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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¨
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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
¨
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Accelerated
filer
¨
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Non-accelerated
filer
¨
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Smaller
reporting company
x
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Page
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|||
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Part
I. Financial Information
|
|||
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Item
1.
|
Financial
Statements
|
1 | |
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a.
|
Balance
Sheets as of September 30, 2010 and December 31, 2009
(Unaudited)
|
1
|
|
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b.
|
Statements
of Income for the quarter and nine months ended September 30, 2010 and
2009 (Unaudited)
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2
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|
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c.
|
Statements
of Changes in Stockholders’ Equity for the nine months ended September 30,
2010 and 2009 (Unaudited)
|
3
|
|
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d.
|
Statements
of Cash Flows for the nine months ended September 30, 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
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|
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Item
4.
|
Controls
and Procedures
|
8
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|
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Part
II. Other Information
|
|||
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Item
6.
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Exhibits
|
9
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|
|
Signature
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10
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||
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Item
1.
|
FINANCIAL
STATEMENTS
|
|
2010
|
2009
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 3,761,643 | $ | 3,977,106 | ||||
|
Certificates
of deposit
|
240,000 | 720,000 | ||||||
|
Accounts
receivable
|
157,575 | 162,356 | ||||||
|
Prepaid
expense and other assets
|
53,886 | 36,225 | ||||||
|
Total
current assets
|
4,213,104 | 4,895,687 | ||||||
|
Securities
available for sale
|
1,989,698 | 1,793,866 | ||||||
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Certificates
of deposit
|
490,000 | 240,000 | ||||||
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Property
and equipment:
|
||||||||
|
Building
and equipment less accumulated depreciation of $74,994 and $70,447,
respectively
|
9,062 | 13,609 | ||||||
|
Timber
less accumulated depletion of $664,802 and $575,057,
respectively
|
521,034 | 350,665 | ||||||
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Land
|
3,192,491 | 2,851,526 | ||||||
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Total
property and equipment, net
|
3,722,587 | 3,215,800 | ||||||
|
Total
assets
|
$ | 10,415,389 | $ | 10,145,353 | ||||
|
Liabilities
and Stockholders’ Equity
|
||||||||
|
Current
Liabilities:
|
||||||||
|
Trade
payables and accrued expenses
|
$ | 64,325 | $ | 46,594 | ||||
|
Income
tax payable:
|
||||||||
|
Current
|
1,358 | — | ||||||
|
Deferred
|
37,466 | 15,909 | ||||||
|
Total
current liabilities
|
103,149 | 62,503 | ||||||
|
Noncurrent
Liabilities:
|
||||||||
|
Deferred
income tax payable
|
181,818 | 181,818 | ||||||
|
Total
liabilities
|
284,967 | 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
|
10,342,415 | 10,170,940 | ||||||
|
Accumulated
other comprehensive income
|
91,267 | 33,352 | ||||||
|
Less
cost of treasury stock (157,505 shares)
|
(375,516 | ) | (375,516 | ) | ||||
|
Total
stockholders’ equity
|
10,130,422 | 9,901,032 | ||||||
|
Total
liabilities and stockholders’ equity
|
$ | 10,415,389 | $ | 10,145,353 | ||||
|
Quarter Ended September
30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Oil
