U.S. Securities and Exchange Commission
Washington, D. C. 20549
Form 10-QSB/A
(Mark one)
X QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE
ACT
For the transition period from to
Commission file number 0-9458
Eagle Exploration Company
(Exact name of Registrant as specified in its charter)
Colorado 84-0804143
(State or other jurisdiction of incorporation (I.R.S-Employer ID Number)
or organization)
1776 Lincoln Street, Suite 1311
Denver, Colorado 80203
(Address of principal executive offices)
(303) --863-0800
(Issuer's telephone number)
None
(Former name, former address and former fiscal year, if changed since
last report)
Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required to file
such reports) , and (2) has been subject to such filing requirements'
for the past 90 days. Yes X No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13 or 15 (d) of the Exchange Act after the
distribution of securities -under a plan confirmed by court. Yes X
No
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
3,072,836
Transitional small Business Disclosure format.- (check one)Yes
No -X
1
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
INDEX TO UNAUDITED FINANCIAL STATEMENTS
PART I FINANCIAL INFORMATION PAGE
Item 1 Unaudited Condensed Consolidated
Balance Sheets - June 30, 1996, and March 31, 1996 3
Unaudited Condensed Consolidated
Statements of Operations - Three Months Ended
June 30, 1996 and 1995 4
Unaudited Condensed Consolidated
Statements of Cash Flows- Three Months Ended
June 30, 1996 and 1995 5
Notes to Unaudited Condensed
Consolidated Financial statements 6
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II SIGNATURES 8
PART 1 FINANCIAL INFORMATION
Item 1
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, March 31,
1996 1996
<S> <C> <C>
Assets
Cash $ 2,163 $ 41,387
Temporary cash investments 596,365 -
Certificates of deposit 198,000 -
Note receivable - 500,000
Other receivables 3,276 3,822
Office furniture, equipment and
other, net of $211,876 of accumulated
depreciation at June 30, 1996, and
$209,321 of accumulated depreciation
at March 31, 1996 41,889 44,444
Other 23,387 23,387
Investment in limited liability company 182,163 546,702
$1,047,243 $1,159,742
Liabilities and Stockholders' Equity
Accounts payable $ 9,955 $ 37,251
Deposits, deferred revenue and other 10,261 10,261
Total liabilities 20,216 47,512
Stockholders' equity
Common stock, no par value;
authorized 10,000,000 shares;
3,072,836 shares issued and
outstanding 6,632,998 6,632,998
Accumulated deficit (5,605,971) (5,520,768)
1,027,027 1,112,230
$l,047,243 $1,159,742
</TABLE>
See Notes to Unaudited Condensed Consolidated Financial Statements
3
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended
June 30, June 30,
1996 1995
<S> <C> <C>
REVENUES:
Interest income $ 15,750 $ 33,292
Other 7,556 9,191
TOTAL REVENUES 23,306 42,483
EXPENSES:
Loss on investment in LLC 44,001 -
Depreciation 2,555 6,211
Other operating expenses 61,953 44,853
TOTAL EXPENSES 108,509 51,064
NET INCOME (LOSS) $(85,203) $ (8,581)
NET INCOME (LOSS) PER SHARE $ (.03) $ *
Weighted average number of shares
outstanding 3,072,836 3,072,836
* Less than $.Ol per share
</TABLE>
See Notes to Unaudited Condensed Consolidated Financial Statements,
4
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Three Months Ended
June 30,
1996 1995
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (85,203) $ (8,581)
Adjustments to reconcile net income
(loss) to net cash provided (used)
by operating activities:
Depreciation 2,555 6,211
Loss on investment in LLC 44,001 -
Change in assets and liabilities:
(Increase) decrease in accounts receivable 546 227
(Decrease) in accounts payable (27,296) (3,233)
Increase in note payable - 425,644
Total adjustments 19,806 428,849
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (65,397) 420,268
CASH FLOWS FROM INVESTING ACTIVITIES:
Collection of note receivable 500,000 -
Redemption (purchase) of certificates of
deposit (198,000) 198,001
Return on (investment in) limited
liability company 320,538 (851,288)
NET CASH FLOWS PROVIDED (USED) BY
INVESTING ACTIVITIES 622,538 (653,287)
NET INCREASE (DECREASE) IN CASH AND
TEMPORARY CASH INVESTMENTS 557,141 (233,019)
CASH AND TEMPORARY CASH INVESTMENTS,
BEGINNING OF YEAR 41,387 416,054
CASH AND TEMPORARY CASH INVESTMENTS,
END OF THE QUARTER $ 598,528 $ 183,035
</TABLE>
See Notes to Unaudited Condensed Consolidated Financial statements.
5
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Opinion of Management
1. The financial information furnished reflects all adjustments
which are, in the opinion of management, necessary to a fair
presentation of the financial position at June 30, 1996, and
March 31, 1996, and of the consolidated statements of operations
and consolidated statements of cash flows for the three months
ended June 30, 1995 and 1996. The results of operations and
statements of cash flows for the periods presented are not
necessarily indicative of those to be expected for the entire
year.
2. The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally
accepted accounting principles for interim financial
information, with the above mentioned exception. Accordingly,
they do not include all of the information and footnotes
required by generally accepted accounting principles. For
further information refer to the audited consolidated financial
statements and notes thereto for the year ended March 31, 1996,
included in the Company's 10-KSB/A filed with the Securities and
Exchange Commission on November 18, 1996.
6
Item 2: Management's Discussion and Analysis of Financial Condition
and Results of Operation.
Financial Condition, Liquidity and capital Resources
Cash, temporary cash investments and certificates of deposits
increased $557,141 for the quarter ended June 30, 1996. This
was primarily due to the collection of a note receivable of
$500,000 and a return on the investment in a limited liability
company reducing the Company's investment in the limited
liability company.
Stockholder's equity decreased from $1,112,230 to $1,027,027
for the period ended June 30, 1996, primarily due to the result
of a net loss for the quarter.
Results of Operations
For the three months ended June 30, 1996, compared to the three
months ended June 30, 1995.
For the quarter ended June 30, 1996, the Company's total
revenues were $23,306 as compared to $42,483 for the quarter
ended June 30, 1995. This reduction in income was primarily
due to the lack of interest income generated in the previous
quarter by the Company's cash, temporary cash investments and
certificates of deposit.
Total expenses for the period ended June 30, 1996, were
$108,509 as compared to $51,064 for the period ended June 30,
1995. The increase is primarily due to the loss from
investment in LLC of approximately $44,000.
7
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
PART II
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.
EAGLE EXPLORATION COMPANY
(Registrant)
By /s/ Raymond N. Joeckel
Raymond N. Joeckel
President/Chief Financial Officer
By /s/ Paul M. Joeckel
Paul M. Joeckel
Secretary
Date: November 18, 1996
8
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> JUN-30-1996
<CASH> 200,163
<SECURITIES> 596,365
<RECEIVABLES> 3,276
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 253,765
<DEPRECIATION> 211,876
<TOTAL-ASSETS> 1,047,243
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 6,632,998
<OTHER-SE> (5,605,971)
<TOTAL-LIABILITY-AND-EQUITY> 1,047,243
<SALES> 0
<TOTAL-REVENUES> 23,306
<CGS> 0
<TOTAL-COSTS> 108,509
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (85,203)
<INCOME-TAX> 0
<INCOME-CONTINUING> (85,203)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (85,203)
<EPS-PRIMARY> (.03)
<EPS-DILUTED> (.03)
</TABLE>
