<PAGE>
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 MARCH 31, 1996 COMMISSION FILE NUMBER 0-9669
CALCASIEU REAL ESTATE & OIL CO., INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Louisiana 72-0144530
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Lakeside Plaza
Lake Charles, Louisiana 70605
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (318) 494-4256
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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
----- -----
Securities registered pursuant to Section 12(b) for the Act:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE
ON WHICH REGISTERED
NONE NOT APPLICABLE
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
COMMON STOCK, NO PAR VALUE
(TITLE OF CLASS)
___________________
As of March 31, 1996, 1,997,272 shares of the registrant's Common Stock, without
par value, were issued and outstanding.
1
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CALCASIEU REAL ESTATE & OIL CO., INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1995
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION PAGE NO.
- ------ ---------------------
Management's Discussion and Analysis of Financial
Condition and Results of Operations 3
Balance Sheets
March 31, 1996 and March 31, 1995 4-5
Statements of Income and Retained Earnings
Three Months Ended March 31, 1996 and March 31, 1995 6
Statements of Cash Flows
Three months Ended March 31, 1996 and March 31, 1995 7
PART II OTHER INFORMATION
- ------ -----------------
Item 4. Submission of Matters to a Vote of Security Holders 8
Item 6. Exhibits and Reports on Form 8-K 9
SIGNATURES 9
REFERENCE IS MADE TO THE NOTES TO FINANCIAL STATEMENTS CONTAINED
IN THE COMPANY'S ANNUAL REPORT ON FORM 10
----------------------------------------------------------------
THE INFORMATION FURNISHED IS NOT IN CONNECTION WITH ANY SALE OR OFFER
FOR SALE OF, OR SOLICITATION OF AN OFFER TO BUY, ANY SECURITIES.
2
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CALCASIEU REAL ESTATE & OIL CO., INC.
PART I
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Gross income for the Company for the quarter ended March 31, 1996, was up 17.1%
over the same quarter in 1995. This was due primarily to higher agricultural
income. Expenses were up in the quarter over the corresponding quarter in 1995
by 10.7%. This was due to higher agriculture expense and higher Louisiana
franchise tax.
Other income was higher in the first quarter of 1996 over the first quarter of
1995 due to greater liquidity as well as lower interest expense due to the
reduction in long-term debt. During April of 1996 the long-term debt was
liquidated. It has been announced that the Calcasieu Marine National Bank is to
be acquired by Hibernia Corporation for approximately $196 per share in cash.
The acquisition is expected to occur before the end of 1996. Company's 4,796
shares of Calcasieu Marine National Bank have been valued at $150 per share in
the enclosed statements and the deferred income tax adjusted accordingly.
Management believes that the company's revenues will be sufficient to meet its
existing needs and the needs for its anticipated future operations. Management
does not presently anticipate that the Company will incur material additional
liabilities in its future operations. Long-term trends will depend upon the
ability of management to continue to find new production to replace the
depletion of the Company's present minerals as well as increasing the Company's
income from timber and agriculture.
3
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CALCASIEU REAL ESTATE & OIL CO., INC
------------------------------------
BALANCE SHEET
-------------
ASSETS
------
CURRENT ASSETS MARCH 31, 1996 MARCH 31, 1995
Cash and cash equivalents $ 216,109 $ 70,737
Investment Securities 99,806
Trade receivables 45,653 46,179
Inventory, harvested crops 9,572 1,566
Prepaid expenses 4,575
Prepaid income taxes 35,760 42,385
---------- ----------
Total current assets $ 406,900 $ 165,442
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 731,676 $ 296,142
---------- ----------
PROPERTY AND EQUIPMENT, less
accumulated depreciation, depletion
and amortization. $ 12,250 $ 17,588
Timber, less accumulated depletion 363,378 458,200
Land 1,662,142 1,661,209
---------- ----------
Total property $2,037,770 $2,136,997
---------- ----------
TOTAL $3,176,346 $2,598,581
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4
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
BALANCE SHEET
-------------
LIABILITIES & STOCKHOLDERS' EQUITY
----------------------------------
CURRENT LIABILITIES MARCH 31, 1996 MARCH 31, 1995
Current maturities of long-term debt $ 93,108 $ 95,000
Trade payables and accrued expenses 23,019 28,770
Dividends payable 39,945
Current deferred tax liability, net 218,610 55,883
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Total Current Liabilities $ 374,682 $ 179,653
---------- ----------
LONG TERM DEBT, less current maturities $ 93,108
----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000
shares authorized; 2,100,000 shares
issued $ 72,256 $ 72,256
Retained earnings 2,531,156 2,324,242
Net unrealized appreciation on
investments available for sale, net of
