Form 1O-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Under Section 13 or
15(d) of the
Securities Exchange Act of 1934
For the Quarter Ended March 31, 2000
Commission File No. 0-1392
Central Coal & Coke Corporation and Subsidiaries
Incorporated in State of Delaware IRS Number: 44-0195290
127 West 10th Street, Room 666
Kansas City, Missouri 64105
Phone: 816-842-2430
Common stock outstanding as of March 31, 2000
$1 par value; 255,551 shares
The Registrant (l) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding twelve months, and (2) has been subject to such
filing requirements for the past ninety days.
Yes [X] No [ ]
<PAGE>
CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
KANSAS CITY, MISSOURI
Table of Contents
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Balance Sheets - March 31, 2000 and
December 31, 1999
Consolidated Statements of Earnings and Retained Earnings
- Three months ended March 31, 2000 and 1999
Consolidated Statements of Comprehensive Income
- Three months ended March 31, 2000 and 1999
Consolidated Statements of Cash Flows - Three months
ended March 31, 2000 and 1999
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About
Market Risk
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS
CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
KANSAS CITY, MISSOURI
Consolidated Balance Sheets
March 31, 2000 and December 31, 1999
(Unaudited)
(amounts in unit dollars)
<CAPTION>
ASSETS 2000 1999
__________ __________
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 2,098,967 1,894,021
Accounts receivable 0 42,000
Securities maturing within one year, at
amortized cost (note 2) 3,979,103 7,469,944
Notes receivable, current 15,733 15,402
Other 10,977 10,343
__________ __________
Total current assets 6,095,780 9,431,710
Equity securities, at fair value (note 2) 2,405,412 1,648,832
Notes receivable, noncurrent 93,944 100,007
Other investments 100,002 0
Coal deposits, real estate, equipment and
leasehold improvements:
Coal deposits 1,602,882 1,602,882
Mineral rights 39,988 39,988
Surface land 25,581 25,620
Equipment and leasehold improvements 1,303 1,303
__________ __________
1,669,754 1,669,793
Less accumulated depletion, depreciation
and amortization 578,239 578,225
__________ __________
Net coal deposits, real estate, equipment
and leasehold improvements 1,091,515 1,091,568
__________ __________
$ 9,786,653 12,272,117
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
Current liabilities:
Accounts payable and accrued expenses $ 31,627 26,062
Dividends Payable 127,775 0
Federal and state income taxes 140,641 42,011
__________ __________
Total current liabilities 300,043 68,073
Deferred income taxes 568,183 408,445
Stockholders' equity:
Common stock of $1 par value; authorized
500,000 shares, issued 376,688 shares 376,688 376,688
Additional capital 1,631,200 1,631,200
Retained earnings 9,883,372 9,799,931
__________ __________
11,891,260 11,807,819
Less cost of 121,137 shares in 2000 and
and 23,905 in 1999 held in treasury (3,973,435) (716,166)
Accumulated other comprehensive income,
net of deferred taxes of $538,787
and $370,049 at March 31, 2000
December 31, 1999 1,000,602 703,946
__________ __________
Total stockholders' equity 8,918,427 11,795,599
$ 9,786,653 12,272,117
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
KANSAS CITY, MISSOURI
Consolidated Statements of Earnings
Three months ended March 31, 2000 and 1999
(Unaudited)
(amounts in unit dollars)
<CAPTION>
2000 1999
__________ __________
<S> <C> <C>
Operating revenue:
Coal royalties $ 1,115 2,417
Oil and gas royalties 145,422 61,408
Oil and other mineral lease
rentals and bonuses 5,025 32,376
__________ __________
Total operating revenue 151,562 96,201
General and administrative expenses 116,875 193,697
__________ __________
Operating income (loss) 34,687 (97,496)
___________ __________
Nonoperating income:
