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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000023795-06-000050.txt : 20060719
<SEC-HEADER>0000023795-06-000050.hdr.sgml : 20060719
<ACCEPTANCE-DATETIME>20060719163934
ACCESSION NUMBER:		0000023795-06-000050
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060718
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060719
DATE AS OF CHANGE:		20060719

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:		06969742

	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>k80706b.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 18, 2006

                            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 18, 2006
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 18, 2006, Consolidated-Tomoka Land Co., a Florida
Corporation, issued a press release relating to the Company's
earnings for the quarter and six months ended June 30, 2006.  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 18, 2006


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 18, 2006      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>prreld.txt
<TEXT>

                             PRESS RELEASE
                        For Immediate Release

Date:      July 18, 2006
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 $3,791,933 or $.67 per basic share for the
quarter ended June 30, 2006, compared with net income of $851,126 or
$.15 per basic share for 2005's same period.  Earnings before
depreciation, amortization and deferred taxes (EBDDT) totaled $.77 per
share in 2006's second quarter, compared with a negative $.20 per share
in 2005. For the six months ended June 30, 2006, net income totaled
$1.05 per basic share and EBDDT totaled $1.46 per share.  The
comparable numbers for the first six months of 2005 were net income
of $1.76 per basic share and EBDDT of $2.36 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,
"Operating results for the second quarter reflect higher land sales
profit including recognition of approximately $2,590,000 of profit
deferred from prior period sales.  Profits from income properties rose
25% compared to last year's same period.  In mid-June, the Company
acquired stores leased by Best Buy and Dick's Sporting Goods in
Atlanta, Georgia, increasing the portfolio of net-lease properties to
twenty-five.  Also, positively impacting second quarter profits were
decreased stock option expense accruals compared with 2005.  Management
continues to focus on closing a backlog of pending contracts during the
balance of the year."

Consolidated-Tomoka Land Co. is a Florida-based Company primarily
engaged in converting Company owned agricultural 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,
                                                       2006            2005
                                                    ------------    ------------
REVENUES                                             $8,734,237     $6,367,019
                                                    ============    ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
   CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
   PRINCIPLE                                         $3,543,479        853,309

DISCONTINUED OPERATIONS (NET OF INCOME TAX)            $248,454        ($2,183)

CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE          --             --
    (NET OF INCOME TAX)
                                                     -----------    ------------
NET INCOME                                           $3,791,933       $851,126
                                                     ===========    ============
BASIC EARNINGS PER SHARE:

NET INCOME BEFORE DISCONTINUED OPERATIONS AND
   CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
   PRINCIPLE                                              $0.63          $0.15

DISCONTINUED OPERATIONS (NET OF INCOME TAX)               $0.04             --

CULULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
  (NET OF INCOME TAX)                                        --             --
                                                     -----------    ------------
NET INCOME                                                $0.67          $0.15
                                                     ===========    ============
DILUTED EARNINGS PER SHARE:

NET INCOME BEFORE DISCONTINUED OPERATIONS AND
  CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
  PRINCIPLE                                               $0.63          $0.14

DISCONTINUED OPERATIONS (NET OF INCOME TAX)               $0.04             --

CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
  (NET OF INCOME TAX)                                        --             --
                                                     -----------    ------------
NET INCOME                                                $0.67          $0.14
                                                     ===========    ============












                                                       SIX MONTHS ENDED
                                                 ----------------------------
                                                     JUNE 30,         JUNE 30,
                                                       2006            2005
                                                     -----------    ------------
REVENUES                                            $17,122,955    $29,673,941
                                                     ===========    ============
NET INCOME BEFORE DISCONTINUED OPERATIONS AND
   CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
   PRINCIPLE                                         $5,948,381     $9,924,462

DISCONTINUED OPERATIONS (NET OF INCOME TAX)            $240,476         $9,097

CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAX)                                   ($216,093) (1)
                                                     -----------    ------------
NET INCOME                                           $5,972,764      $9,993,559
                                                     ===========    ============
BASIC EARNINGS PER SHARE:

NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE       $1.05          $1.76

DISCONTINUED OPERATIONS (NET OF INCOME TAX)               $0.04             --

CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE      ($0.04) (1)        --
(NET OF INCOME TAX)
                                                     -----------    ------------
NET INCOME                                                $1.05          $1.76
                                                      ===========   ============
DILUTED EARNINGS PER SHARE:

NET INCOME BEFORE DISCONTINUED OPERATIONS AND
CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE                                                 $1.05          $1.73

DISCONTINUED OPERATIONS (NET OF INCOME TAX)               $1.04             --

CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE      ($0.04) (1)        --
                                                     -----------    ------------
NET INCOME                                                $1.05          $1.73
                                                     ===========    ============


		(1)	THE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE REPRESENTS THE
	 CHANGE IN ACCOUNTING FOR STOCK OPTIONS WITH THE ADOPTION OF FINANCIAL
	 ACCOUNTING STANDARDS BOARD STATEMENT NO. 123 (REVISED 2004).





