Printer Friendly

CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS

 DAYTONA BEACH, Fla., April 28 /PRNewswire/ -- The annual meeting of shareholders of Consolidated-Tomoka Land Co. (AMEX: CTO) was held at Indigo Lakes Holiday Inn Crowne Plaza Golf and Tennis Resort in Daytona Beach, today.
 Three directors of the company were re-elected as follows: James P. Gorter, Robert F. Lloyd, and Bruce W. Teeters.
 Bob D. Allen, president and chief executive officer, reported that net income for the first quarter of 1993 was $176,510 or $.03 per share compared with a profit of $719,129 or $.11 per share for the similar period in 1992. Current year operating results were negatively impacted by depressed citrus prices and tightened profit margins for residential home sales. Commercial and residental contract activity and traffic improved as the first quarter progressed and should help future earnings.
 Allen also noted that shareholders approved a change of the company's corporate domicile from Delaware to Florida. Such change will not affect or change the company's operations.
 At a meeting of directors following the shareholders' session, Allen and other officers were re-elected: David D. Peterson, chairman of the board; Bruce W. Teeters, senior vice president-Finance and Treasurer; Robert F. Apgar, vice president-General Counsel; Joseph Benedict III, vice president-Government Relations; Patricia Lagoni, vice president- Admnistration and secretary; Hugh J. Veley, vice president-Citrus; Emily J. Sottile, assistant secretary and assistant treasurer; and Linda Crisp, assistant secretary; and Gary Moothhart, controller.
 CONSOLIDATED-TOMOKA LAND CO.
 Qtr. ended March 31 1993 1992
 Revenues $ 9,855,620 $10,910,827
 Income (loss) before extraordinary
 item $ 176,510 $ 449,849
 Extraordinary item $ --- $ 269,280(a)
 Net income (loss) $ 176,510 $ 719,129
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ .03 $ .07(b)
 Extraordinary item $ --- $ .04(b)
 Net income $ .03 $ .11(b)
 (a) Income tax effect arising from carry-forward of prior year's operating losses.
 (b) Adjusted for two-for-one stock split in August 1992.
 -0- 4/28/93
 /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 -- 2138 04/28/93 14:29 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1993
Words:341
Previous Article:PARKER DRILLING TO RE-ENTER ARGENTINA MARKET; SOUTH AMERICAN CONTRACTS ANNOUNCED
Next Article:ENERGEN REPORTS INCREASED SECOND QUARTER EARNINGS
Topics:


Related Articles
CONSOLIDATED-TOMOKA LAND CO. HOLDS ANNUAL MEETING, REPORTS RESULTS, ANNOUNCES DIVIDEND
CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS
CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS
C O R R E C T I O N -- CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS
CONSOLIDATED-TOMOKA LAND CO. REPORTS RESULTS
CONSOLIDATED-TOMOKA LAND CO. ANNOUNCES RESULTS
CONSOLIDATED-TOMOKA REPORTS SECOND QUARTER EARNINGS AND INCREASES DIVIDEND
Consolidated-Tomoka Land Co. Announces Earnings
Consolidated-Tomoka Announces Fourth Consecutive Year Of Annual $.10 Per Share Dividend Increases
Consolidated-Tomoka Land Co. Announces 3rd Quarter Operating Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters