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 December 31, 1999 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
HYNES & HOWES INSURANCE COUNSELORS, INC.
Notes to Financial Statements
December 31, 1999
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 three months ended December 31, 1999
decreased $4,653 as compared to the three month period ended December
31, 1998. The decrease is primarily due to the increase in
accounting fees. The previous auditor retired and a new CPA firm was
hired to perform the annual audit.
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.
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.
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:_____________________________________
Jan M. Forrest, President
This corporation has no treasurer.
Dated___________________ By:_____________________________________
Jan M. Forrest, Director
HYNES & HOWES INSURANCE COUNSELORS, INC.
Computation of Earnings (Loss) Per Common Share
For the Three Months Ended December 31, 1999 and 1998
(Unaudited)
Three Months Ended
December 31,
1999 1998
Common Shares Outstanding:
Beginning of Period 11,226,699 11,226,699
End of Period 11,226,699 11,226,699
Average Number of Shares
Outstanding for the Period 11,226,699 11,226,699
Net Income (Loss) $ 1,552 $ 6,115
Earnings (Loss) Per Common Share:
Net Income $ 0.00 $ 0.00
HYNES & HOWES INSURANCE COUNSELORS, INC.
Balance Sheet
December 31, 1999 and 1998
(Unaudited)
December 31,
1999 1998
Assets
Current Assets:
Cash in Bank $ 49,300 $ 17,423
Other Current Assets 7,314 8,050
Total Current Assets $ 56,614 $ 25,473
Other Assets:
Investment in Affiliated Company $ 2,877 $ 2,720
Contracts Receivable-Real Estate 654,504 620,438
Real Estate on Hand 0 40,932
Note Receivable 0 2,297
Equipment 7,807 0
Total Other Assets $ 665,188 $ 666,387
Total Assets $ 721,802 $ 691,860
Liabilities and Stockholders' Equity
Current Liabilities:
Buyers Escrow 7,932 8,871
Total Current Liabilities $ 7,932 $ 8.871
Total Liabilities $ 7,932 $ 8,871
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) (3,033,743) (3,064,624)
Treasury Stock, at cost (33,252) (33,252)
Total Stockholders' Equity $ 713,070 $ 682,989
Total Liabilities and Stockholders'
Equity $ 691,860 $ 691,860
HYNES & HOWES INSURANCE COUNSELORS, INC.
Statement of Operations
For the Three Months Ended December 31, 1999 and 1998
(Unaudited)
The following Statements of Operations of Hynes & Howes Insurance Counselors,
Inc. for the three months ended December 31, 1999 and 1998, 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
December 31,
1999 1998
Operating Income:
Interest Income $20,856 $22,698
Other Income 1,190 146
Total Operating Income $22,046 $22,844
Operating Expenses:
Management Fees 9,750 9,750
Legal and Audit 6,492 1,250
Other Operating Expenses $ 4,252 $ 5,729
Total Operating Expenses $20,494 $16,729
Income (Loss) from Operations 1,552 6,115
Provision for Income Taxes $ 0 $ 0
Net Income (Loss) $ 1,552 $ 6,115
Earnings Per Common Share $ 0 $ 0
Dividends per Common Share $ 0 $ 0
HYNES & HOWES INSURANCE COUNSELORS, INC.
Statement of Cash Flow
For the Three Months Ended December 30, 1999 and 1998
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
Three Months Ended
December 31,
1999 1998
Cash Flows from Operating Activities:
Interest Received $ 20,856 $ 22,698
Other Income Received 1,190 146
Legal, Audit and Management Fees Paid (12,992) (11,000)
Cash Paid to Suppliers for
Operating Expenses (9,525) (5,729)
Net Cash Provided
by Operating Activities $ (471) $ 6,115
Cash Flow from Investing Activities:
Principal Collected on Real Estate
Contracts 43,344 19,170
Purchase of Real Estate Contracts 0 (40,931)
Purchase of Note Receivable 0 (2,297)
Buyers Escrow Received 864 1,183
Tax Certificates Collected 0 0
Net Cash Provided (Used)
by Investing Activities $ 43,808 $ (22,875)
Net Increase (Decrease) in Cash
and Cash Equivalents $ 43,337 $ (16,700)
Cash & Cash Equivalents at
Beginning of Period $ 5,963 $ 34,183
Cash and Cash Equivalents at End of Period $ 49,300 $ 17,423
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