Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CTO Realty Growth, Inc. | f8-k.htm |
Exhibit 99.1
Press
Release
Contact: Mark E. Patten, Sr. Vice President and CFO
mpatten@ctlc.com
Phone: (386) 944‑5643
Facsimile: (386) 274‑1223
|
FOR IMMEDIATE RELEASE |
CONSOLIDATED-TOMOKA LAND CO. REPORTS REVENUE OF $13.8 MILLION AND EARNINGS OF $2.56 PER SHARE FOR THE QUARTER ENDED JUNE 30, 2018 |
DAYTONA BEACH, Fla. – July 18, 2018 – Consolidated-Tomoka Land Co. (NYSE American: CTO) (the “Company”) today announced its operating results and earnings for the quarter and six months ended June 30, 2018.
QUARTER HIGHLIGHTS – Only 1,200 acres of land not under contract
Land Holdings
Completed transactions representing more than 2,500 acres of land including: i) the sale of the 70% interest in the mitigation bank joint venture that holds approximately 2,500 acres of land with sale proceeds of $15.3 million; and ii) three land transactions totaling approximately 32 acres with aggregate proceeds of approximately $1.7 million, or approximately $53,000 per acre.
Pipeline of potential land transactions totals nearly 4,300 acres of the Company’s remaining land, or approximately 78%, with potential proceeds of approximately $179.2 million, or approximately $42,000 per acre.
Share Repurchase Program
The Company repurchased 36,804 shares of its common stock for approximately $2.2 million, at an average purchase price of $59.57 per share.
On July 18, 2018, the Company’s Board of Directors (the “Board”) approved an increase of approximately $6.9 million to the buyback program, refreshing the total buyback program to an aggregate of $10 million.
Unsecured Revolving Credit Facility
In the second quarter of 2018, the Company expanded the commitment under its revolving credit facility to $150 million and increased the amount available under the accordion feature to $250 million. With the expanded commitment the current available borrowing capacity totals approximately $99 million as of June 30, 2018.
Quarterly Dividend
On July 18, 2018, the Board approved a quarterly dividend of $0.07 per share for the third quarter of 2018, an increase of 17% from the prior quarter, which represents an annualized dividend level of $0.28 per share.
Book Value Per Share
Our book value per share increased to $37.27 as of June 30, 2018, an increase of $4.29 per share, or 13%, compared to year-end 2017.
OPERATING RESULTS
Operating results for the 2nd Quarter ended June 30, 2018 (as compared to the same period in 2017):
|
· |
Net income per share (basic) and operating income were as follows: |
|
|
|
|
|
Increase (Decrease) |
|
||||
|
|
|
For the |
|
vs Same |
|
vs Same |
|
||
|
Net Income Per Share (basic) |
|
$ |
2.56 |
|
$ |
1.89 |
|
282 |
% |
|
Operating Income ($ millions) |
|
$ |
21.5 |
|
$ |
13.5 |
|
167 |
% |
|
· |
Revenues from our Operating Segments were as follows: |
|
|
|
|
|
Increase (Decrease) |
|||||
|
Operating Segment |
|
Revenue for |
|
vs Same |
|
vs Same |
|||
|
Income Properties |
|
$ |
9,781 |
|
$ |
2,216 |
|
29 |
% |
|
Interest Income from Commercial Loan Investments |
|
|
274 |
|
|
(279) |
|
50 |
% |
|
Real Estate Operations |
|
|
2,484 |
|
|
(10,773) |
|
81 |
% |
|
Golf Operations |
|
|
1,283 |
|
|
(101) |
|
7 |
% |
|
Agriculture & Other Income |
|
|
11 |
|
|
(68) |
|
86 |
% |
|
Total Revenues |
|
$ |
13,833 |
|
$ |
(9,005) |
