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CONSOLIDATED-TOMOKA LAND CO. REPORTS PROFITABLE 1992

 DAYTONA BEACH, Fla., Feb. 15 /PRNewswire/ -- Consolidated-Tomoka Land Co. (AMEX: CTO) announced today that net income of $4,002,213 or $.64 per share was earned in 1992.
 This level of net income was a 25 percent increase over the prior year's net income of $3,193,144 or $.51 per share. The per share amounts reflect the two-for-one stock split paid in 1992. Bob Allen, president of the company, stated, "Profitable operating results for 1992 were achieved due to a lot of hard work by a lot of people despite the generally weak economy present during the year."
 Leading the way to profit improvement was real estate operations, both in the residential and commercial segments, which produced over $3,300,000 of pretax profit. Both of these segments were profitable, while efforts continued on the Ladies Professional Golf Association project.
 The company made some progress in returning the Indigo Lakes Resort property to profitability in 1992. Profit improvement was experienced in the lodging, golf and tennis profit centers. In late January 1993, the company announced affiliation with Holiday Inn's Crowne Plaza Resorts replacing the current Hilton franchise, effective May 1. This change is expected to increase room reservations by business and family travelers.
 Lake Placid Groves, the company's citrus operation, remained a strong profit producer in 1992, although somewhat down from 1991 when non-recurring income sources totaled about $900,000. The remaining new grove acreage totaling 400 acres was completed in 1992, bringing the total acreage to 4,500. Allen noted, "Our grove expansion program has been completed and we are well positioned for continuing production growth as our young groves mature."
 Consolidated-Tomoka Land Co. is a Florida-based diversified company with holdings including approximately 29,000 acres of land in the Daytona Beach area, 4,500 acres of citrus groves and a fresh fruit packing plant in Lake Placid, and Indigo Lakes Hilton Golf and Tennis Resort in Daytona Beach. The company also has forestry, property leasing and commercial and residential real estate operations.
 Selective comparative financial information for 1992 and 1992 follows.
 CONSOLIDATED-TOMOKA LAND CO.
 Quarter ended 12/31 1992 1991
 Revenues $13,862,353 $13,134,333
 Income (loss) before extraordinary
 item $ 2,861,795 $ 774,302
 Extraordinary item $ 1,491,909(a)$ 425,582(a)
 Net income (loss) $ 4,353,704 $ 1,199,884
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ 0.46 $ 0.12(b)
 Extraordinary item $ 0.24 $ 0.07(b)
 Net income $ 0.70 $ 0.19(b)
 Year ended Dec. 31 1992 1991
 Revenues $40,950,834 $46,701,179
 Income (loss) before extraordinary
 item $ 2,510,304 $ 2,004,442
 Extraordinary item $ 1,491,909(a)$ 1,188,702(a)
 Net income (loss) $ 4,002,213 $ 3,193,144
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ 0.40 $ 0.32(b)
 Extraordinary item $ 0.24 $ 0.19(b)
 Net income $ 0.64 $ 0.51(b)
 (a) Income tax effect arising from carry-forward of prior years' operating losses.
 (b) Adjusted for two-for-one stock split in August 1992.
 -0- 2/15/93
 /CONTACT: Bruce W. Teeters of Consolidated-Tomoka Land Co., 904-255-7558/
 (CTO)


CO: Consolidated-Tomoka Land Company ST: Florida IN: SU: ERN

BN-CM -- AT003 -- 6577 02/15/93 15:35 EST
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Publication:PR Newswire
Date:Feb 15, 1993
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