$CTO
CTO Realty Growth, Inc.

2013 Q4 Form 10-Q Financial Statement

#000119312513420823 Filed on October 31, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $9.830M $6.314M $3.557M
YoY Change 145.14% 77.5% 12.57%
Cost Of Revenue $4.830M $1.960M $1.690M
YoY Change 211.61% 15.98% -5.59%
Gross Profit $5.000M $4.360M $1.810M
YoY Change 103.25% 140.88% 32.12%
Gross Profit Margin 50.86% 69.05% 50.88%
Selling, General & Admin $1.210M $1.210M $2.310M
YoY Change -21.94% -47.62% 89.34%
% of Gross Profit 24.2% 27.75% 127.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $760.0K $732.4K $509.2K
YoY Change 137.5% 43.83% -21.66%
% of Gross Profit 15.2% 16.8% 28.13%
Operating Expenses $1.970M $3.897M $4.540M
YoY Change -4.83% -14.16% 150.83%
Operating Profit $3.030M $2.417M -$982.8K
YoY Change 676.92% -345.93% 123.37%
Interest Expense -$510.0K $509.9K -$150.0K
YoY Change 200.0% -439.93% 15.38%
% of Operating Profit -16.83% 21.1%
Other Income/Expense, Net
YoY Change
Pretax Income $2.520M $1.907M -$1.135M
YoY Change 1100.0% -268.0% -84.12%
Income Tax $1.160M $735.7K -$433.2K
% Of Pretax Income 46.03% 38.58%
Net Earnings $1.850M $1.242M -$556.6K
YoY Change 2983.33% -323.19% -86.81%
Net Earnings / Revenue 18.82% 19.68% -15.65%
Basic Earnings Per Share
Diluted Earnings Per Share $260.2K $175.4K -$81.87K
COMMON SHARES
Basic Shares Outstanding 5.864M shares 5.750M shares 5.711M shares
Diluted Shares Outstanding 5.756M shares 5.711M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.900M $700.0K $2.400M
YoY Change 276.42% -70.83% 1100.0%
Cash & Equivalents $4.933M $743.4K $2.381M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $23.80M $26.50M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $28.70M $27.20M $2.400M
YoY Change -1.37% 1033.33% 1100.0%
LONG-TERM ASSETS
Property, Plant & Equipment $162.0M $164.7M $154.9M
YoY Change 16.46% 6.3% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $700.0K
YoY Change
Other Assets $800.0K $3.500M $3.800M
YoY Change -76.47% -7.89%
Total Long-Term Assets $197.5M $201.5M $170.1M
YoY Change 26.92% 18.47% 1.61%
TOTAL ASSETS
Total Short-Term Assets $28.70M $27.20M $2.400M
Total Long-Term Assets $197.5M $201.5M $170.1M
Total Assets $226.2M $228.7M $172.5M
YoY Change 22.46% 32.59% 2.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $500.0K $200.0K
YoY Change 125.0% 150.0% 0.0%
Accrued Expenses $4.800M $5.700M $8.000M
YoY Change -22.58% -28.75% -8.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.700M $7.600M $8.500M
YoY Change 1.52% -10.59% -6.59%
LONG-TERM LIABILITIES
Long-Term Debt $63.20M $66.70M $16.70M
YoY Change 117.18% 299.4% 41.53%
Other Long-Term Liabilities $3.500M $5.600M $1.200M
YoY Change 45.83% 366.67% 50.0%
Total Long-Term Liabilities $66.70M $72.30M $17.90M
YoY Change 111.75% 303.91% 42.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.700M $7.600M $8.500M
Total Long-Term Liabilities $66.70M $72.30M $17.90M
Total Liabilities $106.0M $111.5M $58.40M
YoY Change 50.42% 90.85% 8.35%
SHAREHOLDERS EQUITY
Retained Earnings $106.6M $104.9M
YoY Change 3.23%
Common Stock $14.28M $14.06M
YoY Change 12.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $453.7K $453.7K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $120.2M $117.3M $114.1M
YoY Change
Total Liabilities & Shareholders Equity $226.2M $228.7M $172.5M
YoY Change 22.46% 32.59% 2.92%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $1.850M $1.242M -$556.6K
YoY Change 2983.33% -323.19% -86.81%
Depreciation, Depletion And Amortization $760.0K $732.4K $509.2K
YoY Change 137.5% 43.83% -21.66%
Cash From Operating Activities $2.510M $6.610M $1.640M
YoY Change -4283.33% 303.05% 25.19%
INVESTING ACTIVITIES
Capital Expenditures -$1.080M -$11.77M -$1.840M
YoY Change -93.7% 539.67% 109.09%
Acquisitions
YoY Change
Other Investing Activities $6.360M -$17.65M $570.0K
YoY Change 65.63% -3196.49% -88.08%
Cash From Investing Activities $5.280M -$29.42M -$1.260M
YoY Change -139.76% 2234.92% -132.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.600M 22.29M -4.610M
YoY Change -129.36% -583.51% -11.0%
NET CHANGE
Cash From Operating Activities 2.510M 6.610M 1.640M
Cash From Investing Activities 5.280M -29.42M -1.260M
Cash From Financing Activities -3.600M 22.29M -4.610M
Net Change In Cash 4.190M -520.0K -4.230M
YoY Change -487.96% -87.71% -14200.0%
FREE CASH FLOW
Cash From Operating Activities $2.510M $6.610M $1.640M
Capital Expenditures -$1.080M -$11.77M -$1.840M
Free Cash Flow $3.590M $18.38M $3.480M
YoY Change -78.97% 428.16% 58.9%