and gas
|
$ | 287,867 | $ | 446,288 | $ | 1,028,629 | $ | 1,183,837 | ||||||||
|
Agriculture
|
26,408 | 33,014 | 69,975 | 81,986 | ||||||||||||
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Timber
|
18,717 | 9,468 | 132,842 | 27,971 | ||||||||||||
|
Total
revenues
|
332,992 | 488,770 | 1,231,446 | 1,293,794 | ||||||||||||
|
Costs
and Expenses:
|
||||||||||||||||
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Oil
and gas production
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25,807 | 37,210 | 81,541 | 104,703 | ||||||||||||
|
Agriculture
|
3,374 | 1,986 | 6,323 | 4,563 | ||||||||||||
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Timber
|
1,542 | 33,159 | 14,067 | 52,636 | ||||||||||||
|
General
and administrative
|
98,769 | 102,838 | 301,318 | 288,179 | ||||||||||||
|
Depreciation
and depletion
|
25,047 | 2,048 | 94,292 | 5,926 | ||||||||||||
|
Total
cost and expenses
|
154,539 | 177,241 | 497,540 | 456,007 | ||||||||||||
|
Income
from operations
|
178,453 | 311,529 | 733,906 | 837,787 | ||||||||||||
|
Other
Income / (Expense):
|
||||||||||||||||
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Interest
income
|
9,797 | 6,629 | 28,190 | 15,370 | ||||||||||||
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Dividend
income
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10,403 | 4,863 | 35,700 | 16,565 | ||||||||||||
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Change
in unrealized losses on securities available-for-sale
|
— | — | — | (23,920 | ) | |||||||||||
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Gain/(Loss)
on securities available-for-sale
|
(42,341 | ) | — | (13,814 | ) | — | ||||||||||
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Gain
on sale of land and other assets
|
— | — | 255 | 40,719 | ||||||||||||
|
Net
other income / (expense)
|
(22,141 | ) | 11,492 | 50,331 | 48,734 | |||||||||||
|
Income
before income taxes
|
156,312 | 323,021 | 784,237 | 886,521 | ||||||||||||
|
Federal
and state income taxes:
|
||||||||||||||||
|
Current
|
32,199 | 97,246 | 222,747 | 271,068 | ||||||||||||
|
Deferred
|
(2,579 | ) | (763 | ) | (17,909 | ) | (38,592 | ) | ||||||||
|
Total
income taxes
|
29,620 | 96,483 | 204,838 | 232,476 | ||||||||||||
|
Net
Income
|
$ | 126,692 | $ | 226,538 | $ | 579,399 | $ | 654,045 | ||||||||
|
Per
Common Stock (1,942,495 shares):
|
||||||||||||||||
|
Net
Income
|
$ | 0.07 | $ | 0.12 | $ | 0.30 | $ | 0.34 | ||||||||
|
Dividends
|
$ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.21 | ||||||||
|
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
|
$ | 579,399 | 579,399 | — | — | — | ||||||||||||||
|
Other
comprehensive income:
|
||||||||||||||||||||
|
Change
in unrealized net holding gains occurring during period, net of taxes of
$38,610
|
57,915 | 57,915 | ||||||||||||||||||
|
Total
comprehensive income
|
$ | 637,314 | ||||||||||||||||||
|
Dividends
|
(407,924 | ) | — | — | — | |||||||||||||||
|
September
30, 2010 Balance
|
$ | 10,342,415 | 91,267 | 72,256 | 375,516 | |||||||||||||||
|
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
|
$ | 654,045 | 654,045 | — | — | — | ||||||||||||||
|
Other
comprehensive income:
|
||||||||||||||||||||
|
Change
in unrealized net holding gains occurring during period, net of taxes of
$279
|
(1,919 | ) | ||||||||||||||||||
|
Change
in recognized unrealized loss on securities available for sale, net of
taxes of $9,568
|
14,352 | |||||||||||||||||||
|
Other
Comprehensive income, net of taxes
|
12,433 | — | 12,433 | — | — | |||||||||||||||
|
Total
comprehensive income
|
$ | 666,478 | ||||||||||||||||||
|
Dividends
|
(407,924 | ) | — | — | — | |||||||||||||||
|
September
30, 2009 Balance
|
$ | 10,103,997 | 20,698 | 72,256 | 375,516 | |||||||||||||||
|
2010
|
2009
|
|||||||
|
Cash
Flows From Operating Activities:
|
||||||||
|
Net
Income
|
$ | 579,399 | $ | 654,045 | ||||
|
Less
non-cash (income) expenses included in net income:
|
||||||||
|
Depreciation,
depletion and amortization
|
94,292 | 5,926 | ||||||
|
Deferred
income tax expense
|
(17,909 | ) | (38,592 | ) | ||||
|
Less
non-operating activities:
|
||||||||
|
Unrealized
(gain) loss on securities
|
— | 23,920 | ||||||
