Consolidated-Tomoka reports upticks in revenues, net income

DAYTONA BEACH — Consolidated-Tomoka Land Co. on Wednesday reported big increases in both revenues and net income for the second quarter, compared with the same period a year ago.

In the three-month period that ended June 30, the Daytona Beach-based public company (NYSE MKT: CTO) generated a net profit of roughly $3.8 million, or 67 cents per share, up from a $2.1 million net profit, or 39 cents per share.

The company in the quarter saw its revenues rise to $22.8 million, a 77 percent increase over the $9.9 million in sales that it had during the same period last year.

Consolidated-Tomoka’s revenues for the quarter included $10.9 million from four separate land sales, all in Daytona Beach near the Interstate 95/LPGA Boulevard interchange.

Those sales were the roughly 28 acres it sold in April on the east side of Clyde Morris Boulevard, roughly a mile south of LPGA Boulevard, where a distribution center for medical products maker B.Braun is now under construction; 4.5 acres on the north side of LPGA Boulevard, just west of the Concierge office building, where a Dunkin’ Donuts with a drive-through lane is planned; 30 acres on the west side of Tomoka Farms Road, just south of CarMax, where the future home of Gary Yeomans Honda is planned; and roughly 19.4 acres just east of Tanger Outlets mall to North American Development Group, which plans to build restaurants and retail stores that will be part of Tomoka Town Center.

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