|
39 |
% |
Operating results for the Six Months ended June 30, 2018 (as compared to the same period in 2017):
|
· |
Net income per share (basic) and operating income were as follows: |
|
|
|
|
|
Increase (Decrease) |
|||||
|
|
|
For the Six |
|
vs Same |
|
vs Same |
|||
|
Net Income Per Share (basic) |
|
$ |
4.53 |
|
$ |
1.58 |
|
54 |
% |
|
Operating Income ($ millions) |
|
$ |
38.5 |
|
$ |
7.6 |
|
25 |
% |
|
· |
Revenues from our Operating Segments were as follows: |
|
|
|
|
|
Increase (Decrease) |
|||||
|
Operating Segment |
|
Revenue for |
|
vs Same |
|
vs Same |
|||
|
Income Properties |
|
$ |
18,987 |
|
$ |
4,349 |
|
30 |
% |
|
Interest Income from Commercial Loan Investments |
|
|
575 |
|
|
(515) |
|
47 |
% |
|
Real Estate Operations |
|
|
16,463 |
|
|
(26,269) |
|
61 |
% |
|
Golf Operations |
|
|
2,638 |
|
|
(220) |
|
8 |
% |
|
Agriculture & Other Income |
|
|
22 |
|
|
(211) |
|
91 |
% |
|
Total Revenues |
|
$ |
38,685 |
|
$ |
(22,866) |
|
37 |
% |
Income Property Operations Update
The Company’s income property portfolio consisted of the following as of June 30, 2018:
|
Property Type |
|
# of Properties |
|
Square Feet |
|
Average Years |
|
Single-Tenant |
|
29 |
|
1,561,053 |
|
9.4 |
|
Multi-Tenant |
|
7 |
|
531,915 |
|
4.8 |
|
Total / Wtd. Avg. |
|
36 |
|
2,092,968 |
|
8.1 |
The following tables highlight the tenants that represent at least 2.0% and the states where at least 5.0% of the total revenue from the Company’s income property operations is generated, respectively, for the six months ended June 30, 2018 (“Total Income Property Revenue”):
Top Tenants ( ≥ 2% of Total Income Property Revenue)
|
Tenant |
|
# of |
|
Square |
|
% of Total |
|
|
Wells Fargo |
|
2 |
|
662,256 |
|
26 |
% |
|
Hilton Grand Vacations |
|
2 |
|
133,914 |
|
6 |
% |
|
Whole Foods |
|
1 |
|
59,341 |
|
5 |
% |
|
AG Hill |
|
1 |
|
19,596 |
|
4 |
% |
|
LA Fitness |
|
1 |
|
45,000 |
|
3 |
% |
|
Lowe’s |
|
1 |
|
131,644 |
|
2 |
% |
|
Harris Teeter |
|
1 |
|
45,089 |
|
2 |
% |
|
CVS |
|
1 |
|
10,340 |
|
2 |
% |
|
Century Theatres |
|
1 |
|
52,474 |
|
2 |
% |
|
Container Store |
|
1 |
|
23,329 |
|
2 |
% |
|
At Home |
|
1 |
|
116,334 |
|
2 |
% |
|
Jo-Ann Fabrics |
|
1 |
|
22,500 |
|
2 |
% |
|
Total |
|
14 |
|
1,321,817 |
|
57 |
% |
Top States ( ≥ 5% Total Income Property Revenue)
|
State |
# of Properties |
Square Feet |
% of Total Income |
|||
|
Florida |
12 |
565,932 |
33% |
|||
|
North Carolina |
4 |
618,113 |
20% |
|||
|
Texas |
6 |
295,558 |
11% |
|||
|
Oregon |
1 |
211,863 |
10% |
|||
|
California |
2 |
108,533 |
8% |
|||
|
Total |
25 |
1,799,999 |
82% |
Land Update
During the quarter, the Company completed the following transactions involving the disposition of approximately 2,524 acres, or more than 31% of our land holdings at the beginning of the year:
Mitigation Bank Transaction: Completed the sale of the 70% interest in the mitigation bank joint venture that holds approximately 2,500 acres of land with sale proceeds of $15.3 million, and recognizing a gain of approximately $18.4 million including the gain on the retained 30% interest in the mitigation bank.
Other Land Sales: Completed three land transactions totaling approximately 32 acres with aggregate proceeds of approximately $1.7 million, or approximately $53,000 per acre, and resulting in a gain of approximately $1.1 million, or $0.15 per share, net of tax.
