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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000023795-05-000043.txt : 20050718
<SEC-HEADER>0000023795-05-000043.hdr.sgml : 20050718
<ACCEPTANCE-DATETIME>20050718092101
ACCESSION NUMBER:		0000023795-05-000043
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050715
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20050718
DATE AS OF CHANGE:		20050718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED TOMOKA LAND CO
		CENTRAL INDEX KEY:			0000023795
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		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:		05958416

	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>k8071505.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


                            July 15, 2005

                            Date of Report
                           (Date of earliest
                            event reported)


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


 FLORIDA                       0-5556                 59-0483700
(State or other                                     (IRS Employer
  jurisdiction                                       Identification
  of incorporation)    (Commission File Number)      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)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the securities
    Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
    the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
    the Exchange Act (17 CFR 240.13e-4(c))



PAGE>
                                 1


FORM 8-K, July 15, 2005
CONSOLIDATED-TOMOKA LAND CO.
COMMISSION FILE NO.  0-5556
EMPLOYER ID NO.  59-0483700


Item 2.02. Results of Operations and Financial Condition.

         On July 15, 2005, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the three months and six months ended June 30, 2005.  A
copy of the press release is furnished as an exhibit to this report.

Item 9.01. Financial Statements and Exhibits

The following exhibit is furnished herewith pursuant to Item 2.02 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 July 15, 2005


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: July 15, 2005         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>ex071505edgar.txt
<TEXT>
                              EXHIBIT 99.1
                             PRESS RELEASE
                        For Immediate Release

Date:      July 15, 2005
Contact:   Bruce W. Teeters, Sr. Vice President
Phone:     (386) 274-2202
Facsimile: (386) 274-1223

          CONSOLIDATED TOMOKA ANNOUNCES SECOND QUARTER EARNINGS

      DAYTONA BEACH FLORIDA - Consolidated-Tomoka Land Co. (AMEX-CTO)
today reported net income of $851,126 or $.15 per share for the
quarter ended June 30, 2005, compared with net income of $491,033 or
$.08 per share for 2004's same period.  Earnings before depreciation,
amortization and deferred taxes (EBDDT) totaled a negative $.20 per
share in 2005's second quarter, compared with $.26 per share in 2004.
For the six months ended June 30, 2005, net income totaled $1.76 per
share and EBDDT totaled $2.36 per share.  The comparable numbers for
the first six months of 2004 were net income of $.06 per share and
EBDDT of $.21 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,
"Second quarter operating results reflect higher land sales and income
property profits compared with 2004's same period.  Five free-standing
income properties, four in the second quarter, were acquired in the
first half of 2005.  Profit improvements were offset by increased
stock option expense accruals resulting from the rise in the
Company's stock price.  Management is currently concentrating on
closing a backlog of pending contracts for the balance of the year."

Consolidated-Tomoka Land Co. is a Florida-based Company primarily
engaged in converting Company owned timber lands into a portfolio of
income properties strategically located throughout the Southeast, and
development, management and sale of targeted real estate properties.
Visit our website at www.consolidatedtomoka.com












<PAGE>                           1






                       EARNINGS NEWS RELEASE

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

                                                     JUNE 30,       JUNE 30,
                                                       2005           2004
                                                 ------------     -----------
REVENUES                                           $6,375,624      $4,574,201

NET INCOME                                         $  851,126      $  491,033

EARNINGS PER SHARE:

 BASIC                                                  $0.15           $0.08

 DILUTED                                                $0.14           $0.08



                       EARNINGS NEWS RELEASE

                                                        SIX MONTHS ENDED
                                                 ----------------------------

                                                     JUNE 30,       JUNE 30,
                                                       2005           2004
                                                 ------------     -----------
REVENUES                                          $29,705,617      $8,150,346

NET INCOME                                        $ 9,933,559      $  359,994

EARNINGS PER SHARE:

