Consolidated-Tomoka Land Co. reported financial results for the second quarter of 2010. The company earned net income of $127,000, or $0.02 per diluted share, in the quarter ending 6/30/2010, compared to net income of $188,000, or $0.03 per diluted share, in the same quarter of 2009.
Consolidated-Tomoka Land Co. also reported a drop in sales on a year over year basis. The company reported sales of $3.8 million in the second quarter of 2010, compared to $5.3 million in the corresponding quarter of 2009.
The management of Consolidated-Tomoka Land Co. expressed little confidence in the current real estate market, and blamed the current environment on low consumer confidence and the reluctance of lenders to provide financing for sales.
William H. McMunn, the CEO of Consolidated-Tomoka Land Co., said, “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.”
Consolidated-Tomoka Land Co. is a property company based in Florida. The company owns both income producing and development properties in the Daytona Beach area.
For more information on the company, go to www.ctlc.com