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x
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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o
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT
|
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Louisiana
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72-0144530
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification No.)
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700
Pujo Street, Suite 200
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||
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Lake
Charles, LA
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70601
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(Address
of principal executive offices)
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(Zip
Code)
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(337)
493-2399
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||
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(Registrant’s
telephone number)
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| Large accelerated filer o | Accelerated filer o | ||
| Non-accelerated filer o | Smaller reporting company x |
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Page
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|||
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Part
I. Financial Information
|
|||
| Item 1. |
Financial
Statements
|
||
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a.
|
Balance
Sheets as of March 31, 2010 and December 31, 2009
(Unaudited)
|
1
|
|
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b.
|
Statements
of Income for the three months ended March 31, 2010 and 2009
(Unaudited)
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2
|
|
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c.
|
Statements
of Changes in Stockholders’ Equity for the three months ended March 31,
2010 and 2009 (Unaudited)
|
3
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|
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d.
|
Statements
of Cash Flows for the three months ended March 31, 2010 and 2009
(Unaudited)
|
4
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|
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e.
|
Notes
to Financial Statements (Unaudited)
|
5-6
|
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| Item 2. |
Management’s
Discussion and Analysis
of
Financial Condition and Results of Operations
|
7-8
|
|
| Item 4. |
Controls
and Procedures
|
8
|
|
| Part II. Other Information | |||
| Item 6. |
Exhibits
|
9
|
|
|
Signature
|
10
|
||
|
Item
1.
|
FINANCIAL
STATEMENTS
|
|
2010
|
2009
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 3,789,697 | $ | 3,977,106 | ||||
|
Certificates
of deposit
|
720,000 | 720,000 | ||||||
|
Accounts
receivable
|
187,416 | 162,356 | ||||||
|
Prepaid
expense and other assets
|
65,236 | 36,225 | ||||||
|
Total
current assets
|
4,762,349 | 4,895,687 | ||||||
|
Securities
available for sale
|
1,982,466 | 1,793,866 | ||||||
|
Certificates
of deposit
|
490,000 | 240,000 | ||||||
|
Property
and equipment:
|
||||||||
|
Building
and equipment less accumulated depreciation of
$71,590
and $70,447, respectively
|
12,466 | 13,609 | ||||||
|
Timber
less accumulated depletion
of
$577,103 and $575,057, respectively
|
349,753 | 350,665 | ||||||
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Land
|
2,851,526 | 2,851,526 | ||||||
|
Total
property and equipment, net
|
3,213,745 | 3,215,800 | ||||||
|
Total
assets
|
$ | 10,448,560 | $ | 10,145,353 | ||||
|
Liabilities
and Stockholders’ Equity
|
||||||||
|
Current
Liabilities:
|
||||||||
|
Trade
payables and accrued expenses
|
$ | 54,347 | $ | 46,594 | ||||
|
Dividends
payable
|
135,975 | — | ||||||
|
Income
tax payable:
|
||||||||
|
Current
|
