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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000023795-04-000038.txt : 20041020
<SEC-HEADER>0000023795-04-000038.hdr.sgml : 20041020
<ACCEPTANCE-DATETIME>20041020085308
ACCESSION NUMBER:		0000023795-04-000038
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041020
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20041020
DATE AS OF CHANGE:		20041020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED TOMOKA LAND CO
		CENTRAL INDEX KEY:			0000023795
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				590483700
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11350
		FILM NUMBER:		041086478

	BUSINESS ADDRESS:	
		STREET 1:		1530 CORNERSTONE BLVD., STE. 100
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32117
		BUSINESS PHONE:		386-274-2202

	MAIL ADDRESS:	
		STREET 1:		PO BOX 10809
		CITY:			DAYTONA BEACH
		STATE:			FL
		ZIP:			32120-0809
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k81004a.txt
<TEXT>

                   SECURITIES AND EXCHANGE COMMISSION

                       WASHINGTON, D.C. 20549



                              FORM 8-K
                           CURRENT REPORT


                    Pursuant to Section 13 or 15(d) of
                   the Securities Exchange Act of 1934



                           October 20, 2004

                            Date of Report
                           (Date of earliest
                              event reported)



                      CONSOLIDATED-TOMOKA LAND CO.
        (exact name of registrant as specified in its charter)



                                FLORIDA
             (State or other jurisdiction of incorporation)



                    0-5556                   59-0483700
           (Commission File Number)       (IRS Employer
                                           Identification Number)

                  1530 Cornerstone Boulevard, Suite 100
                     Daytona Beach, Florida        32117
      (Address of principal executive offices)   (Zip Code)




                             (386)274-2202
          (Registrant's telephone number, including area code)










PAGE>
                                 1




FORM 8-K, October 19, 2004
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO.  0-5556
EMPLOYER ID NO.  59-0483700

Item 7. Financial Statements, Pro Forma Financial Information and
        Exhibits

The following exhibit is furnished herewith pursuant to Item 12 of
this Report and shall not be deemed to be "filed" for any purpose,
including for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, or otherwise subject to the liabilities of that
section.

        ( c ) Exhibits.

              99.1 Press Release issued October 18, 2004


Item 12. Results of Operations and Financial Condition.

         On October 18, 2004, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the three months and nine months ended September 30,
2004.  A copy of the press release is furnished as an exhibit to this
report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


                            CONSOLIDATED-TOMOKA LAND CO.


Date: October 20, 2004      By:/S/Bruce W. Teeters
                            ----------------------
                            Bruce W. Teeters, Senior
                            Vice President - Finance
                            and Treasurer
                            Chief Financial Officer











<PAGE>                            2




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>k81004exc.txt
<TEXT>
                                PRESS RELEASE
                            For Immediate Release

Date:      October 18, 2004
Contact:   Bruce W. Teeters, Sr. Vice President
Phone:    (386) 274-2202
Facsimile:(386) 274-1223

              CONSOLIDATED TOMOKA ANNOUNCES THIRD QUARTER EARNINGS

    DAYTONA BEACH FLORIDA - Consolidated-Tomoka Land Co. (AMEX CTO)
announced today net income of $732,535 or $.13 per share and earnings
before depreciation, amortization and deferred taxes (EBDDT) of
$1,120,425 or $.20 per share for the quarter ended September 30, 2004.
The comparable numbers for the third quarter of 2003 were a net loss
of $110,600 or $.02 per share and EBDDT of $382,508 or $.07 per share.
For the nine months ended September 30, 2004, net income totaled
$1,092,529 or $.19 per share, compared with net income of $1,390,043
or $.25 per share in 2003.  EBDDT totaled $2,303,698 or $.41 per share
in 2004's first nine months, compared with $3,125,680 or $.56 per
share in 2003 for the same period.
    EBDDT is being provided to reflect the impact of the Company's
business strategy of investing in income properties.  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 McMunn, president and chief executive officer, stated,
"Third quarter operating results were favorably impacted by higher
land sales profit compared with the 2003 same period. We continue to
increase our holdings of income-generating properties and reported
increased revenues from net-lease properties this quarter. This
included five free-standing properties acquired in the first half of
2004. Management is concentrating on closing a back log of pending
contracts prior to December 31, 2004. As we convert our portfolio
of land to income properties, we expect to create a more predictable
revenue stream going forward. "
    Consolidated-Tomoka Land Co. is a Florida-based Company primarily
engaged in the real estate industry.  Real estate operations include
investment in and development of land holdings in the Daytona Beach
area and the ownership of income properties strategically located in
rapid-growth areas in Florida and Atlanta, Georgia.


