Investment income 291,896 112,876
Gain on sales of real estate 3,385 0
Other 509 5
__________ __________
Total nonoperating income 295,790 112,881
Earnings before income taxes 330,447 15,385
Income taxes 119,261 670
__________ __________
Net earnings 211,216 14,715
Retained earnings at
beginning of period 9,799,931 9,591,919
Less cash dividends declared
of $.50 per share in 2000 (127,775) 0
_________ _________
Retained earnings at end
of period $ 9,883,372 9,606,634
Earnings per share - basic
and diluted $ 0.65 0.04
Weighted average number
of shares of common
stock outstanding 325,002 355,716
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
KANSAS CITY, MISSOURI
Consolidated Statements of Comprehensive Income
Three months ended March 31, 2000 and 1999
(Unaudited)
(amounts in unit dollars)
<CAPTION>
2000 1999
___________ ___________
<S> <C> <C>
Net earnings $ 211,216 14,715
___________ ___________
Other comprehensive income:
Realized gains and unrealized
appreciation on investments 633,682 108,722
Income taxes (221,789) (38,070)
___________ __________
Realized gains and unrealized
Appreciation on investments, 411,893 70,702
net
___________ __________
Less
Realized investments (gains)
Losses included in net
earnings (177,288) (4,227)
Income taxes 62,501 1,480
___________ ___________
(115,237) 2,747
___________ ___________
296,656 67,955
___________ ___________
Comprehensive income $ 507,872 82,670
___________ ___________
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
KANSAS CITY, MISSOURI
Consolidated Statements of Cash Flows
Three months ended March 31, 2000 and 1999
(Unaudited)
(amounts in unit dollars)
<CAPTION>
2000 1999
__________ __________
<S> <C> <C>
Cash flows from operating activities:
Net earnings $ 211,316 14,715
Adjustments to reconcile net earnings to net
cash provided by (used in) operating activities:
Depletion, depreciation and amortization 14 30
Amortization of premiums and discounts
of securities, net (87,803) (89,360)
Gain on sales of real estate (3,385) 0
Gain on sales of equity securities (177,288) (4,227)
Changes in assets and liabilities:
Accounts receivable and other assets 41,366 16,933
Deferred oil lease bonus 0 (24,339)
Accounts payable and accrued expenses 5,565 4,262
Federal and state income taxes payable 98,630 670
__________ __________
Total adjustments (122,901) (96,031)
Net cash provided by (used in) operating activities 88,315 (81,316)
Cash flows from investing activities:
Proceeds from note receivable 5,732 3,689
Proceeds from matured/and sale of
Investment debt securities 10,972,217 11,500,000
Purchases of investment debt securities (7,393,635) (11,342,727)
Proceeds from sales of land 3,424 0
Purchases of equity securities (377,441) (1,099)
Proceeds from sales of equity securities 254,605 8,657
Purchase of other investments (100,002) 0
__________ __________
Net cash provided by investing activities 3,364,900 168,520
Cash flows from financing activities-purchase
of common stock for treasury (3,257,269) (30,766)
Net increase in cash and cash equivalents 195,946 56,438
Cash and cash equivalents, beginning of year 1,894,021 1,606,992
Cash and cash equivalents, end of year $ 2,089,967 1,663,430
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
KANSAS CITY, MISSOURI
Notes to Consolidated Financial Statements
March 31, 2000
Note (1) Basis of Presentation:
In the opinion of the Central Coal & Coke Corporation (the Company),
the accompanying unaudited consolidated financial statements
contain all adjustments (consisting of only normal recurring accruals)
necessary to present fairly the financial position as of March 31, 2000,
and the results of operations and cash flows for the three months ended
March 31, 2000 and 1999.
Oil Lease Bonuses
Oil lease bonuses which relate to future periods are deferred and
recognized as income over the related future periods (generally one
year).