Land Pipeline Update
As of July 16, 2018, the Company’s pipeline of potential land sales transactions includes the following seventeen (17) potential transactions with fourteen (14) different buyers, representing nearly 4,300 acres or approximately 78% of our remaining land holdings:
|
Transaction (Buyer) |
Acres |
Amount |
Price Per Acre |
Estimated |
|
|
1 |
Commercial/Retail – O’Connor - East of I‑95 |
850 | $ 34,000
|
$ 40,000
|
‘19 – ‘20 |
|
2 |
Commercial/Retail – O’Connor - East of I‑95 (1) |
123 | $ 29,250
|
$ 238,000
|
‘19 |
|
3 |
Residential (AR) – Minto Communities – West of I‑95 |
1,614 | $ 26,500
|
$ 16,000
|
Q4 ‘18 |
|
4 |
Residential (SF) – ICI Homes – West of I‑95 |
1,016 | $ 21,000
|
$ 21,000
|
‘19 |
|
5 |
Residential (MF) – East of I‑95 |
80 | $ 16,000
|
$ 200,000
|
‘19 |
|
6 |
Mixed-Use Retail – North American – East of I‑95 (2) |
35 | $ 14,362
|
$ 409,000
|
Q4 ‘18 |
|
7 |
Commercial/Medical Office – East of I‑95 |
32 | $ 8,089
|
$ 253,000
|
‘19 - ‘20 |
|
8 |
Residential (MF) – East of I‑95 (3) |
45 | $ 5,200
|
$ 116,000
|
Q3 ‘18 & ‘20 |
|
9 |
Distribution/Warehouse – VanTrust - East of I‑95 |
71 | $ 5,000
|
$ 70,000
|
‘19 |
|
10 |
Commercial/Retail – East of I‑95 |
20 | $ 4,250
|
$ 213,000
|
Q4 ‘18 |
|
11 |
Commercial/Retail – East of I‑95 |
9 | $ 3,300
|
$ 367,000
|
Q4 ‘18 – ‘19 |
|
12 |
Commercial/Distribution – VanTrust - East of I‑95 |
26 | $ 3,215
|
$ 124,000
|
‘18 – ‘19 |
|
13 |
Residential (SF) – West of I‑95 (4) |
200 | $ 3,175
|
$ 16,000
|
Q4 ‘18 & ‘20 |
|
14 |
Auto Dealership - West of I‑95 |
13 | $ 2,000
|
$ 154,000
|
Q4 ‘18 |
|
15 |
Commercial/Retail – East of I‑95 |
2 | $ 1,500
|
$ 682,000
|
‘19 - ‘20 |
|
16 |
Residential (SF) – ICI Homes – West of I‑95 |
146 | $ 1,400
|
$ 10,000
|
‘19 |
|
17 |
Commercial/Medical Office – East of I‑95 |
4 | $ 935
|
$ 234,000
|
Q4 ‘18 |
|
Totals (Average) |
4,286 | $ 179,176
|
$ 42,000
|
|
(1) |
Land sales transaction which requires the Company to incur the cost to provide the requisite mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in credits that we own or potentially up to 5% - 10% of the contract amount noted. |
|
(2) |
Pursuant to the contract, amount includes the reimbursement of infrastructure costs incurred by the Company for Tomoka Town Center plus interest accrued as of December 31, 2017. |
|
(3) |
The acres and amount include the buyer’s option to acquire 19 acres for approximately $2.0 million, in addition to the base contract of 26 acres for approximately $3.2 million. |
|
(4) |
The acres and amount include the buyer’s option to acquire 71 acres for approximately $925,000, in addition to the base contract of 129 acres for approximately $2.25 million. |
As noted above, these agreements contemplate closing dates ranging from the second half of 2018 through fiscal year 2020, and although some of the transactions may close in 2018, some of the buyers are not contractually obligated to close until after 2018. Each of the transactions are in varying stages of due diligence by the various buyers including, in some instances, making submissions to the planning and development departments of the City of Daytona Beach, and other permitting activities with other applicable governmental authorities including wetlands permits from the St. John’s River Water Management District and the U.S. Army Corps of Engineers and conducting traffic analyses with the Florida Department of Transportation and negotiating other matters with Volusia County. In addition to other customary closing conditions, the majority of these transactions are conditioned upon the receipt of approvals or permits from those various governmental authorities, as well as other matters that are beyond our control. If such approvals are not obtained or costs to meet governmental requirements or obligations are too high, the prospective buyers may have the ability to terminate their respective agreements prior to closing. As a result, there can be no assurances regarding the likelihood or timing of any one of these potential land transactions being completed or the final terms thereof, including the sales price.
