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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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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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(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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Part I. Financial Information
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Item 1.
Financial Statements
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a. Balance Sheets as of March 31, 2011 and December 31, 2010 (Unaudited)
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1
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b. Statements of Income for the three months ended March 31, 2011 and 2010 (Unaudited)
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2
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c. Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2011 and 2010 (Unaudited)
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3
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d. Statements of Cash Flows for the three months ended March 31, 2011 and 2010 (Unaudited)
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4
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e. Notes to Financial Statements (Unaudited)
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5-6
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Item 2.
Management’s Discussion and Analysis
of Financial Condition and Results of Operations
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7
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Item 4.
Controls and Procedures
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8
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Part II. Other Information
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Item 6.
Exhibits
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9
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Signature
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10
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Item 1.
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FINANCIAL STATEMENTS
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2011
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2010
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Assets
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Current Assets:
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Cash and cash equivalents
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$ | 4,777,794 | $ | 5,182,316 | ||||
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Certificates of deposit
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495,625 | 240,000 | ||||||
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Accounts receivable
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152,767 | 149,795 | ||||||
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Prepaid expense and other assets
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76,218 | 114,232 | ||||||
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Total Current Assets
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5,502,404 | 5,686,343 | ||||||
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Securities available-for-sale
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789,907 | 783,772 | ||||||
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Certificates of deposit
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-- | 250,000 | ||||||
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Property and Equipment:
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Building and equipment less accumulated depreciation of
$74,415 and $72,794, respectively
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15,572 | 17,193 | ||||||
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Timber less accumulated depletion
of $651,504 and $632,565, respectively
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800,399 | 557,253 | ||||||
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Land
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3,522,990 | 3,192,491 | ||||||
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Total Property and Equipment, net
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4,338,961 | 3,766,937 | ||||||
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Total Assets
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$ | 10,631,272 | $ | 10,487,052 | ||||
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Liabilities and Stockholders’ Equity
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Current Liabilities:
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Trade payables and accrued expenses
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$ | 55,788 | $ | 58,520 | ||||
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Dividends Payable
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135,975 | -- | ||||||
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Income tax payable:
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Current
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11,189 | 469 | ||||||
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Deferred
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3,667 | -- | ||||||
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Total Current Liabilities
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206,619 | 58,989 | ||||||
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Deferred income tax payable
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181,818 | 181,818 | ||||||
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Total Liabilities
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$ | 388,437 | $ | 240,807 | ||||
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Stockholders’ Equity:
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Common stock, no par value: 3,000,000 shares authorized;
2,100,000 shares issued
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72,256 | 72,256 | ||||||
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Retained earnings
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10,539,751 | 10,543,924 | ||||||
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Accumulated other comprehensive income
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6,344 | 5,581 | ||||||
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Less cost of treasury stock (157,505 shares)
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(375,516 | ) | (375,516 | ) | ||||
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Total stockholders’ equity
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10,242,835 | 10,246,245 | ||||||
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Total Liabilities and Stockholders’ Equity
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$ | 10,631,272 | $ | 10,487,052 | ||||
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Three Months Ended March 31,
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||||||||
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2011
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2010
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Revenues:
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Oil and gas
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$ | 295,779 | $ | 336,571 | ||||
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Agriculture
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7,726 | 22,806 | ||||||
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Timber
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3,439 | 1,653 | ||||||
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Total revenues
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306,944 | 361,030 | ||||||
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Costs and Expenses:
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Oil and gas production
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22,988 | 27,802 | ||||||
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Agriculture
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507 | 719 | ||||||
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Timber
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9,651 | 577 | ||||||
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General and administrative
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91,656 | 91,537 | ||||||
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Depreciation and depletion
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20,560 | 3,189 | ||||||
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Total cost and expenses
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145,362 | 123,824 | ||||||
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Income from operations
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161,582 | 237,206 | ||||||
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Other Income / (Expense):
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Interest income
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10,193 | 9,688 | ||||||
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Dividend income
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4,863 | 12,208 | ||||||
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Change in unrealized losses on securities
available-for-sale
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-- | -- | ||||||
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Gain/(Loss) on securities available-for-sale
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-- | -- | ||||||
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Gain on sale of land and other assets
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306 | 255 | ||||||
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Net other income / (expense)
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15,362 | 22,151 | ||||||
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Income before income taxes
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176,944 | 259,357 | ||||||
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Federal and state income taxes:
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Current
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44,994 | 73,397 | ||||||
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Deferred
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148 | 1,397 | ||||||
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Total income taxes
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45,142 | 74,794 | ||||||
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Net Income
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$ | 131,802 | $ | 184,563 | ||||
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Per Common Stock (1,942,495 shares):
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Net Income
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$ | 0.07 | $ | 0.10 | ||||
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Dividends
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$ | 0.07 | $ | 0.07 | ||||
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CKX Lands, Inc.