49,831 | — | ||||||
|
Deferred
|
41,171 | 15,909 | ||||||
|
Total
current liabilities
|
281,324 | 62,503 | ||||||
|
Noncurrent
Liabilities:
|
||||||||
|
Deferred
income tax payable
|
181,818 | 181,818 | ||||||
|
Total
liabilities
|
463,142 | 244,321 | ||||||
|
Stockholders’
Equity:
|
||||||||
|
Common
stock, no par value: 3,000,000 shares authorized;
2,100,000
shares issued
|
72,256 | 72,256 | ||||||
|
Retained
earnings
|
10,219,528 | 10,170,940 | ||||||
|
Accumulated
other comprehensive income
|
69,150 | 33,352 | ||||||
|
Less
cost of treasury stock (157,505 shares)
|
(375,516 | ) | (375,516 | ) | ||||
|
Total
stockholders’ equity
|
9,985,418 | 9,901,032 | ||||||
|
Total
liabilities and stockholders’ equity
|
$ | 10,448,560 | $ | 10,145,353 | ||||
|
Three
Months Ended
March
31,
|
||||||||
|
2010
|
2009
|
|||||||
|
Revenues:
|
||||||||
|
Oil
and gas
|
$ | 336,571 | $ | 458,221 | ||||
|
Agriculture
|
22,806 | 34,697 | ||||||
|
Timber
|
1,653 | 10,457 | ||||||
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Total
revenues
|
361,030 | 503,375 | ||||||
|
Costs
and Expenses:
|
||||||||
|
Oil
and gas production
|
27,802 | 40,881 | ||||||
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Agriculture
|
719 | 581 | ||||||
|
Timber
|
577 | 15,877 | ||||||
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General
and administrative
|
91,537 | 84,725 | ||||||
|
Depreciation
and depletion
|
3,189 | 1,993 | ||||||
|
Total
cost and expenses
|
123,824 | 144,057 | ||||||
|
Income
from operations
|
237,206 | 359,318 | ||||||
|
Other
Income / (Expense):
|
||||||||
|
Interest
income
|
9,688 | 4,887 | ||||||
|
Dividend
income
|
12,208 | 6,624 | ||||||
|
Gain
on sale of land and other assets
|
255 | 10,000 | ||||||
|
Net
other income / (expense)
|
22,151 | 21,511 | ||||||
|
Income
before income taxes
|
259,357 | 380,829 | ||||||
|
Federal
and State Income Taxes:
|
||||||||
|
Current
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73,397 | 114,326 | ||||||
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Deferred
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1,397 | (31,910 | ) | |||||
|
Total
income taxes
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74,794 | 82,416 | ||||||
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Net
income
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$ | 184,563 | $ | 298,413 | ||||
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Per
Common Stock (1,942,495 shares):
|
||||||||
|
Net
income
|
0.10 | 0.15 | ||||||
|
|
||||||||
|
Dividends
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0.07 | 0.07 | ||||||
|
CKX
Lands, Inc.
Statements
of Changes in Stockholders’ Equity - Unaudited
Three
Months Ended March 31, 2010 and 2009
(Unaudited)
|
||||||||||||||||||||
|
Three
Months
Ended
March
31, 2010
:
|
||||||||||||||||||||
|
Comprehensive
Income
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Capital
Stock
Issued
|
Treasury
Stock
|
||||||||||||||||
|
December
31, 2009 Balance
|
$ | 10,170,940 | 33,352 | 72,256 | 375,516 | |||||||||||||||
|
Comprehensive
Income:
|
||||||||||||||||||||
|
Net
income
|
$ | 184,563 | 184,563 | — | — | — | ||||||||||||||
|
Other
comprehensive income:
|
||||||||||||||||||||
|
Change
in unrealized net holding
gains
occurring during period,
net
of taxes of $23,866
|
35,798 | 35,798 | ||||||||||||||||||
|
Total
comprehensive income
|
$ | 220,361 | ||||||||||||||||||
|
Dividends
|
(135 ,975 | ) | — | — | — | |||||||||||||||
|
March
31, 2010 Balance
|
$ | 10,219,528 | 69,150 | 72,256 | 375,516 | |||||||||||||||
|
Three
Months
Ended
March
31, 2009
:
|
||||||||||||||||||||
|
Comprehensive
Income
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Capital
Stock
Issued
|
Treasury
Stock
|
||||||||||||||||
|
December
31, 2008 Balance
|
$ | 9,857,876 | 8,265 | 72,256 | 375,516 | |||||||||||||||
