DAYTONA BEACH, Fla., Jan. 28 /PRNewswire-FirstCall/ -- At its regular Board of Directors' meeting on January 27, 2010, Consolidated-Tomoka Land Co. (NYSE Amex: CTO) declared a dividend of $.01 per share payable on March 1, 2010, to shareholders of record on February 10, 2010.
William J. Voges, Chairman of the Board, stated, "Although the Company remains profitable, the Board felt it appropriate to reduce the dividend at this time to conserve capital due to the continuing weakness in the real estate industry."
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges. The Company has low long-term debt and generates over $9 million in annual before tax cash flow from its real estate portfolio. The Company also engages in selective self-development of targeted income properties. The Company's adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles. Visit our website at www.ctlc.com.
SOURCE Consolidated-Tomoka Land Co.