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CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS

 CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS
 DAYTONA BEACH, Fla., July 24 /PRNewswire/ -- Consolidated-Tomoka


Land Co. (NASDAQ: CTLC) today reported a second quarter net income of $96,684 or $.02 per share, compared with net income of $737,288 or $.12 per share for the similar period last year.
 Net income for the first six months of 1992 was $815,813 or $.13 per share, compared with net income of $1,845,763 or $.29 per share in the prior year. Per-year amounts reflect the 2-for-1 stock split declared at the company's board of directors' meeting on June 24.
 Bob D. Allen, president and chief executive officer, stated that, "The 100 percent stock dividend in the form of a 2-for-1 stock split was declared in an effort to improve the marketability of the company's stock." Allen continued: "Second quarter operating results were favorable compared with last year in all business segments except commercial real estate. Several large land transactions were included in the 1991 results with only a few small transactions reported this year. Citrus operations produced a 56 percent increase in operating profits, while residential real estate and resort operations continued to improve."
 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.
 CONSOLIDATED-TOMOKA LAND CO.
 Quarters ended June 30 1992 1991
 Revenues $ 9,741,481 $13,138,009
 Income (loss) before extraordinary
 item 63,240 442,584
 Extraordinary item 33,444(a) 294,704(a)
 Net income (loss) $ 96,684 $ 737,288
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ .01 $ .07(b)
 Primary .01 .12(b)
 Fully diluted $ .02 $ .12(b)
 6 mos. ended June 30 1992 1991
 Revenues $20,654,795 $25,309,841
 Income (loss) before extraordinary
 item 513,089 1,140,473
 Extraordinary item 302,724(a) 705,290(a)
 Net income (loss) $ 815,813 $ 1,845,763
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ .08 $ .18(b)
 Primary .05 .29(b)
 Fully diluted $ .13 $ .29(b)
 (a) Reduction of income taxes arising from carry-forward of prior years' operating losses.
 (b) Adjusted for 2-for-1 stock split in June 1992.
 -0- 7/24/92
 /CONTACT: Bruce W. Teeters of Consolidated-Tomoka Land Co., 904-255-7558/
 (CTLC) CO: Consolidated-Tomoka Land Company ST: Florida IN: SU: ERN


BN-BR -- AT007 -- 3017 07/24/92 12:05 EDT
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Publication:PR Newswire
Date:Jul 24, 1992
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