Company Quick10K Filing
Consolidated Tomoka Land
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 5 $302
10-Q 2019-10-23 Quarter: 2019-09-30
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-04-30 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-08-01 Quarter: 2018-06-30
10-Q 2018-05-01 Quarter: 2018-03-31
10-K 2018-02-28 Annual: 2017-12-31
10-Q 2017-10-30 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-07-29 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-03-01 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-10-28 Quarter: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-30
10-Q 2014-04-30 Quarter: 2014-03-31
10-K 2014-03-10 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-07-30 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-K 2013-03-08 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-05-09
10-K 2011-03-11 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-11-09
10-Q 2010-08-16 Quarter: 2010-08-16
10-Q 2010-05-10 Quarter: 2010-05-04
10-K 2010-03-12 Annual: 2009-12-31
8-K 2019-12-09 M&A, Regulation FD, Exhibits
8-K 2019-11-26 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2019-10-23 Regulation FD, Exhibits
8-K 2019-10-18
8-K 2019-10-16
8-K 2019-10-16
8-K 2019-10-15
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-07-17 Regulation FD, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-24 Enter Agreement, Exhibits
8-K 2019-04-24 Shareholder Vote
8-K 2019-04-24 Regulation FD, Exhibits
8-K 2019-04-16 Earnings, Exhibits
8-K 2019-04-16 Regulation FD, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2019-02-05 Regulation FD, Exhibits
8-K 2018-10-17 Officers, Exhibits
8-K 2018-10-17 Regulation FD, Exhibits
8-K 2018-10-17 Earnings, Exhibits
8-K 2018-07-18 Earnings, Exhibits
8-K 2018-07-18 Regulation FD, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-04-25 Regulation FD, Exhibits
8-K 2018-04-17 Earnings, Exhibits
8-K 2018-04-17 Regulation FD, Exhibits
8-K 2018-04-09 Regulation FD, Exhibits
8-K 2018-02-21 Officers
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-02-07 Regulation FD, Exhibits
CTO 2019-09-30
Part I—Financial Information
Item 1. Financial Statements
Note 1. Description of Business and Principles of Interim Statements
Note 2. Revenue Recognition
Note 3. Income Properties and Leases
Note 4. Land and Subsurface Interests
Note 5. Investment in Joint Venture
Note 6. Commercial Loan Investments
Note 7. Fair Value of Financial Instruments
Note 8. Intangible Lease Assets and Liabilities
Note 9. Impairment of Long-Lived Assets
Note 10. Other Assets
Note 11. Common Stock and Earnings per Share
Note 12. Treasury Stock
Note 13. Long-Term Debt
Note 14. Interest Rate Swap
Note 15. Accrued and Other Liabilities
Note 16. Deferred Revenue
Note 17. Stock-Based Compensation
Note 18. Income Taxes
Note 19. Commitments and Contingencies
Note 20. Business Segment Data
Note 22. Subsequent Events
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part Ii—Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 cto-20190930ex311bf983d.htm
EX-31.2 cto-20190930ex312cf729a.htm
EX-32.1 cto-20190930ex3218d1dae.htm
EX-32.2 cto-20190930ex322d6b02b.htm

Consolidated Tomoka Land Earnings 2019-09-30

CTO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
TRC 432 529 94 35 0 5 11 493 0% 43.1 1%
NTP 340 318 90 0 0 0 0 340 0%
RFL 304 143 17 5 0 -3 -1 291 0% -259.0 -2%
CTO 302 578 380 84 59 29 57 522 71% 9.2 5%
PICO 228 177 2 17 0 1 1 219 0% 281.3 0%
ARL 214 818 507 82 0 168 223 433 0% 1.9 21%
MMAC 200 326 111 0 0 66 68 295 4.3 20%
GRIF 192 264 167 26 25 5 18 328 93% 18.5 2%
MLP 190 48 17 10 0 1 1 189 0% 250.5 2%
LEJU 166 417 175 0 0 0 0 18 0%

10-Q 1 cto-20190930x10q.htm 10-Q cto_Current_Folio_10Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM 10-Q

 


 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

 

Commission file number 01-11350

 


 

CONSOLIDATED-TOMOKA LAND CO.