Note (2) Investment Securities:
The amortized cost, gross unrealized holding gains, gross
unrealized holding losses and fair value for held-to-maturity and
available-for-sale securities by major security type at March 31, 2000
and December 31, 1999 are as follows:
<TABLE>
<CAPTION>
March 31, 2000
______________________________________________
Gross Gross
unrealized unrealized
Amortized holding holding Fair
cost gains losses value
__________ __________ __________ __________
<S> <C> <C> <C> <C>
Held-to-maturity:
U. S. government
securities $ 3,979,103 0 (903) 3,978,200
Available-for-sale:
Equity securities $ 866,023 1,584,726 (45,337) 2,405,412
</TABLE>
<TABLE>
<CAPTION>
December 31, 1999
______________________________________________
<S> <C> <C> <C> <C>
Held-to-maturity:
U. S. government
agency securities $ 7,469,944 0 (544) 7,469,400
Available-for-sale:
Equity securities $ 565,837 1,097,631 (14,636) 1,648,832
</TABLE>
<PAGE>
CENTRAL COAL & COKE CORPORATION AND SUBSIDIARIES
KANSAS CITY, MISSOURI
Notes to Consolidated Financial Statements
Note (3) Dividends
During the quarter ending March 31, 2000, the Company's Board of
Directors declared a $.50 dividend per share payable May 1, 2000.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The financial condition of the Registrant continued very strong
through the first quarter of 2000. The liquidity of the Registrant
continues to be high as is evidenced by a favorable ratio of current
assets to current liabilities and the fact that a significant portion
of the Registrant's net worth is represented by liquid assets. On
March 6, 2000 the Registrant consummated the resolution of litigation
and other disputes with former Director Beekman Winthrop and
other Stockholders as described in more detail in Item 1 of Part II of
this Form 10-Q, pursuant to an Agreement of Settlement and Release
executed by all parties, including the Registrant, on February 29, 2000.
The terms of the settlement included the purchase by the Registrant of
all stock in the Registrant owned by the plaintiffs, totaling 97,231
shares for a purchase price of $33.50 per share, or aggregate
consideration of $3,257,238.50 which the Board of Directors of the
Registrant after careful consideration concluded was a fair price under
the circumstances based upon a review of the Registrant's financial
statements and considering the costs and risks of continued litigation.
The source of the funds used was available liquid assets of the
Registrant previously invested in U. S. Government Agency obligations.
The liquidity of the Registrant was somewhat reduced by this transaction,
but overall the Registrant continues to enjoy very high liquidity with
current assets being over twenty times current liabilities, and a
significant portion of its net worth being represented by liquid
assets.
Total operating revenue was up almost 58% in the first quarter of
2000 over the first quarter of 1999 due primarily to substantially
increased revenue from oil and gas royalties. The increase in the
first quarter of 2000 was due to a material increase in oil prices
during the current quarter over the prior period under comparison,
coupled with somewhat increased production. Revenue from oil and
other mineral lease rentals and bonuses was down in the first quarter
of 2000 from the first quarter of 1999 because there were fewer new
leases in the current period with income recognizable in that period.
Non-operating income was up considerably in the first quarter of 2000
over the first quarter of 1999 due primarily to increased investment
income resulting from increased capital gains realized on sales of
equity securities during the current period and slightly higher
rates of return on temporary fixed income investments during the
current period.
General and administrative expenses were down materially in the first
quarter of 2000 from the first quarter of 1999 primarily because there
were higher expenses in the earlier period due to significant fees paid
to outside service providers, particularly to financial advisers
and appraisers of the Registrant's real estate and mineral assets.
Income taxes were higher in the first quarter of 2000 than in the first
quarter of 1999 as a result of substantially higher earnings before
income taxes.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued
There was a substantial increase in cash and cash equivalents in
both the first quarter of 2000 and the first quarter of 1999, but the
increase was substantially greater in the current period. Contributing
to the increase in the current year were materially higher net earnings
before income taxes and differences in cash provided by investment
activities, specifically differences in the amount of proceeds from
sales of equities during each period. The increases in cash flows in
the current period were partially offset by higher federal and state
income taxes payable. There was a significant cash expenditure in the
first quarter of 2000 with respect to the treasury stock purchase
described above, offset by proceeds from the sale of investment
debt securities.
During the first quarter of 2000, the Registrant's Board of Directors
declared a semi-annual dividend of $0.50 per share payable May 1, 2000.