PAGE>                           2



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

                                                      QUARTER ENDED
                                                  -----------------------
                                                     JUNE 30,         JUNE 30,
                                                       2006            2005
                                                  ------------      ----------
Net Income                                           $3,791,933     $  851,126

Add Back:

     Depreciation and Amortization                      526,509        425,342

     Deferred Taxes                                      99,038     (2,383,638)

Earnings Before Depreciation,                        -----------    ------------
 Amortization, and Deferred Taxes                   $ 4,417,480    ($1,107,170)
                                                     ===========    ============
WEIGHTED AVERAGE SHARES OUTSTANDING                   5,675,911      5,663,898
                                                     ===========    ============
EBDDT PER SHARE                                           $0.77         ($0.20)
                                                     ===========    ============

                                                         SIX MONTHS ENDED
                                                     --------------------------
                                                     JUNE 30,         JUNE 30,
                                                       2006            2005
                                                     -----------    ------------
Net Income                                           $5,972,764     $9,933,559

Add Back:

     Depreciation and Amortization                    1,026,109        825,073

     Deferred Taxes                                   1,311,154      2,614,851
                                                     -----------    ------------
Earnings Before Depreciation,
 Amortization, and Deferred Taxes                    $8,310,027    $13,373,483
                                                     ===========    ===========
WEIGHTED AVERAGE SHARES OUTSTANDING                   5,681,631      5,656,888
                                                     ===========    ===========
EBDDT Per Share                                           $1.46          $2.36
                                                          =====          =====

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 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 fund 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>
                                                    JUNE 30,        DECEMBER 31,
                                                       2006            2005
                                                    ------------    -----------
<S>                                                <C>             <C>
ASSETS
Cash                                                $    191,967   $  1,127,143
Restricted Cash                                                0      7,840,167
Investment Securities                                  8,759,227     14,341,097
Land and Development Costs                            10,848,455      9,142,551
Intangible Assets                                      5,296,617      4,591,944
Other Assets                                           5,760,919      5,205,415
                                                      ----------     ----------
                                                    $ 30,857,185    $42,248,317
                                                      ----------     ----------
Property, Plant and Equipment:
 Land, Timber and Subsurface Interests              $  2,629,265   $  2,280,355
 Golf Buildings, Improvements and Equipment           11,430,972     11,382,515
 Income Properties Land, Buildings and Improvements  104,819,695     91,656,972
 Other Building, Equipment and Land Improvements       2,219,273      1,769,407
                                                      ----------     ----------
  Total Property, Plant and Equipment                121,099,205    107,089,249
Less Accumulated Depreciation and Amortization        (6,845,322)    (6,079,090)
                                                      ----------     ----------
 Net - Property, Plant and Equipment                 114,253,883    101,010,159
                                                      ----------     ----------
 TOTAL ASSETS                                       $145,111,068   $143,258,476
                                                     ===========    ===========
LIABILITIES
Accounts Payable                                    $  1,461,429   $    248,698
Accrued Liabilities                                    7,555,922      6,083,047
Income Taxes Payable                                   1,915,892      5,157,171
Deferred Income Taxes                                 25,470,228     24,159,074
Deferred Profit                                        2,272,918      5,345,006
Notes Payable                                          7,863,051      7,297,593
                                                      ----------     ----------
     TOTAL LIABILITIES                              $ 46,539,440   $ 48,290,589
                                                      ----------     ----------
SHAREHOLDERS' EQUITY
Common Stock                                           5,687,949      5,667,796
Additional Paid in Capital                             2,506,182      4,168,865
Retained Earnings                                     90,499,266     85,435,246
Accumulated Other Comprehensive Loss                 (   121,769)   (   304,020)
                                                      ----------     ----------
     TOTAL SHAREHOLDERS' EQUITY                       98,571,628     94,967,887
                                                      ----------     ----------
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $145,111,068   $143,258,476
                                                     ===========    ===========
</TABLE> <PAGE>                           4
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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