tax of $44,521 in 1995 and $210,941 in
1996 335,895 66,781
---------- ----------
$2,939,307 $2,463,279
Less cost treasury stock (1996 102,728
shares: 1995 102,636 shares) 137,643 137,459
---------- ----------
Total Equity $2,801,664 $2,325,820
---------- ----------
TOTAL $3,176,346 $2,598,581
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5
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF INCOME AND RETAINED EARNINGS
------------------------------------------
THREE MONTHS THREE MONTHS
ENDED MARCH ENDED MARCH
31, 1996 31, 1995
REVENUES
Income-primarily from oil and gas
properties $ 96,527 $ 75,919
---------- ----------
COSTS AND EXPENSES
Forestry expenses $ 64 $ 720
Agriculture expense 7,218 3,769
Oil and gas production costs 8,108 10,991
General and administrative 50,952 44,058
Depreciation and depletion 1,500 1,743
---------- ----------
Total $ 67,842 $ 61,281
---------- ----------
OTHER INCOME (EXPENSE):
Gain on sale of assets $ 21 $
Interest expense (1,857) (3,762)
Interest 5,184 298
Dividends on common stock 7,201 3,597
---------- ----------
Total $ 10,549 $ 133
---------- ----------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY CREDITS $ 39,234 $ 14,771
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PROVISION FOR INCOME TAXES:
Current $ 7,500 $ 955
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Deferred
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Total $ 7,500 $ 955
---------- ----------
NET INCOME
(PER COMMON SHARE): 1996 $.02; 1995
$.01 $ 31,734 $ 13,816
RETAINED EARNINGS, BEGINNING OF PERIOD 2,539,367 2,310,426
DIVIDENDS DECLARED (39,954)
----------- ----------
RETAINED EARNINGS END OF PERIOD $2,531,156 $2,324,242
---------- ----------
6
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF CASH FLOWS
------------------------
THREE MONTHS THREE MONTHS
ENDED MARCH ENDED MARCH
31, 1996 31, 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 31,734 $ 13,816
Non cash (income) expenses included in
net income:
Depreciation, depletion and
amortization 1,500 1,743
Change in assets and liabilities:
(Increase) decrease in accounts
receivable 15,181 22,125
(Increase) decrease in inventory 970 2,000
(Increase) decrease in prepaid
expenses 1,157 (4,129)
(Increase) decrease in prepaid
income taxes (35,760) 955
Increase (decrease) in trade
payable 12,361 11,841
Increase (decrease) in income tax
payable (158,086)
--------- --------
Net cash provided by operating $(130,943) $ 48,351
activities --------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property & equipment
Maturity of investment security $ 97,817
---------
Net cash (used in investing activities $ 97,817
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock $ $(14,158)
Dividends paid (39,945)
---------- --------
Net cash provided by (used in)
financing activities $ (39,945) $(14,158)
---------- --------
Net increase (decrease) in cash and
cash equivalents: $ (73,071) $ 34,193
---------- --------
Cash and cash equivalents:
Beginning 289,180 36,544
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Ending $ 216,109 $ 70,737
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7
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
PART II OTHER INFORMATION
-------------------------
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
(a) The Annual Meeting was held on April 19, 1996.
(b) The following were elected Directors:
Henry C. Alexander
William D. Blake
Troy A. Freund
Arthur Hollins, III
Leonard K. Knapp
Adolph S. Marx
Carl G. Patton
Frank O. Pruitt
B. James Reaves III
No other director's term of office continued after the meeting.
(c) There were 1,150,491 shares represented at the meeting. The Company
furnished its security holders proxy soliciting material pursuant
to Regulation 14 under the Act and there was no solicitation in
opposition to either the nominees for directors nor any other
matters.
8
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
PART II OTHER INFORMATION
-------------------------
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
27 Financial Data Schedule
(B) Reports on Form 8-K
None
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 under-
signed thereunto duly authorized.
CALCASIEU REAL ESTATE & OIL CO., INC.
(Registrant)
/s/ARTHUR HOLLINS, III
_____________________________________
Arthur Hollins, III
President
/s/CARL G. PATTON
_____________________________________
Carl G. Patton
Vice-President and Secretary
Dated April 29, 1996
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from March 31,
1996 unaudited financial statements and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 216,109
<SECURITIES> 99,806
<RECEIVABLES> 45,653
<ALLOWANCES> 0
<INVENTORY> 9,572
<CURRENT-ASSETS> 406,900
<PP&E> 2,683,200
<DEPRECIATION> 645,430
<TOTAL-ASSETS> 3,176,346
<CURRENT-LIABILITIES> 374,682
<BONDS> 0
0
0
<COMMON> 77,256
<OTHER-SE> 2,729,408
<TOTAL-LIABILITY-AND-EQUITY> 3,176,346
<SALES> 0
<TOTAL-REVENUES> 96,527
<CGS> 0
<TOTAL-COSTS> 16,890
<OTHER-EXPENSES> 50,952
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,857
<INCOME-PRETAX> 39,234
<INCOME-TAX> 7,500
<INCOME-CONTINUING> 31,734
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 31,734
<EPS-PRIMARY> .02
<EPS-DILUTED> .02
</TABLE>
