EARNINGS NEWS RELEASE
QUARTER ENDED
----------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
------------ ------------
REVENUES $17,908,566 $8,372,221
============ ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $5,776,338 $2,207,525
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- ($12,181)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -- --
(NET OF INCOME TAX)
----------- ------------
NET INCOME $5,776,338 $2,195,344
=========== ============
BASIC EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $1.01 $0.39
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- --
CULULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) -- --
----------- ------------
NET INCOME $1.01 $0.39
=========== ============
DILUTED EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $1.01 $0.38
DISCONTINUED OPERATIONS (NET OF INCOME TAX) -- --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) -- --
----------- ------------
NET INCOME $1.01 $0.38
=========== ============
PAGE> 1
YEAR ENDED
----------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
----------- ------------
REVENUES $43,589,253 $44,719,956
=========== ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $14,003,939 $14,821,189
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $240,476 ($3,439)
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX) ($216,093) (1) --
----------- ------------
NET INCOME $14,028,322 $14,817,750
=========== ============
BASIC EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $2.47 $2.62
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $0.04 --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE ($0.04) (1) --
(NET OF INCOME TAX)
----------- ------------
NET INCOME $2.47 $2.62
=========== ============
DILUTED EARNINGS PER SHARE:
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $2.46 $2.58
DISCONTINUED OPERATIONS (NET OF INCOME TAX) $0.04 --
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE ($0.04) (1) --
----------- ------------
NET INCOME $2.46 $2.58
=========== ============
()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)EFFECTIVE
JANUARY 1, 2006.
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RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
QUARTER ENDED
----------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
------------ ----------
Net Income $5,776,338 $2,195,344
Add Back:
Depreciation and Amortization 603,482 477,852
Deferred Taxes 3,159,297 (3,983,448)
Earnings Before Depreciation, ----------- ------------
Amortization, and Deferred Taxes $ 9,539,117 ($1,310,252)
=========== ============
WEIGHTED AVERAGE SHARES OUTSTANDING 5,692,890 5,667,996
=========== ============
EBDDT PER SHARE $1.68 ($0.24)
=========== ============
YEAR ENDED
---------------------------
DECEMBER 31, DECEMBER 31,
2006 2005
----------- ------------
Net Income $14,028,322 $14,817,750
Add Back:
Depreciation and Amortization 2,265,848 1,755,127
Deferred Taxes 5,332,513 (1,775,401)
----------- ------------
Earnings Before Depreciation,
Amortization, and Deferred Taxes $21,626,683 $14,797,476
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING 5,684,042 5,667,387
=========== ===========
EBDDT Per Share $3.80 $2.61
=========== ===========
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.
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CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEET
DECEMBER 31, DECEMBER 31,
2006 2005
------------ ------------
ASSETS
Cash $ 738,264 $ 1,127,143
Restricted Cash 1,185,962 7,840,167
Investment Securities 11,780,205 14,341,097
Notes Receivable 700,000 --
Land and Development Costs 15,058,340 9,142,551
Intangible Assets 5,103,649 4,591,944
Other Assets 5,569,605 5,205,415
---------- ----------
$ 40,136,025 $42,248,317
---------- ----------
Property, Plant and Equipment:
Land, Timber and Subsurface Interests $ 3,012,623 $ 2,280,355
Golf Buildings, Improvements and Equipment 11,442,492 11,382,515
Income Properties Land, Buildings and Improvements 104,819,695 91,656,972
Other Building, Equipment and Land Improvements 2,584,467 1,769,407
---------- ----------
Total Property, Plant and Equipment 121,859,277 107,089,249
Less Accumulated Depreciation and Amortization (8,221,138) (6,079,090)
---------- ----------
Net - Property, Plant and Equipment 113,638,139 101,010,159
---------- ----------
TOTAL ASSETS $153,774,164 $143,258,476
=========== ===========
LIABILITIES
Accounts Payable $ 167,378 $ 248,698
Accrued Liabilities 13,492,894 6,083,047
Income Taxes Payable -- 5,157,171
Deferred Income Taxes 29,491,587 24,159,074
Deferred Profit 563,467 5,345,006
Notes Payable 7,061,531 7,297,593
---------- ----------
TOTAL LIABILITIES $ 50,776,857 $ 48,290,589
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock 5,693,007 5,667,796
Additional Paid in Capital 2,630,748 4,168,865
Retained Earnings 95,650,170 85,435,246
Accumulated Other Comprehensive Loss ( 976,618) ( 304,020)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 102,997,307 94,967,887
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $153,774,164 $143,258,476
=========== ===========
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