<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 JUNE 30, 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 June 30, 1999, 1,978,752 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 JUNE 30, 1999
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION PAGE NO.
- ------ --------------------- --------
Management's Discussion and Analysis of Financial
Condition and Results of Operations 3
Balance Sheets
June 30, 1999 and June 30, 1998 4-5
Statements of Income and Retained Earnings
Six Months Ended June 30, 1999 and June 30, 1998 6
Statements of Cash Flows
Six Months Ended June 30, 1999 and June 30, 1998 7
PART II OTHER INFORMATION
- ------- -----------------
Item 6. Exhibits and Reports on Form 8-K 8
SIGNATURES 8
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
Net income for the six months ended June 30, 1999, was up 152.5% over the same
period in 1998. This was due to increases in gross income in each of the three
categories of revenues. Income from oil and gas properties was up 51.5% over
1998, income from agriculture was up 123.5% and income from timber sales was up
477.7%. The bulk of timber income came from a timber sale in the first quarter
of 1999. The most significant increase, that from oil and gas properties was
due to a new well, Prairie Land Company #2 producing each of the first six
months. Neumin Oil has completed Prairie Land Company #3 in which the company
will have an interest, but production figures are not yet available.
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.
3
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
ASSETS
CURRENT ASSETS JUNE 30, 1999 JUNE 30, 1998
Cash and cash equivalents $ 91,748 $ 162,623
Accounts receivables 195,868 61,710
Prepaid income taxes 51,029
__________ ----------
Total current assets $ 287,616 $ 275,362
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 62,597 $ 280,772
---------- ----------
PROPERTY AND EQUIPMENT, less
accumulated depreciation, depletion and
amortization. $ 94,715 $ 14,717
Timber, less accumulated depletion 584,139 380,159
Land 3,660,478 3,352,003
---------- ----------
Total Property $4,339,332 $3,746,879
---------- ----------
TOTAL $4,689,545 $4,303,013
---------- ----------
4
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CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES JUNE 30, 1999 JUNE 30, 1998
Current maturities of long-term debt $ 73,523 $ 54,784
Trade payables and accrued expenses 5,207 3,244
Dividends payable 59,918
Income tax payable 117,577
Current deferred tax liability, net 12,573 21,472
---------- ----------
Total Current Liabilities $ 208,880 $ 139,418
---------- ----------
LONG-TERM DEBT, less correct maturities $ 503,070 $ 717,810
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000 shares
authorized; 2,100,000 shares issued $ 72,256 $ 72,256
Retained earnings 4,094,808 3,493,764
Unrealized appreciation on investments
available for sale, net of tax of $2,588 in
1999 and $11,820 in 1998 3,884 18,068
---------- ----------
$4,170,948 $3,584,088
Less cost treasury stock (1999 121,248 shares;
1998 102,898 shares:) 193,353 138,303
---------- ----------
Total Equity $3,977,595 $3,445,785
---------- ----------
TOTAL $4,689,545 $4,303,013
---------- ----------
5
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, 1999 June 30, 1998 June 30, 1999 June 30, 1998
<S> <C> <C> <C> <C>
REVENUES
Income-primarily from oil and gas properties $ 258,651 $ 131,264 $ 484,489 $ 319,716
Agricultural Income 17,525 3,247 65,632 29,372
Timber Income 42,047 28,394 245,735 42,536
---------- ---------- ---------- ----------
TOTAL $ 318,223 $ 162,905 $ 795,856 $ 391,624
---------- ---------- ---------- ----------
COSTS AND EXPENSES
Forestry expenses $ 4,740 $ 2,857 $ 27,111 $ 5,162
Agriculture expense 1,925 3,848 8,535 6,445
Oil and gas production costs 8,164 5,100 19,076 27,510
General and Administrative 35,084 26,158 99,050 80,002
