<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, 2000 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 June 30, 2000, 1,969,642 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, 2000
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, 2000 and June 30, 1999 4-5
Statements of Income and Retained Earnings
Six Months Ended June 30, 2000 and June 30, 1999 6
Statements of Cash Flows
Six Months Ended June 30, 2000 and June 30, 1999 7
PART II OTHER INFORMATION
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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, 2000, was up 90.1% over the same
period in 1999 and the second quarter of 2000 was up 11% over the first quarter
of 2000. The increases were due entirely to increases in income from oil and
gas properties. Increases in oil and gas income were due to both increases in
prices and new discoveries. Expenses for the six months ended June 30, 2000,
were up 16.1% over the same period in 1999, due to higher severance taxes as a
consequence of higher oil and gas revenues.
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
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CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
CURRENT ASSETS JUNE 30, 2000 JUNE 30, 1999
<S> <C> <C>
Cash and cash equivalents $ 951,423 $ 91,748
Accounts receivables 297,454 195,868
Prepaid income taxes 11,620
---------- ----------
Total current assets $1,260,497 $ 287,616
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SECURITIES AVAILABLE FOR SALE $ 76,267 $ 62,597
---------- ----------
PROPERTY AND EQUIPMENT, less
accumulated depreciation, depletion and
amortization. $ 96,063 $ 94,715
Timber, less accumulated depletion 478,793 584,139
Land 3,615,791 3,660,478
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Total Property $4,190,647 $4,339,332
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TOTAL $5,527,411 $4,689,545
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</TABLE>
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CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
LIABILITIES & STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
CURRENT LIABILITIES JUNE 30, 2000 JUNE 30, 1999
<S> <C> <C>
Current maturities of long-term debt $ $ 73,523
Trade payables and accrued expenses 15,996 5,207
Dividends payable 98,482
Income tax payable 117,577
Current deferred tax liability, net 20,173 12,573
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Total Current Liabilities $ 134,621 $ 208,880
---------- ----------
LONG-TERM DEBT, less correct maturities $ 503,070
----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000 shares
authorized; 2,100,000 shares issued $ 72,256 $ 72,256
Retained earnings 5,544,957 4,094,808
Unrealized appreciation on investments
available for sale, net of tax of $2,588 in
1999 and $8,058 in 2000 12,086 3,884
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$5,629,299 $4,170,948
Less cost treasury stock (1999 121,248 shares;
2000 130,358 shares:) 236,509 193,353
---------- ----------
Total Equity $5,392,790 $3,977,595
---------- ----------
TOTAL $5,527,411 $4,689,545
---------- ----------
</TABLE>
5
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999
<S> <C> <C> <C> <C>
REVENUES
Income-primarily from oil and gas properties $ 491,436 $ 258,651 $ 971,928 $ 484,489
Agricultural Income 4,878 17,525 60,571 65,632
Timber Income 98,085 42,047 147,895 245,735
---------- ---------- ---------- ----------
TOTAL $ 594,399 $ 318,223 $1,180,394 $ 795,856
---------- ---------- ---------- ----------
COSTS AND EXPENSES
Forestry expenses $ 8,392 $ 4,740 $ 23,109 $ 27,111
Agriculture expense 1,467 1,925 4,210 8,535
Oil and gas production costs 21,763 8,164 49,528 19,076
General and Administrative 33,472 35,084 100,948 99,050
Depreciation and depletion 6,154 2,346 9,895 7,924
---------- ---------- ---------- ----------
TOTAL $ 71,248 $ 52,259 $ 187,690 $ 161,696
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest $ 10,712 $ 1,315 $ 17,375 $ 3,093
Dividends on Common Stock 2,159 2,159
Gain on sale of land 30,703 30,703
Interest Expense (15,043) (36,583)
---------- ---------- ---------- ----------
TOTAL $ 10,712 $ 16,975 $ 19,534 $ (628)
---------- ---------- ---------- ----------
INCOME OR LOSS BEFORE
INCOME TAXES AND
EXTRAORDINARY CREDITS $ 533,863 $ 282,939 $1,012,238 $ 633,532
PROVISION FOR INCOME TAXES:
Current 174,798 89,762 329,700 207,917
---------- ---------- ---------- ----------
NET INCOME OR (LOSS) $ 359,065 $ 193,177 $ 682,538 $ 425,615
RETAINED EARNINGS,
BEGINNING OF PERIOD 5,284,174 3,901,631 5,059,618 3,669,193
DIVIDENDS (98,282) (197,199)
---------- ---------- ---------- ----------
RETAINED EARNINGS END OF
PERIOD $5,544,957 $4,094,808 $5,544,957 $4,094,808
---------- ---------- ---------- ----------
NET INCOME PER COMMON SHARE $.18 $.10 $.34 $.22
</TABLE>
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CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999
<S> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net Income (or Loss) $ 359,065 $ 193,177 $ 682,538 $ 425,615
Non cash (income) expenses
included in net income:
Depreciation, depletion and
amortization 6,154 2,346 9,895 7,924
CHANGE IN ASSETS
AND LIABILITIES:
(Increase) decrease in
accounts receivable (114,933) (48,327) 155,501 (44,202)
(Increase) decrease in
inventory 10,281 11,976
(Increase) decrease in
prepaid expenses 674 773
(Increase) decrease in
prepaid income taxes (11,620) (11,620) 71,882
Increase (decrease) in trade
and interest payables (7,649) (17,736) 4,822 (2,503)
Increase (decrease) in
income tax payable (171,509) 71,671 (151,282) 117,577
--------- --------- ---------
Net Cash Provided by
Operating Activities $ 59,508 $ 201,131 $ 700,809 $ 589,042
--------- --------- ---------- ---------
Operating Activities
CASH FLOWS FROM
FINANCING ACTIVITIES:
Principal payments on long
term borrowing- $ $(342,618) $ $(610,471)
Dividends paid 200 (197,655)
Payments to acquire
treasury stock (23,552) (23,552)
--------- --------- ---------- ---------
Net cash provided by (used in)
financing activities $ (23,552) $(342,618) $ (221,207) $(610,471)
--------- --------- ---------- ---------
Net increase (decrease) in
cash & cash equivalents $ 36,156 $(141,487) $ 479,602 $ (24,429)
CASH AND CASH EQUIVALENTS:
Beginning 915,267 233,235 471,821 113,177
--------- --------- ---------- ---------
Ending $ 951,423 $ 91,748 $ 951,423 $ 91,748
--------- --------- ---------- ---------
</TABLE>
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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
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 1, 2000
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