<PAGE>                            3








<CAPTION>
<TABLE>

                                 EARNINGS NEWS RELEASE


                                                         QUARTER ENDED
                                                  --------------------------

                                                 SEPTEMBER 30,   SEPTEMBER 30,
                                                     2004            2003
                                                -----------      ----------
<s>                                             <c>             <c>
REVENUES
                                                  $4,194,731      $2,753,871
NET INCOME (LOSS)
                                                    $732,535       ($110,600)

BASIC & DILUTED EARNINGS PER SHARE:

  NET INCOME(LOSS)
                                                      $0.13          ($0.02)



                                                      NINE MONTHS ENDED
                                                  --------------------------
                                                 SEPTEMBER 30,    SEPTEMBER 30,
                                                     2004            2003
                                                 ----------      ----------
REVENUES                                        $12,345,077     $11,790,194

NET INCOME

                                                 $1,092,529      $1,390,043

BASIC & DILUTED EARNINGS PER SHARE:

  NET INCOME                                          $0.19           $0.25

</TABLE>















<PAGE>
                                 4


            RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
             DEPRECIATION, AMORTIZATION, AND DEFERRED TAXES
<TABLE>
<CAPTION>

                                                         QUARTER ENDED
                                                   -----------   ------------
                                                  SEPTEMBER 30,   SEPTEMBER 30,
                                                       2004          2003
                                                   -----------   ------------
<S>                                               <C>            <C>
Net Income (Loss)                                  $ 732,535     ($110,600)

Add Back:

     Depreciation and Amortization                    348,465      252,037

     Deferred Taxes                                    39,425      241,071
                                                    ---------     --------
Earnings Before Depreciation,
 Amortization, and Deferred Taxes                 $ 1,120,425     $382,508
                                                    ==========    ========

EBDDT Per Share                                         $0.20        $0.07
                                                         ====        =====

                   RECONCILIATION OF NET INCOME TO EARNINGS BEFORE
                   DEPRECIATION, AMORTIZATION AND DEFERRED TAXES

                                                          NINE MONTHS ENDED
                                                   -----------------------------
                                                    SEPTEMBER 30,   SEPTEMBER 30,
                                                        2004            2003
                                                   ------------    ------------
Net Income                                        $ 1,092,529     $ 1,390,043

Add Back:

     Depreciation and Amortization                    964,412         802,215

     Deferred Taxes                                   246,757         933,422
                                                   ----------      ----------
Earnings Before Depreciation,
 Amortization, and Deferred Taxes                 $ 2,303,698     $ 3,125,680
                                                   ==========      ==========

EBDDT Per Share                                         $0.41           $0.56
                                                         ====            ====
</TABLE>

EBDDT - Earnings Before Depreciation, Amortization, and Deferred
Taxes.  EBDDT is not a measure of operating results or cash flows from
operating activities as defined by accounting principles generally
accepted in the United States of America.  Further, EBDDT is not
necessarily indicative of cash availability to fund cash needs and
should not be considered as an alternative to cash flow as a measure
of liquidity.  The Company believes, however, that EBDDT provides
relevant information about operations and is useful, along with net
income, for an understanding of the Company's operating results.

