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ConsolidatedTomoka Land Co (CTO) filed Quarterly Report for the period ended 2011-05-09.
Consolidatedtomoka Land has a market cap of $167.49 million; its shares were traded at around $29.2 with and P/S ratio of 12.49. The dividend yield of Consolidatedtomoka Land stocks is 0.14%.
This is the annual revenues and earnings per share of CTO over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CTO.
Highlight of Business Operations:
A net loss totaling $258,905, equivalent to $0.05 per share, was recorded in the quarter ended March 31, 2011. This loss represented a downturn from the $77,819 profit, equivalent to $0.01 per share, earned in the same period one year earlier. The most significant impact on 2011 first quarter earnings was a $758,489 ($465,902 net of income taxes) increase in stock option expense compared to 2010. This increase was primarily the result of an increase in our stock price during the first quarter of 2011. Partially offsetting this increased expense were improved results from golf operations due in part to favorable weather in 2011.
Losses from real estate sales for the quarter ended March 31, 2011 totaled $248,269. This loss compares to the $191,438 loss generated for the same period of 2010. The increased loss was realized on a 30% rise in costs and expenses as costs from our ongoing hay operation increased as additional lands were put into production. Real estate costs and expenses totaled $318,093 and $244,992 for the first quarter of 2011 and 2010, respectively. There were no land sales during either period, with revenues totaling $69,824 and $53,554 for the periods of 2011 and 2010, respectively, realized on oil royalties in addition to modest sales of hay.
Revenues from income properties declined 2% during the first quarter of 2011 when compared to 2010 s same period. The revenue decrease to $2,373,725 was due to the loss of rents from the Company s two Barnes & Noble properties. The lease on the Lakeland, Florida, Barnes & Noble property expired at the end of January 2010 with the Company negotiating a lease extension on the Barnes & Noble store in Daytona Beach, Florida, at a reduced rate effective February 2011. Revenues from income properties totaled $2,416,380 during 2010 s first quarter. Income properties costs and expenses rose 8% compared to the prior year as the result of increased interest expense in addition to expenses associated with the vacant Lakeland, Florida property formerly paid by Barnes & Noble. Income properties costs and expenses were $651,700 and $602,715 for the first three month periods of 2011 and 2010, respectively. Profits of $1,722,025 were generated in the first quarter of 2011, representing a 5% decrease from profits totaling $1,813,665 during the first quarter of 2010.
Favorable weather conditions experienced in the first quarter of 2011 helped to generate increased revenues and improved profitability from golf operations. Revenues totaling $1,373,576 during the first quarter of 2011 represented an 18% gain over the prior year s same period, while losses were reduced 28% to $260,584. During 2010 s first quarter revenues amounting to $1,168,881 produced a loss of $361,539. Both golf and food and beverage activities contributed to the 2011 revenue gain with golf revenues increasing 19% and food and beverage revenues growing 15%. These gains were achieved on a 27% increase in the number of rounds played during the period and somewhat offset by a 6% reduction in the average greens fee per round played. Golf operations costs and expenses rose 7% during the period to $1,634,160. The escalation, from $1,530,420 in 2010 s same period, was the result of the increased activity in addition to higher course maintenance costs.
A 48% increase in general and administrative expenses was posted in the first quarter of 2011 when compared to the prior year s same period. The increase was substantially due to a $758,489 rise in stock option expense, primarily due to a gain in the Company's stock price. During 2010 s first quarter stock option accruals resulted in a $309,336 addition to income. Somewhat offsetting this increase were reductions in legal expenses, primarily associated with lower shareholder litigation expenses, compensation costs, and loan costs. General and administrative costs totaled $1,792,613 and $1,205,947 for the first quarter of 2011 and 2010, respectively.
Capital expenditures projected for the remainder of 2011 approximate $5,200,000. The projected expenditures include the acquisition of 14 acres of land and the CVS Tallahassee, Florida leasehold improvements, through the IRS Section 1033 process, for $1,800,000 and $1,600,000, respectively. Additional capital expenditures projected for 2011 consist of approximately $600,000 for continuation of the hay conversion program and $500,000 for tenant improvements at our self-developed flex office space in Mason Commerce Center. Additional funds are expected to be expended on tenant improvements on our self-developed income properties as leases are secured. Other than the committed tenant improvements, capital expenditures can be reduced at our discretion based on operating cash needs. As additional funds become available through qualified sales, we expect to reinvest in additional real estate opportunities.
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