|
Comprehensive
Income:
|
||||||||||||||||||||
|
Net
income
|
$ | 298,413 | 298,413 | — | — | — | ||||||||||||||
|
Other
comprehensive income:
|
||||||||||||||||||||
|
Change
in unrealized net holding gains occurring during period, net of taxes of
$37,238
|
(55,857 | ) | (55,857 | ) | ||||||||||||||||
|
Total
comprehensive income
|
$ | 242,554 | ||||||||||||||||||
|
Dividends
|
( 135,975 | ) | — | — | — | |||||||||||||||
|
March
31, 2009 Balance
|
$ | 10,020,314 | (47,592 | ) | 72,256 | 375,516 | ||||||||||||||
|
2010
|
2009
|
|||||||
|
Cash
Flows From Operating Activities:
|
||||||||
|
Net Income
|
$ | 184,563 | $ | 298,413 | ||||
|
Less non-cash (income) expenses
included in net income:
|
||||||||
|
Depreciation, depletion and
amortization
|
3,190 | 1,993 | ||||||
|
Deferred income tax
expense
|
1,397 | (31,910 | ) | |||||
|
Less non-operating
activities:
|
||||||||
|
Realized loss on securities
sold
|
— | |||||||
|
Gain from sale of land and other
assets
|
(255 | ) | (10,000 | ) | ||||
|
Change in operating assets and
liabilities:
|
||||||||
|
(Increase) decrease in current
assets
|
(54,071 | ) | 111,437 | |||||
|
Increase (decrease) in current
liabilities
|
57,583 | 100,987 | ||||||
|
Net cash provided from operating
activities
|
192,407 | 470,920 | ||||||
|
Cash
Flows From Investing Activities:
|
||||||||
|
Securities:
|
||||||||
|
Sales proceeds
|
||||||||
|
Purchases
|
(378,936 | ) | — | |||||
|
Land, timber, equipment and other
assets:
|
||||||||
|
Sales proceeds
|
255 | 13,572 | ||||||
|
Purchases
|
(1,135 | ) | (23,117 | ) | ||||
|
Net cash provided from (used in)
investing activities
|
(379,816 | ) | (9,545 | ) | ||||
|
Cash
Flows From Financing Activities:
|
||||||||
|
Dividends paid, net of
refunds
|
— | — | ||||||
|
Net cash used in financing
activities
|
— | — | ||||||
|
Net
increase (decrease) in cash and cash equivalents
|
(187,409 | ) | 461,375 | |||||
|
Cash
and cash equivalents:
|
||||||||
|
Beginning
|
3,977,106 | 5,779,491 | ||||||
|
Ending
|
$ | 3,789,697 | $ | 6,240,866 | ||||
|
Supplemental disclosures of cash flow
information:
|
||||||||
|
Cash
payments for:
|
||||||||
|
Interest
|
$ | — | $ | — | ||||
|
Income taxes
|
$ | — | $ | — | ||||
|
Supplemental schedule of non-cash investing and
financing activities:
|
||||||||
|
Net change in recognized and
unrecognized unrealized
gains (losses) on
available-for-sale securities
|
$ | 59,664 | $ | (93,095 | ) | |||
|
Note
1.
|
Basis
of Presentation
|
|
The
accompanying unaudited financial statements of CKX Lands, Inc. (“Company”)
have been prepared in accordance with United States generally accepted
accounting principles for interim financial information. They
do not include all information and footnotes required by United States
generally accepted accounting principles for complete financial
statements. Except as described herein, there has been no
material change in the information disclosed in the notes to the financial
statements included in our financial statements as of and for the year
ended December 31, 2009. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary
for a fair presentation have been included in the accompanying financial
statements.
|
|
|
Interim
results are not necessarily indicative of results for a full
year. These financial statements and accompanying notes should
be read in conjunction with Company’s Form 10-K for the year ended
December 31, 2009 and Form 10-Q for the quarterly period ended March 31,
2010
|
|
|
The
Company has evaluated subsequent events through May 7, 2010, the issue
date of these financial statements.
|
|
| Note 2. | Disclosures About Fair Value: |
|
Securities
available-for-sale and Certificate of Deposits (securities held to
maturity) are valued at fair value. The Company’s estimated
fair value of securities are as
follows.
