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Strategies & Market Trends : Consolidated-Tomoka Land Co (CTO)
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To: leigh aulper who started this subject2/7/2001 4:13:51 PM
From: leigh aulper   of 4
 
Consolidated Tomoka Reports Record Earnings
DAYTONA BEACH, Fla., Feb. 7 /PRNewswire/ -- Consolidated-Tomoka Land Co. (Amex: CTO - news) today reported earnings before depreciation and deferred taxes (EBDDT) of $2.14 per share and net income of $1.51 per share for the year ended December 31, 2000. Both were company records based on comparisons to measures of earnings from continuing operations. The comparable numbers for 1999 were EBDDT of $1.13 and net income of $1.00 per share.

EBDDT is being provided for the first time to reflect additional information relevant to the Company's new business strategy of investing in income properties. This strategy will generate significant amounts of depreciation and deferred taxes. The Company believes that EBDDT will be useful, along with net income, to an understanding of the Company's operating results.

Bob Allen, Chairman and Chief Executive Officer, stated that ``Operating earnings for the year are largely due to the sale of 466 acres of land for $16 million.'' Mr. Allen also reported that ``As of year end, the Company had purchased 791,800 shares of its common shares at an average price of $11.83 which represented approximately twelve percent of the shares outstanding at the inception of the previously announced repurchase program.''
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