Statements of Changes in Stockholders’ Equity
Three Months Ended March 31, 2011 and 2010
(Unaudited)
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Three Months Ended March 31, 2011:
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Comprehensive
Income
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Retained
Earnings
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Accumulated
Other
Comprehensive
Income
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Capital
Stock
Issued
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Treasury
Stock
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December 31, 2010 Balance
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$ | 10,543,924 | $ | 5,581 | $ | 72,256 | $ | 375,516 | ||||||||||||
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Comprehensive income:
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Net income
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$ | 131,802 | 131,802 | -- | -- | -- | ||||||||||||||
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Other comprehensive income:
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Change in unrealized net holding
gains occurring during period,
net of taxes of $508
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763 | |||||||||||||||||||
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Other Comprehensive income, net of taxes
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763 | -- | 763 | -- | -- | |||||||||||||||
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Total comprehensive income
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$ | 132,565 | ||||||||||||||||||
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Dividends
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(135,975 | ) | -- | -- | -- | |||||||||||||||
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March 31, 2011 Balance
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$ | 10,539,751 | $ | 6,344 | $ | 72,256 | $ | 375,516 | ||||||||||||
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Three Months Ended March 31, 2010:
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Comprehensive
Income
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Retained
Earnings
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Accumulated
Other
Comprehensive
Income
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Capital
Stock
Issued
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Treasury
Stock
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December 31, 2009 Balance
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$ | 10,170,940 | $ | 33,352 | $ | 72,256 | $ | 375,516 | ||||||||||||
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Comprehensive income:
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Net income
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$ | 184,563 | 184,563 | -- | -- | -- | ||||||||||||||
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Other comprehensive income:
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Change in unrealized net holding gains occurring during period, net of taxes of $23,866
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35,798 | 35,798 | ||||||||||||||||||
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Change in recognized unrealized loss on securities available for sale, net of taxes
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-- | -- | -- | |||||||||||||||||
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Other Comprehensive income, net of taxes
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35,798 | -- | ||||||||||||||||||
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Total comprehensive income
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$ | 220,361 | ||||||||||||||||||
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Dividends
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(135,975 | ) | -- | -- | -- | |||||||||||||||
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March 31, 2010 Balance
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$ | 10,219,528 | $ | 69,150 | $ | 72,256 | $ | 375,516 | ||||||||||||
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The accompanying notes are an integral part of these financial statements.
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2011
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2010
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Cash Flows From Operating Activities:
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Net Income
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$ | 131,802 | $ | 184,563 | ||||
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Less non-cash (income) expenses included in net income:
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Depreciation, depletion and amortization
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20,560 | 3,190 | ||||||
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Deferred income tax expense
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148 | 1,397 | ||||||
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Less non-operating activities:
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Gain from sale of land and other assets
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(306 | ) | (255 | ) | ||||
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Change in operating assets and liabilities:
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(Increase) decrease in current assets
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(21,448 | ) | (54,071 | ) | ||||
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Increase (decrease) in current liabilities
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7,989 | 57,583 | ||||||
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Net cash provided from operating activities
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138,745 | 192,407 | ||||||
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Cash Flows From Investing Activities:
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Certificate of deposit
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Purchases
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(5,625 | ) | ||||||
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Securities:
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Sales proceeds
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(4,864 | ) | -- | |||||
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Purchases
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(378,936 | ) | ||||||
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Land, timber, equipment and other assets:
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Sales proceeds
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166 | 255 | ||||||
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Purchases
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(532,944 | ) | (1,135 | ) | ||||
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Net cash provided from (used in) investing activities
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(543,267 | ) | (379,816 | ) | ||||
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Cash Flows From Financing Activities:
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Dividends paid, net of refunds
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-- | -- | ||||||
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Net cash used in financing activities
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-- | |||||||
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Net increase (decrease) in cash and cash equivalents
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(404,522 | ) | (187,409 | ) | ||||
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Cash and cash equivalents:
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Beginning
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5,182,316 | 3,977,106 | ||||||
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Ending
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$ | 4,777,794 | $ | 3,789,697 | ||||
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Supplemental disclosures of cash flow information:
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Cash payments for:
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Interest
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$ | -- | $ | -- | ||||
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Income taxes
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$ | -- | $ | -- | ||||
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Supplemental schedule of non-cash investing and financing activities:
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Net change in recognized and unrecognized unrealized
gains (losses) on available-for-sale securities
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$ | 1,271 | $ | 59,664 | ||||
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Note 1.
