<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, 1997 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, LA 70601
(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, 1997, 1,997,252 shares of the registrant's Common Stock, without
par value, were issued and outstanding.
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CALCASIEU REAL ESTATE & OIL CO., INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1997
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, 1997 and March 31, 1996 4-5
Statements of Income and Retained Earnings
Three Months Ended March 31, 1997 and March 31, 1996 6
Statements of Cash Flows
Three Months Ended March 31, 1997 and March 31, 1996 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
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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, 1997, was up 42.1%
over the same quarter in 1996. Oil and gas income was up 44.4% due to increases
in prices and volumes whereas mineral lease income was down.
Agricultural income increased 26.7%. Expenses were up 19.9% over the same
quarter in the prior year. This was due primarily to a 184.4% increase in oil
and gas production costs and a 9.5% increase in general and administrative
expenses.
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
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ASSETS
------
CURRENT ASSETS MARCH 31, 1997 MARCH 31, 1996
Cash and cash equivalents $ 548,627 $ 216,109
Investment Securities 99,806
Accounts receivables 58,265 45,653
Inventory, harvested crops 9,572
Prepaid income taxes 39,334 35,760
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Total current assets $ 646,226 $ 406,900
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 509,324 $ 731,676
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PROPERTY AND EQUIPMENT, less
accumulated depreciation, depletion and
amortization. $ 11,752 $ 12,250
Timber, less accumulated depletion 368,897 363,378
Land 1,661,742 1,662,142
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Total Property $2,042,391 $2,037,770
---------- ----------
TOTAL $3,197,941 $3,176,346
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4
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
BALANCE SHEET
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LIABILITIES & STOCKHOLDERS' EQUITY
----------------------------------
CURRENT LIABILITIES MARCH 31, 1997 MARCH 31, 1996
Current maturities of long-term debt $ $ 93,108
Trade payables and accrued expenses 40,026 23,019
Dividends payable 59,918 39,945
Current deferred tax liability, net 5,864 218,610
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Total Current Liabilities $ 105,808 $ 374,682
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SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000 shares
authorized; 2,100,000 shares issued $ 72,256 72,256
Retained earnings 3,157,849 2,531,156
Net unrealized (loss) or appreciation on
investments available for sale, net of
tax credit of $145 in 1997 and tax of
$210,941 in 1996 (269) 335,895
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$3,229,836 $2,939,307
Less cost treasury stock (1996 102,728 shares:
1997 102,748 shares) 137,703 137,643
---------- ----------
Total Equity $3,092,133 $2,801,664
---------- ----------
TOTAL $3,197,941 $3,176,346
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5
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CALCASIEU REAL ESTATE & OIL CO., INC.
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STATEMENTS OF INCOME AND RETAINED EARNINGS
------------------------------------------
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1997 MARCH 31, 1996
REVENUES
Income-primarily from oil and gas properties $ 121,043 $ 83,819
Income-agricultural properties 16,105 12,708
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Total $ 137,148 $ 96,527
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COSTS AND EXPENSES
Forestry expenses $ 311 $ 64
Agriculture expense 1,286 7,218
Oil and gas production costs 23,056 8,108
General and administrative 55,785 50,952
Depreciation and depletion 900 1,500
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Total $ 81,338 $ 67,842
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OTHER INCOME (EXPENSE):
Gain on sale of assets $ $ 21
Interest expense (1,857)
Interest income 16,730 5,184
Dividends on common stock 122 7,201
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Total $ 16,852 $ 10,549
---------- ----------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY CREDITS $ 72,661 $ 39,234
---------- ----------
PROVISION FOR INCOME TAXES:
Current $ 19,597 $ 7,500
Deferred _________ ________
Total $ 19,597 $ 7,500
---------- ----------
NET INCOME
(PER COMMON SHARE): 1996 $.02, 1997 $.03
$ 53,064 $ 31,734
RETAINED EARNINGS, BEGINNING OF
PERIOD 3,164,703 2,539,367
DIVIDENDS DECLARED (59,918) (39,954)
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RETAINED EARNINGS END OF PERIOD $3,157,849 $2,531,156
---------- ----------
6
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF CASH FLOWS
------------------------
THREE MONTHS THREE MONTHS
ENDED ENDED
MARCH 31, 1997 MARCH 31, 1996
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 53,064 $ 31,734
Non cash (income) expenses included in
net income:
Depreciation, depletion and amortization 929 1,500
Change in assets and liabilities:
(Increase) decrease in accounts receivable 15,290 15,181
(Increase) decrease in inventory 2,850 970
(Increase) decrease in prepaid expenses 10,158 1,157
(Increase) decrease in prepaid income taxes (39,334) (35,760)
Increase (decrease) in trade payable 32,180 12,361
Increase (decrease) in income tax payable (261,069) (158,086)
--------- ---------
Net cash provided by operating activities $(185,932) $(130,943)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Reforestation Costs $ (14,426) $
Maturity of investment security 495,500 97,817
--------- ---------
Net cash (used) in investing activities $ 481,074 $ 97,817
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock (60) $
Dividends paid (59,918) (39,945)
--------- ---------
Net cash provided by (used in) financing
activities
$ (59,978) $ (39,945)
--------- ---------
Net increase (decrease) in cash and cash
equivalents: $ 235,164 $ (73,071)
Cash and cash equivalents:
Beginning 313,463 289,180
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Ending $ 548,627 $ 216,109
--------- ---------
7
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CALCASIEU REAL ESTATE & OIL CO., INC.
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PART II OTHER INFORMATION
-------------------------
ITEM 4. Submission of Matters to a Vote of Security Holders.
(a) The Annual Meeting was held on April 17, 1997.
(b) The following were elected Directors:
Henry C. Alexander
William D. Blake
Troy A. Freund
Arthur Hollins, III
Leonard K. Knapp
Laura A. Leach
Frank O. Pruitt
B. James Reaves III
Charles D. Viccellio
No other director's term of office continued after the meeting.
(c) There were 1,111,500 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
None
(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/ CHARLES D. VICCELLIO
-------------------------------------------
Charles D. Viccellio
Vice-President and Secretary
Dated May 1, 1997
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from March 31,
1997, 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> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 548,627
<SECURITIES> 0
<RECEIVABLES> 58,625
<ALLOWANCES> 0
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<CURRENT-ASSETS> 646,226
<PP&E> 2,690,651
<DEPRECIATION> 648,260
<TOTAL-ASSETS> 3,197,941
<CURRENT-LIABILITIES> 105,808
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0
0
<COMMON> 72,256
<OTHER-SE> 3,019,877
<TOTAL-LIABILITY-AND-EQUITY> 3,197,941
<SALES> 0
<TOTAL-REVENUES> 137,148
<CGS> 0
<TOTAL-COSTS> 81,338
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<INCOME-TAX> 19,597
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<EPS-PRIMARY> .03
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