|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: UNITED TELEVISION INC, 10-Q, 1999-11-12 |
Next: SHELTER PROPERTIES III LTD PARTNERSHIP, 10QSB, 1999-11-12 |
<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 SEPTEMBER 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:
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 September 30, 1999, 1,998,752 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 SEPTEMBER 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
September 30, 1999 and September 30, 1998 4-5
Statements of Income and Retained Earnings
Nine Months Ended September 30, 1999 and 1998 6
Statements of Cash Flows
Nine Months Ended September 30, 1999 and 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
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
PART I
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Income from oil and gas properties for the nine months ended September 30, 1999,
was up 204.3% from the same period in 1998. This was primarily due to new
production from the North English Bayou Field, principally production from the
Prairie Canal No. 3 well which came on line at the end of June, 1999. Higher
prices also contributed. Agriculture income for the period was up 37.5% over
the prior year and timber income was up 540.8% as older growth were thinned.
Net income after tax was up 290.4% for the period over the first nine months of
1998 as expenses were up only 25.6%. The largest increases for expenses were
legal fees and general and administrative expenses for Walker Louisiana
Properties. The Company is defending an action to terminate its mineral
interest on a small piece of property. It is not expected to have a material
effect on income.
Management believes that the company's revenues will be sufficient to meet its
existing needs and the needs for its anticipated 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>
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 505,549 $ 145,659
Accounts receivables 433,361 97,570
Accrued Interest 3.820
Prepaid income taxes 74,663
----------
Total Current Assets $ 938,910 $ 321,712
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 62,597 $ 261,841
---------- ----------
PROPERTY AND EQUIPMENT,
Less accumulated depreciation, depletion and amortization. $ 97,708 $ 16,714
Timber, less accumulated depletion 586,435 380,159
Land 3,660,478 3,352,003
---------- ----------
Total Property $4,344,621 $3,748,876
---------- ----------
TOTAL $5,346,128 $4,335,429
---------- ----------
</TABLE>
4
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
LIABILITIES & STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
<S> <C> <C>
CURRENT LIABILITIES
Current Maturities Of Long-Term Debt $ 88,656 $ 57,829
Trade Payables And Accrued Expenses 3,469 15,123
Income Taxes Payable 289,978
Current Deferred Tax Liability, Net 12,573 15,259
Dividends Payable 59,363 59,913
---------- ----------
Total Current Liabilities $ 454,039 $ 148,124
---------- ----------
LONG-TERM DEBT, Less Correct Maturities $ 311,344 $ 701,889
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, - -
3,000,000 shares authorized; 2,100,000 shares issued $ 72,256 $ 72,256
Retained earnings 4,697,958 3,543,113
Unrealized appreciation on investments
available for sale, net of tax of
$2,588 in 1999 and $5,539in 1998 3,884 8,350
---------- ----------
$4,774,098 $3,623,719
Less cost treasury stock (1999 - 121,248 shares;
1998 - 102,898 shares) 193,353 138,303
---------- ----------
Total Equity $4,580,745 $3,485,416
---------- ----------
TOTAL $5,346,128 $4,335,429
---------- ----------
</TABLE>
5
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
<S> <C> <C> <C> <C>
REVENUES
Income-primarily from oil and gas
properties $ 948,570 $ 151,156 $1,433,059 $ 470,872
Agricultural Income 73,728 72,169 139,360 101,541
Timber Income 26,852 272,587 42,536
---------- ---------- ----------
TOTAL $1,049,150 $ 223,325 $1,845,006 $ 614,949
---------- ---------- ---------- ----------
COSTS AND EXPENSES
Oil and gas production costs $ 32,964 $ 21,347 $ 52,040 $ 54,032
Agriculture expense 4,953 2,812 13,488 9,257
