|
|
|
|
|
|
|
|
|
|
Previous: PRUDENTIAL SECTOR FUNDS INC, 497, 2000-05-05 |
Next: KILICO VARIABLE ANNUITY SEPARATE ACCOUNT, 497J, 2000-05-05 |
<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, 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: (337) 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, 2000, 1,974,352 shares of the registrant's Common Stock, without
par value, were issued and outstanding.
1
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
Form 10-Q for the Quarter ended March 31, 2000
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, 2000 and March 31, 1999 4-5
Statements of Income and Retained Earnings
Three Months Ended March 31, 2000 and March 31, 1999 6
Statements of Cash Flows
Three Months Ended March 31, 2000 and March 31, 1999 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
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.
Total revenues for the Company for the quarter ended March 31, 2000, were up
22.7% or $108,362 over the same quarter in 1999. Virtually all of the increase
was due to higher oil and gas prices and income from the new production in the
North English Bayou Field. Income from timber sales was off 75.5% or $153,878
due to less harvesting. Total expenses were up 6.4% or $7,005 for the quarter
ended March 31, 2000, compared to the quarter ended March 31, 1999. The
increase was due to higher severance taxes due to the increased oil and gas
production.
3
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
ASSETS
<TABLE>
<CAPTION>
CURRENT ASSETS March 31, 2000 March 31, 1999
<S> <C> <C>
Cash and cash equivalents $ 915,267 $ 233,235
Accounts receivables 182,521 147,541
-------------------- --------------------
Total current assets $ 1,097,788 $ 380,776
-------------------- --------------------
SECURITIES AVAILABLE FOR SALE $ 76,267 $ 62,597
-------------------- --------------------
PROPERTY AND EQUIPMENT
less accumulated depreciation, depletion and
amortization. $ 97,313 $ 95,915
Timber, less accumulated depletion 483,697 585,285
Land 3,615,791 3,660,478
-------------------- --------------------
Total Property $ 4,196,801 $ 4,341,678
-------------------- --------------------
TOTAL $ 5,370,856 $ 4,785,051
-------------------- --------------------
</TABLE>
4
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
LIABILITIES & STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
CURRENT LIABILITIES March 31, 2000 March 31, 1999
<S> <C> <C>
Current maturities of long-term debt $ $ 181,415
Trade payables and accrued expenses 23,615 22,943
Dividends payable
Current deferred tax liability, net 20,173 12,573
Income taxes payable 171,509 45,906
-------------------- --------------------
Total Current Liabilities $ 215,297 $ 262,837
-------------------- --------------------
LONG-TERM DEBT, less current maturities $ 737,796
--------------------
SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000 shares
authorized; 2,100,000 shares issued $ 72,256 $ 72,256
Retained earnings 5,284,174 3,901,631
Net unrealized (loss) or appreciation on investments
available for sale, net of tax credit of $2,588 in
2000 and tax of $4,800 in 1999 12,086 3,884
-------------------- --------------------
$ 5,368,516 $ 3,977,771
Less cost treasury stock (2000 125,648 shares:
2000 121,248 shares) 212,957 193,353
-------------------- --------------------
Total Equity $ 5,155,559 $ 3,784,418
-------------------- --------------------
TOTAL $ 5,370,856 $ 4,785,051
-------------------- --------------------
</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, 2000 March 31, 1999
REVENUES
<S> <C> <C>
Income-primarily from oil and gas properties $ 480,492 $ 225,838
Income-agricultural properties 55,693 48,107
Income - timber properties 49,810 203,688
------------------- --------------------
Total $ 585,995 $ 477,633
------------------- --------------------
COSTS AND EXPENSES
Forestry expenses $ 14,717 $ 22,371
Agriculture expense 2,743 6,610
Oil and gas production costs 27,765 10,912
General and administrative 67,476 63,966
Depreciation and depletion 3,741 5,578
------------------- --------------------
Total $ 116,442 $ 109,437
------------------- --------------------
OTHER INCOME (EXPENSE):
Interest expense $ $ (21,540)
Interest income 6,663 1,778
Dividends on common stock 2,159 2,159
------------------- --------------------
Total $ 8,822 $ (17,603)
------------------- --------------------
INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY CREDITS $ 478,375 $ 350,593
------------------- --------------------
PROVISION FOR INCOME TAXES:
Current $ 154,902 $ 118,155
Deferred
------------------- --------------------
Total $ 154,902 $ 118,155
------------------- --------------------
NET INCOME $ 323,473 $ 232,438
RETAINED EARNINGS, BEGINNING OF
PERIOD 5,059,618 3,669,193
DIVIDENDS DECLARED (98,917)
------------------- --------------------
RETAINED EARNINGS END OF PERIOD $ 5,284,174 $ 3,901,631
------------------- --------------------
Earnings per share $.16 $.12
</TABLE>
6
<PAGE>
CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 2000 March 31, 1999
<S> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Income $ 323,473 $ 232,438
Non cash (income) expenses included in net income:
Depreciation, depletion and amortization 3,741 5,578
Change in assets and liabilities:
(Increase) decrease in accounts receivable 270,434 4,125
(Increase) decrease in inventory 10,281 11,976
(Increase) decrease in prepaid expenses 674 773
(Increase) decrease in prepaid income taxes 71,882
Increase (decrease) in trade payable 12,471 15,233
Increase (decrease) in income tax payable 20,227 45,906
-------------------- --------------------
Net cash provided by operating activities $ 641,301 $ 387,911
-------------------- --------------------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Dividends paid $ (197,855) $
Decrease in long-term debt (267,853)
-------------------- --------------------
Net cash provided by (used in) financing activities $ (197,855) $ (267,853)
-------------------- --------------------
Net increase (decrease) in cash and cash $ 443,446 $ 120,058
equivalents:
Cash and cash equivalents:
Beginning 471,821 113,177
-------------------- --------------------
Ending $ 915,267 $ 233,235
-------------------- --------------------
</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 20, 2000
(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 1,117,351 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
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 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, 2000
9
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from March 31,
2000, 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-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 915,267
<SECURITIES> 72,267
<RECEIVABLES> 185,521
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,097,788
<PP&E> 4,879,925
<DEPRECIATION> 683,124
<TOTAL-ASSETS> 5,370,856
<CURRENT-LIABILITIES> 215,297
<BONDS> 0
0
0
<COMMON> 72,256
<OTHER-SE> 5,083,303
<TOTAL-LIABILITY-AND-EQUITY> 5,370,856
<SALES> 0
<TOTAL-REVENUES> 585,995
<CGS> 0
<TOTAL-COSTS> 116,442
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 478,375
<INCOME-TAX> 154,902
<INCOME-CONTINUING> 323,473
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 323,473
<EPS-BASIC> .16
<EPS-DILUTED> .16
</TABLE>
|
|