Price Graph
Price
Yield
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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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||
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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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||
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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
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o
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Accelerated
filer
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o
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Non-accelerated
filer
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o
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Smaller
reporting company
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x
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Page
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||
| Part I. Financial Information | ||
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Item 1.
|
Financial
Statements
|
|
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a.
|
Balance
Sheets as of June 30, 2010 and December 31, 2009
(Unaudited)
|
1
|
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b.
|
Statements
of Income for the quarter and six months ended June 30, 2010 and 2009
(Unaudited)
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2
|
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c.
|
Statements
of Changes in Stockholders’ Equity for the six months ended June 30, 2010
and 2009 (Unaudited)
|
3
|
|
d.
|
Statements
of Cash Flows for the six months ended June 30, 2010 and 2009
(Unaudited)
|
4
|
|
e.
|
Notes
to Financial Statements (Unaudited)
|
5-6
|
|
Item 2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
7-8
|
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Item 4.
|
Controls
and Procedures
|
8
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| Part II. Other Information | ||
|
Item 6.
|
Exhibits
|
9
|
|
Signature
|
10
|
|
|
Item
1.
|
FINANCIAL
STATEMENTS
|
|
2010
|
2009
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
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Cash
and cash equivalents
|
$ | 3,381,543 | $ | 3,977,106 | ||||
|
Certificates
of deposit
|
480,000 | 720,000 | ||||||
|
Accounts
receivable
|
209,099 | 162,356 | ||||||
|
Prepaid
expense and other assets
|
97,673 | 36,225 | ||||||
|
Total
current assets
|
4,168,315 | 4,895,687 | ||||||
|
Securities
available for sale
|
1,893,290 | 1,793,866 | ||||||
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Certificates
of deposit
|
490,000 | 240,000 | ||||||
|
Property
and equipment:
|
||||||||
|
Building
and equipment less accumulated depreciation of
$73,126
and $70,447, respectively
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10,930 | 13,609 | ||||||
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Timber
less accumulated depletion
of
$641,622 and $575,057, respectively
|
544,214 | 350,665 | ||||||
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Land
|
3,192,491 | 2,851,526 | ||||||
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Total
property and equipment, net
|
3,747,635 | 3,215,800 | ||||||
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Total
assets
|
$ | 10,299,240 | $ | 10,145,353 | ||||
|
Liabilities
and Stockholders’ Equity
|
||||||||
|
Current
Liabilities:
|
||||||||
|
Trade
payables and accrued expenses
|
$ | 52,462 | $ | 46,594 | ||||
|
Income
tax payable:
|
||||||||
|
Current
|
33,482 | -- | ||||||
|
Deferred
|
-- | 15,909 | ||||||
|
Total
current liabilities
|
85,944 | 62,503 | ||||||
|
Noncurrent
Liabilities:
|
||||||||
|
Deferred
income tax payable
|
181,818 | 181,818 | ||||||
|
Total
liabilities
|
267,762 | 244,321 | ||||||
|
Stockholders’
Equity:
|
||||||||
|
Common
stock, no par value: 3,000,000 shares authorized;
2,100,000
shares issued
|
72,256 | 72,256 | ||||||
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Retained
earnings
|
10,351,698 | 10,170,940 | ||||||
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Accumulated
other comprehensive income
|
(16,960 | ) | 33,352 | |||||
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Less
cost of treasury stock (157,505 shares)