Forestry expenses 2,377 10,323 29,488 15,485
General and Administrative 26,708 24,868 125,758 99,695
Depreciation and depletion 1,128 1,200 9,052 4,451
---------- ---------- ---------- ----------
TOTAL $ 68,130 $ 60,550 $ 229,826 $ 182,920
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest Income $ 1,933 $ 4,333 $ 5,026 $ 13,737
Dividends on Common Stock 2,159 1,799
Gain on sale of Assetts 30,703
Interest Expense (10,337) (16,524) (46,920) (49,328)
---------- ---------- ---------- ----------
TOTAL $ (8,404) $ (12,191) $ (9,032) $ (33,792)
---------- ---------- ---------- ----------
INCOME OR LOSS BEFORE
INCOME TAXES AND
EXTRAORDINARY CREDITS $ 972,616 $ 150,584 $1,606,148 $ 398,237
PROVISION FOR INCOME TAXES:
Current 313,401 41,327 521,318 120,386
---------- ---------- ---------- ----------
NET INCOME OR (LOSS) $ 659,215 $ 109,257 $1,084,830 $ 277,851
RETAINED EARNINGS,
BEGINNING OF PERIOD 4,094,808 3,493,764 3,669,193 3,445,006
DIVIDENDS (56,065) (59,908) (56,065) (179,744)
---------- ---------- ---------- ----------
RETAINED EARNINGS END OF
PERIOD $4,697,958 $3,543,113 $4,697,958 $3,543,113
---------- ---------- ---------- ----------
NET INCOME PER COMMON SHARE $.33 $.05 $.55 $.14
</TABLE>
6
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
<S> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (or Loss) $ 659,215 $ 109,257 $1,084,830 $ 277,851
Non cash (income) expenses
included in net income:
Depreciation, depletion and
amortization 1,128 1,200 9,052 4,451
CHANGE IN ASSETS
AND LIABILITIES:
(Increase) decrease in (237,493) (35,860) (281,695) (29,531)
accounts receivable
(Increase) decrease in 11,976 13,617
inventory
(Increase) decrease in 773 1,762
prepaid expenses
(Increase) decrease in (23,634) 71,882 (74,663)
prepaid income taxes
Increase (decrease) in accrued interest (3,820) (3,820)
income
Increase (decrease) in trade payables (1,738) 11,879 (4,241) (7,668)
and accrued interest
Increase (decrease) in dividends payable 59,363 (5) 59,363 (5)
Increase (decrease) in
income tax payable 172,401 _________ 289,978 (22,817)
--------- ---------- ---------
Net Cash Provided by
Operating Activities $ 652,876 $ 59,017 $1,241,918 $ 159,177
--------- --------- ---------- ---------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Purchase of Property and
equipment and reforestation $ (6,417) $ (3,197) $ (6,417) $ (14,802)
--------- --------- ---------- ---------
Net cash provided (used in)
Investing Activities $ (6,417) $ (3,197) $ (6,417) $ (14,802)
--------- --------- ---------- ---------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Principal payments on long- $(176,593) $(12,876) $(787,064) $ (40,282)
term borrowing
Dividends paid (56,065) (59,908) (56,065) (179,744)
Payments to acquire
treasury stock (600)
--------- --------- ---------- ---------
Net cash provided by (used in) $(232,658) $ (72,784) $ (843,129) $(220,626)
financing activities _________ _________ _________ ________
Net increase (decrease) in $ 413,801 $ (16,964) $ 392,372 $ (76,251)
cash & cash equivalents
CASH AND CASH EQUIVALENTS:
Beginning 91,748 162,623 113,177 221,910
--------- --------- ---------- ---------
Ending $ 505,549 $ 145,659 $ 505,549 $ 145,659
--------- --------- ---------- ---------
</TABLE>
7
<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
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 November 5, 1999
8
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SEPTEMBER
30, 1999, UNAUDITED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 505,549
<SECURITIES> 62,597
<RECEIVABLES> 433,361
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 938,910
<PP&E> 5,001,353
<DEPRECIATION> 656,732
<TOTAL-ASSETS> 5,346,128
<CURRENT-LIABILITIES> 454,039
<BONDS> 0
0
0
<COMMON> 72,256
<OTHER-SE> 4,508,489
<TOTAL-LIABILITY-AND-EQUITY> 5,346,128
<SALES> 0
<TOTAL-REVENUES> 1,845,006
<CGS> 0
<TOTAL-COSTS> 95,016
<OTHER-EXPENSES> 134,810
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 46,920
<INCOME-PRETAX> 1,606,148
<INCOME-TAX> 521,318
<INCOME-CONTINUING> 1,084,830
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,084,830
<EPS-BASIC> 0.55
<EPS-DILUTED> 0.55
</TABLE>
|
|