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Consolidated Tomoka Reports 2005 Earnings.

Publication: PR Newswire
Publication Date: 06-FEB-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
DAYTONA BEACH, Fla., Feb. 6 /PRNewswire-FirstCall/ -- Consolidated-Tomoka Land Co. today reported record net income of $14,817,750 or $2.62 basic earnings per share for the year ended December 31, 2005 and earnings before depreciation, amortization, and deferred taxes (EBDDT) of $14,797,476 or $2.61 per basic share for such period. The comparable numbers for 2004 were net income of $14,651,739 or $2.60 basic earnings per share and EBDDT of $24,586,030 or $4.36 per basic share.

EBDDT is being provided to reflect the impact of the Company's business strategy of investing in income properties. This strategy generates significant amounts of depreciation and deferred taxes. The Company believes EBDDT is useful, along with net income, to understanding the Company's operating results. In the year 2005, EBDDT was lower than 2004 as suitable reinvestment properties for $12.1 million of tax deferred profits were not available due to market conditions, and a settlement agreement with the Internal Revenue Service reduced deferred taxes by approximately $5.0 million. In 2004 all deferred profits were reinvested....

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