ConsolidatedTomoka Land Co (CTO, Financial) filed Quarterly Report for the period ended 2009-05-08.
Consolidated-Tomoka Land Co. is primarily engaged in the real estate industry through its wholly owned subsidiaries. Real estate operationsinclude commercial real estate real estate development residential and golf operations property leasing leasing properties for oil and mineral exploration and the sale of forest products. ConsolidatedTomoka Land Co has a market cap of $177.2 million; its shares were traded at around $30.96 with a P/E ratio of 13.2 and P/S ratio of 9.5. The dividend yield of ConsolidatedTomoka Land Co stocks is 1.4%.
Real estate operations reported a loss of $238,035 during the first quarter of 2009. This loss represents a 31% improvement over the loss of $342,934 in 2008 s same period. The losses during both periods came as the result of no real estate closings during the periods. Real estate costs and expenses during the first quarter of 2009 decreased 42% when compared to the prior year. The decline in expenses was due to lower real estate taxes, compensation and agriculture harvesting costs. Revenues of $6,093 and $74,844 were realized in the first quarter of 2009 and 2008, respectively, and were primarily associated with oil royalties received.
During the first three month period of 2009, income properties produced a profit of $1,846,674 on revenues totaling $2,338,970. These profits and revenues compared favorably to the profits of $1,744,230 realized on revenues amounting to $2,173,473 realized in 2008 s same period. The 8% improvement in revenues and 6% rise in profit from income properties were the result of the acquisition in April 2008 of the Harris Teeter supermarket property located in Charlotte, North Carolina.
Losses from golf operations totaled $144,427 in 2009 s first three-month period. This loss represents a 39% improvement over the loss of $237,417 recognized in 2008 s same period. The improvement was realized on a 3% rise in revenues to $1,422,767. Revenues during 2008 s first quarter totaled $1,379,551. The revenue gain was generated from both golf and food and beverage activities, with revenues from golf activities and food and beverage activities increasing 2% and 7%, respectively. These gains were generated on a 43% increase in the number of rounds played during the period, while the average rate per round played declined 27%. Golf operations costs and expenses decreased 3% during the quarter due to lower salaries and wages and golf course maintenance expenses. Golf operations costs and expenses totaled $1,567,194 and $1,616,968 for the quarters ended March 31, 2009 and 2008, respectively.
At March 31, 2009, cash and investment securities totaled $5,451,822, a decrease of $661,000 from the balance of $6,112,420 held at year-end 2008. There were no funds being held for reinvestment through the like-kind exchange process by our intermediary as of the end of the period. In addition to the decrease in cash and investment securities during the quarter notes payable rose $2,295,000 with $4,384,554 outstanding on the Company s $20,000,000 revolving line of credit at March 31, 2009.
The uses of these funds during the quarter primarily consisted of construction and development activities, the continuation of our hay conversion program, payment of income taxes and the payment of dividends. Construction and development activities approximated $960,000 and included the construction of a road on our core lands adjacent to LPGA Boulevard and construction of the 23,000 square-foot “Class A” office building. Dividends of $572,793, equivalent to $.10 per share, were paid during the period with an additional $1,020,462 paid for income taxes.
Read the The complete ReportCTO is in the portfolios of David Winters of Wintergreen Advisors, Third Avenue Management, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
Consolidated-Tomoka Land Co. is primarily engaged in the real estate industry through its wholly owned subsidiaries. Real estate operationsinclude commercial real estate real estate development residential and golf operations property leasing leasing properties for oil and mineral exploration and the sale of forest products. ConsolidatedTomoka Land Co has a market cap of $177.2 million; its shares were traded at around $30.96 with a P/E ratio of 13.2 and P/S ratio of 9.5. The dividend yield of ConsolidatedTomoka Land Co stocks is 1.4%.
Highlight of Business Operations:
During the first quarter of 2009, net income of $322,206, equivalent to $.06 per share, was earned. This net income was earned despite no real estate sale closings during the period. The earnings were generated on strong profits from income properties and improved results from golf operations. Net income of $156,124, equivalent to $.03 per share, was posted in the first quarter of 2008.Real estate operations reported a loss of $238,035 during the first quarter of 2009. This loss represents a 31% improvement over the loss of $342,934 in 2008 s same period. The losses during both periods came as the result of no real estate closings during the periods. Real estate costs and expenses during the first quarter of 2009 decreased 42% when compared to the prior year. The decline in expenses was due to lower real estate taxes, compensation and agriculture harvesting costs. Revenues of $6,093 and $74,844 were realized in the first quarter of 2009 and 2008, respectively, and were primarily associated with oil royalties received.
During the first three month period of 2009, income properties produced a profit of $1,846,674 on revenues totaling $2,338,970. These profits and revenues compared favorably to the profits of $1,744,230 realized on revenues amounting to $2,173,473 realized in 2008 s same period. The 8% improvement in revenues and 6% rise in profit from income properties were the result of the acquisition in April 2008 of the Harris Teeter supermarket property located in Charlotte, North Carolina.
Losses from golf operations totaled $144,427 in 2009 s first three-month period. This loss represents a 39% improvement over the loss of $237,417 recognized in 2008 s same period. The improvement was realized on a 3% rise in revenues to $1,422,767. Revenues during 2008 s first quarter totaled $1,379,551. The revenue gain was generated from both golf and food and beverage activities, with revenues from golf activities and food and beverage activities increasing 2% and 7%, respectively. These gains were generated on a 43% increase in the number of rounds played during the period, while the average rate per round played declined 27%. Golf operations costs and expenses decreased 3% during the quarter due to lower salaries and wages and golf course maintenance expenses. Golf operations costs and expenses totaled $1,567,194 and $1,616,968 for the quarters ended March 31, 2009 and 2008, respectively.
At March 31, 2009, cash and investment securities totaled $5,451,822, a decrease of $661,000 from the balance of $6,112,420 held at year-end 2008. There were no funds being held for reinvestment through the like-kind exchange process by our intermediary as of the end of the period. In addition to the decrease in cash and investment securities during the quarter notes payable rose $2,295,000 with $4,384,554 outstanding on the Company s $20,000,000 revolving line of credit at March 31, 2009.
The uses of these funds during the quarter primarily consisted of construction and development activities, the continuation of our hay conversion program, payment of income taxes and the payment of dividends. Construction and development activities approximated $960,000 and included the construction of a road on our core lands adjacent to LPGA Boulevard and construction of the 23,000 square-foot “Class A” office building. Dividends of $572,793, equivalent to $.10 per share, were paid during the period with an additional $1,020,462 paid for income taxes.
Read the The complete ReportCTO is in the portfolios of David Winters of Wintergreen Advisors, Third Avenue Management, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