A dividend of the same amount was paid on June 1, 1999.
Statement of Financial Accounting Standards No. 133, Accounting for
Derivative Instruments and Hedging Activities, was issued by the
Financial Accounting Standards Board in June, 1998. SFAS No. 133
standardizes the accounting for derivative instruments. Under the
statement, entities are required to carry all derivative instruments in
the statement of financial condition at fair value. The Registrant
is required to adopt SFAS No. 133 by January 1, 2001. On adoption,
the provisions of SFAS No. 133 will not have a material impact on
its financial position or results of operations.
As contemplated in prior reports, the Registrant did not experience
any systems interruptions of its operations or the operations of third
parties with which it does business affecting the Registrant's operations
from the commencement of the year 2000 with respect to the utilization
of existing computer application software programs and operating systems.
The Registrant has no specific commitment for material capital
expenditures at the present time. Management continues to actively
pursue other business opportunities which may result in a more
productive deployment of its assets and ultimately increase
earnings. Management is continuing to aggressively pursue
development of increased income from its oil and gas and coal properties,
and continues to attempt to lease more of its mineral properties in
order to generate additional rental, bonus and royalty income.
<PAGE>
ITEM 3. - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The primary market risk exposures of the Registrant relate to
changes in interest rates, changes in equity security prices,
and changes in certain commodity prices.
The Registrant's exposure to market risk for changes in interest
rates relates solely to its fixed income portfolio which consists
of U. S. Government Agency securities. All such securities are
held-to-maturity and have original maturities of less than one year.
The Registrant does not use derivative financial instruments to hedge
interest rates on its fixed income investment securities.
The Registrant's exposure to market risk for changes in equity
security prices relates solely to its marketable equity investment
portfolio which consists primarily of common stocks of domestic,
publicly held enterprises. The Registrant periodically enters into
equity option contracts on a limited basis primarily relating to
marketable equity securities held in its investment portfolio. At
March 31, 2000 the Registrant held 146 option contracts with
a short position relating primarily to marketable equity securities
held by it. The fair value of option contracts at March 31,
2000 was approximately $13,797.00
The Registrant's exposure to market risk for changes in commodity
prices relates to changes in the prices of coal, oil, and natural
gas, and the effect thereof on its royalties and rentals relating
to coal deposits and mineral rights, as is discussed in more
detail in Management's Discussion and Analysis of Financial Condition
and Results of Operations set forth in Part 1, Item 2 of this report.
The Registrant does not use derivative commodity instruments to
hedge its commodity risk exposures.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings - Attached
Item 2. Changes in Securities - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - Attached
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K - Attached
<PAGE>
PART II, ITEM 1. - LEGAL PROCEEDINGS
The 1999 annual meeting of Stockholders of the Registrant was held
April 21, 1999 pursuant to notice duly sent to the Stockholders as
required by law. Management had solicited proxies pursuant to
Regulation 14A of the Securities Exchange Act of 1934 to elect a slate
of the incumbent Directors consisting of Leonard Noah,
Gary J. Pennington, Beekman Winthrop, Phelps M. Wood, and
Ernest N. Yarnevich, Jr.
At the meeting Stockholders present in person and by proxy
elected an alternative slate of Directors consisting of
Ray A. Infantino, Patrick J. Moran, Phelps C. Wood, Phelps M. Wood,
and James R. Ukropina.
The shares voted for the alternative slate of Directors totaled 171,270
shares, except for Phelps M. Wood who received votes of 327,063 shares
as he received votes cast in favor of the incumbent slate nominated
by management as well as the alternative slate, while votes cast in
favor of the incumbent slate nominated by management were 155,792 shares
for Messrs, Noah, Pennington and Yarnevich and 155,793 shares for
Mr. Winthrop. Cumulative voting was not permitted.
At the meeting of the newly elected Board of Directors following
the Stockholders meeting, the Bylaws of the Registrant were amended to
increase the number of Directors to seven (7). By motion unanimously
adopted, Bruce L. Franke and Beekman Winthrop were offered seats on the
Board of Directors. Mr. Franke accepted and Mr. Winthrop expressed his
desire to consider the matter further and notify the Board of his
acceptance or rejection of the offer by the end of May.
