QUARTERLY REPORT FOR 06/00
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED June 30, 2000 Commission file number 0-7376
Hynes & Howes Insurance Counselors, Inc.
(Exact name of registrant as specified on its charter)
Iowa 42-0948341
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2920 Harrison St., Davenport, Iowa 52803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (319) 326-6401
Indicate by check mark whether the registrant (1) has filed all annual,
quarterly and other reports required to be filed with the Commission and (2)
has been subject to the filing requirements for
at least the past 90 days. Yes XX No .
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
11,226,699
EX-99.1
NOTES TO FINANCIAL STATEMENTS FOR 06/00
HYNES & HOWES INSURANCE COUNSELORS, INC.
Notes to Financial Statements
June 30, 2000
Note 1. Filing of Forms 8-K
A form 8-K was not required to be filed for the quarter reporting
any unusual charges or credits to the income or change in auditors.
Note 2. Management's Analysis of Income From Operations
Income from operations for the nine months ended June 30, 2000
increased $5,422 as compared to the nine month period ended June 30,
1999.
Interest income decreased $7,523 and other income increased $1,105.
Legal and accounting fees increased $9,371.
The income from operations for the three months ended June 30, 2000
is $532 less than for the preceding three months ended March 31,
2000. Interest income decreased $2,154.
EX-99.2
OTHER INFORMATION FOR 06/00
HYNES & HOWES INSURANCE COUNSELORS, INC.
Part II: Other information
There were no events during this quarter that would be reportable
under the Items 1 through 8 of the Form 10-Q for Registrant.
Item 9. Exhibits and Reports on Form 8-K
There were no 8-K's filed during the quarter for which this report is
filed.
EX-99.3
REGULATION S-X FOR 06/00
Regulation S-X, Section 10-01 (b) (8)
This interim financial statement reflects all adjustments which
are, in the opinion of management, necessary to a fair statement
of the results for the interim period. The corporation has
no bonus or profit sharing arrangements to be settled at year-end.
EX-99.4
SIGNATURES FOR 06/00
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
HYNES & HOWES INSURANCE COUNSELORS, INC.
By:_____________________________________
Cindy S. Kepford, President
This corporation has no treasurer.
Dated___________________ By:_____________________________________
Cindy S. Kepford, Director
EX-99.5
COMPUTATION OF EPS FOR 06/00
HYNES & HOWES INSURANCE COUNSELORS, INC.
Computation of Earnings (Loss) Per Common Share
For the Three Months and Nine Months Ended June 30, 2000 and 1999
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
2000 1999 2000 1999
Common Shares Outstanding:
Beginning of Period 11,226,699 11,226,699 11,226,699 11,226,699
End of Period 11,226,699 11,226,699 11,226,699 11,226,699
Average Number of Shares
Outstanding for the Period 11,226,699 11,226,699 11,226,699 11,226,699
Net Income (Loss) $ 673 $ (1,992) $ 3,430 $ (855)
Earnings (Loss) Per Common Share:
Net Income $ 0.00 $ 0.00 $ 0.00 $ 0.00
EX-99.6
BALANCE SHEET FOR 06/00
HYNES & HOWES INSURANCE COUNSELORS, INC.
Balance Sheet
June 30, 2000 and 1999
(Unaudited)
June 30,
2000 1999
Assets
Current Assets:
Cash in Bank $ 14,261 $ 45,605
Other Current Assets 35,095 10,111
Total Current Assets $ 49,356 $ 55,716
Investments:
Investment in Affiliated Company $ 2,877 $ 2,720
Contracts Receivable-Real Estate 684,031 522,364
Real Estate on Hand 0 102,883
Equipment 6,888 0
Total Investments $ 693,796 $ 627,967
Total Assets $ 743,152 $ 683,683
Liabilities and Stockholders' Equity
Current Liabilities:
Buyers Escrow $ 9,786 $ 7,664
Contracts Payable 3,889 0
Total Current Liabilities $ 13,675 $ 7,664
Long Term Liabilities:
Contracts Payable $ 13,729 $ 0
Total Long Term Liabilities $ 13,729 $ 0
Total Liabilities $ 27,404 $ 7,664
Stockholders' Equity:
Capital Stock, no par value, 100,000,000 shares
authorized, 11,260,675 shares issued $ 3,780,765 $ 3,780,765
Paid in Capital 100 100
Retained Earnings (Deficit) (3,031,865) (3,071,594)
Treasury Stock, at cost (33,252) (33,252)
Total Stockholders' Equity $ 715,748 $ 676,019
Total Liabilities and Stockholders'
Equity $ 743,152 $ 683,683
EX-99.7
STATEMENT OF OPERATIONS FOR 06/00
HYNES & HOWES INSURANCE COUNSELORS, INC.