(Exact name of registrant as specified in its charter)

 


 

 

 

 

Florida

    

59-0483700

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

1140 N. Williamson Blvd., Suite 140

 

 

Daytona Beach, Florida

 

32114

(Address of principal executive offices)

 

(Zip Code)

 

(386) 274-2202

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)


 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

COMMON STOCK, $1.00 PAR VALUE

 

CTO

 

NYSE American

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

Large Accelerated Filer

 

Accelerated Filer

 

 

 

Non-accelerated Filer

  

 

Smaller Reporting Company

 

 

 

 

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).    Yes      No  

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class of Common Stock Outstanding

October 11, 2019

$1.00 par value 4,929,079

 

 

INDEX

 

 

 

 

 

 

Page

 

    

No.

PART I—FINANCIAL INFORMATION 

 

 

 

 

 

Item 1.      Financial Statements 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2019 (Unaudited) and December 31, 2018 

 

3

 

 

 

Consolidated Statements of Operations – Three and nine months ended September 30, 2019 and 2018 (Unaudited) 

 

4

 

 

 

Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2019 and 2018 (Unaudited) 

 

5

 

 

 

Consolidated Statements of Shareholders’ Equity – Nine months ended September 30, 2019 and 2018 (Unaudited) 

 

6

 

 

 

Consolidated Statements of Cash Flows – Nine months ended September 30, 2019 and 2018 (Unaudited) 

 

7

 

 

 

Notes to Consolidated Financial Statements (Unaudited) 

 

9

 

 

 

Item 2.      Management’s Discussion and Analysis of Financial Condition and Results of Operations 

 

41

 

 

 

Item 3.      Quantitative and Qualitative Disclosures About Market Risks 

 

58

 

 

 

Item 4.      Controls and Procedures 

 

59

 

 

 

PART II—OTHER INFORMATION 

 

59

 

 

 

Item 1.      Legal Proceedings 

 

59

 

 

 

Item 1A.   Risk Factors 

 

59

 

 

 

Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds 

 

60

 

 

 

Item 3.      Defaults Upon Senior Securities 

 

60

 

 

 

Item 4.      Mine Safety Disclosures 

 

60

 

 

 

Item 5.      Other Information 

 

60

 

 

 

Item 6.      Exhibits 

 

61

 

 

 

SIGNATURES 

 

62

 

 

2

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

CONSOLIDATED-TOMOKA LAND CO.

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

    

(Unaudited)
September 30,
2019

    

December 31,
2018

ASSETS

 

 

 

 

 

 

Property, Plant, and Equipment:

 

 

 

 

 

 

Income Properties, Land, Buildings, and Improvements

 

$

472,444,875

 

$

392,520,783

Other Furnishings and Equipment

 

 

730,878

 

 

728,817

Construction in Progress

 

 

412,543

 

 

19,384

Total Property, Plant, and Equipment

 

 

473,588,296

 

 

393,268,984

Less, Accumulated Depreciation and Amortization

 

 

(32,696,922)

 

 

(24,518,215)

Property, Plant, and Equipment—Net

 

 

440,891,374

 

 

368,750,769

Land and Development Costs

 

 

23,520,982

 

 

25,764,633

Intangible Lease Assets—Net

 

 

49,195,221

 

 

43,555,445

Assets Held for Sale—See Note 21

 

 

4,502,635

 

 

75,866,510

Investment in Joint Venture

 

 

6,850,594

 

 

6,788,034

Impact Fee and Mitigation Credits

 

 

447,596

 

 

462,040

Commercial Loan Investments

 

 

32,419,693

 

 

 —

Cash and Cash Equivalents

 

 

5,411,727

 

 

2,310,489

Restricted Cash

 

 

6,213,295

 

 

19,721,475

Refundable Income Taxes

 

 

 —

 

 

225,024

Other Assets—See Note 10

 

 

14,008,249

 

 

12,885,453

Total Assets

 

$

583,461,366

 

$

556,329,872

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Accounts Payable

 

