Yes it is possible, as it is all about calorie balance.
Ok, that word toned, I request you don't use it.
You want to lose body fat and put on some muscle or have the muscle you have show because your bodyfat is lower.
You either have muscle or you don't, there is no 'toning' of muscle.
Create a calorie deficit with diet, training and cardio, you lose fat.
It doesn't really matter if you eat 3, 6, 8 or 12 meals, although some find that eating smaller meals through the day helps keep their hunger in check better.
I am sure there will be people that disagree and think that the number of meals matter.
