Consolidated-Tomoka Land Co. News
Consolidated Tomoka Reports 2007 Earnings
DAYTONA BEACH, Fla.,
EBDDT is being provided to reflect the impact of the Company's business strategy of investing in income properties utilizing tax deferred exchanges. 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, "Our 2007 performance was impressive when compared to that of many of our industry peers. In 1999, we adopted a business plan that would continue to create long-term value for our shareholders by minimizing debt, increasing our land values, and accelerating our conversion of agricultural lands into a portfolio of 1031 income-producing net-lease income properties. The successful execution of our plan allows the Company to perform well during both good and bad real estate markets. We believe that our prospects for 2008 and beyond remain excellent despite the current condition of the real estate market."
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of income properties strategically located throughout the Southeast, and the development, management, and sale of targeted real estate properties. Visit our website at www.consolidatedtomoka.com
"Safe Harbor"
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.
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
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 current quarters 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
This release refers to certain non-GAAP financial measures. As required by the SEC, the Company has provided a reconciliation of these measures to the most directly comparable GAAP measures with this release. Non-GAAP measures as the Company has calculated them may not be comparable to similarly titled measures reported by other companies.
EARNINGS NEWS RELEASE QUARTER ENDED DECEMBER 31, DECEMBER 31, 2007 2006 REVENUES $21,918,617 $17,908,566 NET INCOME $10,898,146 $5,776,338 BASIC EARNINGS PER SHARE: NET INCOME $1.91 $1.01 DILUTED EARNINGS PER SHARE: NET INCOME $1.90 $1.01 YEAR ENDED DECEMBER 31, DECEMBER 31, 2007 2006 $43,076,024 $43,589,253 REVENUES NET INCOME BEFORE DISCONTINUED OPERATIONS 13,532,838 14,003,939 AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE DISCONTINUED OPERATIONS (NET OF INCOME TAX) — 240,476 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE (NET OF INCOME (1 TAX) — (216,093)(1) NET INCOME $13,532,838 $14,028,322 BASIC EARNINGS PER SHARE: NET INCOME BEFORE DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $2.37 $2.47 DISCONTINUED OPERATIONS (NET OF INCOME TAX) — $0.04 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE a (NET OF INCOME TAX) — (0.04)(1) NET INCOME $2.37 $2.47 DILUTED EARNINGS PER SHARE: NET INCOME BEFORE DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $2.36 $2.46 DISCONTINUED OPERATIONS (NET OF INCOME TAX) — $0.04 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE (NET OF INCOME TAX) — (0.04)(1) NET INCOME $2.36 $2.46 (1) THE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE REPRESENTS THE CHANGE IN ACCOUNTING FOR STOCK OPTIONS WITH THE ADOPTION OF FINANCIAL ACCOUNTING STANDARDS STATEMENT NO. 123 (REVISED 2004). RECONCILIATION OF NET INCOME TO EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES QUARTER ENDED DECEMBER 31, DECEMBER 31, 2007 2006 (2) NET INCOME $10,898,146 $5,776,338 ADD BACK: DEPRECIATION & AMORTIZATION 618,767 603,480 DEFERRED TAXES 2,754,421 1,978,679 EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES $14,271,334 $8,358,497 BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 5,720,219 5,691,192 BASIC EBDDT PER SHARE $2.49 $1.47 YEAR ENDED DECEMBER 31, DECEMBER 31, 2007 2006 NET INCOME $13,532,838 $14,028,322 ADD BACK: DEPRECIATION & AMORTIZATION 2,466,981 2,265,848 DEFERRED TAXES 3,390,812 5,332,513 EARNINGS BEFORE DEPRECIATION, AMORTIZATION AND DEFERRED TAXES $19,390,631 $21,626,683 BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 5,716,564 5,684,042 BASIC EBDDT PER SHARE $3.39 $3.80 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 U.S. 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. (2) THE FOURTH QUARTER OF 2006 HAS BEEN ADJUSTED TO REFLECT THE QUARTERLY IMPACT, IN EACH QUARTER OF 2006, OF THE SAB 108 ADJUSTMENT MADE IN THE FOURTH QUARTER OF 2006. THE ADJUSTMENT WAS CONSIDERED IMMATERIAL FOR EACH OF THE QUARTERS OF 2006. CONSOLIDATED BALANCE SHEETS DECEMBER 31, DECEMBER 31, 2007 2006 ASSETS $ $ Cash 863,826 738,264 Restricted Cash 10,387,550 1,185,962 Investment Securities 10,193,094 11,780,205 Notes Receivable 5,164,421 700,000 Land and Development Costs 15,654,456 15,058,340 Intangible Assets 4,717,699 5,103,649 Other Assets 7,899,810 5,569,605 54,880,856 40,136,025 Property, Plant & Equipment: Land, Timber and Subsurface Interests 7,793,594 3,012,623 Golf Buildings, Improvements & Equipment 11,713,046 11,442,492 Income Properties Land, Buildings & Improvements 104,820,647 104,819,695 Other Building, Equipment and Land Improvements 2,909,057 2,584,467 Total Property, Plant and Equipment 127,236,344 121,859,277 Less, Accumulated Depreciation and Amortization (10,284,670) (8,221,138) Net - Property, Plant and Equipment 116,951,674 113,638,139 TOTAL ASSETS 171,832,530 153,774,164 LIABILITIES Accounts Payable 452,090 167,378 Accrued Liabilities 8,684,175 7,749,121 Accrued Stock Based Compensation 3,277,821 5,743,773 Income Taxes Payable 3,058,049 — Deferred Profit — 563,467 Deferred Income Taxes 32,882,399 29,491,587 Notes Payable 6,807,388 7,061,531 TOTAL LIABILITIES 55,161,922 50,776,857 SHAREHOLDERS' EQUITY Common Stock 5,725,806 5,693,007 Additional Paid in Capital 5,130,574 2,630,748 Retained Earnings 107,012,038 95,650,170 Accumulated Other Comprehensive Loss (1,197,810) (976,618) TOTAL SHAREHOLDERS' EQUITY 116,670,608 102,997,307 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 171,832,530 153,774,164
SOURCE Consolidated-Tomoka Land Co.
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