$

2,624,096

 

$

1,036,547

Accrued and Other Liabilities—See Note 15

 

 

5,627,474

 

 

5,197,884

Deferred Revenue—See Note 16

 

 

7,457,665

 

 

7,201,604

Intangible Lease Liabilities—Net

 

 

26,059,614

 

 

27,390,350

Liabilities Held for Sale—See Note 21

 

 

1,729,049

 

 

1,347,296

Income Taxes Payable

 

 

112,896

 

 

 —

Deferred Income Taxes—Net

 

 

58,761,619

 

 

54,769,907

Long-Term Debt

 

 

282,087,031

 

 

247,624,811

Total Liabilities

 

 

384,459,444

 

 

344,568,399

Commitments and Contingencies—See Note 19

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Shareholders' Equity:

 

 

 

 

 

 

Common Stock – 25,000,000 shares authorized; $1 par value, 6,075,462 shares issued and 4,927,728 shares outstanding at September 30, 2019; 6,052,209 shares issued and 5,436,952 shares outstanding at December 31, 2018

 

 

6,015,867

 

 

5,995,257

Treasury Stock – 1,147,734 shares at September 30, 2019 and 615,257 shares at December 31, 2018

 

 

(63,441,664)

 

 

(32,345,002)

Additional Paid-In Capital

 

 

26,062,021

 

 

24,326,778

Retained Earnings

 

 

230,284,293

 

 

213,297,897

Accumulated Other Comprehensive Income

 

 

81,405

 

 

486,543

Total Shareholders’ Equity

 

 

199,001,922

 

 

211,761,473

Total Liabilities and Shareholders’ Equity

 

$

583,461,366

 

$

556,329,872

 

See Accompanying Notes to Consolidated Financial Statements

3

 

CONSOLIDATED-TOMOKA LAND CO.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

    

2019

    

2018

    

2019

    

2018

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Income Properties

 

$

10,260,831

 

$

9,360,155

 

$

31,360,544

 

$

28,347,181

Interest Income from Commercial Loan Investments

 

 

855,559

 

 

41,262

 

 

908,324

 

 

615,728

Real Estate Operations

 

 

631,741

 

 

8,012,509

 

 

11,677,413

 

 

24,498,527

Total Revenues

 

 

11,748,131

 

 

17,413,926

 

 

43,946,281

 

 

53,461,436

Direct Cost of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Income Properties

 

 

(1,476,288)

 

 

(1,773,840)

 

 

(5,043,496)

 

 

(5,677,758)

Real Estate Operations

 

 

(342,148)

 

 

(5,577,491)

 

 

(6,448,016)

 

 

(7,993,767)

Total Direct Cost of Revenues

 

 

(1,818,436)

 

 

(7,351,331)

 

 

(11,491,512)

 

 

(13,671,525)

General and Administrative Expenses

 

 

(2,260,728)

 

 

(1,928,008)

 

 

(6,881,524)

 

 

(7,180,737)

Depreciation and Amortization

 

 

(4,286,836)

 

 

(3,756,507)

 

 

(11,707,710)

 

 

(11,308,876)

Total Operating Expenses

 

 

(8,366,000)

 

 

(13,035,846)

 

 

(30,080,746)

 

 

(32,161,138)

Gain on Disposition of Assets

 

 

2,187,332

 

 

 —

 

 

20,869,196

 

 

22,035,666

Total Operating Income

 

 

5,569,463

 

 

4,378,080

 

 

34,734,731

 

 

43,335,964

Investment Income

 

 

33,048

 

 

14,179

 

 

86,363

 

 

38,383

Interest Expense

 

 

(3,253,908)

 

 

(2,345,156)

 

 

(9,219,195)

 

 

(7,443,922)

Income from Continuing Operations Before Income Tax Expense

 

 

2,348,603

 

 

2,047,103

 

 

25,601,899

 

 

35,930,425

Income Tax Expense from Continuing Operations

 

 

(595,144)

 

 

(561,223)

 

 

(6,459,234)

 

 

(9,016,556)

Net Income from Continuing Operations

 

 

1,753,459

 

 

1,485,880

 

 

19,142,665

 

 

26,913,869

Loss from Discontinued Operations (Net of Income Tax)—See Note 21

 

 

(267,437)

 

 

(1,189,708)

 

 

(591,746)

 

 

(1,542,490)

Net Income

 

$

1,486,022

 

$

296,172

 

$

18,550,919

 

$

25,371,379

 

 

 

 

 

 

 

 

 

 

 

 

 

Per Share Information—See Note 11:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.