|
(375,516 | ) | (375,516 | ) | ||||
|
Total
stockholders’ equity
|
10,031,478 | 9,901,032 | ||||||
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Total
liabilities and stockholders’ equity
|
$ | 10,299,240 | $ | 10,145,353 | ||||
|
Quarter
Ended June 30,
|
Six
Months Ended June 30,
|
|||||||||||||||
|
2010
|
2009
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2010
|
2009
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Oil
and gas
|
$ | 404,191 | $ | 279,328 | $ | 740,762 | $ | 737,549 | ||||||||
|
Agriculture
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20,761 | 14,275 | 43,567 | 48,972 | ||||||||||||
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Timber
|
112,472 | 8,046 | 114,125 | 18,503 | ||||||||||||
|
Total
revenues
|
537,424 | 301,649 | 898,454 | 805,024 | ||||||||||||
|
Costs
and Expenses:
|
||||||||||||||||
|
Oil
and gas production
|
27,932 | 26,611 | 55,734 | 67,493 | ||||||||||||
|
Agriculture
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2,230 | 1,996 | 2,949 | 2,577 | ||||||||||||
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Timber
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11,948 | 3,601 | 12,525 | 19,478 | ||||||||||||
|
General
and administrative
|
111,012 | 100,617 | 202,549 | 185,340 | ||||||||||||
|
Depreciation
and depletion
|
66,055 | 1,884 | 69,244 | 3,878 | ||||||||||||
|
Total
cost and expenses
|
219,177 | 134,709 | 343,001 | 278,766 | ||||||||||||
|
Income
from operations
|
318,247 | 166,940 | 555,453 | 526,258 | ||||||||||||
|
Other
Income / (Expense):
|
||||||||||||||||
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Interest
income
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8,706 | 3,854 | 18,394 | 8,741 | ||||||||||||
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Dividend
income
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13,089 | 5,079 | 25,297 | 11,702 | ||||||||||||
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Change
in unrealized losses on securities
available-for-sale
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-- | (23,920 | ) | -- | (23,920 | ) | ||||||||||
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Gain/(Loss)
on securities available-for-sale
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28,526 | -- | 28,526 | -- | ||||||||||||
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Gain
on sale of land and other assets
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-- | 30,719 | 255 | 40,719 | ||||||||||||
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Net
other income / (expense)
|
50,321 | 15,732 | 72,472 | 37,242 | ||||||||||||
|
Income
before income taxes
|
368,568 | 182,672 | 627,925 | 563,500 | ||||||||||||
|
Federal
and state income taxes:
|
||||||||||||||||
|
Current
|
117,151 | 59,496 | 190,548 | 173,822 | ||||||||||||
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Deferred
|
(16,727 | ) | (5,919 | ) | (15,330 | ) | (37,829 | ) | ||||||||
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Total
income taxes
|
100,424 | 53,577 | 175,218 | 135,993 | ||||||||||||
|
Net
Income
|
$ | 268,144 | $ | 129,095 | $ | 452,707 | $ | 427,507 | ||||||||
|
Per
Common Stock (1,942,495 shares):
|
||||||||||||||||
|
Net
Income
|
$ | 0.14 | $ | 0.07 | $ | 0.23 | $ | 0.22 | ||||||||
|
Dividends
|
$ | 0.07 | $ | 0.07 | $ | 0.14 | $ | 0.14 | ||||||||
|
CKX
Lands, Inc.
Statements
of Changes in Stockholders’ Equity - Unaudited
Six
Months Ended June 30, 2010 and 2009
(Unaudited)
|
|
Six Months Ended June 30,
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
|
$ | 452,707 | 452,707 | -- | -- | -- | ||||||||||||||
|
Other
comprehensive income:
|
||||||||||||||||||||
|
Change
in unrealized net holding
gains
occurring during period,
net
of taxes of $33,541
|
(50,312 | ) | (50,312 | ) | ||||||||||||||||
|
Total
comprehensive income
|
$ | 402,395 | ||||||||||||||||||
|
Dividends
|
(271,949 | ) | -- | -- | -- | |||||||||||||||
|
June
30, 2010 Balance
|
$ | 10,351,698 | (16,960 | ) | 72,256 | 375,516 | ||||||||||||||
|
Six Months Ended June 30,
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
|
$ | 427,507 | 427,507 | -- | -- | -- | ||||||||||||||
|
Other
comprehensive income:
|
||||||||||||||||||||
|
Change
in unrealized net holding
gains
occurring during period, net
