EARNINGS NEWS RELEASE
QUARTER ENDED
----------------------------
SEPTEMBER 30, SEPTEMBER 30,
2006 2005
------------ ------------
REVENUES $7,607,732 $6,673,794
============ ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $2,436,415 $2,689,202
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- ($355)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -- --
(NET OF INCOME TAX)
----------- ------------
NET INCOME $2,436,415 $2,688,847
=========== ============
BASIC EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $0.43 $0.47
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- --
CULULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) -- --
----------- ------------
NET INCOME $0.43 $0.47
=========== ============
DILUTED EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $0.43 $0.47
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) -- --
----------- ------------
NET INCOME $0.43 $0.47
=========== ============
NINE MONTHS ENDED
----------------------------
SEPTEMBER 30, SEPTEMBER 30,
2006 2005
----------- ------------
REVENUES $24,730,687 $36,347,735
=========== ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $ 8,384,796 $12,613,664
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $ 240,476 $ 8,742
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) ($216,093) (1)
----------- ------------
NET INCOME $ 8,409,179 $12,622,406
=========== ============
BASIC EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $1.48 $2.23
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $0.04 --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE ($0.04) (1) --
(NET OF INCOME TAX)
----------- ------------
NET INCOME $1.48 $2.23
=========== ============
DILUTED EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $1.48 $2.20
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $0.04 --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE ($0.04) (1) --
----------- ------------
NET INCOME $1.48 $2.20
=========== ============
(1) THE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE REPRESENTS THE
CHANGE IN ACCOUNTING FOR STOCK OPTIONS WITH THE ADOPTION OF FINANCIAL
ACCOUNTING STANDARDS BOARD STATEMENT NO. 123 (REVISED 2004).
PAGE> 2
RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
QUARTER ENDED
-----------------------
SEPTEMBER 30, SEPTEMBER 30,
2006 2005
------------ ----------
Net Income $ 2,436,415 $2,688,847
Add Back:
Depreciation and Amortization 602,218 452,202
Deferred Taxes 2,141,398 (406,804)
Earnings Before Depreciation, ----------- ------------
Amortization, and Deferred Taxes $ 5,180,031 $2,734,245
=========== ============
WEIGHTED AVERAGE SHARES OUTSTANDING 5,691,192 5,667,996
============ ============
EBDDT PER SHARE $0.91 $0.49
=========== ============
NINE MONTHS ENDED
--------------------------
SEPTEMBER 30, SEPTEMBER 30,
2006 2005
----------- -----------
Net Income $ 8,409,179 $12,622,406
Add Back:
Depreciation and Amortization 1,628,327 1,277,275
Deferred Taxes 3,452,552 2,208,047
----------- ------------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $13,490,058 $16,107,728
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING 5,681,060 5,660,564
=========== ===========
EBDDT Per Share $2.37 $2.85
===== =====
EBDDT Earnings Before Depreciation, Amortization, and Deferred Taxes. EBDDT
is not a measure of operating results or cash flows from operating activities as
defined by accounting principles generally accepted in the United States of
America. Further, EBDDT is not accepted in the United States of America.
Further, EBDDT is not necessarily indicative of cash availability to fund
cash needs and should not be considered as an alternative to fund cash flow
as a measure of liquidity. The Company believes, however, that EBDDT provides
relevant information about operations and is useful, along with net income,
for an understanding of the Company's operating results. EBDDT is calculated
by adding depreciation, amortization, and deferred income taxes to net
income as they represent non-cash charges.
3
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, DECEMBER 31,
2006 2005
------------ -----------
ASSETS
Cash $ 1,176,779 $ 1,127,143
Restricted Cash 2,103,639 7,840,167
Investment Securities 6,910,826 14,341,097
Land and Development Costs 12,887,017 9,142,551
Intangible Assets 5,200,132 4,591,944
Other Assets 4,912,393 5,205,415
---------- ----------
$ 33,190,786 $42,248,317
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 2,736,231 $ 2,280,355
Golf Buildings, Improvements and Equipment 11,433,071 11,382,515
Income Properties Land, Buildings and Improvements 104,819,695 91,656,972
Other Building, Equipment and Land Improvements 2,428,915 1,769,407
---------- ----------
Total Property, Plant and Equipment 121,417,912 107,089,249
Less Accumulated Depreciation and Amortization (7,351,093) (6,079,090)
---------- ----------
Net - Property, Plant and Equipment 114,066,819 101,010,159
---------- ----------
TOTAL ASSETS $147,257,605 $143,258,476
=========== ===========
LIABILITIES
Accounts Payable $ 750,838 $ 248,698
Accrued Liabilities 8,134,752 6,083,047
Income Taxes Payable 384,983 5,157,171
Deferred Income Taxes 27,611,626 24,159,074
Deferred Profit 1,696,020 5,345,006
Notes Payable 8,020,679 7,297,593
---------- ----------
TOTAL LIABILITIES $ 46,598,898 $ 48,290,589
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,692,539 5,667,796
Additional Paid in Capital 2,769,424 4,168,865
Retained Earnings 92,423,354 85,435,246
Accumulated Other Comprehensive Loss ( 226,610) ( 304,020)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 100,658,707 94,967,887
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $147,257,605 $143,258,476
=========== ===========
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