Facts In Submission

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dei Entity Registrant Name
EntityRegistrantName
CONSOLIDATED TOMOKA LAND CO
dei Amendment Flag
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dei Entity Filer Category
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Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Entity Central Index Key
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dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
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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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us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0010 pure
us-gaap Net Cash Provided By Used In Operating Activities
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8381380
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.32
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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 nine months ended September&#xA0;30, 2013. Specifically, loan cost amortization was previously included in depreciation and amortization on the consolidated financial statements and is now included in interest expense. In addition, deferred revenue was previously included with accrued liabilities on the consolidated balance sheets and is now segregated as its own line item. These reclassifications had no effect on the current year and prior year presentation of income (loss) from continuing operations before taxes.</p> </div>
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y6M
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.03
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
58800 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i>Use of Estimates in Preparation of Financial Statements</i></b></p> <p style="MARGIN-TOP: 6pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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.</p> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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.</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
16183724
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
409973
us-gaap Comprehensive Income Net Of Tax
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1831119
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2089778
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
557216
us-gaap Sales Of Real Estate
SalesOfRealEstate
2010722
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IncomeTaxesPaidNet
187186
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us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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119532
us-gaap Repayments Of Long Term Debt
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us-gaap Prior Period Reclassification Adjustment
PriorPeriodReclassificationAdjustment
0
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
613592
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IncreaseDecreaseInIncomeTaxesReceivable
-239720
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486670
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
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345143
us-gaap Interest Income Other
InterestIncomeOther
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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InterestAndFeeIncomeLoansCommercial
644198
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OperatingIncomeLoss
3405413
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
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NetIncomeLoss
1831119
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526966
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
659186
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
875992
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-328866
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
0
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1293040
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
36790580
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
39500000
us-gaap Increase Decrease In Restricted Cash
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322562
us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
20021
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4221831
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
38048984
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
3407133
us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
480152
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-710518
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3348632
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
172080
us-gaap Share Based Compensation
ShareBasedCompensation
852536
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
5793687
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2211346
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-558315
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
64830
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-713230
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1356638
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
13342
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7198436
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
337913
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-46988679
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
39406
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
519849
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
1168109
us-gaap Asset Impairment Charges
AssetImpairmentCharges
616278
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2146515
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
147917
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
85250000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
101032
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
57366684
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
852536
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
250000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
1038922
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
us-gaap Interest Expense Debt
InterestExpenseDebt
1316026
us-gaap Operating Expenses
OperatingExpenses
12778311
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
796738
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
0.691 pure
cto Increase Decrease In Land And Development Costs
IncreaseDecreaseInLandAndDevelopmentCosts
-712064
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
3758629
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 Restricted Share Award Closing Prices Range Per Share Average
RestrictedShareAwardClosingPricesRangePerShareAverage
36.00
cto Effective Income Tax Rate Including Income Taxes Attributable To Discontinued Operations
EffectiveIncomeTaxRateIncludingIncomeTaxesAttributableToDiscontinuedOperations
0.3826 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 Segment Reporting Income Property Operation Percent Of Consolidated Revenue
SegmentReportingIncomePropertyOperationPercentOfConsolidatedRevenue
0.594 pure
cto Annual Rate Adjustment Percentage
AnnualRateAdjustmentPercentage
0.0175 pure
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 Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
4154338
cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
149028
cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
120275
cto Decrease In Liability Due To Payment For Completion Of Improvements
DecreaseInLiabilityDueToPaymentForCompletionOfImprovements
714000
cto Payment To Acquire Commercial Mortgage Loan
PaymentToAcquireCommercialMortgageLoan
17655367
cto Trading Average Days Of Common Stock
TradingAverageDaysOfCommonStock
P60D
cto Proceed From Commercial Mortgage Loan
ProceedFromCommercialMortgageLoan
95000
cto Pension Benefits Average Compensation Highest Consecutive Periods
PensionBenefitsAverageCompensationHighestConsecutivePeriods
P5Y
cto Pension Benefits Average Compensation Highest Consecutive Final Terms Of Employment
PensionBenefitsAverageCompensationHighestConsecutiveFinalTermsOfEmployment
P10Y
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.10
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5720303 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
-0.01
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3562966
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.09
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5720303 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
217700 shares
us-gaap Revenues
Revenues
12398827
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
1018447
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
537381
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-86859
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
242051
us-gaap Sales Of Real Estate
SalesOfRealEstate
2417367
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
587584
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
20881714
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-399905
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-108562
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
878134
us-gaap Interest Income Other
InterestIncomeOther
820
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
us-gaap Operating Income Loss