of
taxes of $11,987
|
(17,982 | ) | (17,982 | ) | ||||||||||||||||
|
Total
comprehensive income
|
$ | 409,525 | ||||||||||||||||||
|
Dividends
|
(271,949 | ) | -- | -- | -- | |||||||||||||||
|
June
30, 2009 Balance
|
$ | 10,013,434 | (9,717 | ) | 72,256 | 375,516 | ||||||||||||||
|
2010
|
2009
|
|||||||
|
Cash
Flows From Operating Activities:
|
||||||||
|
Net Income
|
$ | 452,707 | $ | 427,507 | ||||
|
Less non-cash (income) expenses
included in net income:
|
||||||||
|
Depreciation, depletion and
amortization
|
69,244 | 3,878 | ||||||
|
Deferred income tax
expense
|
(15,330 | ) | (37,829 | ) | ||||
|
Less non-operating
activities:
|
||||||||
|
Unrealized
(gain) loss on securities
|
(28,526 | ) | 23,920 | |||||
|
Gain from sale of land and other
assets
|
(255 | ) | (40,719 | ) | ||||
|
Change in operating assets and
liabilities:
|
||||||||
|
(Increase) decrease in current
assets
|
(108,191 | ) | 23,695 | |||||
|
Increase (decrease) in current
liabilities
|
72,313 | (45,672 | ) | |||||
|
Net cash provided from operating
activities
|
441,962 | 354,780 | ||||||
|
Cash
Flows From Investing Activities:
|
||||||||
|
Certificates of
Deposit:
|
||||||||
|
Maturity proceeds
|
240,000 | -- | ||||||
|
Purchases
|
(250,000 | ) | -- | |||||
|
Securities:
|
||||||||
|
Sales proceeds
|
153,359 | -- | ||||||
|
Purchases
|
(308,111 | ) | -- | |||||
|
Proceeds
from dissolution of partnership
|
255 | 10,000 | ||||||
|
Land, timber, equipment and other
assets:
|
||||||||
|
Sales proceeds
|
-- | 33,806 | ||||||
|
Purchases
|
(601,079 | ) | (7,233 | ) | ||||
|
Net cash provided from (used in)
investing activities
|
(765,576 | ) | 36,573 | |||||
|
Cash
Flows From Financing Activities:
|
||||||||
|
Dividends paid, net of
refunds
|
(271,949 | ) | (271,949 | ) | ||||
|
Net cash used in financing
activities
|
(271,949 | ) | (271,949 | ) | ||||
|
Net
increase (decrease) in cash and cash equivalents
|
(595,563 | ) | 119,404 | |||||
|
Cash
and cash equivalents:
|
||||||||
|
Beginning
|
3,977,106 | 5,779,491 | ||||||
|
Ending
|
$ | 3,381,543 | $ | 5,898,895 | ||||
|
Supplemental disclosures of cash flow
information:
|
||||||||
|
Cash
payments for:
|
||||||||
|
Interest
|
$ | -- | $ | -- | ||||
|
Income taxes
|
$ | 133,500 | $ | 216,890 | ||||
|
Supplemental schedule of non-cash investing and
financing activities:
|
||||||||
|
Net change in recognized and
unrecognized unrealized
gains (losses) on
available-for-sale securities
|
$ | (83,853 | ) | $ | (53,889 | ) | ||
|
Note
1.
|
Basis
of Presentation
|
|
Note
2.
|
Disclosures
About Fair Value:
|
|
June
30, 2010
|
||||||||||||||||||||||||
|
Current
|
Non-Current
|
Total
|
||||||||||||||||||||||
|
|
Unrealized
|
|
Unrealized
|
Unrealized
|
||||||||||||||||||||
|
Fair
Value
|
Gain/(Loss)
|
Fair
Value
|
Gain/(Loss)
|
Fair
Value
|
Gain/(Loss)
|
|||||||||||||||||||
|
Certificate
of Deposits
|
$ | 480,000 | -- | 490,000 | -- | 970,000 | -- | |||||||||||||||||
|
Mutual
Funds
|
-- | -- | 771,720 | 10,009 | 771,720 | 10,009 | ||||||||||||||||||
|
Equity
Securities
|
-- | -- | 1,121,570 | (40,302 | ) | 1,121,570 | (40,302 | ) | ||||||||||||||||
|
Total
|
$ | 480,000 | -- | 2,383,290 | (30,293 | ) | 2,863,290 | (30,293 | ) | |||||||||||||||
|
June
30, 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 | ) | |||||||||||||||
|
June
30, 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
|
$ | 970,000 | -- | -- | ||||||||
|
Mutual
Funds
|
771,720 | -- | -- | |||||||||
|
Equity
Securities
|
$ | 1,121,570 | -- | -- | ||||||||
|
June
30, 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:
|
|
Note
4:
|
Land
and Timber Purchases:
|
|
Item
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND
RESULTS OF OPERATIONS
|
|
2010
|
2009
|
|||||||
|
Oil
Royalty Revenue
|
$ | 425,577 | $ | 411,793 | ||||
|
Barrels
produced
|
6,766 | 7,728 | ||||||
|
Average
price per barrel
|
$ | 62.90 | $ | 53.29 | ||||
|
Gas
Royalty Revenue
|
$ | 187,356 | $ | 290,026 | ||||
|
MCF
produced
|
33,502 | 45,323 | ||||||
|
Average
price per MCF
|
$ | 5.59 | $ | 6.40 | ||||
|
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.
|
|
CKX
Lands, Inc.
|
||
|
Date:
August 9, 2010
|
/s/ Joseph K. Cooper
|
|
|
Joseph
K. Cooper
|
||
|
President
and Chief Executive Officer
|
||
|
Date:
August 9, 2010
|
/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 |
|---|