Excluding the nearly 4,300 acres under contract, the Company’s remaining land holdings consist of approximately 1,200 acres of undeveloped land.
Debt Summary
The following table provides a summary of the Company’s long-term debt as of June 30, 2018:
|
Component of Long-Term Debt (1) |
Principal |
Interest Rate |
Maturity Date |
|
|
Revolving Credit Facility |
$50.7 million |
30‑day LIBOR + 1.50 – 2.20 |
September 2021 |
|
|
Mortgage Note Payable |
$24.9 million |
3.17% |
April 2021 |
|
|
Mortgage Note Payable |
$30.0 million |
4.33% |
October 2034 |
|
|
Convertible Senior Notes |
$75.0 million |
4.50% |
March 2020 |
|
|
Total Debt/Weighted-Average Rate |
$180.6 million |
4.11% |
|
(1) |
At face value |
2018 Guidance
The following summary provides a review of the Company’s results for the six months ended June 30, 2018 relative to the guidance for the full year ending December 31, 2018:
|
Guidance |
Actual |
||
|
Reported Earnings Per Share (Basic)(1) |
$7.25 - $8.25 |
$ 4.04
|
|
|
Acquisition of Income-Producing Assets |
$80mm - $120mm |
$26.5mm |
|
|
Target Investment Yields (Initial Yield – Unlevered) |
5.75% - 7.25% |
4.50% | |
|
Disposition of Income-Producing Assets (Sales Value) |
$6mm - $18mm |
$11.4mm |
|
|
Target Disposition Yields |
7.50% - 8.50% |
7.40% | |
|
Land Transactions (Sales Value) (2) |
$55mm - $70mm |
$31mm |
|
|
Leverage Target (as % of Total Enterprise Value) |
<40% |
34% |
|
(1) |
Excludes earnings impact of anticipated and actual income property dispositions. Actual results as of June 30, 2018 included earnings from income property dispositions of approximately $0.49 per share, net of tax, which have been excluded from the actual results noted in the above table. |
|
(2) |
Includes the $15.3 million of proceeds for the sale of the 70% interest in the mitigation bank joint venture. |
The 3rd quarter 2018 dividend will be payable on August 30, 2018 to shareholders of record on August 10, 2018.
2nd Quarter Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the quarter and six months ended June 30, 2018 tomorrow, Thursday, July 19, 2018, at 9:00 a.m. eastern time. Shareholders and interested parties may access the Earnings Call via teleconference or webcast:
Teleconference: USA (Toll Free) 1‑888‑317‑6003
International: 1‑412‑317‑6061
Canada (Toll Free): 1‑866‑284‑3684
Please dial in at least fifteen minutes prior to the scheduled start time and use the code 7665655 when prompted.
A webcast of the call can be accessed at: http://services.choruscall.com/links/cto180719.html.
To access the webcast, log on to the web address noted above or go to http://www.ctlc.com and log in at the investor relations section. Please log in to the webcast at least ten minutes prior to the scheduled time of the Earnings Call.
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income investments in diversified markets in the United States including more than 2.1 million square feet of income properties, as well as approximately 5,500 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.
We encourage you to review our most recent investor presentation for the quarter and six months ended June 30, 2018, available on our website at www.ctlc.com.