OperatingIncomeLoss
633496
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
610870
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
242051
us-gaap Interest Paid
InterestPaid
367703
us-gaap Net Income Loss
NetIncomeLoss
537381
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
956589
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-335720
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
0
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
6390847
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
453654
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-50203
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8661344
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
984547
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5070383
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
894060
us-gaap Proceeds From Sale Of Other Productive Assets
ProceedsFromSaleOfOtherProductiveAssets
7694710
us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
531913
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-185447
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
427843
us-gaap Share Based Compensation
ShareBasedCompensation
870304
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
5428198
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1894965
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2375125
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
140313
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
245726
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-460794
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
345393
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-189121
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
480150
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
369005
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2081901
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
401060
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1508801
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
74389
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
22341849
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
303000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
8661344
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
870304
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
518904
us-gaap Interest Expense Debt
InterestExpenseDebt
475449
us-gaap Operating Expenses
OperatingExpenses
11765331
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-36656
cto Increase Decrease In Land And Development Costs
IncreaseDecreaseInLandAndDevelopmentCosts
18363
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
3443984
cto Effective Income Tax Rate Including Income Taxes Attributable To Discontinued Operations
EffectiveIncomeTaxRateIncludingIncomeTaxesAttributableToDiscontinuedOperations
0.3821 pure
cto Segment Reporting Income Property Operation Percent Of Consolidated Revenue
SegmentReportingIncomePropertyOperationPercentOfConsolidatedRevenue
0.515 pure
cto Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
4210961
cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
146629
cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
166420
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 Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-03-31
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
CY2013Q1 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
702827
CY2013Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
616000
CY2013Q2 cto Acres Of Land Under Agreement To Sale
AcresOfLandUnderAgreementToSale
3.21 acre
CY2012Q3 cto Income From Operation Of Golf Course And Other Incomes
IncomeFromOperationOfGolfCourseAndOtherIncomes
861326
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 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.03
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5710808 shares
CY2012Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.13
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5710808 shares
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
179600 shares
CY2012Q3 us-gaap Revenues
Revenues
3557175
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
283447
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-556606
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1135228
CY2012Q3 us-gaap Sales Of Real Estate
SalesOfRealEstate
421983
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
145378
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
236676
CY2012Q3 us-gaap Interest Income Other
InterestIncomeOther
453
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-982834
CY2012Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-33513
CY2012Q3 us-gaap Interest Paid
InterestPaid
118512
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-556606
CY2012Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
236676
CY2012Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-172306
CY2012Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
2177895
CY2012Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-701984
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2311448
CY2012Q3 us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
143138
CY2012Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1685806
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
46771
CY2012Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
91298
CY2012Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
124650
CY2012Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
509242
CY2012Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
28197
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
103000
CY2012Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1733718
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
446679
CY2012Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
199710
CY2012Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
152847
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
4540009
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-433244
CY2012Q3 cto Settlement Reserve Accrued
SettlementReserveAccrued
611691
CY2012Q3 cto Gain Loss From Disposal Of Property Discontinued Operation Before Income Tax
GainLossFromDisposalOfPropertyDiscontinuedOperationBeforeIncomeTax
78455
CY2012Q3 cto Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
1314428
CY2012Q3 cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
95971
CY2012Q3 cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
28530
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.01
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5755815 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
5657 shares
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.21
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.22
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5750158 shares
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38800 shares
CY2013Q3 us-gaap Revenues
Revenues
6372495
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
74412
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1242304
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1959557
CY2013Q3 us-gaap Sales Of Real Estate
SalesOfRealEstate
1369397
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
38665
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
62947
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
CY2013Q3 us-gaap Interest And Fee Income Loans Commercial
InterestAndFeeIncomeLoansCommercial
644198
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2469455
CY2013Q3 us-gaap Interest Paid
InterestPaid
454828
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
1242304
CY2013Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
62947
CY2013Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
-96904
CY2013Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
3356937
CY2013Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1203639
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1207593
CY2013Q3 us-gaap Cost Of Real Estate Sales
CostOfRealEstateSales
174411
CY2013Q3 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1956910
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
11465
CY2013Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
24282
CY2013Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
455670
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
738537
CY2013Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
54228
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
168000
CY2013Q3 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
29424729
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
251210
CY2013Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
427341
CY2013Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
509898
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
3903040
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
755918
CY2013Q3 cto Income From Operation Of Golf Course And Other Incomes
IncomeFromOperationOfGolfCourseAndOtherIncomes
981118
CY2013Q3 cto Cost And Expenses For Operating Golf Course
CostAndExpensesForOperatingGolfCourse
1321337
CY2013Q3 cto Agriculture And Other Income Revenue
AgricultureAndOtherIncomeRevenue
20845
CY2013Q3 cto Agriculture And Other Income Cost
AgricultureAndOtherIncomeCost
33821

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