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<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, 1999 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:
NAME OF EACH EXCHANGE
TITLE OF EACH CLASS 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, 1999, 1,978,752 shares of the registrant's Common Stock, without
par value, were issued and outstanding.
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 1998
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Part I FINANCIAL INFORMATION PAGE NO.
- ------- --------------------- --------
<S> <C>
Management's Discussion and Analysis of Financial
Condition and Results of Operations 3
Balance Sheets
March 31, 1999 and March 31, 1998 4-5
Statements of Income and Retained Earnings
Three Months Ended March 31, 1999 and March 31, 1998 6
Statements of Cash Flows
Three Months Ended March 31, 1999 and March 31, 1998 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
</TABLE>
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
<PAGE>
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, 1999, was up 108.8%
or $248,914 over the same quarter in 1998. This was primarily due to $203,688
in timber sales in 1999 compared to $14,142 for the first quarter of 1998. In
addition, oil and gas income was up 19.8% and agriculture income was up 84.1%.
Total costs increased 32.4% in the quarter over the corresponding quarter in
1998. This was primarily due to higher timber expenses and higher general and
administrative expenses. Net income after income tax increased 135.7% over the
same period in 1998.
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
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
CURRENT ASSETS March 31, 1999 March 31, 1998
<S> <C> <C>
Cash and cash equivalents $ 233,235 $ 195,433
Accounts receivables 147,541 80,895
Prepaid income taxes 19,547
----------- ------------
Total current assets $ 380,776 $ 295,875
----------- ------------
SECURITIES AVAILABLE FOR SALE $ 62,597 $ 262,940
----------- ------------
PROPERTY AND EQUIPMENT
less accumulated depreciation, depletion and
amortization. $ 95,915 $ 14,527
Timber, less accumulated depletion 585,285 380,727
Land 3,660,478 3,352,003
----------- ------------
Total Property $ 4,341,678 $ 3,747,257
----------- ------------
TOTAL $ 4,785,051 $ 4,306,072
----------- ------------
</TABLE>
4
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
LIABILITIES & STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
CURRENT LIABILITIES March 31, 1999 March 31, 1998
<S> <C> <C>
Current maturities of long-term debt $ 181,415 $ 55,604
Trade payables and accrued expenses 22,943 20,463
Dividends payable 59,918
Current deferred tax liability, net 12,573 14,520
Income taxes payable 45,906
------------ -------------
Total Current Liabilities $ 262,837 $ 150,505
------------ -------------
LONG-TERM DEBT, less current maturities $ 737,796 $ 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 3,901,631 3,483,721
Net unrealized (loss) or appreciation on investments
available for sale, net of tax credit of $2,588 in 1999
and tax of $4,800 in 1998 3,884 7,188
------------ -------------
$ 3,977,771 $ 3,563,165
Less cost treasury stock (1998 102,748 shares:
1999 121,248 shares) 193,353 137,703
------------ -------------
Total Equity $ 3,784,418 $ 3,425,462
------------ -------------
TOTAL $ 4,785,051 $ 4,306,072
------------ -------------
</TABLE>
5
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 1999 March 31, 1998
<S> <C> <C>
REVENUES
Income-primarily from oil and gas properties $ 225,838 $ 188,452
Income-agricultural properties 48,107 26,125
Income - timber properties 203,688 14,142
----------- ------------
Total $ 477,633 $ 228,719
----------- ------------
COSTS AND EXPENSES
Forestry expenses $ 22,371 $ 2,305
Agriculture expense 6,610 2,597
Oil and gas production costs 10,912 22,410
General and administrative 63,966 53,844
Depreciation and depletion 5,578 1,483
----------- ------------
Total $ 109,437 $ 82,639
----------- ------------
OTHER INCOME (EXPENSE):
Interest expense $ (21,540) $ (16,362)
Interest income 1,778 4,752
Dividends on common stock 2,159 1,799
----------- ------------
Total $ (17,603) $ (9,811)
----------- ------------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY CREDITS $ 350,593 $ 136,269
----------- ------------
PROVISION FOR INCOME TAXES:
Current $ 118,155 $ 37,636
Deferred
----------- ------------
Total $ 118,155 $ 37,636
----------- ------------
NET INCOME $ 232,438 $ 98,633
RETAINED EARNINGS, BEGINNING OF
PERIOD 3,669,193 3,445,006
DIVIDENDS DECLARED (59,918)
----------- ------------
RETAINED EARNINGS END OF PERIOD $ 3,901,631 $ 3,483,721
----------- ------------
Earnings per share $.12 $.05
</TABLE>
6
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 1999 March 31, 1998
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Income $ 232,438 $ 98,633
Non cash (income) expenses included in net
income:
Depreciation, depletion and amortization 5,578 1,483
Change in assets and liabilities:
(Increase) decrease in accounts receivable 4,125 (12,856)
(Increase) decrease in inventory 11,976 13,617
(Increase) decrease in prepaid expenses 773 1,762
(Increase) decrease in prepaid income taxes 71,882 (19,547)
Increase (decrease) in trade payable 15,233 (2,328)
Increase (decrease) in income tax payable 45,906 (22,817)
------------- -------------
Net cash provided by operating activities $ 387,911 $ 57,947
------------- -------------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Reforestation Costs & assets purchased $ (10,215)
Net cash (used) in investing activities $ (10,215)
-------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Dividends paid $ $ (59,918)
Decrease in long-term debt (267,853) (14,291)
Net cash provided by (used in) financing
activities $ (267,853) $ (74,209)
------------- -------------
Net increase (decrease) in cash and cash
equivalents: $ 120,058 $ (26,477)
Cash and cash equivalents:
Beginning 113,177 221,910
-------------
Ending $ 233,235 $ 195,433
------------- -------------
</TABLE>
7
<PAGE>
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 22, 1999
(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
Mary W. Savoy
Charles D. Viccellio
No other director's term of office continued after the meeting.
(c) There were 1,166,447 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
<PAGE>
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 3, 1999
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from March 31,
1999 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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 233,235
<SECURITIES> 0
<RECEIVABLES> 147,541
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 380,776
<PP&E> 4,994,936
<DEPRECIATION> 653,258
<TOTAL-ASSETS> 4,785,501
<CURRENT-LIABILITIES> 262,837
<BONDS> 0
0
0
<COMMON> 72,256
<OTHER-SE> 3,712,162
<TOTAL-LIABILITY-AND-EQUITY> 4,785,051
<SALES> 0
<TOTAL-REVENUES> 477,633
<CGS> 0
<TOTAL-COSTS> 109,437
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 21,540
<INCOME-PRETAX> 350,593
<INCOME-TAX> 118,155
<INCOME-CONTINUING> 232,438
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 232,435
<EPS-PRIMARY> .12
<EPS-DILUTED> .12
</TABLE>
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