 BASIC                                                  $1.76           $0.06

 DILUTED                                                $1.73           $0.06




















<PAGE>                           2

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


                                                         QUARTER ENDED
                                                   --------------------------
                                                     June 30,       June 30,
                                                       2005           2004
                                                   -----------   ------------
Net Income                                         $   851,126     $ $491,033

Add Back:

     Depreciation and Amortization                     425,342        330,488

     Deferred Taxes                                 (2,383,638)       627,622
                                                     ---------       --------
Earnings (Loss)Before Depreciation,
 Amortization, and Deferred Taxes                  $(1,107,170)    $1,449,143
                                                    ==========      =========

EBDDT Per Share                                         ($0.20)         $0.26
                                                         =====          =====

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

                                                        SIX MONTHS ENDED
                                                   --------------------------
                                                     June 30,       June 30,
                                                       2005           2004
                                                   -----------   ------------
Net Income                                         $ 9,933,559     $  359,994

Add Back:

     Depreciation and Amortization                     825,073        615,947

     Deferred Taxes                                  2,614,851        207,332
                                                     ---------       --------
Earnings Before Depreciation,
 Amortization, and Deferred Taxes                  $13,373,483     $1,183,273
                                                    ==========      =========

EBDDT Per Share                                          $2.36          $0.21
                                                         =====          =====
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>                           3


                     CONSOLIDATED-TOMOKA LAND CO.
                      CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                      UNAUDITED
                                                       JUNE 30,      DECEMBER 31,
                                                         2005           2004
                                                    ------------    -----------
<S>                                                <C>             <C>
ASSETS
Cash                                                $  1,208,825   $    273,911
Restricted Cash                                        5,630,699     27,717,882
Investment Securities                                 16,730,505      3,642,785
Notes Receivable                                       2,763,279      4,425,252
Real Estate held for Development and Sale              9,833,866      9,821,988
Intangible Assets                                      4,247,293      2,726,763
Other Assets                                           2,274,911      2,034,530
                                                      ----------     ----------
                                                    $ 42,689,378    $50,643,111
                                                      ----------     ----------
Property, Plant and Equipment:
 Land, Timber and Subsurface Interests              $  2,101,209   $  2,091,080
 Golf Buildings, Improvements and Equipment           11,369,717     11,345,915
 Income Properties Land, Buildings and Improvements   84,283,743     58,703,711
 Other Furnishings and Equipment                       1,415,279      1,228,400
                                                      ----------     ----------
  Total Property, Plant and Equipment                 99,169,948     73,369,106
Less Accumulated Depreciation and Amortization        (5,504,352)    (4,791,243)
                                                      ----------     ----------
 Net - Property, Plant and Equipment                  93,665,596     68,577,863
                                                      ----------     ----------
 TOTAL ASSETS                                       $136,354,974   $119,220,974
                                                     ===========    ===========
LIABILITIES
Accounts Payable                                    $     77,008   $    405,609
Accrued Liabilities                                    6,446,748      3,895,125
Income Taxes Payable                                   1,629,659        658,040
Deferred Income Taxes                                 28,549,326     25,934,475
Notes Payable                                          8,609,293      8,716,976
                                                      ----------     ----------
     TOTAL LIABILITIES                              $ 45,312,034   $ 39,610,225
                                                      ----------     ----------
SHAREHOLDERS' EQUITY
Common Stock                                           5,667,796      5,641,722
Additional Paid in Capital                             4,421,269      2,176,184
Retained Earnings                                     81,457,902     72,316,660
Accumulated Other Comprehensive Loss                 (   504,027)   (   523,817)
                                                      ----------     ----------
     TOTAL SHAREHOLDERS' EQUITY                       91,042,940     79,610,749
                                                      ----------     ----------
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $136,354,974   $119,220,974
                                                     ===========    ===========
</TABLE>



<PAGE>                           4





                           "Safe Harbor"

    Certain statements contained in this press release (other than the
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, 2005, 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>                           5



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