Consolidated Tomoka Announces First Quarter Earnings

Apr 18, 2001, 01:00 ET from Consolidated-Tomoka Land Co.

    DAYTONA BEACH, Fla., April 18 /PRNewswire/ -- Consolidated-Tomoka Land Co.
 (Amex:   CTO) today reported earnings before depreciation and deferred taxes
 (EBDDT) and net loss of ($.02) per share for the quarter ended March 31, 2001.
 The comparable numbers for 2000 were EBDDT and net loss of ($.03) per share.
     Bob Allen, Chairman and Chief Executive Officer, stated that, "First
 quarter closings of land sales are normally slow, and activity this year
 followed that pattern.  The majority of land sales scheduled for closings this
 year will occur late in the year."  Mr. Allen also reported that, "As of March
 31, the Company had purchased 810,700 shares of its common shares at an
 average price of $11.84 which represented approximately 13 percent of the
 shares outstanding at the inception of the previously announced repurchase
 program."  As a result, the number of shares outstanding at quarter end was
 5,565,784.
     Consolidated-Tomoka Land Co. is a Florida-based Company primarily engaged
 in the development of its land holdings in the Daytona Beach area and the
 management of its income properties strategically located in Florida's rapid
 growth areas.
 
                       CONSOLIDATED-TOMOKA LAND CO.
 
                       CONSOLIDATED BALANCE SHEETS
 
 
 
                                                    March 31,   December 31,
                                                         2001           2000
     ASSETS                                                 $              $
      Cash                                          7,355,762     12,909,722
      Investment Securities                         5,104,724      8,178,186
      Notes Receivable                              9,810,530     11,602,477
      Real Estate held for Development
       and Sale                                     9,715,351      9,767,635
      Refundable Income Taxes                         625,122        743,801
      Other Assets                                  2,956,778      2,516,635
      Net - Property, Plant and Equipment          26,877,160     17,635,458
 
        TOTAL ASSETS                              $62,445,427    $63,353,914
 
     LIABILITIES
      Accounts Payable                                112,073        220,515
      Accrued Liabilities                           4,642,057      4,561,561
      Deferred Income Taxes                           1995917        2171438
      Notes Payable                                 9,744,504      9,845,827
 
        TOTAL LIABILITIES                          16,494,551     16,799,341
 
     SHAREHOLDERS' EQUITY
      Common Stock                                  5,565,784      5,584,684
      Additional Paid-in Capital                            0              0
      Retained Earnings                            40,385,092     40,969,889
 
       TOTAL SHAREHOLDERS' EQUITY                  45,950,876     46,554,573
 
       TOTAL LIABILITIES AND
        SHAREHOLDERS' EQUITY                      $62,445,427    $63,353,914
 
 
 
     EARNINGS NEWS RELEASE
 
                                                          QUARTER ENDED
                                                    MARCH 31,      MARCH 31,
                                                         2001           2000
 
     REVENUES                                      $2,626,135     $2,023,744
 
     NET LOSS                                        -$98,887      -$170,836
 
     EARNINGS PER SHARE:
      BASIC & DILUTED
      NET LOSS                                         -$0.02         -$0.03
 
     EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES
 
                                                         QUARTER ENDED
                                                    MARCH 31,      MARCH 31,
                                                         2001           2000
     NET LOSS                                        -$98,887      -$170,836
 
     ADD BACK:
      DEPRECIATION                                    170,680         71,310
      DEFERRED TAXES                                 -175,521        -59,250
 
     EARNINGS BEFORE DEPRECIATION AND
      DEFERRED TAXES                                -$103,728      -$158,776
     EBDDT PER SHARE                                   -$0.02         -$0.03
 
 
     EBDDT - EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES.  EBDDT IS NOT A
 MEASURE OF OPERATING RESULTS OR CASH FLOWS FROM OPERATING ACTIVITIES AS
 DEFINED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.  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.
 