SAFE HARBOR
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. Words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Although forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include the completion of 1031 exchange transactions, the modification of terms of certain land sales agreements, uncertainties associated with obtaining required governmental permits and satisfying other closing conditions, as well as the uncertainties and risk factors discussed in our Annual Report on Form 10‑K for the fiscal year ended December 31, 2017 as filed with the Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED BALANCE SHEETS
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
Property, Plant, and Equipment: |
|
|
|
|
|
|
|
|
Income Properties, Land, Buildings, and Improvements |
|
$ |
396,259,302 |
|
$ |
358,130,350 |
|
|
Golf Buildings, Improvements, and Equipment |
|
|
6,640,581 |
|
|
6,617,396 |
|
|
Other Furnishings and Equipment |
|
|
726,380 |
|
|
715,042 |
|
|
Construction in Progress |
|
|
581,611 |
|
|
6,005,397 |
|
|
Total Property, Plant, and Equipment |
|
|
404,207,874 |
|
|
371,468,185 |
|
|
Less, Accumulated Depreciation and Amortization |
|
|
(25,840,495) |
|
|
(23,779,780) |
|
|
Property, Plant, and Equipment—Net |
|
|
378,367,379 |
|
|
347,688,405 |
|
|
Land and Development Costs |
|
|
31,371,995 |
|
|
39,477,697 |
|
|
Intangible Lease Assets—Net |
|
|
38,606,046 |
|
|
38,758,059 |
|
|
Investment in Joint Venture |
|
|
6,701,017 |
|
|
— |
|
|
Impact Fee and Mitigation Credits |
|
|
725,236 |
|
|
1,125,269 |
|
|
Commercial Loan Investments |
|
|
2,994,916 |
|
|
11,925,699 |
|
|
Cash and Cash Equivalents |
|
|
4,312,324 |
|
|
6,559,409 |
|
|
Restricted Cash |
|
|
2,419,686 |
|
|
6,508,131 |
|
|
Refundable Income Taxes |
|
|
1,075,662 |
|
|
1,116,580 |
|
|
Other Assets |
|
|
13,975,385 |
|
|
12,971,129 |
|
|
Total Assets |
|
$ |
480,549,646 |
|
$ |
466,130,378 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
1,745,714 |
|
$ |
1,880,516 |
|
|
Accrued and Other Liabilities |
|
|
7,838,466 |
|
|
10,160,526 |
|
|
Deferred Revenue |
|
|
6,868,665 |
|
|
2,030,459 |
|
|
Intangible Lease Liabilities - Net |
|
|
29,139,535 |
|
|
29,770,441 |
|
|
Deferred Income Taxes—Net |
|
|
50,603,916 |
|
|
42,293,864 |
|
|
Long-Term Debt |
|
|
177,133,608 |
|
|
195,816,364 |
|
|
Total Liabilities |
|
|
273,329,904 |
|
|
281,952,170 |
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
Common Stock – 25,000,000 shares authorized; $1 par value, 6,042,966 shares issued and 5,559,507 shares outstanding at June 30, 2018; 6,030,990 shares issued and 5,584,335 shares outstanding at December 31, 2017 |
|
|
5,984,747 |
|
|
5,963,850 |
|
|
Treasury Stock – 483,459 shares at June 30, 2018; 446,655 shares at December 31, 2017 |
|
|
(24,700,205) |
|
|
(22,507,760) |
|
|
Additional Paid-In Capital |
|
|
23,228,788 |
|
|
22,735,228 |
|
|
Retained Earnings |
|
|
202,024,986 |
|
|
177,614,274 |
|
|
Accumulated Other Comprehensive Income |
|
|
681,426 |
|
|
372,616 |
|
|
Total Shareholders’ Equity |
|
|
207,219,742 |
|
|
184,178,208 |
|
|
Total Liabilities and Shareholders’ Equity |
|
$ |
