ConsolidatedTomoka Land Co (CTO, Financial) filed Quarterly Report for the period ended 2010-08-16.
Consolidatedtomoka Land Co has a market cap of $151.11 million; its shares were traded at around $26.4 with a P/E ratio of 330 and P/S ratio of 8.81. The dividend yield of Consolidatedtomoka Land Co stocks is 0.15%.CTO is in the portfolios of David Winters of Wintergreen Advisors, David Winters of Wintergreen Advisors, Third Avenue Management, Chuck Royce of Royce& Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Real estate operations posted losses of $1,350,888 and $1,542,326 for the second quarter and first six months of 2010, respectively. These losses were the result of closing no real estate land sales during either period in addition to a $1,125,000 accounting correction to real estate sales revenues from transactions which occurred in the prior year. This correction resulted in negative revenues totaling $1,071,704 during the second quarter and $1,018,150 for the six month period of 2010.
Revenues from income properties totaled $2,401,551 during the second quarter of 2010 and represented a 3% increase over revenues totaling $2,338,079 realized during 2009 s same period. The rise in revenues resulted from additional rents received on the Company s two self-developed properties in Daytona Beach. The revenue gains were partially offset by the loss of rents from the Lakeland, Florida, Barnes & Noble property on the expiration of the lease at the end of January 2010. Income properties costs and expenses rose 23% during the period due to costs, including depreciation, from the Company s two self-developed properties. Income properties costs and expenses totaled $632,854 and $513,747 for the second quarters of 2010 and 2009, respectively. The increases in both revenues and costs and expenses resulted in a 3% decline in income to $1,768,697. Income for the same period of 2009 totaled $1,824,332.
Despite improved results during the second quarter 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 the six-month period when compared to the prior year. Losses from golf operations totaling $756,630 and $622,201 were posted for the first six months of 2010 and 2009, respectively. Revenues decreased 8% to $2,464,425 in 2010 due to an 8% decline in the number of rounds played during the period, coupled with a 3% fall in the average rate paid per round played. Revenues totaling $2,684,971 were realized in 2009 s first six months. Golf operations costs and expenses totaled $3,221,055 and represented a 3% decrease from the prior year s same period costs and expenses totaling $3,307,172. The reduction of golf costs and expenses were due to the reduced activity during the period coupled with lower course maintenance expenses.
Cash and investment securities totaled $5,146,585 at June 30, 2010, down slightly from the year-end 2009 balance of $5,233,533. Notes payable totaled $13,087,562 at June 30, 2010, of which $7,002,927 was outstanding on the $15,000,000 revolving line of credit. Uses of funds during the six-month period were primarily centered on the continuation of our hay conversion program, with approximately $550,000 spent on this process. Additionally, funds approximating $200,000 were expended on strategic land planning and obtaining land entitlements, with dividends of $114,473, equivalent to $0.02 per share, paid during the period.
Capital expenditures planned for the remainder of 2010 are projected to approximate $4,400,000. These expenditures include $2,700,000 for the acquisition of approximately 10 acres of land through the Internal Revenue Code Section 1033 involuntary conversion under threat of condemnation tax deferral provisions, $700,000 for the continuation of our hay conversion program and $880,000 for funding of road construction. Additional funds will be expended on tenant improvements on our self-developed income properties and the recently vacated property in Lakeland, Florida, as leases are secured. Other than the estimated $880,000 commitment to road construction, 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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Consolidatedtomoka Land Co has a market cap of $151.11 million; its shares were traded at around $26.4 with a P/E ratio of 330 and P/S ratio of 8.81. The dividend yield of Consolidatedtomoka Land Co stocks is 0.15%.CTO is in the portfolios of David Winters of Wintergreen Advisors, David Winters of Wintergreen Advisors, Third Avenue Management, Chuck Royce of Royce& Associates, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Highlight of Business Operations:
For the quarter ended June 30, 2010, a net loss totaling $593,171, equivalent to $.10 per share, was recorded. This net loss represented a decline from net income totaling $187,809, equivalent to $.03 per share, posted in 2009 s second quarter. The decrease in earnings was the result of lower profits from real estate sales, as no transactions were closed during the period, in addition to the correction of an accounting error related to the recording of land sales in the second quarter of 2009, as discussed in "NOTE 2. CORRECTION OF AN ACCOUNTING ERROR" in the consolidated condensed financial statements. The correction had the effect of decreasing net income by $720,000. During 2009 s second quarter the Company had ancillary sales of seven acres of land to Volusia County for a road construction project. Partially offsetting the unfavorable results from real estate sales transactions was a positive variance in stock option accruals, approximating $630,000 after income tax, due to the lower price of Company stock in the second quarter of 2010.Real estate operations posted losses of $1,350,888 and $1,542,326 for the second quarter and first six months of 2010, respectively. These losses were the result of closing no real estate land sales during either period in addition to a $1,125,000 accounting correction to real estate sales revenues from transactions which occurred in the prior year. This correction resulted in negative revenues totaling $1,071,704 during the second quarter and $1,018,150 for the six month period of 2010.
Revenues from income properties totaled $2,401,551 during the second quarter of 2010 and represented a 3% increase over revenues totaling $2,338,079 realized during 2009 s same period. The rise in revenues resulted from additional rents received on the Company s two self-developed properties in Daytona Beach. The revenue gains were partially offset by the loss of rents from the Lakeland, Florida, Barnes & Noble property on the expiration of the lease at the end of January 2010. Income properties costs and expenses rose 23% during the period due to costs, including depreciation, from the Company s two self-developed properties. Income properties costs and expenses totaled $632,854 and $513,747 for the second quarters of 2010 and 2009, respectively. The increases in both revenues and costs and expenses resulted in a 3% decline in income to $1,768,697. Income for the same period of 2009 totaled $1,824,332.
Despite improved results during the second quarter 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 the six-month period when compared to the prior year. Losses from golf operations totaling $756,630 and $622,201 were posted for the first six months of 2010 and 2009, respectively. Revenues decreased 8% to $2,464,425 in 2010 due to an 8% decline in the number of rounds played during the period, coupled with a 3% fall in the average rate paid per round played. Revenues totaling $2,684,971 were realized in 2009 s first six months. Golf operations costs and expenses totaled $3,221,055 and represented a 3% decrease from the prior year s same period costs and expenses totaling $3,307,172. The reduction of golf costs and expenses were due to the reduced activity during the period coupled with lower course maintenance expenses.
Cash and investment securities totaled $5,146,585 at June 30, 2010, down slightly from the year-end 2009 balance of $5,233,533. Notes payable totaled $13,087,562 at June 30, 2010, of which $7,002,927 was outstanding on the $15,000,000 revolving line of credit. Uses of funds during the six-month period were primarily centered on the continuation of our hay conversion program, with approximately $550,000 spent on this process. Additionally, funds approximating $200,000 were expended on strategic land planning and obtaining land entitlements, with dividends of $114,473, equivalent to $0.02 per share, paid during the period.
Capital expenditures planned for the remainder of 2010 are projected to approximate $4,400,000. These expenditures include $2,700,000 for the acquisition of approximately 10 acres of land through the Internal Revenue Code Section 1033 involuntary conversion under threat of condemnation tax deferral provisions, $700,000 for the continuation of our hay conversion program and $880,000 for funding of road construction. Additional funds will be expended on tenant improvements on our self-developed income properties and the recently vacated property in Lakeland, Florida, as leases are secured. Other than the estimated $880,000 commitment to road construction, 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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