Last10K.com

Consolidated Tomoka Land Co (CTO) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Consolidated Tomoka Land Co

CIK: 23795 Ticker: CTO

Exhibit 99.1

Picture 1

Press

Release

Contact:             Mark E. Patten, Sr. Vice President and CFO

mpatten@ctlc.com

Phone:               (386) 944‑5643

Facsimile:          (386) 274‑1223

 

 

 

SEPTEMBER 30, 2018

 

FOR

IMMEDIATE

RELEASE

CONSOLIDATED-TOMOKA LAND CO. REPORTS

REVENUE OF $18.4 MILLION AND EARNINGS OF $0.05 PER SHARE FOR THE QUARTER ENDED SEPTEMBER 30, 2018

 

DAYTONA BEACH, Fla. – October 17, 2018 – Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced its operating results and earnings for the quarter and nine months ended September 30, 2018.

QUARTER HIGHLIGHTS

Land Holdings

Completed Land Sales:  Two land parcels totaling approximately 24 acres with aggregate proceeds of approximately $7.0 million, or approximately $289,000 per acre.

Land Pipeline: Sixteen (16) potential land transactions totaling approximately 3,500 acres of the Company’s remaining land, or approximately 64%, with potential proceeds of approximately $154.1  million, or approximately $44,000 per acre.

Share Repurchase Program

Since June 30, 2018 and through October 16, 2018, the Company has repurchased 50,732 shares of its common stock for approximately $3.1 million, at an average purchase price of $60.94 per share with approximately $7.2 million remaining in the recently increased buyback program.

Golf Impairment

The Company wrote-down the value of its golf operation net assets to $3.1 million,  reflecting an impairment charge of approximately $1.1 million, which negatively impacted earnings for the quarter and year-to-date by $0.15 per share, after tax.

Book Value Per Share

Our book value per share totaled $37.20 as of September 30, 2018, an increase of $4.22 per share, or 13%, compared to year-end 2017.

Strategic Initiatives

During the quarter ended September 30, 2018 and subsequently, the Company has commenced efforts to pursue the monetization of certain of its multi-tenant income properties, its portfolio of subsurface interests and its interest in the golf operations, which in aggregate could potentially generate proceeds in excess of $125 million. The Company will seek to deploy the proceeds from any of the aforementioned dispositions to acquire single-tenant net lease assets utilizing the 1031 like-kind exchange structure where possible.


The following information was filed by Consolidated Tomoka Land Co (CTO) on Wednesday, October 17, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Consolidated Tomoka Land Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Consolidated Tomoka Land Co.

