estimate precisely. For a description of the risks and uncertainties
that may cause actual results to differ from the forward-looking
statements contained in this press release, please see the Company’s
filings with the Securities and Exchange Commission, including, but not
limited to the Company’s most recent Annual Report on Form 10-K. Copies
of each filing may be obtained from the Company or the SEC.
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.
Disclosures in this press release regarding the Company’s quarter-end
financial results are preliminary and are subject to change in
connection with the Company’s preparation and filing of its Form 10-K
for the year ended December 31, 2014. The financial information in this
release reflects the Company’s preliminary results subject to completion
of the year-end review process. The final results for the year may
differ from the preliminary results discussed above due to factors that
include, but are not limited to, risks associated with final review of
the results and preparation of financial statements.
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEETS
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December 31, 2014
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December 31, 2013
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ASSETS
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(Unaudited)
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Property, Plant, and Equipment:
|
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|
|
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Land, Timber, and Subsurface Interests
|
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$
|
15,316,566
|
|
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$
|
15,291,911
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|
Golf Buildings, Improvements, and Equipment
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3,323,177
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|
|
|
3,103,979
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|
Income Properties, Land, Buildings, and Improvements
|
|
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193,977,711
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|
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154,902,374
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Other Furnishings and Equipment
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1,008,150
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|
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|
955,597
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Construction in Progress
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—
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987,303
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Total Property, Plant, and Equipment
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213,625,604
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|
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175,241,164
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|
Less, Accumulated Depreciation and Amortization
|
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(15,628,153
|
)
|
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(13,260,856
|
)
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Property, Plant, and Equipment - Net
|
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197,997,451
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|
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|
161,980,308
|
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Land and Development Costs
|
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|
23,205,749
|
|
|
|
23,768,914
|
|
Intangible Assets - Net
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7,339,417
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|
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|
6,359,438
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Impact Fee and Mitigation Credits
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5,195,764
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|
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6,081,433
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Commercial Loan Investments
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30,208,074
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18,845,053
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Cash and Cash Equivalents
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1,881,195
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4,932,512
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Restricted Cash
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4,440,098
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366,645
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Investment Securities
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821,436
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729,814
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Net Pension Asset
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—
|
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407,670
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Refundable Income Taxes
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267,280
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—
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Other Assets
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4,566,291
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|
|
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2,711,893
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Total Assets
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$
|
275,922,755
|
|
|
$
|
226,183,680
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Liabilities:
|
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|
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Accounts Payable
|
|
$
|
859,225
|
|
|
$
|
872,331
|
|
Accrued Liabilities
|
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|
5,401,509
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|
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4,726,809
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Deferred Revenue
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2,718,543
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3,344,351
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|
Accrued Stock-Based Compensation
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560,326
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|
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247,671
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Income Taxes Payable
|
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|
—
|
|
|
|
1,044,061
|
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Deferred Income Taxes - Net
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34,038,442
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32,552,068
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Long-Term Debt
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103,940,011
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63,227,032
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Total Liabilities
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147,518,056
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106,014,323
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Shareholders’ Equity:
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Common Stock -25,000,000 shares authorized; $1 par value,
5,922,130 shares issued and 5,881,660 shares outstanding at
December 31, 2014; 5,866,759 shares issued and 5,852,125 shares