|
| March 31, 2010 | ||||||||||||||||||||||||
|
Current
|
Non-Current
|
Total
|
||||||||||||||||||||||
|
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
|||||||||||||||||||
|
Certificate
of Deposits
|
$ | 720,000 | — | 490,000 | — | 1,210,000 | — | |||||||||||||||||
|
Mutual
Funds
|
— | — | 766,656 | 9,024 | 766,656 | 9,024 | ||||||||||||||||||
|
Equity
Securities
|
— | — | 1,215,810 | 104,201 | 1,215,810 | 104,201 | ||||||||||||||||||
|
Total
|
$ | 720,000 | — | 2,472,466 | 113,225 | 3,192,466 | 113,225 | |||||||||||||||||
| March 31, 2009 | ||||||||||||||||||||||||
|
Current
|
Non-Current
|
Total
|
||||||||||||||||||||||
|
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
|||||||||||||||||||
|
Equity
Securities
|
$ | — | — | 429,006 | (81,347 | ) | 429,006 | (81,347 | ) | |||||||||||||||
|
|
Fair
value measurements disclosure for securities
follows:
|
|
March
31, 2010
|
||||||||||||
|
Quoted
Prices in
|
Significant
|
Significant
|
||||||||||
|
Active
Markets for
|
Other
|
Unobservable
|
||||||||||
|
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||
|
Certificate
of Deposit
|
$ | 1,210,000 | — | — | ||||||||
|
Mutual
Funds
|
766,656 | — | — | |||||||||
|
Equity
Securities
|
$ | 1,215,810 | — | — | ||||||||
|
March
31, 2009
|
||||||||||||
|
Quoted
Prices in
|
Significant
|
Significant
|
||||||||||
|
Active
Markets for
|
Other
|
Unobservable
|
||||||||||
|
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||
|
Equity
Securities
|
$ | 429,006 | — | — | ||||||||
|
Note
3:
|
Income
taxes:
|
|
In
accordance with generally accepted accounting principles, the Company has
analyzed its filing positions in federal and state income tax returns for
the tax years ending December 31, 2007 through 2009 that remain subject to
examination. The Company believes that all filing positions are
highly certain and that all income tax filing positions and deductions
would be sustained upon a taxing jurisdiction’s audit. Therefore, no
reserve for uncertain tax positions is required. No interest or
penalties have been levied against the Company and none are
anticipated.
|
|
Note
4:
|
Subsequent
Events:
|
|
On
April 22, 2010, the Company purchased 195.55 net acres of timberland with
50% mineral interests in southwest Louisiana for
$288,333. Management has estimated the fair market value of the
standing timber on this acreage to be $100,259 and allocated this amount
to standing
timber.
|
|
Item
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND
RESULTS OF OPERATIONS
|
|
2010
|
2009
|
|||||||
|
Oil
Royalty Revenue
|
$ | 201,831 | $ | 267,806 | ||||
|
Barrels
produced
|
2,700 | 5,019 | ||||||
|
Average
price per barrel
|
$ | 74.75 | $ | 53.35 | ||||
|
Gas
Royalty Revenue
|
$ | 108,128 | $ | 175,428 | ||||
|
MCF
produced
|
20,223 | 22,298 | ||||||
|
Average
price per MCF
|
$ | 5.35 | $ | 7.87 | ||||
|
Item
3.
|
Not
applicable.
|
|
Item
4.
|
CONTROLS
AND PROCEDURES
|
|
|
Not
Applicable
|
|
Item
6.
|
EXHIBITS
|
|
|
3.1
|
Restated/Articles
of Incorporation of the Registrant are incorporated by reference to
Exhibit (3)-1 to Form 10 filed April 29,
1981.
|
|
|
3.2
|
Amendment
to Articles of Incorporation of the Registrant is incorporated by
reference to Exhibit (3.2) to Form 10-K for year ended December 31,
2003.
|
|
|
3.3
|
By-Laws
of the Registrant are incorporated by reference to Exhibit (3.3) to Form
10-K for year ended December 31,
2003.
|
|
|
10
|
Contract
to Purchase and Sell approximately 3,495 acres in Cameron Parish,
Louisiana effective July 3, 2007 is incorporated by reference to Exhibit
(10) to Form 10-QSB filed August 13,
2007.
|
|
|
31.1
|
Certification
of Joseph K. Cooper, President and Chief Executive Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 filed
herewith.
|
|
|
31.2
|
Certification
of Brian R. Jones, Treasurer and Chief Financial Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 filed
herewith.
|
|
|
32
|
Certifications
of Chief Executive Officer and Chief Financial Officer Pursuant to Section
906 of the Sarbanes-Oxley Act of 2002 filed
herewith.
|
|
Date: May
7, 2010
Date: May
7, 2010
|
CKX
Lands, Inc.
/s/
Joseph K. Cooper
Joseph
K. Cooper
President
and Chief Executive Officer
/s/
Brian R.
Jones
Brian
R. Jones
Treasurer
and Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|