$CTO
CTO Realty Growth, Inc.

2013 Q2 Form 10-Q Financial Statement

#000119312513310505 Filed on July 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $4.839M $4.429M
YoY Change 9.25% 24.07%
Cost Of Revenue $2.050M $1.900M
YoY Change 7.89% -9.95%
Gross Profit $2.790M $2.400M
YoY Change 16.25% 64.38%
Gross Profit Margin 57.66% 54.18%
Selling, General & Admin $1.260M $1.340M
YoY Change -5.97% 152.83%
% of Gross Profit 45.16% 55.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $696.6K $520.0K
YoY Change 33.96% -17.45%
% of Gross Profit 24.97% 21.67%
Operating Expenses $4.620M $3.565M
YoY Change 29.6% 227.08%
Operating Profit $218.7K $864.2K
YoY Change -74.7% 133.56%
Interest Expense -$470.0K -$150.0K
YoY Change 213.33% 15.38%
% of Operating Profit -214.95% -17.36%
Other Income/Expense, Net
YoY Change
Pretax Income -$249.7K $712.2K
YoY Change -135.06% 154.34%
Income Tax -$100.7K $269.1K
% Of Pretax Income 37.78%
Net Earnings $251.8K $599.6K
YoY Change -58.01% 87.37%
Net Earnings / Revenue 5.2% 13.54%
Basic Earnings Per Share
Diluted Earnings Per Share $35.46K $81.52K
COMMON SHARES
Basic Shares Outstanding 5.739M shares 5.725M shares
Diluted Shares Outstanding 5.743M shares 5.725M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.300M $6.600M
YoY Change -80.3% 6500.0%
Cash & Equivalents $1.254M $6.610M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.300M $6.600M
YoY Change -80.3% 6500.0%
LONG-TERM ASSETS
Property, Plant & Equipment $157.3M $153.7M
YoY Change 2.36% -4.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $4.400M
YoY Change -95.45%
Total Long-Term Assets $199.7M $170.0M
YoY Change 17.48% -4.76%
TOTAL ASSETS
Total Short-Term Assets $1.300M $6.600M
Total Long-Term Assets $199.7M $170.0M
Total Assets $201.0M $176.6M
YoY Change 13.83% -1.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $900.0K
YoY Change -77.78% 200.0%
Accrued Expenses $4.900M $6.500M
YoY Change -24.62% -15.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.900M $7.800M
YoY Change -24.36% -3.7%
LONG-TERM LIABILITIES
Long-Term Debt $44.40M $20.90M
YoY Change 112.44% 22.94%
Other Long-Term Liabilities $1.600M $1.300M
YoY Change 23.08% 44.44%
Total Long-Term Liabilities $46.00M $22.20M
YoY Change 107.21% 24.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.900M $7.800M
Total Long-Term Liabilities $46.00M $22.20M
Total Liabilities $85.15M $62.20M
YoY Change 36.9% 1.97%
SHAREHOLDERS EQUITY
Retained Earnings $103.7M
YoY Change
Common Stock $13.89M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $453.7K
YoY Change
Treasury Stock Shares
Shareholders Equity $115.9M $114.4M
YoY Change
Total Liabilities & Shareholders Equity $201.0M $176.6M
YoY Change 13.83% -1.12%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $251.8K $599.6K
YoY Change -58.01% 87.37%
Depreciation, Depletion And Amortization $696.6K $520.0K
YoY Change 33.96% -17.45%
Cash From Operating Activities $480.0K $1.290M
YoY Change -62.79% 79.17%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$7.420M
YoY Change -99.33% 280.51%
Acquisitions
YoY Change
Other Investing Activities $3.920M $6.530M
YoY Change -39.97% -5123.08%
Cash From Investing Activities $3.870M -$900.0K
YoY Change -530.0% -56.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.520M 4.540M
YoY Change -199.56% 231.39%
NET CHANGE
Cash From Operating Activities 480.0K 1.290M
Cash From Investing Activities 3.870M -900.0K
Cash From Financing Activities -4.520M 4.540M
Net Change In Cash -170.0K 4.930M
YoY Change -103.45% 24550.0%
FREE CASH FLOW
Cash From Operating Activities $480.0K $1.290M
Capital Expenditures -$50.00K -$7.420M
Free Cash Flow $530.0K $8.710M
YoY Change -93.92% 226.22%

Facts In Submission

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dei Entity Registrant Name
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CONSOLIDATED TOMOKA LAND CO
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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The Company maintains a Defined Benefit Pension Plan (the "Pension Plan") for all employees who have attained the age of 21 and completed one year of service. The pension benefits are based primarily on years of service and the average compensation for the five highest consecutive years during the final ten years of employment. The benefit formula generally provides for a life annuity benefit.