outstanding at December 31, 2013
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5,862,063
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5,767,192
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Treasury Stock – 40,470 shares at December 31, 2014; 14,634 shares
at December 31, 2013
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(1,381,566
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)
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(453,654
|
)
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Additional Paid-In Capital
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11,289,846
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8,509,976
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Retained Earnings
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112,561,115
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106,581,305
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Accumulated Other Comprehensive Income (Loss)
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73,241
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(235,462
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)
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Total Shareholders’ Equity
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128,404,699
|
|
|
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120,169,357
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Total Liabilities and Shareholders’ Equity
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$
|
275,922,755
|
|
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$
|
226,183,680
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CONSOLIDATED-TOMOKA LAND CO. CONSOLIDATED STATEMENTS
OF OPERATIONS
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Three Months Ended
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Year Ended
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December 31,
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December 31,
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2014
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2013
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2014
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2013
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Revenues
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|
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|
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Income Properties
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$
|
4,148,526
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$
|
3,382,537
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$
|
14,969,647
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|
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$
|
12,828,214
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|
Interest Income from Commercial Loan Investments
|
|
|
609,178
|
|
|
|
1,068,715
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|
|
|
2,190,924
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|
|
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1,712,913
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|
Real Estate Operations
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|
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2,030,605
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|
|
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3,934,788
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|
|
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12,955,820
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|
|
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5,945,510
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Golf Operations
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1,281,073
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|
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|
1,316,269
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|
|
|
5,125,501
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|
|
|
5,074,898
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Agriculture and Other Income
|
|
|
19,779
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|
|
|
127,281
|
|
|
|
277,831
|
|
|
|
276,309
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Total Revenues
|
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|
8,089,161
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|
|
|
9,829,590
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|
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35,519,723
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|
|
|
25,837,844
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|
Direct Cost of Revenues
|
|
|
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|
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|
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|
|
Income Properties
|
|
|
(673,154
|
)
|
|
|
(295,052
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)
|
|
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(1,954,534
|
)
|
|
|
(1,333,974
|
)
|
|
Real Estate Operations
|
|
|
(567,092
|
)
|
|
|
(3,173,749
|
)
|
|
|
(4,325,375
|
)
|
|
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(3,653,901
|
)
|
|
Golf Operations
|
|
|
(1,375,734
|
)
|
|
|
(1,332,737
|
)
|
|
|
(5,530,743
|
)
|
|
|
(5,487,075
|
)
|
|
Agriculture and Other Income
|
|
|
(44,614
|
)
|
|
|
(28,085
|
)
|
|
|
(189,304
|
)
|
|
|
(148,360
|
)
|
|
|
Total Direct Cost of Revenue
|
|
|
(2,660,594
|
)
|
|
|
(4,829,623
|
)
|
|
|
(11,999,956
|
)
|
|
|
(10,623,310
|
)
|
General and Administrative Expenses
|
|
|
(2,454,591
|
)
|
|
|
(1,211,731
|
)
|
|
|
(7,017,236
|
)
|
|
|
(5,433,562
|
)
|
Impairment Charges
|
|
|
—
|
|
|
|
—
|
|
|
|
(421,040
|
)
|
|
|
(616,278
|
)
|
Depreciation and Amortization
|
|
|
(985,478
|
)
|
|
|
(757,132
|
)
|
|
|
(3,490,485
|
)
|
|
|
(2,885,317
|
)
|
Gain on Disposition of Assets
|
|
|
1,500
|
|
|
|
—
|
|
|
|
1,500
|
|
|
|
—
|
|
|
Total Operating Expenses
|
|
|
(6,099,163
|
)
|
|
|
(6,798,486
|
)
|
|
|
(22,927,217
|
)
|
|
|
(19,558,467
|
)
|
|
Operating Income
|
|
|
1,989,998
|
|
|
|
3,031,104
|
|
|
|
12,592,506
|
|
|
|
6,279,377
|
|
Interest Income
|
|
|
19,172
|
|
|
|
14
|
|
|
|
61,736
|
|
|
|
405
|
|
Interest Expense
|
|
|
(884,978
|
)
|
|
|
(510,538
|
)
|
|
|
(2,439,561
|
)
|
|
|
(1,826,564
|
)
|
|
Income from Continuing Operations Before Income Tax
|
|
|
1,124,192
|
|
|
|
2,520,580
|
|
|
|
10,214,681
|
|
|
|
4,453,218
|
|
Income Tax Expense
|
|
|
(442,380
|
)
|
|
|
(1,155,559
|
)
|
|
|
(3,830,863
|
)
|
|
|
(1,891,680
|
)
|
|
Income from Continuing Operations
|
|
|
681,812
|
|
|
|
1,365,021
|
|
|
|
6,383,818
|
|
|
|
2,561,538
|
|
Income from Discontinued Operations (Net of Tax)
|
|
|
—
|
|
|
|
487,107
|
|
|
|
—
|
|
|
|
1,121,709
|
|
|
Net Income
|
|
$
|
681,812
|
|
|
$
|
1,852,128
|
|
|
$
|
6,383,818
|
|
|
$
|
3,683,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Information:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Income from Continuing Operations
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
1.11
|
|
|
$
|
0.44
|
|
Income from Discontinued Operations (Net of Tax)
|
|
|
—
|
|
|
|
0.08
|
|
|
|
—
|
|
|
|
0.20
|
|
Net Income
|
|
$
|
0.12
|
|
|
$
|
0.32
|
|
|
$
|
1.11
|
|
|
$
|
0.64
|
|
Diluted
|
|
|
|
|
|
|
|
|
Income from Continuing Operations
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
1.10
|
|
|
$
|
0.44
|
|
Income from Discontinued Operations (Net of Tax)
|
|
|
—
|
|
|
|
0.08
|
|
|
|
—
|
|
|
|
0.20
|
|
Net Income
|
|
$
|
0.12
|
|
|
$
|
0.32
|
|
|
$
|
1.10
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
$
|
0.07
|
|
|
$
|
0.06
|
|
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