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ConsolidatedTomoka Land Co (CTO) filed Quarterly Report for the period ended 2011-06-30.
Consolidatedtomoka Land has a market cap of $161.1 million; its shares were traded at around $27.8 with and P/S ratio of 12. The dividend yield of Consolidatedtomoka Land stocks is 0.1%.
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:
Revenues from income properties totaling $2,393,004 in the second quarter of 2011 were in line with the prior year’s revenues amounting to $2,401,004. Increased revenues from the Company’s self-developed properties offset a decline from lower revenue from the Barnes & Noble property in Daytona Beach, Florida due to the negotiated lease extension at a reduced rate effective February 2011. Income properties costs and expenses rose 4% when compared to the prior year as the result of increased interest expense in addition to commissions expense paid for the leasing of space in the self-developed properties. Income properties costs and expenses were $656,394 and $632,854 for the second quarters of 2011 and 2010, respectively. Profits of $1,736,610 were generated in the second quarter of 2011, representing a 2% decrease from profits totaling $1,768,697 during the same period of 2010.
Profits from income properties for the first six months of 2011 totaled $3,458,635 and represented a 3% decrease from the prior year’s same period profits totaling $3,582,362. This modest downturn was posted on a 1% decline in revenues and a 6% rise in costs and expenses. Revenues totaled $4,766,729 during the first six months of 2011. The decrease was attributed to lower revenue from the former Barnes & Noble property located in Lakeland, Florida, on the expiration of the lease at the end of January 2010, in addition to the lower lease revenues from the Daytona Beach, Florida Barnes & Noble property due to the renegotiated lease. Somewhat offsetting these revenue declines were additional revenues recognized from the self-developed properties new leasing activities. Income properties revenues amounted to $4,817,931 during 2010’s first six months. Income properties costs and expenses totaled $1,308,094 and $1,235,569 for the first six months of 2011 and 2010, respectively. The rise in expenses was due to higher interest expense, commissions, and depreciation on the self-developed properties.
Golf operations experienced a 4% increase in losses during the second quarter of 2011 when compared to the prior year. This higher loss, of $411,540 resulted from a 4% increase in costs and expenses, although, somewhat was offset by a 4% increase in revenues during the period. Losses from golf operations totaled $395,091 during 2010’s second period. The revenue gain was achieved on a 13% rise in the number of rounds played, offset by a 2% decrease in the average rate per round. This increased activity resulted in a 6% increase in revenues from golfing activities, while food and beverage revenues rose 1% during the period. Revenues totaled $1,347,704 and $1,295,544 for the second quarters of 2011 and 2010, respectively. Golf operations costs and expenses rose primarily on higher golf course maintenance and food and beverage operating costs, with costs and expenses totaling $1,759,244 and $1,690,635 for the two quarterly periods of 2011 and 2010, respectively.
Favorable weather conditions experienced in the first quarter of 2011 helped to generate increased revenues and improved profitability from golf operations for the first six months of 2011. Revenues totaling $2,721,280 during the six-month period of 2011 represented a 10% gain over the prior year’s same period, while losses were reduced 11% to $672,124. During 2010’s first six months, revenues amounting to $2,464,425 produced a loss of $756,630. Both golf and food and beverage activities contributed to the 2011 revenue gain with golf revenues increasing 12% and food and beverage revenues growing 7%. These gains were achieved due to a 20% increase in the number of rounds played during the period, somewhat offset by a 5% reduction in the average greens fee per round played. Golf operations costs and expenses rose 5% during the period to $3,393,404. The escalation, from $3,221,055 in 2010’s same period, was the result of the increased activity in addition to higher course maintenance costs.
A 10% increase in general and administrative expenses was posted in the first six months of 2011 when compared to the prior year’s same period. The increase was substantially due to a $566,356 reduction in stock option accruals, with additions to income recorded in both periods. During 2010’s first six months stock option accruals resulted in a $607,535 addition to income with an addition of $41,179 posted in 2011. 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 $2,437,115 and $2,212,600 for the first six months of 2011 and 2010, respectively.
At June 30, 2011, cash and investment securities totaled $5,123,218 with there being no funds held for reinvestment through the like-kind exchange process at that date. This balance represented a decline of $154,024 from the cash and investment security balances held at December 31, 2010. Additionally, notes payable increased $1,743,656 during the first six-months of 2011 to $16,992,904. Major uses of funds during the period were centered on the development and construction activities in addition to the acquisition of land and leasehold improvements at the Tallahassee, Florida, CVS store. The cost of the land and leasehold improvements approximated $1.6 million and were funded utilizing the IRS Section 1033 process.
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