480,549,646 |
|
$ |
466,130,378 |
|
CONSOLIDATED-TOMOKA LAND CO.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||
|
|
|
June 30, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|||||||
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|||||||
|
Income Properties |
|
$ |
9,781,299 |
|
$ |
7,565,007 |
|
$ |
18,987,026 |
|
$ |
14,638,247 |
|
|||
|
Interest Income from Commercial Loan Investments |
|
|
273,467 |
|
|
553,159 |
|
|
574,466 |
|
|
1,089,648 |
|
|||
|
Real Estate Operations |
|
|
2,484,314 |
|
|
13,257,355 |
|
|
16,463,644 |
|
|
42,731,815 |
|
|||
|
Golf Operations |
|
|
1,282,918 |
|
|
1,383,513 |
|
|
2,637,274 |
|
|
2,858,457 |
|
|||
|
Agriculture and Other Income |
|
|
11,187 |
|
|
78,749 |
|
|
22,374 |
|
|
232,900 |
|
|||
|
Total Revenues |
|
|
13,833,185 |
|
|
22,837,783 |
|
|
38,684,784 |
|
|
61,551,067 |
|
|||
|
Direct Cost of Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Income Properties |
|
|
(2,034,889) |
|
|
(1,629,515) |
|
|
(3,903,918) |
|
|
(3,041,228) |
|
|||
|
Real Estate Operations |
|
|
(870,270) |
|
|
(5,792,529) |
|
|
(2,405,932) |
|
|
(14,949,378) |
|
|||
|
Golf Operations |
|
|
(1,525,053) |
|
|
(1,401,919) |
|
|
(2,906,878) |
|
|
(2,900,597) |
|
|||
|
Agriculture and Other Income |
|
|
(5,172) |
|
|
(30,536) |
|
|
(10,344) |
|
|
(70,973) |
|
|||
|
Total Direct Cost of Revenues |
|
|
(4,435,384) |
|
|
(8,854,499) |
|
|
(9,227,072) |
|
|
(20,962,176) |
|
|||
|
General and Administrative Expenses |
|
|
(2,429,181) |
|
|
(2,727,187) |
|
|
(5,252,729) |
|
|
(5,947,334) |
|
|||
|
Depreciation and Amortization |
|
|
(3,854,938) |
|
|
(3,215,690) |
|
|
(7,755,317) |
|
|
(5,978,265) |
|
|||
|
Gain on Disposition of Assets |
|
|
18,384,808 |
|
|
— |
|
|
22,035,666 |
|
|
— |
|
|||
|
Land Lease Termination |
|
|
— |
|
|
— |
|
|
— |
|
|
2,226,526 |
|
|||
|
Total Operating Expenses |
|
|
7,665,305 |
|
|
(14,797,376) |
|
|
(199,452) |
|
|
(30,661,249) |
|
|||
|
Operating Income |
|
|
21,498,490 |
|
|
8,040,407 |
|
|
38,485,332 |
|
|
30,889,818 |
|
|||
|
Investment Income |
|
|
11,892 |
|
|
8,524 |
|
|
24,204 |
|
|
17,707 |
|
|||
|
Interest Expense |
|
|
(2,537,301) |
|
|
(2,144,176) |
|
|
(5,098,766) |
|
|
(4,206,067) |
|
|||
|
Income Before Income Tax Expense |
|
|
18,973,081 |
|
|
5,904,755 |
|
|
33,410,770 |
|
|
26,701,458 |
|
|||
|
Income Tax Expense |
|
|
(4,810,173) |
|
|
(2,225,847) |
|
|
(8,335,563) |
|
|
(10,276,158) |
|
|||
|
Net Income |
|
$ |
14,162,908 |
|
$ |
3,678,908 |
|
$ |
25,075,207 |
|
$ |
16,425,300 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Basic |
|
|
5,529,360 |
|
|
5,531,444 |
|
|
5,530,108 |
|
|
5,566,595 |
|
|||
|
Diluted |
|
|
5,529,360 |
|
|
5,545,452 |
|
|
5,561,791 |
|
|
5,583,058 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Per Share Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Basic Net Income Per Share |
|
$ |
2.56 |
|
$ |
0.67 |
|
$ |
4.53 |
|
$ |
2.95 |
|
|||
|
Diluted Net Income Per Share |
|
$ |
2.56 |
|
$ |
0.66 |
|
$ |
4.51 |
|
$ |
2.94 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Dividends Declared and Paid |
|
$ |
0.06 |
|
$ |
0.04 |
|
$ |
0.12 |
|
$ |
0.08 |
|
|||