CONSOLIDATED TOMOKA ANNOUNCES SECOND QUARTER EARNINGS

CONSOLIDATED TOMOKA ANNOUNCES SECOND QUARTER EARNINGS

DAYTONA BEACH, FLORIDA - Consolidated-Tomoka Land Co. (NYSE Amex-CTO) today reported net income of $126,829 or $0.02 earnings per basic share for the quarter ended June 30, 2010, compared with net income of $187,809 or $0.03 earnings per basic share for the same period in 2009.  Earnings before depreciation, amortization and deferred taxes (EBDDT) totaled $0.16 per share in 2010's second quarter, compared with $0.20 per share in the corresponding period in 2009.  For the six months ended June 30, 2010, net income totaled $204,648 or $0.04 earnings per basic share and EBDDT totaled $0.29 per share.  The comparable numbers for the first six months of 2009 were net income of $510,015 or $0.09 earnings per basic share and EBDDT of $0.35 per share. 

EBDDT is being provided to reflect the impact of the Company’s business strategy of investing in income properties utilizing tax deferred exchanges.  This strategy generates significant amounts of depreciation and deferred taxes.  The Company believes EBDDT is useful, along with net income, to understanding the Company’s operating results.

William H. McMunn, president and chief executive officer, stated, “Our portfolio of income properties continues to keep the Company profitable by generating $4.8 million of revenues during the first six months of this year. The Company has seen no measurable improvement in the real estate sales market during the quarter. We believe the lack of lending sources to finance new projects coupled with weak consumer confidence is slowing recovery in this sector of our business. Management continues to focus on actions that will improve the value and salability of our prime commercial and residential properties.”

Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged in converting Company owned agricultural lands into a portfolio of net lease income properties strategically located in the Southeast, through the efficient utilization of 1031 tax-deferred exchanges.  The Company has low long-term debt and currently generates over $9 million annually before tax cash flow from its income property portfolio.  The Company also engages in selective self-development of targeted income properties. The Company’s adopted strategy is designed to provide the financial strength and cash flow to weather difficult real estate cycles.  Visit our website at www.ctlc.com.

Date: July 21, 2010
Contact: Bruce W. Teeters, Sr. Vice President
Phone: (386) 274-2202
Facsimile: (386) 274-1223