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CONSOLIDATED-TOMOKA REPORTS SECOND QUARTER RESULTS

 DAYTONA BEACH, Fla., July 23 /PRNewswire/ -- At its regular board of directors meeting on July 22, Consolidated-Tomoka Land Co. (AMEX: CTO) declared a dividend of $.15 per share payable on Aug. 16 to holders of record on Aug. 2.
 Bob D. Allen, president and chief executive officer, stated that, "The dividend is in accordance with the company's stated policy of paying two dividends during the year, one in February and the second in August."
 The company also reported a second quarter net loss of $174,729 or $.03 per share, compared with net income of $96,684 or $.02 per share for the similar period last year. Net income for the first six months of 1993 was $1,781 or $.00 per share, compared with net income of $815,813 or $.13 per share in the prior year.
 Allen noted: "Second quarter operating results were mixed, with most business segments reporting results lower than last year. Citrus operations recorded a 30 percent decrease in operating profits, despite record production as selling prices declined over 20 percent. The change over to the Indigo Lakes Holiday Inn Crowne Plaza franchise was successfully completed as occupancy rose modestly over 1992 results. Residential real estate closings were down while, on the positive side, commercial contract activity was strong with a number of closings scheduled for the second half of the year."
 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 Holiday Inn Crowne Plaza Resort in Daytona Beach. The company also has forestry, property leasing, and commercial and residential real estate operations.
 CONSOLIDATED-TOMOKA LAND CO.
 Quarter ended June 30 1993 1992
 Revenues $ 8,705,836 $ 9,741,481
 Income (loss) before extraordinary
 item $ (174,729) 63,240
 Extraordinary item $ --- 33,444(a)
 Net income (loss) $ (174,729) $ 96,684
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ (.03) $ .01
 Extraordinary item $ --- $ .01(a)
 Net (loss) income $ (.03) $ .02
 6 mos. ended June 30 1993 1992
 Revenues $18,561,456 $20,654,795
 Income (loss) before extraordinary
 item $ 1,781 513,089
 Extraordinary item $ --- 302,724(a)
 Net income (loss) $ 1,781 $ 815,813
 Earnings (loss) per share
 Income (loss) before extraordinary
 item $ .00 $ .08
 Extraordinary item $ --- $ .05(a)
 Net income $ .00 $ .13
 (a) Income tax effect arising from carry-forward of prior years' operating losses.
 -0- 7/23/93
 /CONTACT: Bruce W. Teeters of Consolidated-Tomoka Land Co., 904-255-7558/
 (CTLC)


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

RA-BR -- AT005 -- 5064 07/23/93 10:35 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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