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Basis of Presentation
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Note 2.
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Disclosures about Fair Value:
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| March 31, 2011 | ||||||||||||||||||||||||
| Current |
Non-Current
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Total
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||||||||||||||||||||||
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Unrealized
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Unrealized
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Unrealized
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|||||||||||||||||||||
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Fair Value
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Gain/(Loss)
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Fair Value
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Gain/(Loss)
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Fair Value
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Gain/(Loss)
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Certificate of Deposits
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$ | 495,625 | -- | -- | -- | 495,625 | -- | |||||||||||||||||
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Mutual Funds
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-- | -- | 789,907 | 8,547 | 789,907 | 8,547 | ||||||||||||||||||
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Equity Securities
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-- | -- | -- | -- | -- | -- | ||||||||||||||||||
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Total
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$ | 495,625 | -- | 789,907 | 8,547 | 1,285,532 | 8,547 | |||||||||||||||||
| March 31, 2010 | ||||||||||||||||||||||||
| Current |
Non-Current
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Total
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||||||||||||||||||||||
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Unrealized
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Unrealized |
Unrealized
|
||||||||||||||||||||
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Fair Value
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Gain/(Loss)
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Fair Value
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Gain/(Loss)
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Fair Value
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Gain/(Loss)
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Certificate of Deposits
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$ | 720,000 | -- | 490,000 | -- | 1,210,000 | -- | |||||||||||||||||
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Mutual Funds
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-- | -- | 766,656 | 9,024 | 766,656 | 9,024 | ||||||||||||||||||
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Equity Securities
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-- | -- | 1,215,810 | 104,201 | 1,215,810 | 104,201 | ||||||||||||||||||
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Total
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$ | 720,000 | -- | 2,472,466 | 113,225 | 3,192,466 | 113,225 | |||||||||||||||||
| March 31, 2011 | ||||||||||||
| Quoted Prices in Active |
Significant Other
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Significant
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Markets for
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Observable
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Unobservable
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||||||||||
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Identical Assets
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Inputs
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Inputs
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||||||||||
| (Level 1) |
(Level 2)
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(Level 3)
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Certificate of Deposit
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$ | 495,625 | -- | -- | ||||||||
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Mutual Funds
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789,907 | -- | -- | |||||||||
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Equity Securities
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$ | -- | -- | -- | ||||||||
| March 31, 2010 | ||||||||||||
| Quoted Prices in Active |
Significant
Other
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Significant
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||||||||||
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Markets for
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Observable |
Unobservable
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||||||||||
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Identical Assets
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Inputs
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Inputs
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(Level 1)
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(Level 2)
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(Level 3)
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Certificate of Deposit
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$ | 1,210,000 | -- | -- | ||||||||
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Mutual Funds
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766,656 | -- | -- | |||||||||
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Equity Securities
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$ | 1,215,810 | -- | -- | ||||||||
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Note 3:
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Income taxes:
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Note 4:
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Land and Timber Purchases:
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Item 2.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Three Months Ended
03/31/11
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Three Months Ended
03/31/10
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Net gas produced (MCF)
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17,746 | 20,223 | ||||||
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Average gas sales price (per MCF)
(1)
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$ | 4.14 | $ | 5.35 | ||||
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Net oil produced (Bbl)
(2)
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1,903 | 2,700 | ||||||
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Average oil sales price (per Bbl)
(1,2)
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$ | 90.79 | $ | 74.75 | ||||
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Item 3.
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Not applicable.
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Item 4.
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CONTROLS AND PROCEDURES
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Not Applicable
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Item 6.
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EXHIBITS
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3.1
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Restated/Articles of Incorporation of the Registrant are incorporated by reference to Exhibit (3)-1 to Form 10 filed April 29, 1981.
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3.2
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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.
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3.3
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By-Laws of the Registrant are incorporated by reference to Exhibit (3.3) to Form 10-K for year ended December 31, 2003.
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10
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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.
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31.1
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Certification of Joseph K. Cooper, President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
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31.2
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Certification of Brian R. Jones, Treasurer and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
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32
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Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.
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CKX Lands, Inc.
|
|||
| Date: May 12, 2011 |
/s/ Joseph K. Cooper
Joseph K. Cooper
President and Chief Executive Officer
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| Date: May 12, 2011 |
/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 |
|---|