<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, 1998 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, 1998, 1,997,252 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, 1998
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, 1998 and March 31, 1997 4-5
Statements of Income and Retained Earnings
Three Months Ended March 31, 1998 and March 31, 1997 6
Statements of Cash Flows
Three Months Ended March 31, 1998 and March 31, 1997 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, 1998, was up 66.8%
or $91,571 over the same quarter in 1997. This was primarily due to
approximately $80,000 of oil and gas income from wells that began production in
1997 and for which disbursements had not been made. Operating expenses were
virtually the same as in the prior year. Other income had a negative swing of
$26,663 due to the liquidation of some investment securities for the down
payment on acreage purchased and interest on the debt for the balance of the
cost. Net income after income tax increased 85.9% over the same period in 1997.
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, 1998 March 31, 1997
Cash and cash equivalents $ 195,433 $ 548,627
Accounts receivables 80,895 58,265
Prepaid income taxes 19,547 39,334
---------- ----------
Total current assets $ 295,875 $ 646,226
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 262,940 $ 509,324
---------- ----------
PROPERTY AND EQUIPMENT
less accumulated depreciation, depletion and
amortization. $ 14,527 $ 11,752
Timber, less accumulated depletion 380,727 368,897
Land 3,352,003 1,661,742
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Total Property $3,747,257 $2,042,391
---------- ----------
TOTAL $4,306,072 $3,197,941
========== ==========
4
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CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES March 31, 1998 March 31, 1997
Current maturities of long-term debt $ 55,604 $
Trade payables and accrued expenses 20,463 40,026
Dividends payable 59,918 59,918
Current deferred tax liability, net 14,520 5,864
---------- ----------
Total Current Liabilities $ 150,505 $ 105,808
---------- ----------
LONG-TERM DEBT, less current maturities $ 730,105
----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000 shares
authorized; 2,100,000 shares issued $ 72,256 $ 72,256
Retained earnings 3,483,721 3,157,849
Net unrealized (loss) or appreciation on
investments available for sale, net of tax
credit of $145 in 1997 and tax of $4,800 in 1998 7,188 (269)
---------- ----------
$3,563,165 $3,229,836
Less cost treasury stock (1998 102,748 shares:
1997 102,748 shares) 137,703 137,703
---------- ----------
Total Equity $3,425,462 $3,092,133
---------- ----------
TOTAL $4,306,072 $3,197,941
========== ==========
5
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CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 1998 March 31, 1997
<S> <C> <C>
REVENUES
Income-primarily from oil and gas properties $ 188,452 $ 121,043
Income-agricultural properties 26,125 16,105
Income - timber properties 14,142
---------- ----------
Total $ 228,719 $ 137,148
---------- ----------
COSTS AND EXPENSES
Forestry expenses $ 2,305 $ 311
Agriculture expense 2,597 1,286
Oil and gas production costs 22,410 23,056
General and administrative 53,844 55,785
Depreciation and depletion 1,483 900
---------- ----------
Total $ 82,639 $ 81,338
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OTHER INCOME (EXPENSE):
Interest expense $ (16,362) $
Interest income 4,752 16,730
Dividends on common stock 1,799 122
---------- ----------
Total $ (9,811) $ 16,852
---------- ----------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY CREDITS $ 136,269 $ 72,661
---------- ----------
PROVISION FOR INCOME TAXES:
Current $ 37,636 $ 19,597
Deferred
---------- ----------
Total $ 37,636 $ 19,597
---------- ----------
NET INCOME $ 98,633 $ 53,064
RETAINED EARNINGS, BEGINNING OF
PERIOD 3,445,006 3,164,703
DIVIDENDS DECLARED (59,918) (59,918)
---------- ----------
RETAINED EARNINGS END OF PERIOD $3,483,721 $3,157,849
---------- ----------
Earnings per share $.05 $.03
</TABLE>
6
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CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 1998 March 31, 1997
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Income $ 98,633 $ 53,064
Non cash (income) expenses included in net income:
Depreciation, depletion and amortization 1,483 929
Change in assets and liabilities:
(Increase) decrease in accounts receivable (12,856) 15,290
(Increase) decrease in inventory 13,617 2,850
(Increase) decrease in prepaid expenses 1,762 10,158
(Increase) decrease in prepaid income taxes (19,547) (39,334)
Increase (decrease) in trade payable (2,328) 32,180
Increase (decrease) in income tax payable (22,817) (261,069)
--------- ---------
Net cash provided by operating activities $ 57,947 $(185,932)
--------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Reforestation Costs & assets purchased $ (10,215) $ (14,426)
Maturity of investment security 495,500
--------- ---------
Net cash (used) in investing activities $ (10,215) $ 481,074
--------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Purchase of treasury stock $ $ (60)
Dividends paid (59,918) (59,918)
Decrease in long-term debt (14,291)
--------- ---------
Net cash provided by (used in) financing activities $ (74,209) $ (59,978)
--------- ---------
Net increase (decrease) in cash and cash equivalents: $ (26,477) $ 235,164
Cash and cash equivalents:
Beginning 221,910 313,463
--------- ---------
Ending $ 195,433 $ 548,627
--------- ---------
</TABLE>
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 16, 1998
(b) The following were elected Directors:
Henry C. Alexander
William D. Blake
Troy A. Freund
Arthur Hollins, III
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 1,087,272 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 7, 1998
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from March 31,
1998, 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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 195,433
<SECURITIES> 0
<RECEIVABLES> 80,895
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 295,875
<PP&E> 4,406,610
<DEPRECIATION> 659,353
<TOTAL-ASSETS> 4,306,072
<CURRENT-LIABILITIES> 150,505
<BONDS> 0
0
0
<COMMON> 72,256
<OTHER-SE> 3,353,206
<TOTAL-LIABILITY-AND-EQUITY> 4,306,072
<SALES> 0
<TOTAL-REVENUES> 228,719
<CGS> 0
<TOTAL-COSTS> 82,639
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 16,362
<INCOME-PRETAX> 136,269
<INCOME-TAX> 37,636
<INCOME-CONTINUING> 98,633
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 98,633
<EPS-PRIMARY> .05
<EPS-DILUTED> .05
</TABLE>
