cons tomoka land co-florida (CTO) Key Developments
Consolidated-Tomoka Land Co. Declares Semi-Annual Dividend, Payable on November 26, 2013
Oct 23 13
At its regularly scheduled meeting of the Board of Directors held on October 23, 2013, Consolidated-Tomoka Land Co. declared a semi-annual dividend of $0.03 per share payable on November 26, 2013 to shareholders of record on November 8, 2013. The company second semi-annual dividend 2013 maintains the $0.03 per share the company paid in the second quarter, thus putting its full year dividend at $0.06 or 50% higher than 2012's full year of $0.04.
Consolidated Tomoka Land Co. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Oct 22 13
Consolidated Tomoka Land Co. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income of $1,242,304 or $0.22 diluted earnings per share on revenue of $6,372,495 against net loss of $556,606 or $0.10 diluted loss per share on revenue of $3,557,175 a year ago. Operating income was $2,469,455 and income from continuing operations before income tax expense was $1,959,557 against operating loss of $982,834 and loss from continuing operations before income tax expense of $1,135,228 a year ago. Income from continuing operations was $1,203,639 or $0.21 diluted per share against loss from continuing operations of $701,984 or $0.13 diluted per share a year ago.
For nine months, the company reported net income of $1,831,119 or $0.32 diluted earnings per share on revenue of $16,183,724 against net income of $537,381 or $0.09 diluted earnings per share on revenue of $12,398,827 a year ago. Operating income was $3,405,413 and income from continuing operations before income tax expense was $2,089,778 against operating income of $633,496 and loss from continuing operations before income tax expense of $86,859 a year ago. Income from continuing operations was $1,293,040 or $0.23 diluted per share against loss from continuing operations of $50,203 or $0.01 diluted per share a year ago. Increased net income also benefited from lower general and administrative expenses, which decreased by approximately $849,000 with such decrease primarily due to the September 30, 2012, general and administrative expenses including the impact of a charge taken in the third quarter of 2012 of approximately $612,000 pertaining to a legal reserve and approximately $145,000 related to a one-time payment to a retiring senior executive.
Consolidated-Tomoka Land Co. Announces Amendment to Oil Exploration Lease
Sep 24 13
Consolidated-Tomoka Land Co. announced the amendment of its eight-year oil exploration lease on approximately 136,000 net mineral acres in Hendry and Lee Counties, Florida, that was originally executed in 2011. Under the amended lease, executed with Kerogen Florida Energy Company LP, the Company received a payment of $4,293,000 representing the rent for the third year of the lease on approximately 82,000 net acres in Hendry County, Florida, and payments related to the drilling requirements contained in the lease. The approximately 54,000 net acres in Lee County, Florida, were removed from the lease. The Company plans to discuss leasing these acres with other exploration companies.
Consolidated Tomoka Land Co. Acquires Big Lots Store in Germantown, Maryland
Sep 16 13
Consolidated-Tomoka Land Co. announced the acquisition of a 25,600 square-foot building situated on 2.40 acres in Germantown, Maryland. The building is located within the Milestone Center, an approximately 860,000 square-foot retail shopping center anchored by Target, Wal-Mart and The Home Depot and across the street from a 103,000 square-foot retail shopping center anchored by Giant Food Stores, LLC. The building, a former Borders Books, was recently converted and leased to Big Lots Stores Inc. for an initial term of 10 years, commencing July 2013.
Consolidated Tomoka Land Co. Announces New Lease with Lamar Advertising Co
Sep 6 13
Consolidated-Tomoka Land Co. announced the signing of a new ten-year lease with Lamar Advertising Co. for approximately 7,700 square feet of flex/office space and the commencement of the second development phase of its Mason Commerce Center, a flex/office development located in the Gateway Center at the intersection of Mason Avenue and Williamson Boulevard in Daytona Beach, Florida. When completed, the Mason Commerce Center development will consist of two buildings, each with approximately 15,360 square-feet of leasable flex/office space, and will be anchored by the ten-year lease with Lamar Advertising Co. The company expects the two buildings, totaling approximately 30,720 square feet and on approximately 4.15 acres, to be available for occupancy in the second quarter of 2014. The Company intends to make the entire remaining building, comprising approximately 15,360 square feet of flex/office space, available for lease or purchase by a single tenant.