 

$

0.36

 

$

0.27

 

$

3.79

 

$

4.88

Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Income Tax)

 

 

(0.05)

 

 

(0.22)

 

 

(0.12)

 

 

(0.28)

Basic Net Income per Share

 

$

0.31

 

$

0.05

 

$

3.67

 

$

4.60

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net Income from Continuing Operations Attributable to Consolidated-Tomoka Land Co.

 

$

0.36

 

$

0.27

 

$

3.79

 

$

4.85

Net Income from Discontinued Operations Attributable to Consolidated-Tomoka Land Co. (Net of Income Tax)

 

 

(0.05)

 

 

(0.22)

 

 

(0.12)

 

 

(0.28)

Diluted Net Income per Share

 

$

0.31

 

$

0.05

 

$

3.67

 

$

4.57

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared and Paid

 

$

0.11

 

$

0.07

 

$

0.31

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Accompanying Notes to Consolidated Financial Statements

4

CONSOLIDATED-TOMOKA LAND CO.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

    

September 30,

2019

    

September 30,

2018

    

September 30,

2019

    

September 30,

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

1,486,022

 

$

296,172

 

$

18,550,919

 

$

25,371,379

Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flow Hedging Derivative - Interest Rate Swap (Net of Income Tax of $(21,153) and $7,576 for the three months ended September 30, 2019 and 2018, respectively, and Net of Income Tax of $(137,543) and $85,169 for the nine months ended September 30, 2019 and 2018, respectively)

 

 

(62,307)

 

 

22,316

 

 

(405,138)

 

 

331,126

Total Other Comprehensive Income (Loss), Net of Income Tax

 

 

(62,307)

 

 

22,316

 

 

(405,138)

 

 

331,126

Total Comprehensive Income

 

$

1,423,715

 

$

318,488

 

$

18,145,781

 

$

25,702,505

 

See Accompanying Notes to Consolidated Financial Statements

5

CONSOLIDATED-TOMOKA LAND CO.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

For the three months ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

Common

 

Treasury

 

Paid-In

 

Retained

 

Comprehensive

 

Shareholders’

 

    

Stock

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Equity

Balance July 1, 2019

 

$

6,014,536

 

$

(63,441,664)

 

$

25,450,060

 

$

229,333,766

 

$

143,712

 

$

197,500,410

Net Income

 

 

 —

 

 

 —

 

 

 —

 

 

1,486,022

 

 

 —

 

 

1,486,022

Stock Issuance

 

 

1,331

 

 

 —

 

 

77,944

 

 

 —

 

 

 —

 

 

79,275

Stock Compensation Expense from Restricted Stock
Grants and Equity Classified Stock Options

 

 

 —

 

 

 —

 

 

534,017

 

 

 —

 

 

 —

 

 

534,017

Cash Dividends ($0.11 per share)

 

 

 —

 

 

 —

 

 

 —

 

 

(535,495)

 

 

 —

 

 

(535,495)

Other Comprehensive Loss, Net of Income Tax

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(62,307)

 

 

(62,307)

Balance September 30, 2019

 

$

6,015,867

 

$

(63,441,664)

 

$

26,062,021

 

$

230,284,293

 

$

81,405

 

$

199,001,922

 

For the nine months ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

Common

 

Treasury

 

Paid-In

 

Retained

 

Comprehensive

 

Shareholders’

 

    

Stock

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Equity

Balance January 1, 2019

 

$

5,995,257

 

$

(32,345,002)

 

$

24,326,778

 

$

213,297,897

 

$

486,543

 

$

211,761,473

Net Income

 

 

 —

 

 

 —

 

 