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Certain items in the prior year&#x2019;s consolidated financial statements and notes to consolidated financial statements have been reclassified to conform to the current presentation. Certain items in the prior year&#x2019;s consolidated statements of operations have been reclassified to conform to the presentation of statements of operations for the three and six months ended June&#xA0;30, 2013. Specifically, the amounts of depreciation and amortization expense, and interest expense have been segregated into separate line items whereas previously these amounts were included in direct cost of revenues and general and administrative expense, respectively. In addition, loan cost amortization was previously included in depreciation and amortization on the consolidated financial statements and is now included in interest expense. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes.</font></p> </div>
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates in Preparation of Financial Statements</i></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Because of the fluctuating market conditions that currently exist in the Florida and national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Company&#x2019;s investment in income properties and pension liability, could change materially during the time span associated with the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.</font></p> </div>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
shares
us-gaap Revenues
Revenues
9960053
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
186737
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
588815
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
256115
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
557216
us-gaap Sales Of Real Estate
SalesOfRealEstate
641325
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
24500
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
172080
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
422083
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-26367
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
119532
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
43149816
us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
0
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
613532
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
483798
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
547784
us-gaap Interest Income Other
InterestIncomeOther
391
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
us-gaap Operating Income Loss
OperatingIncomeLoss
1061852
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2183538
us-gaap Interest Paid
InterestPaid
662755
us-gaap Discontinued Operation Amount Of Other Income Loss From Disposition Of Discontinued Operations Before Income Tax
DiscontinuedOperationAmountOfOtherIncomeLossFromDispositionOfDiscontinuedOperationsBeforeIncomeTax
156302
us-gaap Net Income Loss
NetIncomeLoss
588815
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
495593
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
687151
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-231961
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
0
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
6413034
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
166732
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
25758419
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
27800000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
233589
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3014238
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15654463
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
3407133
us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
305741
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
853156
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
172080
us-gaap Share Based Compensation
ShareBasedCompensation
601326
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3836777
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1461343
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-47737
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
30435
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1222895
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-255919
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7198436
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
265068
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17569977
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
39406
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
526359
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
712439
us-gaap Asset Impairment Charges
AssetImpairmentCharges
616278
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1430908
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
93688
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
58450000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
331478
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
601326
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
250000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
611581
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
us-gaap Interest Expense Debt
InterestExpenseDebt
806128
us-gaap Operating Expenses
OperatingExpenses
8898201
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
89383
cto Income Property Portfolio Description
IncomePropertyPortfolioDescription
More than 50%
cto Options Vest Description
OptionsVestDescription
One-third of these options will vest on each of the first, second, and third anniversaries of the grant date, provided the recipient is an employee of the Company on those dates.
cto Segment Reporting Income Property Operation Percent Of Identifiable Asset
SegmentReportingIncomePropertyOperationPercentOfIdentifiableAsset
0.731 pure
cto Increase Decrease In Land And Development Costs
IncreaseDecreaseInLandAndDevelopmentCosts
-694416
cto Gain Loss From Disposal Of Property Discontinued Operation Before Income Tax
GainLossFromDisposalOfPropertyDiscontinuedOperationBeforeIncomeTax
530849
cto Income From Operation Of Golf Course And Other Incomes
IncomeFromOperationOfGolfCourseAndOtherIncomes
2777511
cto Restricted Shares Vesting Condition Description
RestrictedSharesVestingConditionDescription
The restricted shares will vest in six increments based upon the price per share of the Company’s common stock during the term of their employment (or within sixty days after termination of employment by the Company without cause), meeting or exceeding the target trailing sixty-day average closing prices ranging from $36.00 per share for the first increment to $65.00 per share for the final increment.
