Consolidated-Tomoka Land Co. (CTO) has reported 10.44 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $5.10 million, or $0.90 a share in the quarter, compared with $5.69 million, or $0.98 a share for the same period last year. Revenue during the quarter surged 39.69 percent to $27.64 million from $19.78 million in the previous year period.
Cost of revenue surged 122.69 percent or $7.21 million during the quarter to $13.08 million. Gross margin for the quarter contracted 1764 basis points over the previous year period to 52.66 percent.
Total expenses were $17.32 million for the quarter, up 107.75 percent or $8.98 million from year-ago period. Operating margin for the quarter contracted 2053 basis points over the previous year period to 37.32 percent.
Operating income for the quarter was $10.31 million, compared with $11.45 million in the previous year period.
For fiscal year 2017, the company expects basic earnings per share to be in the range of $2.25 to $2.45.
Revenue from real estate activities during the quarter surged 46.60 percent or $8.19 million to $25.77 million. Revenue from sale of real estate was $19.17 million for the quarter, up 60.16 percent or $7.20 million.
Income from operating leases during the quarter rose 17.71 percent or $0.99 million to $6.61 million.
Other income during the quarter was almost stable at $1.32 million, when compared with the previous year period.
John P. Albright, president and chief executive officer, stated, "We are very pleased with the Company record performance in 2016 and the continued execution of our business plan and strategy, particularly the progress we have made monetizing the Company’s land holdings and growing our income property portfolio.” Mr. Albright added, "Since becoming CEO in late 2011, the Company has completed more than $48 million in land transactions and has another approximately $110 million under contract with ten different buyers, totaling nearly 40% of CTOs land holdings. CTOs Board of Directors and management team remain committed to advancing the Company business plan in 2017, by continuing to convert our land holdings into income-producing investments, with the express purpose of maximizing shareholder value for all of CTOs shareholders."
Real estate inventory went down marginally by 2.72 percent or $1.45 million to $51.96 million on Dec. 31, 2016. Net receivables were at $23.96 million as on Dec. 31, 2016, down 37.49 percent or $14.37 million from year-ago. Accounts payable declined 21.52 percent or $0.42 million to $1.52 million on Dec. 31, 2016.
Total assets went up marginally by 0.64 percent or $2.61 million to $408.62 million on Dec. 31, 2016. On the other hand, total liabilities were at $260.35 million as on Dec. 31, 2016, down 1.99 percent or $5.28 million from year-ago.
Return on assets moved down 15 basis points to 1.75 percent in the quarter. At the same time, return on equity moved down 62 basis points to 3.44 percent in the quarter.
Debt remains almost stable
Total debt was almost stable over the past one year at $166.25 million on Dec. 31, 2016. Shareholders equity stood at $148.28 million as on Dec. 31, 2016, up 5.62 percent or $7.89 million from year-ago. As a result, debt to equity ratio went down 7 basis points to 1.12 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