On May 14, 1999, Beekman Winthrop, together with a few other
Stockholders, filed a lawsuit in state court in Delaware challenging
the results of the election of Directors. The action styled
Winthrop, et al v. Central Coal & Coke Corporation, et al, C.A.
No. 17162, was pending in the
<PAGE>
Court of Chancery for the State of Delaware in and for New Castle
County. The Registrant and all newly elected Directors were
named as defendants, and the plaintiffs asked the court to invalidate
the election of the new Board. Subsequently, on May 28, 1999
Mr. Winthrop advised the Registrant that he declined the invitation to
become a Director.
Discovery in the lawsuit proceeded, and a trial was scheduled for
August 3, 1999. On July 29, 1999 the record owners of 179,009
shares of common stock of the Registrant (a majority of the
outstanding shares) executed written consents which were delivered
to the Registrant on July 29, 1999. Pursuant to the consents,
Phelps M. Wood, Phelps C. Wood, Bruce L. Franke, Ray A. Infantino,
Patrick J. Moran and James R. Ukropina were elected Directors
of the Registrant, confirming the results of the election held at the
Annual Meeting on April 21, 1999. The action taken by the written
consents was done pursuant to Section 228 of the Delaware General
Corporation Law.
Subsequently, on August 5, 1999, the Court issued its Order of
Dismissal, dismissing the lawsuit with prejudice, but retaining
jurisdiction for purposes of entertaining any application for
attorneys' fees and/or court costs. Legal counsel for the defendants
and the plaintiffs commenced and continued settlement discussions
involving the possible purchase by the Registrant of the stock
in the Registrant owned by the plaintiffs and the resolution of all
pending disputes. On or about November 2, 1999 the plaintiffs filed a
Motion for Costs and Attorney Fees in the Action requesting the Court to
grant their motion in the amount of $106,956.65 The Registrant and the
other defendants contested the motion by filing briefs in opposition
thereto.
The Registrant was advised by its Delaware legal counsel in early
November, 1999 that another lawsuit had been filed. This new lawsuit
was filed in the United States District Court for the District of
Delaware by the same plaintiffs against the Directors of the
Registrant individually and the Registrant as a "Nominal Defendant."
This new lawsuit also sought the removal of the Directors of the
Registrant and sought other relief against the individual Directors,
but did not otherwise appear to seek relief against the Registrant itself.
<PAGE>
On November 23, 1999 Dudley Winthrop, one of the plaintiffs and a
Stockholder of the Registrant, notified the Registrant that he intended
to present a resolution for consideration at the Annual Meeting of
Stockholders to be held in April, 2000, and requesting that it be included
in the proxy materials for that meeting. The Board of Directors of
the Registrant subsequently determined to oppose the resolution and
recommend to the Stockholders that they vote against it.
On January 28, 2000 the Vice Chancellor in the Delaware state court
action denied the plaintiffs' Motion for Costs and Attorneys Fees.
Settlement discussions continued, and resulted in the execution by all
parties on February 29, 2000 of an Agreement of Settlement and
Release. According to the terms of this Agreement, the Registrant
would purchase all shares of stock in the Registrant owned by the
plaintiffs, totaling 97,231 shares for a purchase price of $33.50 per
share, or aggregate consideration of $3,257,238.50. The Board of
Directors of the Registrant after careful consideration concluded that
$33.50 per share was a fair price under the circumstances based upon a
review of the Registrant's financial statements and considering the costs
and risks of continued litigation. The plaintiffs agreed not to pursue
any other rights or remedies with respect to any of the pending
litigation. Additionally, the plaintiffs agreed to standstill
provisions whereby they would not directly or indirectly acquire any
interest in the Registrant in the future or participate in any
proxy solicitation or become a member of a "group" within the meaning
of Section 13(d)(3) of the Securities Exchange Act of 1934 with respect
to the Registrant. Additionally, the plaintiffs agreed to withdraw
the stockholder proposal submitted November 23, 1999, described above,
and to make no further proposals.
