Consolidated-Tomoka Announces 1999 Earnings Of $1.00 Per Share From Continuing Operations
DAYTONA BEACH, Fla., Feb. 8 /PRNewswire/ -- Consolidated-Tomoka Land Co.
(Amex: CTO) announced today that net income for the full year of 1999 was
$15,782,692 or $2.48 per share, compared to $1,304,114 or $.20 per share in
1998. The 1999 earnings included income of $9,423,733 or $1.48 per share from
discontinued citrus operations, which were sold in April. Income from
continuing operations amounted to $6,358,959 or $1.00 per share, a significant
increase over the approximately breakeven results in 1998.
Bob Allen, Chairman and CEO, stated that, "In addition to the sale of Lake
Placid Groves for $30,945,000, other land sales during the year of 1999
totaled 540 acres for $15.2 million." He further stated that, "As we enter
the new year, the real estate market in the Daytona Beach area remains strong,
and the company has a sizeable sales contract backlog." Mr. Allen also
reported that, "Due to stronger than expected buying support for the company's
stock following the distribution by Baker Fentress of 5,000,000 Consolidated-
Tomoka shares, the company only purchased 17,200 shares by year end under the
previously announced share repurchase program. The share repurchase program
remains in effect, and a large cash position is available for the program."
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