|
(Gain)
loss from securities sales
|
13,814 | — | ||||||
|
Gain
from sale of land and other assets
|
(255 | ) | (40,719 | ) | ||||
|
Change
in operating assets and liabilities:
|
||||||||
|
(Increase)
decrease in current assets
|
(12,880 | ) | 73,093 | |||||
|
Increase
(decrease) in current liabilities
|
19,945 | 16,395 | ||||||
|
Net
cash provided from operating activities
|
676,406 | 694,068 | ||||||
|
Cash
Flows From Investing Activities:
|
||||||||
|
Certificates
of Deposit:
|
||||||||
|
Maturity
proceeds
|
480,000 | — | ||||||
|
Purchases
|
(250,000 | ) | — | |||||
|
Securities:
|
||||||||
|
Sales
proceeds
|
199,053 | 10,000 | ||||||
|
Purchases
|
(312,174 | ) | (1,335,000 | ) | ||||
|
Proceeds
from dissolution of partnership
|
255 | |||||||
|
Land,
timber, equipment and other assets:
|
||||||||
|
Sales
proceeds
|
— | 29,330 | ||||||
|
Purchases
|
(601,079 | ) | (13,182 | ) | ||||
|
Net
cash provided from (used in) investing activities
|
(483,945 | ) | (1,308,852 | ) | ||||
|
Cash
Flows From Financing Activities:
|
||||||||
|
Dividends
paid, net of refunds
|
(407,924 | ) | (407,924 | ) | ||||
|
Net
cash used in financing activities
|
(407,924 | ) | (407,924 | ) | ||||
|
Net
increase (decrease) in cash and cash equivalents
|
(215,463 | ) | (1,022,708 | ) | ||||
|
Cash
and cash equivalents:
|
||||||||
|
Beginning
|
3,977,106 | 5,779,491 | ||||||
|
Ending
|
$ | 3,761,643 | $ | 4,756,783 | ||||
|
Supplemental disclosures of cash flow
information:
|
||||||||
|
Cash
payments for:
|
||||||||
|
Interest
|
$ | — | $ | — | ||||
|
Income
taxes
|
$ | 212,500 | $ | 226,937 | ||||
|
Supplemental schedule of non-cash investing and
financing activities:
|
||||||||
|
Net
change in recognized and unrecognized unrealized gains (losses) on
available-for-sale securities
|
$ | 96,525 | $ | 20,722 | ||||
|
Note 1.
|
Basis
of Presentation
|
|
Note 2.
|
Disclosures
about Fair Value:
|
|
September 30, 2010
|
||||||||||||||||||||||||
|
Current
|
Non-Current
|
Total
|
||||||||||||||||||||||
|
Unrealized
|
Unrealized
|
|
Unrealized
|
|||||||||||||||||||||
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
|||||||||||||||||||
|
Certificate
of Deposits
|
$ | 240,000 | — | 490,000 | — | 730,000 | — | |||||||||||||||||
|
Mutual
Funds
|
— | — | 785,429 | 19,654 | 785,429 | 19,654 | ||||||||||||||||||
|
Equity
Securities
|
— | — | 1,204,269 | 130,432 | 1,204,269 | 130,432 | ||||||||||||||||||
|
Total
|
$ | 240,000 | — | 2,479,698 | 150,086 | 2,719,698 | 150,086 | |||||||||||||||||
|
September 30, 2009
|
||||||||||||||||||||||||
|
Current
|
Non-Current
|
Total
|
||||||||||||||||||||||
|
Unrealized
|
Unrealized
|
Unrealized
|
||||||||||||||||||||||
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
Fair Value
|
Gain/(Loss)
|
|||||||||||||||||||
|
Mutual
Funds
|
375,000 | — | — | — | 375,000 | — | ||||||||||||||||||
|
Common
Stock
|
518,904 | 32,471 | — | — | 518,904 | 32,471 | ||||||||||||||||||
|
Total
|
$ | 893,904 | 32,471 | — | — | 893,904 | 32,471 | |||||||||||||||||
|
September 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
|
$ | 730,000 | — | — | ||||||||
|
Mutual
Funds
|
785,429 | — | — | |||||||||
|
Equity
Securities
|
$ | 1,204,269 | — | — | ||||||||
|
September 30, 2009
|
||||||||||||
|
Quoted
Prices in
|
Significant
|
Significant
|
||||||||||
|
Active
Markets for
|
Other
|
Unobservable
|
||||||||||
|
Identical
Assets
|
Observable
Inputs
|
Inputs
|
||||||||||
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||
|
Mutual
Funds
|
$ | 375,000 | — | — | ||||||||
|
Equity
Securities
|
$ | 518,904 | — | — | ||||||||
|
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
|
$ | 613,938 | $ | 702,455 | ||||
|
Barrels
produced
|
10,748 | 12,710 | ||||||
|
Average
price per barrel
|
$ | 57.12 | $ | 55.27 | ||||
|
Gas
Royalty Revenue
|
$ | 275,382 | $ | 385,401 | ||||
|
MCF
produced
|
49,430 | 69,693 | ||||||
|
Average
price per MCF
|
$ | 5.57 | $ | 5.53 | ||||
|
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:
November 4, 2010
|
/s/ Joseph K. Cooper
|
|
Joseph
K. Cooper
|
|
|
President
and Chief Executive Officer
|
|
|
Date:
November 4, 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 |
|---|