EBDDT is calculated by adding depreciation, amortization, and deferred
income taxes to net income as they represent non-cash charges.

<PAGE>                              5


                     CONSOLIDATED-TOMOKA LAND CO.
                      CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>

                                                     (Unaudited)
                                                    September 30,   December 31,
                                                        2004            2003
                                                    ------------    -----------
<S>                                                 <C>             <C>
ASSETS
Cash                                                 $   923,143    $ 1,026,210
Restricted Cash                                        1,590,973     19,359,098
Investment Securities                                  3,128,029      3,891,697
Notes Receivable                                       6,617,918      9,150,217
Real Estate Held for Development and Sale             13,037,190     11,659,581
Intangible Assets                                      2,765,904      1,270,307
Other Assets                                           2,365,659      2,665,653
                                                      ----------     ----------
                                                     $30,428,816    $49,022,763
                                                      ----------     ----------
Property, Plant and Equipment:
 Land, Timber and Subsurface Interests               $ 1,997,085    $ 1,984,529
 Golf Buildings, Improvements and Equipment           11,320,964     11,277,853
 Income Properties Land, Buildings and Improvements   58,708,711     38,442,481
 Other Furnishings and Equipment                         960,346        954,575
                                                      ----------     ----------
  Total Property, Plant and Equipment                 72,987,106     52,659,438
Less Accumulated Depreciation and Amortization        (4,450,490)    (3,776,223)
                                                      ----------     ----------
 Net - Property, Plant and Equipment                  68,536,616     48,883,215
                                                      ----------     ----------
 TOTAL ASSETS                                        $98,965,432    $97,905,978
                                                      ==========     ==========
LIABILITIES
Accounts Payable                                     $   176,125    $   105,922
Accrued Liabilities                                    4,378,941      3,510,824
Income Taxes Payable                                     469,127         25,868
Deferred Income Taxes                                 17,591,256     17,344,499
Deferred profit                                        1,131,135      1,131,135
Notes Payable                                          9,255,460     10,129,951
                                                      ----------     ----------
     TOTAL LIABILITIES                                33,002,044     32,248,199
                                                      ----------     ----------
SHAREHOLDERS' EQUITY
Common Stock                                           5,636,936      5,623,442
Additional Paid in Capital                             1,751,612      1,514,339
Retained Earnings                                     59,152,036     59,129,692
Accumulated Other Comprehensive Loss                 (   577,196)    (  609,694)
                                                      ----------     ----------
     TOTAL SHAREHOLDERS' EQUITY                       65,963,388     65,657,779
                                                      ----------     ----------
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      $98,965,432    $97,905,978
                                                      ==========     ==========
</TABLE>







<PAGE>                              6





                            "Safe Harbor"
    Certain statements contained in this press release (other than the
financial statements and statements of historical fact), are forward-
looking statements.  The words "believe," "estimate," "expect,"
"intend,"  "anticipate," "will," "could," "may," "should," "plan,"
"potential," "predict," "forecast,"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.
Forward-looking statements are made based upon management's
expectations and beliefs concerning future developments and their
potential effect upon the Company.  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.

    The Company wishes to caution readers that the assumptions which
form the basis for forward-looking statements with respect to or that
may impact earnings for the year ended December 31, 2004, and
thereafter include many factors that are beyond the Company's ability
to control or estimate precisely.  These risks and uncertainties
include, but are not limited to, the market demand of the Company's
real estate parcels, income properties, timber and other products; the
impact of competitive real estate; changes in pricing by the Company
or its competitors; the costs and other effects of complying with
environmental and other regulatory requirements; losses due to natural
disasters; and changes in national, regional or local economic and
political conditions, such as inflation, deflation, or fluctuation in
interest rates.

While the Company periodically reassesses material trends and
uncertainties affecting its results of operations and financial
condition, the Company does not intend to review or revise any
particular forward-looking statement referenced herein in light of
future events.






















<PAGE>                               7

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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