 —

 

 

18,550,919

 

 

 —

 

 

18,550,919

Stock Repurchase

 

 

 —

 

 

(31,096,662)

 

 

 —

 

 

 —

 

 

 —

 

 

(31,096,662)

Vested Restricted Stock

 

 

12,957

 

 

 —

 

 

(316,272)

 

 

 —

 

 

 —

 

 

(303,315)

Stock Issuance

 

 

7,653

 

 

 —

 

 

434,867

 

 

 —

 

 

 —

 

 

442,520

Stock Compensation Expense from Restricted Stock
Grants and Equity Classified Stock Options

 

 

 —

 

 

 —

 

 

1,616,648

 

 

 —

 

 

 —

 

 

1,616,648

Cash Dividends ($0.31 per share)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,564,523)

 

 

 —

 

 

(1,564,523)

Other Comprehensive Loss, Net of Income Tax

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(405,138)

 

 

(405,138)

Balance September 30, 2019

 

$

6,015,867

 

$

(63,441,664)

 

$

26,062,021

 

$

230,284,293

 

$

81,405

 

$

199,001,922

 

For the three months ended September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

Common

 

Treasury

 

Paid-In

 

Retained

 

Comprehensive

 

Shareholders’

 

    

Stock

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Equity

Balance July 1, 2018

 

$

5,984,747

 

$

(24,700,205)

 

$

23,228,788

 

$

202,024,986

 

$

681,426

 

$

207,219,742

Net Income

 

 

 —

 

 

 —

 

 

 —

 

 

296,172

 

 

 —

 

 

296,172

Stock Repurchase

 

 

 —

 

 

(1,784,560)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,784,560)

Exercise of Stock Options

 

 

8,520

 

 

 —

 

 

189,849

 

 

 —

 

 

 —

 

 

198,369

Stock Issuance

 

 

949

 

 

 —

 

 

57,424

 

 

 —

 

 

 —

 

 

58,373

Stock Compensation Expense from Restricted Stock
Grants and Equity Classified Stock Options

 

 

 —

 

 

 —

 

 

386,109

 

 

 —

 

 

 —

 

 

386,109

Cash Dividends ($0.07  per share)

 

 

 —

 

 

 —

 

 

 —

 

 

(384,507)

 

 

 —

 

 

(384,507)

Other Comprehensive Income, Net of Income Tax

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

22,316

 

 

22,316

Balance September 30, 2018

 

$

5,994,216

 

$

(26,484,765)

 

$

23,862,170

 

$

201,936,651

 

$

703,742

 

$

206,012,014

 

For the nine months ended September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

Other

 

 

 

 

Common

 

Treasury

 

Paid-In

 

Retained

 

Comprehensive

 

Shareholders’

 

    

Stock

    

Stock

    

Capital

    

Earnings

    

Income (Loss)

    

Equity

Balance January 1, 2018

 

$

5,963,850

 

$

(22,507,760)

 

$

22,735,228

 

$

177,614,274

 

$

372,616

 

$

184,178,208

Net Income

 

 

 —

 

 

 —

 

 

 —

 

 

25,371,379

 

 

 —

 

 

25,371,379

Stock Repurchase

 

 

 —

 

 

(3,977,005)

 

 

 —

 

 

 —

 

 

 —

 

 

(3,977,005)

Exercise of Stock Options

 

 

8,520

 

 

 —

 

 

189,849

 

 

 —

 

 

 —

 

 

198,369

Vested Restricted Stock

 

 

19,065

 

 

 —

 

 

(517,439)

 

 

 —

 

 

 —

 

 

(498,374)

Stock Issuance

 

 

2,781

 

 

 —

 

 

171,098

 

 

 —

 

 

 —

 

 

173,879

Stock Compensation Expense from Restricted Stock
Grants and Equity Classified Stock Options

 

 

 —

 

 

 —

 

 

1,283,434

 

 

 —

 

 

 —

 

 

1,283,434

Cash Dividends ($0.19 per share)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,049,002)

 

 

 —

 

 

(1,049,002)

Other Comprehensive Income, Net of Income Tax

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

331,126

 

