<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, 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 September 30, 2000, 1,966,044 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 SEPTEMBER 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
September 30, 1999 and September 30, 2000 4-5
Statements of Income and Retained Earnings
Nine Months Ended September 30, 1999 and 2000 6
Statements of Cash Flows
Nine Months Ended September 30, 1999 and 2000 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 nine months ended September 30, 2000, was down 7.54% from the
first nine months of 1999 and net income for the quarter was down 51.39% for the
comparable quarter in 1999. This was due entirely to decreased production from
the North English Bayou Field which began production in 1999. Although oil and
gas prices are up, income is declining as production from this field has
declined each month. Agriculture income after expenses for the nine months was
up $56,361 compared to the same period in 1999. Timber income after expenses
was down $139,593 in 2000 from the first nine months of 1999.
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
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
BALANCE SHEET
-------------
ASSETS
------
<TABLE>
<CAPTION>
CURRENT ASSETS SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
<S> <C> <C>
Cash and cash equivalents $ 927,898 $ 505,549
Accounts receivables 190,634 433,361
Prepaid income taxes 57,131
---------- ----------
Total Current Assets $1,175,663 $ 938,910
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 359,021 $ 62,597
---------- ----------
PROPERTY AND EQUIPMENT,
Less accumulated depreciation,
depletion and amortization. $ 94,813 $ 97,708
Timber, less accumulated depletion 478,383 586,435
Land 3,615,791 3,660,478
---------- ----------
Total Property $4,188,987 $4,344,621
---------- ----------
TOTAL $5,723,671 $5,346,128
---------- ----------
</TABLE>
4
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
BALANCE SHEET
-------------
LIABILITIES & STOCKHOLDERS' EQUITY
----------------------------------
<TABLE>
<CAPTION>
CURRENT LIABILITIES SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
<S> <C> <C>
Current Maturities Of Long-Term Debt $ $ 88,656
Trade Payables And Accrued Expenses 6,315 3,469
Income Taxes Payable 289,978
Current Deferred Tax Liability, Net 21,489 12,573
Dividends Payable 98,538 59,363
---------- ----------
Total Current Liabilities $ 126,342 $ 454,039
---------- ----------
LONG-TERM DEBT, Less Current Maturities $ 311,344
----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, - -
3,000,000 shares authorized; 2,100,000
shares issued $ 72,256 $ 72,256
Retained earnings 5,766,881 4,697,958
Unrealized appreciation on investments
available for sale, net of tax of
$24,692 in 2000 and $2,588 in 1999 14,267 3,884
---------- ----------
$5,853,404 $4,774,098
Less cost treasury stock (1999 - 121,248
shares; 2000 - 133,956 shares) 256,075 193,353
---------- ----------
Total Equity $5,597,329 $4,580,745
---------- ----------
TOTAL $5,723,671 $5,346,128
---------- ----------
</TABLE>
5
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF INCOME AND RETAINED EARNINGS
------------------------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
<S> <C> <C> <C> <C>
REVENUES
Income-primarily from oil and gas properties $ 420,231 $ 948,570 $1,392,159 $1,433,059
Agricultural Income 103,297 73,728 163,868 139,360
Timber Income 8,208 26,852 156,103 272,587
---------- ---------- ---------- ----------
TOTAL $ 531,736 $1,049,150 $1,712,130 $1,845,006
---------- ---------- ---------- ----------
COSTS AND EXPENSES
Oil and gas production costs $ 20,587 $ 32,964 $ 70,115 $ 52,040
Agriculture expense 2,482 4,953 6,692 13,488
Forestry expenses 8,082 2,377 31,191 29,488
General and Administrative 38,450 26,708 139,398 125,758
Depreciation and depletion 1,660 1,128 11,555 9,052
---------- ---------- ---------- ----------
TOTAL $ 71,261 $ 68,130 $ 258,951 $ 229,826
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest Income $ 11,705 $ 1,933 $ 29,080 $ 5,026
Dividends on Common Stock 921 3,080 2,159
Gain on Sale of Assets 30,703
Interest Expense (10,337) (46,920)
---------- ---------- ---------- ----------
TOTAL $ 12,626 $ (8,404) $ 32,160 $ (9,032)
---------- ---------- ---------- ----------
INCOME OR LOSS BEFORE
INCOME TAXES AND
EXTRAORDINARY CREDITS $ 473,101 $ 972,616 $1,485,339 $1,606,148
PROVISION FOR INCOME TAXES:
Current 152,639 313,401 482,339 521,318
---------- ---------- ---------- ----------
NET INCOME OR (LOSS) $ 320,462 $ 659,215 $1,003,000 $1,084,830
RETAINED EARNINGS,
BEGINNING OF PERIOD 5,544,957 4,094,808 5,059,618 3,669,193
DIVIDENDS (98,538) (56,065) (295,737) (56,065)
---------- ---------- ---------- ----------
RETAINED EARNINGS END OF
PERIOD $5,766,881 $4,697,958 $5,766,881 $4,697,958
---------- ---------- ---------- ----------
NET INCOME PER COMMON SHARE $.17 $.33 $.51 $.55
</TABLE>
6
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF CASH FLOWS
------------------------
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, 2000 September 30, 1999 SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
<S> <C> <C> <C> <C>
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net Income (or Loss) $ 320,462 $ 659,215 $1,003,000 $1,084,830
Non cash (income) expenses
included in net income:
Depreciation, depletion and amortization 1,660 1,128 11,555 9,052
CHANGE IN ASSETS
AND LIABILITIES:
(Increase) decrease in accounts receivable 106,820 (237,493) 262,321 (281,695)
(Increase) decrease in inventory 10,281 11,976
(Increase) decrease in prepaid expenses 674 773
(Increase) decrease in
prepaid income taxes (45,511) (57,131) 71,882
Increase (decrease) in trade payables
and accrued interest (9,681) (1,738) (4,829) (4,241)
Increase (decrease) in dividends payable 56 59,363 (400) 59,363
Increase (decrease) in
income tax payable 172,401 (151,282) 289,978
--------- --------- ---------- ----------
Net Cash Provided by
Operating Activities $ 373,806 $ 652,876 $1,074,189 $1,241,918
--------- --------- ---------- ----------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Purchase of Securities available for sale $(279,257) $ $ (279,257) $
Purchase of Property and
equipment and reforestation (6,417) (6,417)
--------- --------- ---------- ----------
Net cash provided (used in)
Investing Activities $(279,257) $ (6,417) $ (279,257) $ (6,417)
--------- --------- ---------- ----------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Principal payments on long-
term borrowing $ $(176,593) $ $ (787,064)
Dividends paid (98,508) (56,065) (295,737) (56,065)
Payments to acquire
treasury stock (19,566) (43,118)
--------- --------- ---------- ----------
Net cash provided by (used in)
financing activities $(118,074) $(232,658) $ (338,855) $ (843,129)
--------- --------- ---------- ----------
Net increase (decrease) in
cash & cash equivalents $ (23,525) $ 413,801 $ 456,077 $ 392,372
CASH AND CASH EQUIVALENTS:
Beginning 951,423 91,748 471,821 113,177
--------- --------- ---------- ----------
Ending $ 927,898 $ 505,549 $ 927,898 $ 505,549
--------- --------- ---------- ----------
</TABLE>
7
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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
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 November 6, 2000
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