The American Stock Exchange-traded company reported a net loss of four cents per share and earnings before depreciation and deferred taxes of another negative four cents per share for the quarter ended June 30. Those numbers compared with a net income of 46 cents per share and EBDDT of 90 cents per share in second quarter 2002.
For the first half, the company's net income totaled $1.5 million, or 27 cents per share, compared with $2.47 million, or 44 cents per share, in the comparable 2002 six-month period. EBDDT totaled 49 cents per share versus 90 cents for same 2002 period.
In a prepared statement, Con-Tomoka president and CEO William H. McMunn blames the weak results on "the timing of real estate closings (which) unfavorably impacted second-quarter operating results compared with last year's same period."
McMunn notes income "from the company's growing portfolio of net-lease properties increased significantly" in the three months ended June 30 compared to 2002's second quarter. "Demand for the company's lands remains strong," the Con-Tomoka executive says. Management is "concentrating on closing a backlog of pending contracts by the fourth quarter of this year."
He says Con-Tomoka is providing the EBDDT figures "to reflect the impact of the company's business strategy of investing in income properties utilizing tax-deferred exchanges."
McMunn says "this strategy generates significant amounts of depreciation and deferred taxes." Along with income, EBDDT numbers are "useful to understanding the company's operating results," the CEO says.
Con-Tomoka ended the six-month period with total assets valued at $76.71 million versus $74.32 million in the same period last year. Liabilities totaled $21.46 million compared to $22.69 million a year ago.
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