CTO Realty Growth, Inc. (CTO) 2006年年度报告「NYSE」.pdf

1、1530 Cornerstone Boulevard,Suite 100P.O.Box 10809(32120)Daytona Beach,Florida 32117Tel:386.274.2202 Fax:Amex Symbol:CTO2006Annual ReportPiecing Together Shareholder Value To Our ShareholdersDespite a weak residential real estate market,near record net income of$14,028,322 or$2.47 basicearnings per s

2、hare was reported in 2006 compared to net income of$14,817,750 or$2.62 basic earningsper share in 2005.Earnings before depreciation,amortization,and deferred taxes(EBDDT)of$21,626,683or$3.80 per basic share in 2006 reflected an increase over EBDDT of$14,797,476 or$2.61 per basic sharein the prior ye

3、ar.In 2006,EBDDT was significantly higher because all qualifying profits from 2006 sales were deferredfor tax purposes compared with 2005 when only a portion of the profits were deferred for tax purposesand a$5 million reclassification adjustment of deferred taxes resulting from an Internal Revenue

4、Servicesettlement agreement was recorded.2006 HighlightsReal estate sales for 2006 totaled 213 acres at an average price of$96,470 per acre,which priceexceeded the three-year average.Land sales in 2006 were accomplished without the benefit of an unusu-ally large sale.Rather,results reflected a mix o

5、f smaller sales and a larger number of transactions.TheCompanys participation in the planning and building of major road networks and other infrastructure com-ponents is a vital activity in generating long-term value for our undeveloped land holdings.During 2006,we facilitated the widening of major

6、roads through the sale of land to Volusia County for retention ponds.In relevant political activity,the Company played active roles in defeating proposed Volusia CountyCharter Amendments and a new Daytona Beach Vision Plan with unpopular provisions,both of which weviewed as not constructive for the