Statement of Operations
For the Three Months and Nine Months Ended June 30, 2000 and 1999
(Unaudited)
The following Statements of Operations of Hynes & Howes Insurance Counselors,
Inc. for the three months and nine months ended June 30, 2000 and 1999,
reflect, in the opinion of the Company, all adjustments (which include only
normal recurring adjustments) necessary to present fairly the results of
operations for such periods. The results for interim periods are not
necessarily indicative of results to be expected for the year.
Three Months Ended Nine Months Ended
June 30, June 30,
2000 1999 2000 1999
Operating Income:
Interest $19,053 $13,984 $61,116 $53,593
Other Income 777 1,303 3,618 2,513
Total Operating Income $19,830 $15,287 $64,734 $56,106
Operating Expenses:
Management Fees 12,000 9,750 33,750 29,250
Legal and Audit 471 634 12,353 2,982
Other Operating Expenses $ 6,686 $ 6,895 $15,201 $24,729
Total Operating Expenses$19,157 $17,279 $61,304 $56,961
Income (Loss) from Operations 673 (1,992) 3,430 (855)
Provision for Income Taxes$ 0 $ 0 $ 0 $ 0
Net Income (Loss) $ 673 $(1,992) $ 3,430 $ (855)
Earnings Per Common Share $ 0 $ 0 $ 0 $ 0
Dividends per Common Share $ 0 $ 0 $ 0 $ 0
EX-99.8
STATEMENT OF CASH FLOW FOR 06/00
HYNES & HOWES INSURANCE COUNSELORS, INC.
Statement of Cash Flow
For the Nine Months Ended June 30, 2000 and 1999
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
Nine Months Ended
June 30,
2000 1999
Cash Flows from Operating Activities:
Interest Received $ 61,116 $ 53,593
Other Income Received 3,618 2,513
Legal, Audit and Management Fees Paid (46,103) (32,232)
Cash Paid to Suppliers for
Operating Expenses (13,823) (24,729)
Net Cash Provided (Used)
by Operating Activities $ 4,808 $ (855)
Cash Flow from Investing Activities:
Principal Collected on Real Estate
Contracts 177,617 117,244
Purchase and Sale of Real Estate (net) (153,954) (102,882)
Purchase of Note Receivable 15,000 0
Buyers Escrow Received (Paid) 2,318 (24)
Tax Certificates Collected (Purchased) (6,260) (2,061)
Principal Paid on Contract Payable (1,231) 0
Net Cash Provided (Used)
by Investing Activities $ 3,490 $ 12,277
Net Increase (Decrease) in Cash
and Cash Equivalents $ 8,298 $ 11,422
Cash & Cash Equivalents at
Beginning of Period $ 5,963 $ 34,183
Cash and Cash Equivalents at End of Period $ 14,261 $ 45,605
EX-27
ART. 5 FDS FOR 06/30/00
PERIOD-TYPE 9-MOS
FISCAL-YEAR-END SEP-30-2000
PERIOD-END JUN-30-2000
CASH 14,261
SECURITIES 2,877
RECEIVABLES 684,031
ALLOWANCES 0
INVENTORY 0
CURRENT-ASSETS 35,095
PP&E 9,184
DEPRECIATION 2,296
TOTAL-ASSETS 743,152
CURRENT-LIABILITIES 13,675
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 3,780,765
OTHER-SE 100
TOTAL-LIABILITY-AND-EQUITY 743,152
SALES 0
TOTAL-REVENUES 64,734
CGS 0
TOTAL-COSTS 61,304
OTHER-EXPENSES 0
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 3,430
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 3,430
EPS-PRIMARY 0
EPS-DILUTED 0