Continue

Assess how Consolidated Tomoka Land Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Consolidated Tomoka Land Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Cash Flow
Income
Product
Dividend
Expense
Earnings
Debt
Shares
Other
Inside Consolidated Tomoka Land Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders’ Equity
Consolidated Statements Of Shareholders’ Equity (Parenthetical)
Accrued And Other Liabilities
Accrued And Other Liabilities (Tables)
Accrued And Other Liabilities - Components (Details)
Accrued And Other Liabilities - Environmental Reserves (Details)
Accrued And Other Liabilities - Golf Course Lease And Surcharge (Details)
Accrued And Other Liabilities - Tenant Improvement Credits (Details)
Accrued And Other Liabilities - Tenant Leasing Reserve Escrow (Details)
Business Segment Data
Business Segment Data (Tables)
Business Segment Data - Description (Details)
Business Segment Data - Summary Of Operations In Different Segments (Details)
Commercial Loan Investments
Commercial Loan Investments (Tables)
Commercial Loan Investments - Carrying Value Of Held For Investment And Loans Classified As Held For Sale (Details)
Commercial Loan Investments - Composition Of Portfolio (Details)
Commercial Loan Investments - Portfolio Information (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Contractual Commitments - Expenditures (Details)
Commitments And Contingencies - Contractual Commitments - Land Pipeline (Details)
Commitments And Contingencies - Other Matters (Details)
Common Stock And Earnings Per Share
Common Stock And Earnings Per Share (Tables)
Common Stock And Earnings Per Share - Anti-Dilutive Securities And Convertible Notes (Details)
Common Stock And Earnings Per Share - Summary Of Common Stock And Earnings Per Share (Details)
Deferred Revenue
Deferred Revenue (Tables)
Deferred Revenue - Rent Paid In Advance (Details)
Deferred Revenue - Summary Of Deferred Revenue (Details)
Description Of Business And Principles Of Interim Statements
Description Of Business And Principles Of Interim Statements (Policies)
Description Of Business And Principles Of Interim Statements - Commercial Loan Investments And Accounts Receivable (Details)
Description Of Business And Principles Of Interim Statements - Description Of Business (Details)
Description Of Business And Principles Of Interim Statements - Fair Value Of Financial Instruments (Details)
Description Of Business And Principles Of Interim Statements - Income Taxes (Details)
Description Of Business And Principles Of Interim Statements - Restricted Cash And Investment Securities (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Carrying Value And Estimated Fair Value (Details)
Fair Value Of Financial Instruments - Measured On A Recurring Basis (Details)
Impairment Of Long-Lived Assets
Impairment Of Long-Lived Assets (Details)
Income Properties
Income Properties (Tables)
Income Properties - Acquisitions (Detail)
Income Properties - Acquisitions (Details)
Income Properties - Dispositions And Impairment Charges (Details)
Income Properties - Properties Acquired (Details)
Income Taxes
Income Taxes (Details)
Intangible Lease Assets And Liabilities
Intangible Lease Assets And Liabilities (Tables)
Intangible Lease Assets And Liabilities - Amortization (Details)
Intangible Lease Assets And Liabilities - Components (Details)
Intangible Lease Assets And Liabilities - Summary Of Estimated Amortization And Accretion (Details)
Interest Rate Swap
Interest Rate Swap (Details)
Investment In Joint Venture
Investment In Joint Venture (Details)
Investment In Joint Venture (Tables)
Land And Subsurface Interests
Land And Subsurface Interests (Tables)
Land And Subsurface Interests - Beachfront Venture And Daytona Beach (Details)
Land And Subsurface Interests - Daytona Beach, Florida Land (Details)
Land And Subsurface Interests - Land Sales And Impairments (Details)
Land And Subsurface Interests - Other Real Estate Assets (Details)
Land And Subsurface Interests - Real Estate Operations Revenues (Details)
Land And Subsurface Interests - Subsurface Interests (Details)
Land And Subsurface Interests - Tiger Bay Mitigation (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Carrying Value (Details)
Long-Term Debt - Components (Details)
Long-Term Debt - Convertible Notes (Details)
Long-Term Debt - Credit Facility (Details)
Long-Term Debt - Interest Expense (Details)
Long-Term Debt - Outstanding Indebtedness (Details)
Long-Term Debt - Payments Applicable To Reduction Of Principal (Details)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Major Good Or Service (Details)
Revenue Recognition - Timing Of Revenue Recognition (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - All Equity And Liability Classified Award Activity (Details)
Stock-Based Compensation - Liability-Classified Stock Compensation Activity (Details)
Stock-Based Compensation - Market Condition Restricted Shares - Stock Price Vesting (Details)
Stock-Based Compensation - Non-Qualified Stock Option Award Activity (Details)
Stock-Based Compensation - Non-Qualified Stock Option Awards Granted (Details)
Stock-Based Compensation - Non-Qualified Stock Option Non-Vested Award Activity (Details)
Stock-Based Compensation - Performance Share Awards €“ Peer Group Market Condition Vesting (Details)
Stock-Based Compensation - Three Year Vest Restricted Shares (Details)
Subsequent Events
Subsequent Events (Details)
Treasury Stock
Treasury Stock (Details)

Material Contracts, Statements, Certifications & more

Consolidated Tomoka Land Co provided additional information to their SEC Filing as exhibits

Ticker: CTO
CIK: 23795
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007930
Submitted to the SEC: Fri Oct 26 2018 6:28:47 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Real Estate

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cto/0001558370-18-007930.htm