 

331,126

Balance September 30, 2018

 

$

5,994,216

 

$

(26,484,765)

 

$

23,862,170

 

$

201,936,651

 

$

703,742

 

$

206,012,014

See Accompanying Notes to Consolidated Financial Statements

6

CONSOLIDATED-TOMOKA LAND CO.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

    

2019

    

2018

 

Cash Flow from Operating Activities:

 

 

 

 

 

 

 

Net Income

 

$

18,550,919

 

$

25,371,379

 

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

 

 

 

 

 

 

 

Depreciation and Amortization

 

 

11,707,710

 

 

11,612,557

 

Amortization of Intangible Liabilities to Income Property Revenue

 

 

(1,810,459)

 

 

(1,779,031)

 

Loan Cost Amortization

 

 

323,672

 

 

389,656

 

Amortization of Discount on Convertible Debt

 

 

1,009,847

 

 

947,419

 

Gain on Disposition of Property, Plant, and Equipment and Intangible Assets

 

 

(2,187,332)

 

 

(22,035,666)

 

Loss (Gain) on Disposition of Assets Held for Sale

 

 

(18,681,864)

 

 

1,119,362

 

Accretion of Commercial Loan Origination Fees

 

 

(67,432)

 

 

(34,768)

 

Non-Cash Imputed Interest on Commercial Loan Investment

 

 

(94,761)

 

 

 —

 

Deferred Income Taxes

 

 

3,586,574

 

 

8,345,475

 

Non-Cash Compensation

 

 

2,059,167

 

 

1,283,434

 

Decrease (Increase) in Assets:

 

 

 

 

 

 

 

Refundable Income Taxes

 

 

225,024

 

 

491,821

 

Golf Assets Held for Sale

 

 

(40,159)

 

 

 —

 

Land and Development Costs

 

 

2,243,651

 

 

3,090,301

 

Impact Fees and Mitigation Credits

 

 

14,444

 

 

586,343

 

Other Assets

 

 

(2,865,683)

 

 

(2,139,265)

 

Increase (Decrease) in Liabilities:

 

 

 

 

 

 

 

Accounts Payable

 

 

1,587,549

 

 

(1,035,771)

 

Accrued and Other Liabilities

 

 

429,590

 

 

(4,194,651)

 

Deferred Revenue

 

 

256,061

 

 

600,929

 

Golf Liabilities Held for Sale

 

 

381,753

 

 

 —

 

Income Taxes Payable

 

 

112,896

 

 

 —

 

Net Cash Provided By Operating Activities

 

 

16,741,167

 

 

22,619,524

 

Cash Flow from Investing Activities:

 

 

 

 

 

 

 

Acquisition of Property, Plant, and Equipment and Intangible Lease Assets and Liabilities

 

 

(75,313,805)

 

 

(29,399,109)

 

Acquisition of Commercial Loan Investments

 

 

(32,257,500)

 

 

 —

 

Acquisition of Land

 

 

 —

 

 

(3,794,058)

 

Cash Contribution for Interest in Joint Venture

 

 

(62,560)

 

 

(2,087,521)

 

Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale

 

 

80,321,554

 

 

26,377,525

 

Principal Payments Received on Commercial Loan Investments

 

 

 —

 

 

11,960,467

 

Net Cash Provided By (Used In) Investing Activities

 

 

(27,312,311)

 

 

3,057,304

 

Cash Flow from Financing Activities:

 

 

 

 

 

 

 

Proceeds from Long-Term Debt

 

 

122,500,000

 

 

36,300,000

 

Payments on Long-Term Debt

 

 

(88,901,414)

 

 

(55,830,473)

 

Cash Paid for Loan Fees

 

 

(469,885)

 

 

(263,473)

 

Cash Proceeds from Exercise of Stock Options and Stock Issuance

 

 

 —

 

 

372,248

 

Cash Used to Purchase Common Stock

 

 

(31,096,662)

 

 

(3,977,005)

 

Cash Paid for Vesting of Restricted Stock

 

 

(303,314)

 

 

(498,374)

 

Dividends Paid