Depreciation and depletion 2,346 1,768 7,924 3,251
---------- ---------- ---------- ----------
TOTAL $ 52,259 $ 39,731 $ 161,696 $ 122,370
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest $ 1,315 $ 4,652 $ 3,093 $ 9,404
Dividends on Common Stock 2,159 1,799
Gain on sale of land 30,703 30,703
Interest Expense (15,043) (16,442) (36,583) (32,804)
---------- ---------- ---------- ----------
TOTAL $ 16,975 $ (11,790) $ (628) $ (21,601)
---------- ---------- ---------- ----------
INCOME OR LOSS BEFORE
INCOME TAXES AND
EXTRAORDINARY CREDITS $ 282,939 $ 111,384 $ 633,532 $ 247,653
PROVISION FOR INCOME TAXES:
Current 89,762 41,424 207,917 79,060
---------- ---------- ---------- ----------
NET INCOME OR (LOSS) $ 193,177 $ 69,960 $ 425,615 $ 168,593
RETAINED EARNINGS,
BEGINNING OF PERIOD 3,901,631 3,483,721 3,669,193 3,445,006
DIVIDENDS (59,917) (119,835)
_________ ---------- __________ ----------
RETAINED EARNINGS END OF
PERIOD $4,094,808 $3,493,764 $4,094,808 $3,493,764
---------- ---------- ---------- ----------
NET INCOME PER COMMON SHARE $.10 $.03 $.22 $.08
</TABLE>
6
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, 1999 June 30, 1998 June 30, 1999 June 30, 1998
<S> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net Income (or Loss) $ 193,177 $ 69,960 $ 425,615 $ 168,593
Non cash (income) expenses
included in net income:
Depreciation, depletion and
amortization 2,346 1,768 7,924 3,251
CHANGE IN ASSETS
AND LIABILITIES:
(Increase) decrease in
accounts receivable (48,327) 19,185 (44,202) 6,329
(Increase) decrease in
inventory 11,976 13,617
(Increase) decrease in
prepaid expenses 773 1,762
(Increase) decrease in
prepaid income taxes (31,482) 71,882 (51,029)
Increase (decrease) in trade
and interest payables (17,736) (17,219) (2,503) (19,547)
Increase (decrease) in
income tax payable 71,671 117,577 (22,817)
--------- ________ --------- ---------
NET CASH PROVIDED BY
OPERATING ACTIVITIES $ 201,131 $ 42,212 $ 589,042 $ 100,159
--------- -------- --------- ---------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Purchase of Property and
equipment and reforestation $ (1,390) $ (11,605)
Maturity of securities
Purchase of Securities ________ ---------
NET INVESTING ACTIVITIES $ (1,390) $ (11,605)
-------- ---------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Principal payments on long
term borrowing- $(342,618) $(13,115) $(610,471) ($27,406)
Dividends paid (59,917) (119,835)
Payments to acquire
treasury stock (600) (600)
_________ -------- _________ ---------
Net cash provided by (used in)
financing activities $(342,618) $(73,632) $(610,471) $(147,841)
--------- -------- --------- ---------
Net increase (decrease) in
cash & cash equivalents $(141,487) $(32,810) $ (24,429) $ (59,287)
CASH AND CASH EQUIVALENTS:
Beginning 233,235 195,433 113,177 221,910
--------- -------- --------- ---------
Ending $ 91,748 $162,623 $ 91,748 $ 162,623
--------- -------- --------- ---------
</TABLE>
7
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
PART II OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
Exhibit 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
undersigned 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 August 10, 1999
8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM JUNE 30,
1999, UNAUDITED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<CASH> 91,748
<SECURITIES> 62,597
<RECEIVABLES> 195,868
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 287,616
<PP&E> 4,994,936
<DEPRECIATION> 655,604
<TOTAL-ASSETS> 4,689,545
<CURRENT-LIABILITIES> 208,880
<BONDS> 0
0
0
<COMMON> 72,256
<OTHER-SE> 3,905,339
<TOTAL-LIABILITY-AND-EQUITY> 4,689,545
<SALES> 0
<TOTAL-REVENUES> 795,856
<CGS> 0
<TOTAL-COSTS> 161,696
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 36,583
<INCOME-PRETAX> 633,532
<INCOME-TAX> 207,917
<INCOME-CONTINUING> 394,912
<DISCONTINUED> 0
<EXTRAORDINARY> 30,703
<CHANGES> 0
<NET-INCOME> 425,615
<EPS-BASIC> .22
<EPS-DILUTED> .22
</TABLE>
