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ConsolidatedTomoka Land Co (CTO) filed Quarterly Report for the period ended 2011-09-30.
Consolidatedtomoka Land has a market cap of $158.3 million; its shares were traded at around $27.61 with and P/S ratio of 11.8. 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:
Real estate operations posted losses of $401,678 and $1,944,004 for the third quarter and first nine months of 2010, respectively. These losses were the result of closing no real estate land sales during either period. In addition, during the second quarter of 2010, a $1,125,000 modification of accounting treatment was recorded to real estate sales revenues from transactions which occurred in the prior year. This modification of an accounting treatment resulted in negative revenues totaling $983,181 during the nine-month period of 2010 (see “NOTE 2. MODIFICATION OF AN ACCOUNTING TREATMENT” to the condensed consolidated financial statements). Revenues totaling $34,969 were realized on oil royalties and hay sales during 2010 third quarter.Revenues and profits from income properties totaled $2,480,999 and $1,820,416, respectively, during the third quarter of 2011. These revenues and profits were in line with prior year’s same period results. Profits of $1,811,863 were realized on revenues totaling $2,451,845 during 2010’s third quarter. Slight declines in rental income from the renegotiated lease on the Barnes & Noble located in Daytona Beach, Florida, were offset by increase rents recorded on the expanded Tallahassee CVS and the self-developed flex-office space in Daytona Beach. Income properties costs and expenses rose 3% during the period on the payment of commissions on leasing activities for the flex office space. Income properties costs and expenses totaled $660,583 and $639,982 for the third quarters of 2011 and 2010, respectively.
Profits from income properties for the first nine months of 2011 totaled $5,279,051 and represented a 2% decrease from the prior year’s same period profits totaling $5,394,225. This modest downturn was posted on revenues substantially equivalent to the prior year’s same period and a 5% rise in costs and expenses. Revenues totaled $7,247,728 during the first nine months of 2011.
During the quarter ended September 30, 2011, losses from golf operations totaled $4,562,036, including an impairment charge totaling $4,012,476. The loss, before the impairment charge, represented a 13% improvement over losses totaling $634,501 during the third quarter of 2010. The operating improvement was recognized despite a 7% decline in revenues as golf operations costs and expenses decreased 13% compared to the prior year’s same period. The fall in revenue during the period was the result of an 11% drop in the number of rounds played combined with a 12% decline in average green fee paid. Food and beverage revenues were in line with the prior year. Lower golf course maintenance and payroll costs on the reduced activity, along with lower depreciation charges, produced the cost reduction.
For the nine months ended September 30, 2011, losses from golf operating activities totaled $5,234,160, including the $4,012,476 impairment charge. The loss before the impairment charge represented an improvement of 12% when compared to 2010’s loss for the nine-month period of $1,391,131. The improvement was accomplished on a 6% revenue gain. Both golf and food and beverage activities contributed to the revenue gain during the period with golf revenues increasing 6% and food and beverage revenues gaining 5% over the prior year. Golf rounds played during the nine months rose 10% but were offset by a 5% reduction in the average green fee paid. Golf operating costs and expenses were in line with the prior year.
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