cto Pension Benefits Average Compensation Highest Consecutive Years
PensionBenefitsAverageCompensationHighestConsecutiveYears
P5Y
cto Restricted Share Award Closing Prices Range Per Share Average
RestrictedShareAwardClosingPricesRangePerShareAverage
36
cto Effective Income Tax Rate Including Income Taxes Attributable To Discontinued Operations
EffectiveIncomeTaxRateIncludingIncomeTaxesAttributableToDiscontinuedOperations
0.3758 pure
cto Restricted Share Award Employee Benefit Termination Period
RestrictedShareAwardEmployeeBenefitTerminationPeriod
P60D
cto Restricted Share Award Closing Prices Per Share Maximum
RestrictedShareAwardClosingPricesPerShareMaximum
65.00
cto Cash And Cash Equivalents Maximum Original Maturity Period
CashAndCashEquivalentsMaximumOriginalMaturityPeriod
P90D
cto Pension Benefits Average Compensation Highest Consecutive Final Years Of Employment
PensionBenefitsAverageCompensationHighestConsecutiveFinalYearsOfEmployment
P10Y
cto Segment Reporting Income Property Operation Percent Of Consolidated Revenue
SegmentReportingIncomePropertyOperationPercentOfConsolidatedRevenue
0.644 pure
cto Annual Rate Adjustment Percentage
AnnualRateAdjustmentPercentage
0.0175 pure
cto Segment Operating Income Loss
SegmentOperatingIncomeLoss
1678130
cto Restricted Share Award Closing Prices Per Share Minimum
RestrictedShareAwardClosingPricesPerShareMinimum
36.00
cto Golf Operation Description
GolfOperationDescription
Our golf operations consist of a single property located in the City, with two 18-hole championship golf courses
cto Capital Expenditures
CapitalExpenditures
27941955
cto Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
2833001
cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
128183
cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
86454
cto Decrease In Liability Due To Payment For Completion Of Improvements
DecreaseInLiabilityDueToPaymentForCompletionOfImprovements
709112
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.06
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5725120 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.13
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1922384
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.19
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5725120 shares
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.02
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
140939 shares
us-gaap Revenues
Revenues
8990477
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
586176
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1093987
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1174264
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
354019
us-gaap Sales Of Real Estate
SalesOfRealEstate
1995384
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
114510
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
364876
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
16731714
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-399905
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
241847
us-gaap Interest Income Other
InterestIncomeOther
367
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
us-gaap Operating Income Loss
OperatingIncomeLoss
1742225
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
506096
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
275564
us-gaap Interest Paid
InterestPaid
249191
us-gaap Discontinued Operation Amount Of Other Income Loss From Disposition Of Discontinued Operations Before Income Tax
DiscontinuedOperationAmountOfOtherIncomeLossFromDispositionOfDiscontinuedOperationsBeforeIncomeTax
515564
us-gaap Net Income Loss
NetIncomeLoss
1093987
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
594019
CY2013Q1 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
4050000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-163413
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
0
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
4361777
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
729111
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6927626
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1594896
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2758935
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5497714
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
7694710
us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
388775
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
116319
us-gaap Share Based Compensation
ShareBasedCompensation
423625
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3742392
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1292734
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
6603795
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
70612
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
245726
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1308772
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
385573
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
89898
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
517605
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
229143
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-816303
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
227500
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2089
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
276411
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1022489
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
46191
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
22341849
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200122
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
423625
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
319194
us-gaap Interest Expense Debt
InterestExpenseDebt
322602
us-gaap Operating Expenses
OperatingExpenses
7248252
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
445153
cto Increase Decrease In Land And Development Costs
IncreaseDecreaseInLandAndDevelopmentCosts
21210
cto Gain Loss From Disposal Of Property Discontinued Operation Before Income Tax
GainLossFromDisposalOfPropertyDiscontinuedOperationBeforeIncomeTax
78455
cto Income From Operation Of Golf Course And Other Incomes
IncomeFromOperationOfGolfCourseAndOtherIncomes
2582658
cto Effective Income Tax Rate Including Income Taxes Attributable To Discontinued Operations
EffectiveIncomeTaxRateIncludingIncomeTaxesAttributableToDiscontinuedOperations
0.3813 pure
cto Segment Reporting Income Property Operation Percent Of Consolidated Revenue
SegmentReportingIncomePropertyOperationPercentOfConsolidatedRevenue
0.485 pure
cto Segment Operating Income Loss
SegmentOperatingIncomeLoss
1742522
cto Capital Expenditures
CapitalExpenditures
6927626
cto Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
2896533
cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
50658
cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
137890
CY2013Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-03-31
CY2012Q3 us-gaap Line Of Credit Facility Increase Decrease For Period Net
LineOfCreditFacilityIncreaseDecreaseForPeriodNet
62000000
CY2012Q3 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
Company will pay additional rent to the City equal to 5.0% of gross revenues exceeding $5,500,000 and 7.0% of gross revenues exceeding $6,500,000.
