U. S. Securities and Exchange Commission
Washington, D. C. 20549
FORM 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
For the quarterly period ended June 30, 1997
---------------
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE
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 (I.R.S. Employer ID)
incorporation or organization)
1801 Broadway, Suite 700
Denver, Colorado 80202
---------------------------
(Address of principal executive offices)
(303) 296-3677
---------------------------
(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
- ----------------------------------------------------------------------
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PART I FINANCIAL INFORMATION PAGE
- ------- ---------------------- ----
Item 1 Unaudited Condensed Consolidated
- ------ Balance Sheets - June 30, 1997,
and March 31, 1997 3
Unaudited Condensed Consolidated
Statements of Operations - Three
Months Ended June 30, 1997 and 1996 4
Unaudited Condensed Consolidated
Statements of Cash Flows - Three
Months Ended June 30, 1997 and 1996 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 I FINANCIAL INFORMATION
- ------
Item 1
- -------
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, March 31,
1997 1997
-------- ---------
ASSETS
<S> <C> <C>
Cash and cash equivalents $467,721 $510,055
Certificates of deposit 194,000 194,000
Other receivables 4,078 4,938
-------- --------
Current assets 665,799 708,993
Office furniture, equipment and
other, net of $223,796 of accumulated
depreciation at June 30, 1997, and
$222,096 of accumulated depreciation
at March 31, 1997 32,178 33,378
Investment in limited liability company 119,420 119,420
Other 26,638 26,638
-------- --------
$844,035 $888,429
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 14,919 $ 18,648
Deposits, deferred revenue and other 9,318 9,318
-------- --------
Current liabilities 24,237 27,966
-------- --------
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 (5,813,200) (5,772,535)
---------- ---------
819,798 860,463
---------- ---------
$ 844,035 $ 888,429
========== =========
</TABLE>
See Notes to Unaudited Condensed Consolidated Financial Statements.
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
For the Three Months Ended
June 30, June 30,
1997 1996
--------- --------
REVENUES:
<S> <C> <C>
Interest income $10,584 $15,750
Other 6,263 7,556
------- -------
TOTAL REVENUES 16,847 23,306
------- -------
EXPENSES:
Depreciation 1,700 2,555
Other operating expenses 55,812 61,953
--------- ---------
TOTAL EXPENSES 57,512 64,508
--------- ---------
NET INCOME (LOSS) $(40,665) $(41,202)
========= =========
NET INCOME (LOSS) PER SHARE $ (.01) $ (.01)
========= =========
Weighted average number of shares
outstanding 3,072,836 3,072,836
========= =========
</TABLE>
See Notes to Unaudited Condensed Consolidated Financial Statements.
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
For the Three Months Ended
June 30, June 30,
1996 1995
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (40,665) $ (41,202)
------------ ------------
Adjustments to reconcile net income
(loss) to net cash provided (used)
by operating activities:
Depreciation 1,700 2,555
Change in assets and liabilities:
Decrease in accounts receivable 860 546
(Decrease) in accounts payable (3,729) (27,296)
------------ --------------
Total adjustments (1,169) (24,195)
------------ --------------
NET CASH (USED) BY
OPERATING ACTIVITIES (41,834) (65,397)
------------ ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Collection of note receivable -0- 500,000
Redemption (purchase of certificates
of deposit -0- (198,000)
Investment in limited liability
company -0- 320,538
Purchase of furniture and equipment (500) -0-
----------- --------------
NET CASH FLOWS (USED) PROVIDED BY
INVESTING ACTIVITIES (500) 622,538
----------- --------------
NET INCREASE (DECREASE) IN CASH AND
TEMPORARY CASH INVESTMENTS (42,334) 557,141
----------- --------------
CASH AND TEMPORARY CASH INVESTMENTS,
BEGINNING OF YEAR 510,055 41,387
----------- --------------
CASH AND TEMPORARY CASH INVESTMENTS,
END OF THE QUARTER $467,721 $598,528
=========== ==============
</TABLE>
See Notes to Unaudited Condensed Consolidated Financial Statements.
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, 1997, and March 31, 1997, and of the consolidated
statements of operations and consolidated statements of cash flows for the
three months ended June 30, 1996 and 1997. Except for as noted in the
Company's 10-KSB, we are unable to obtain audited financial statements
supporting the Company's investment in a limited liability company (LLC) at
March 31, 1997, or monthly financial statements for the three months ended
June 30, 1997. Therefore, this report has not incorporated the financial
information concerning the Company's ownership in the LLC. 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, 1997, included in the Company's 10-KSB filed with the
Securities and Exchange Commission on June 27, 1997.
Item 2: Managements'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 decreased
$42,334 for the quarter ended June 30, 1997.
Stockholder's equity decreased from $860,463 to $819,798 for the period
ended June 30, 1997, 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, 1997, the Company's total revenues were
$16, 847 as compared to $23,306 for the quarter ended June 30, 1996. Total
expenses for the period ended June 30, 1997, were $57,512 as compared to
$64,508 for the period ended June 30, 1996.
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: August 14, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> JUN-30-1997
<CASH> 467,721
<SECURITIES> 194,000
<RECEIVABLES> 4,078
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 665,799
<PP&E> 255,974
<DEPRECIATION> 223,796
<TOTAL-ASSETS> 844,035
<CURRENT-LIABILITIES> 24,237
<BONDS> 0
0
0
<COMMON> 6,632,998
<OTHER-SE> (5,813,200)
<TOTAL-LIABILITY-AND-EQUITY> 844,035
<SALES> 0
<TOTAL-REVENUES> 16,847
<CGS> 0
<TOTAL-COSTS> 57,512
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (40,665)
<INCOME-TAX> 0
<INCOME-CONTINUING> (40,665)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (40,665)
<EPS-PRIMARY> (.01)
<EPS-DILUTED> (.01)
</TABLE>