The Settlement Agreement was consummated on March 6, 2000 including the
closing of the purchase of the plaintiffs' shares on the basis described
herein and disposition of all litigation. As a result of the purchase
of the plaintiffs' shares, as of March 7, 2000, there were 255,551
shares issued and outstanding.
<PAGE>
Other than as described above, there are no material pending legal
proceedings, other than ordinary routine litigation incidental to the
business, to which the Registrant is a party or of which any of its
property is the subject, and there are no material proceedings to which
any director, officer of affiliate of the Registrant, any owner of record
or beneficially of more than five percent of any class of voting
securities of the Registrant, or any associate of any such director, officer
or security holder is a party adverse to the Registrant or has a material
interest adverse to the Registrant. Further, there are no administrative
or judicial proceedings involving the Registrant arising under any federal,
state or local provisions which have been enacted or adopted regulating
the discharge of materials into the environment or primarily for the purpose
of protecting the environment.
<PAGE>
PART II, ITEM 4. - SUBMISSION OF MATTERS TO A
VOTE OF SECURITY HOLDERS
The following meeting of Stockholders was held after the close of the
quarter to which this report pertains, however, it was held prior to the
filing of this report so disclosure is made as hereinafter set forth.
(a) The Annual Meeting of Stockholders was held April 19, 2000.
(b) The meeting involved the election of Directors and the following
are the Directors elected at that meeting:
Bruce L. Franke
Ray A. Infantino
Patrick J. Moran
James R. Ukropina
Phelps C. Wood
Phelps M. Wood
There were no other Directors whose term of office as a Director continued
after the meeting.
(c) For the election of Directors the votes received by all nominees were
as follows:
Bruce L. Franke 229,437
Ray A. Infantino 229,437
Patrick J. Moran 229,438
James R. Ukropina 229,437
Phelps C. Wood 229,437
Phelps M. Wood 229,438
<PAGE>
Cumulative voting is not permitted.
At the same meeting, the Stockholders approved the appointment of the
accounting firm KPMG LLP as independent public accountants to examine
the financial statements of the Registrant for the year ending
December 31, 2000 and to perform other appropriate accounting services.
The owners of 228,837 shares cast their votes in favor of that appointment,
the votes of 122 shares were cast against it, and the holders of 730 shares
abstained.
(d) There were no settlements between the Registrant and any
other participants terminating any solicitation subject to Rule 14a-11.
<PAGE>
PART II, ITEM 6. - EXHIBITS AND REPORTS ON FORM 8-K
(b) A Form 8-K, dated March 10, 2000 was filed with respect to
the resolution of the litigation and purchase of treasury stock
described in Part II, Item 1, above. No financial statements were
included in such report.
<PAGE>
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 thereunto duly authorized.
CENTRAL COAL & COKE CORPORATION
(Registrant)
Date: May 16, 2000
____________________________
By: /s/ Gary J. Pennington
____________________________
Gary J. Pennington,
Assistant Treasurer-
General Manager, Principal
Financial and Accounting Officer
Date: May 16, 2000
____________________________
By: /s/ Phelps M. Wood
____________________________
Phelps M. Wood,
President
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-1-2000
<PERIOD-END> MAR-31-2000
<CASH> 2089967
<SECURITIES> 3979103
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 6095780
<PP&E> 1669754
<DEPRECIATION> (578239)
<TOTAL-ASSETS> 9786653
<CURRENT-LIABILITIES> 300043
<BONDS> 0
<COMMON> 376688
0
0
<OTHER-SE> 8541739
<TOTAL-LIABILITY-AND-EQUITY> 9786653
<SALES> 0
<TOTAL-REVENUES> 151562
<CGS> 0
<TOTAL-COSTS> 116875
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 330477
<INCOME-TAX> 119261
<INCOME-CONTINUING> 211216
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 211216
<EPS-BASIC> 0.65
<EPS-DILUTED> 0.65
</TABLE>
