Consolidated-Tomoka Land (CTO) Reports Q4 EPS of $0.99, Offers Guidance
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Consolidated-Tomoka Land Co. Reports Fourth Quarter and Year End 2015 Earnings, Announces 2016 Guidance
February 9, 2016 5:49 PM ESTDAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the Company) today announced its operating results for the fourth quarter and year ended December 31, 2015.
OPERATING RESULTS
Operating results for the quarter ended December 31, 2015 (as compared to the same period in 2014):
Net income was $0.99 per share, an increase of $0.87 per share or 725.0%; mainly due to the significant land sales that closed during the fourth quarter of 2015 of which only a portion was recognized into income based on the application of percentage of completion accounting; Operating income was... More