ConsolidatedTomoka Land Co (CTO, Financial) filed Annual Report for the period ended 2011-12-31.
Consol Tomoka has a market cap of $182.2 million; its shares were traded at around $32.91 with and P/S ratio of 12.4. The dividend yield of Consol Tomoka stocks is 0.3%.
Losses from real estate operations totaled $3,614,076 for the twelve months ended December 31, 2011. These losses include an impairment charge of $2,606,412, described below. No real estate transactions were closed during the year. Revenues, which were realized on oil royalties and subsurface lease income in addition to modest hay sales, amounted to $546,584 during the year.
Profits from income properties for the twelve months of 2011 totaled $6,535,289 and represented a modest decline from the prior years same period profits totaling $6,567,609. This slight downturn was posted on revenues substantially equivalent to the prior years same period and a 3% rise in costs and expenses. Revenues totaled $9,035,370 and $8,986,771 for 2011 and 2010, respectively.
For the year ended December 31, 2011, losses from golf operations totaled $5,666,554, including a $4,012,476 impairment charge. The loss before the impairment charge represented an improvement of 16% when compared to 2010s loss of $1,969,274. The improvement was accomplished on a 4% revenue gain with both golf and food and beverage activities contributing to the revenue gain during the period. Golf revenues increased 4% and food and beverage revenues gained 3% over the prior year. Golf rounds played during the twelve months rose 12% but were somewhat offset by a 4% reduction in the average green fee paid. Golf operating costs and expenses were reduced 2% from the prior year primarily due to lower depreciation expense on the reduced value of the assets after the impairment charge.
Despite improved results during each of the last three quarters of 2010, harsh weather conditions, including record cold and rain experienced during the first quarter of the year, resulted in increased losses from golf operations for calendar year 2010 when compared to the prior year. Losses from golf operations totaling $1,920,000 were posted for the twelve months of 2009. Revenues decreased 5% from the revenues posted in 2009 totaling $4,723,825. This revenue decline was due to a 4% decline in the number of rounds played during the period, coupled with a 3% decrease in average rate paid per round played. Golf operations costs and expenses
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Consol Tomoka has a market cap of $182.2 million; its shares were traded at around $32.91 with and P/S ratio of 12.4. The dividend yield of Consol Tomoka stocks is 0.3%.
Highlight of Business Operations:
The 2010 loss was primarily due to the modification of an accounting treatment related to the recording of land sales in the second quarter of 2009, as discussed in NOTE 2. MODIFICATION OF AN ACCOUNTING TREATMENT in the consolidated financial statements. This correction had the effect of decreasing net income by $720,000. During 2009s first nine months, the Company had ancillary sales of sixteen acres of land to Volusia County for a road construction project generating revenues totaling $2,633,947.Losses from real estate operations totaled $3,614,076 for the twelve months ended December 31, 2011. These losses include an impairment charge of $2,606,412, described below. No real estate transactions were closed during the year. Revenues, which were realized on oil royalties and subsurface lease income in addition to modest hay sales, amounted to $546,584 during the year.
Profits from income properties for the twelve months of 2011 totaled $6,535,289 and represented a modest decline from the prior years same period profits totaling $6,567,609. This slight downturn was posted on revenues substantially equivalent to the prior years same period and a 3% rise in costs and expenses. Revenues totaled $9,035,370 and $8,986,771 for 2011 and 2010, respectively.
For the year ended December 31, 2011, losses from golf operations totaled $5,666,554, including a $4,012,476 impairment charge. The loss before the impairment charge represented an improvement of 16% when compared to 2010s loss of $1,969,274. The improvement was accomplished on a 4% revenue gain with both golf and food and beverage activities contributing to the revenue gain during the period. Golf revenues increased 4% and food and beverage revenues gained 3% over the prior year. Golf rounds played during the twelve months rose 12% but were somewhat offset by a 4% reduction in the average green fee paid. Golf operating costs and expenses were reduced 2% from the prior year primarily due to lower depreciation expense on the reduced value of the assets after the impairment charge.
Despite improved results during each of the last three quarters of 2010, harsh weather conditions, including record cold and rain experienced during the first quarter of the year, resulted in increased losses from golf operations for calendar year 2010 when compared to the prior year. Losses from golf operations totaling $1,920,000 were posted for the twelve months of 2009. Revenues decreased 5% from the revenues posted in 2009 totaling $4,723,825. This revenue decline was due to a 4% decline in the number of rounds played during the period, coupled with a 3% decrease in average rate paid per round played. Golf operations costs and expenses
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