CY2012Q3 cto Additional Rent Percentage Under Lease Amendment Two
AdditionalRentPercentageUnderLeaseAmendmentTwo
0.070 pure
CY2012Q3 cto Additional Rent Percentage Under Lease Amendment One
AdditionalRentPercentageUnderLeaseAmendmentOne
0.050 pure
CY2012Q3 cto Lease Term Expiration Year
LeaseTermExpirationYear
2022
CY2012Q3 cto Capital Expenditures Agreed Under Lease Arrangement
CapitalExpendituresAgreedUnderLeaseArrangement
200000
CY2012Q3 cto Gross Revenue Value For Additional Rent Under Lease Amendment Lower Limit
GrossRevenueValueForAdditionalRentUnderLeaseAmendmentLowerLimit
5500000
CY2012Q3 cto Gross Revenue Value For Additional Rent Under Lease Amendment Upper Limit
GrossRevenueValueForAdditionalRentUnderLeaseAmendmentUpperLimit
6500000
CY2013Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
84600
CY2013Q1 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
702827
CY2013Q2 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
3400000
CY2013Q2 cto Gain Loss From Disposal Of Property Discontinued Operation Before Income Tax
GainLossFromDisposalOfPropertyDiscontinuedOperationBeforeIncomeTax
503000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0039 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2434 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0013 pure
CY2012 cto Segment Reporting Income Property Operation Percent Of Identifiable Asset
SegmentReportingIncomePropertyOperationPercentOfIdentifiableAsset
0.708 pure
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.02
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5725120 shares
CY2012Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.08
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.10
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5725120 shares
CY2012Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.02
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
165708 shares
CY2012Q2 us-gaap Revenues
Revenues
4429302
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
211625
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
599586
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
712164
CY2012Q2 us-gaap Sales Of Real Estate
SalesOfRealEstate
929717
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
156495
CY2012Q2 us-gaap Interest Income Other
InterestIncomeOther
367
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
864159
CY2012Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
190564
CY2012Q2 us-gaap Interest Paid
InterestPaid
133751
CY2012Q2 us-gaap Discontinued Operation Amount Of Other Income Loss From Disposition Of Discontinued Operations Before Income Tax
DiscontinuedOperationAmountOfOtherIncomeLossFromDispositionOfDiscontinuedOperationsBeforeIncomeTax
176319
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
599586
CY2012Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
254774
CY2012Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-66966
CY2012Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
2238516
CY2012Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
443091
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1335287
CY2012Q2 us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
223957
CY2012Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1900385
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
35306
CY2012Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
98279
CY2012Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
126181
CY2012Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
520035
CY2012Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
26181
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
102715
CY2012Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
173600
CY2012Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
174790
CY2012Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
152362
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
3565143
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
269073
CY2012Q2 cto Gain Loss From Disposal Of Property Discontinued Operation Before Income Tax
GainLossFromDisposalOfPropertyDiscontinuedOperationBeforeIncomeTax
78455
CY2012Q2 cto Income From Operation Of Golf Course And Other Incomes
IncomeFromOperationOfGolfCourseAndOtherIncomes
1253079
CY2012Q2 cto Segment Operating Income Loss
SegmentOperatingIncomeLoss
864159
CY2012Q2 cto Capital Expenditures
CapitalExpenditures
6918144
CY2012Q2 cto Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
1435306
CY2012Q2 cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
7990
CY2012Q2 cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
66332
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.06
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5739096 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.02
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5739096 shares
CY2013Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.03
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15532 shares
CY2013Q2 us-gaap Revenues
Revenues
4971925
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
44110
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
251770
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-134389
CY2013Q2 us-gaap Sales Of Real Estate
SalesOfRealEstate
302977
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
329966
CY2013Q2 us-gaap Interest Income Other
InterestIncomeOther
225
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
333982
CY2013Q2 us-gaap Interest Paid
InterestPaid
363585
CY2013Q2 us-gaap Discontinued Operation Amount Of Other Income Loss From Disposition Of Discontinued Operations Before Income Tax
DiscontinuedOperationAmountOfOtherIncomeLossFromDispositionOfDiscontinuedOperationsBeforeIncomeTax
34148
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
251770
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
537185
CY2013Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-60528
CY2013Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
3325616
CY2013Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-78196
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1260674
CY2013Q2 us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
184263
CY2013Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2046792
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
9962
CY2013Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
207219
CY2013Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
415772
CY2013Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
616278
CY2013Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
714199
CY2013Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
52824
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
163969
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
156910
CY2013Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
382072
CY2013Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
CY2013Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
468596
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
4637943
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-56193
CY2013Q2 cto Gain Loss From Disposal Of Property Discontinued Operation Before Income Tax
GainLossFromDisposalOfPropertyDiscontinuedOperationBeforeIncomeTax
503037
CY2013Q2 cto Income From Operation Of Golf Course And Other Incomes
IncomeFromOperationOfGolfCourseAndOtherIncomes
1312826
CY2013Q2 cto Segment Operating Income Loss
SegmentOperatingIncomeLoss
950260
CY2013Q2 cto Capital Expenditures
CapitalExpenditures
48477
CY2013Q2 cto Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
1425372
CY2013Q2 cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
30506
CY2013Q2 cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
55085
CY2013Q2 cto Acres Of Land Under Agreement To Sale
AcresOfLandUnderAgreementToSale
3.21 acre
CY2013Q2 cto Acres Of Land Subject To Assessment Of Recoverability
AcresOfLandSubjectToAssessmentOfRecoverability
3.02 acre
CY2013Q2 cto Impairment Analysis For Specified Acres Of Land
ImpairmentAnalysisForSpecifiedAcresOfLand
6.23 acre
CY2012Q3 cto Settlement Reserve Accrued
SettlementReserveAccrued
611691

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