 

SOURCE Consolidated-Tomoka Land Co.
    DAYTONA BEACH, Fla., April 18 /PRNewswire/ -- Consolidated-Tomoka Land Co.
 (Amex:   CTO) today reported earnings before depreciation and deferred taxes
 (EBDDT) and net loss of ($.02) per share for the quarter ended March 31, 2001.
 The comparable numbers for 2000 were EBDDT and net loss of ($.03) per share.
     Bob Allen, Chairman and Chief Executive Officer, stated that, "First
 quarter closings of land sales are normally slow, and activity this year
 followed that pattern.  The majority of land sales scheduled for closings this
 year will occur late in the year."  Mr. Allen also reported that, "As of March
 31, the Company had purchased 810,700 shares of its common shares at an
 average price of $11.84 which represented approximately 13 percent of the
 shares outstanding at the inception of the previously announced repurchase
 program."  As a result, the number of shares outstanding at quarter end was
 5,565,784.
     Consolidated-Tomoka Land Co. is a Florida-based Company primarily engaged
 in the development of its land holdings in the Daytona Beach area and the
 management of its income properties strategically located in Florida's rapid
 growth areas.
 
                       CONSOLIDATED-TOMOKA LAND CO.
 
                       CONSOLIDATED BALANCE SHEETS
 
 
 
                                                    March 31,   December 31,
                                                         2001           2000
     ASSETS                                                 $              $
      Cash                                          7,355,762     12,909,722
      Investment Securities                         5,104,724      8,178,186
      Notes Receivable                              9,810,530     11,602,477
      Real Estate held for Development
       and Sale                                     9,715,351      9,767,635
      Refundable Income Taxes                         625,122        743,801
      Other Assets                                  2,956,778      2,516,635
      Net - Property, Plant and Equipment          26,877,160     17,635,458
 
        TOTAL ASSETS                              $62,445,427    $63,353,914
 
     LIABILITIES
      Accounts Payable                                112,073        220,515
      Accrued Liabilities                           4,642,057      4,561,561
      Deferred Income Taxes                           1995917        2171438
      Notes Payable                                 9,744,504      9,845,827
 
        TOTAL LIABILITIES                          16,494,551     16,799,341
 
     SHAREHOLDERS' EQUITY
      Common Stock                                  5,565,784      5,584,684
      Additional Paid-in Capital                            0              0
      Retained Earnings                            40,385,092     40,969,889
 
       TOTAL SHAREHOLDERS' EQUITY                  45,950,876     46,554,573
 
       TOTAL LIABILITIES AND
        SHAREHOLDERS' EQUITY                      $62,445,427    $63,353,914
 
 
 
     EARNINGS NEWS RELEASE
 
                                                          QUARTER ENDED
                                                    MARCH 31,      MARCH 31,
                                                         2001           2000
 
     REVENUES                                      $2,626,135     $2,023,744
 
     NET LOSS                                        -$98,887      -$170,836
 
     EARNINGS PER SHARE:
      BASIC & DILUTED
      NET LOSS                                         -$0.02         -$0.03
 
     EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES
 
                                                         QUARTER ENDED
                                                    MARCH 31,      MARCH 31,
                                                         2001           2000
     NET LOSS                                        -$98,887      -$170,836
 
     ADD BACK:
      DEPRECIATION                                    170,680         71,310
      DEFERRED TAXES                                 -175,521        -59,250
 
     EARNINGS BEFORE DEPRECIATION AND
      DEFERRED TAXES                                -$103,728      -$158,776
     EBDDT PER SHARE                                   -$0.02         -$0.03
 
 
     EBDDT - EARNINGS BEFORE DEPRECIATION AND DEFERRED TAXES.  EBDDT IS NOT A
 MEASURE OF OPERATING RESULTS OR CASH FLOWS FROM OPERATING ACTIVITIES AS
 DEFINED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.  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.
 
 SOURCE  Consolidated-Tomoka Land Co.