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CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS

 CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS
 DAYTONA BEACH, Fla., Oct. 28 /PRNewswire/ -- Consolidated-Tomoka


Land Co. (AMEX: CTO) announced today that third quarter operations produced a loss of $1,167,304 or $.19 per share compared with earnings of $147,497 or $.03 per share last year.
 Bob Allen, president of Consolidated-Tomoka Land Co., stated: "Results for 1991 were favorably impacted by the sale of the Howard Johnson Airport motel which produced a $2,200,000 pre-tax profit. Taking that substantial non-recurring transaction into account, third quarter results were in line with expectations for this historically unprofitable period due to the seasonality of the company's major lines of business."
 Full nine month 1992 results were a loss of $351,491 or $.06 per share compared with a profit of $1,993,260 or $.32 per share. Citrus operations experienced a $300,000 or 18 percent bottom line improvement after considering the $700,000 one-time citrus canker claim received in 1991. "In fact positive operating performance was experienced in all business segments compared with last year except for real estate development which was slightly less profitable," noted Allen.
 After the end of the third quarter, the company closed the sale of a 35-acre shopping center site in Ormond Beach. This site will be the location of the Ormond Towne Square shopping center which will comprise 240,000 square feet of retail space anchored by a Kmart, a Publix grocery store, and a Bealls department store. Construction will commence immediately with completion targeted for the fall of 1993. This significant transaction, which will be reflected in the company's fourth quarter operating results, will create a profit of more than $2 million.
 With the resumption of citrus harvesting in October and over $5 million of commercial real estate closings, including the Ormond Towne Square site, scheduled for the fourth quarter, full year 1992 results will be largely affected by fourth quarter activities.
 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.
 Sept. 30, 1992 Qtr. ended 9 mos. ended
 Revenues $ 6,433,686 $27,088,481
 Income (loss) before extraordinary
 item $ (864,580) (351,491)
 Extraordinary item $ (302,724)(a) ---
 Net income (loss) $(1,167,304) $ (351,491)
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ (.14) $ (.06)
 Extraordinary item $ (.05) $ ---
 Net (loss) income $ (.19) $ (.06)
 Sept. 30, 1991 Qtr. ended 9 mos. ended
 Revenues $ 8,257,005 $33,566,846
 Income before extraordinary item $ 89,667 1,230,140
 Extraordinary item $ 57,830(b) 763,120(b)
 Net income $ 147,497 $ 1,993,260
 Earnings per share
 Income before extraordinary item $ .02(c) $ .20(c)
 Extraordinary item $ .01(c) $ .12(c)
 Fully diluted $ .03(c) $ .32(c)
 (a) Reversal of income tax benefits arising from carry-forward of prior years' operating losses.
 (b) Income tax effect arising from carry-forward of prior years' operating losses.
 (c) Adjusted for two-for-one stock split in August 1992.
 -0- 10/28/92
 /CONTACT: Bruce W. Teeters of Consolidated-Tomoka Land Co., 904-255-7558/
 (CTO) CO: Consolidated-Tomoka Land Company ST: Florida IN: SU: ERN


BR -- AT013 -- 6127 10/28/92 14:55 EST
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Date:Oct 28, 1992
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