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| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| o | 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
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(I.R.S. Employer Identification No.)
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| incorporation or organization) | ||
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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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| Part I. Financial Information | Page | |||
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Item 1.
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Financial Statements | |||
| a. | Balance Sheets as of September 30, 2011 and December 31, 2010 (Unaudited) | 1 | ||
| b. | Statements of Income for the quarter and nine months ended September 30, 2011 and 2010 (Unaudited) | 2 | ||
| c. | Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2011 and 2010 (Unaudited) | 3 | ||
| d. | Statements of Cash Flows for the nine months ended September 30, 2011 and 2010 (Unaudited) | 4 | ||
| e. | Notes to Financial Statements (Unaudited) | 5-6 | ||
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations | 7-8 | ||
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Item 4.
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Controls and Procedures | 8 | ||
| Part II. Other Information | ||||
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Item 6.
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Exhibits | 9 | ||
| Signature | 10 | |||
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Item 1.
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FINANCIAL STATEMENTS
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2011
|
2010
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|||||||
| Assets | ||||||||
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Current Assets:
|
||||||||
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Cash and cash equivalents
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$ | 4,933,135 | $ | 5,182,316 | ||||
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Certificates of deposit
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735,625 | 240,000 | ||||||
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Accounts receivable
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235,539 | 149,795 | ||||||
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Prepaid expense and other assets
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125,026 | 114,232 | ||||||
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Total current assets
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6,029,325 | 5,686,343 | ||||||
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Securities available for sale
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-- | 783,772 | ||||||
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Certificates of deposit
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480,000 | 250,000 | ||||||
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Property and equipment:
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||||||||
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Building and equipment less accumulated depreciation of
$78,257 and $72,794, respectively
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12,380 | 17,193 | ||||||
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Timber less accumulated depletion
of $678,609 and $632,565, respectively
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775,884 | 557,253 | ||||||
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Land
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3,526,288 | 3,192,491 | ||||||
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Total property and equipment, net
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4,314,552 | 3,766,937 | ||||||
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Total assets
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$ | 10,823,877 | $ | 10,487,052 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
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Current Liabilities:
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||||||||
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Trade payables and accrued expenses
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$ | 68,855 | $ | 58,520 | ||||
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Income tax payable:
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||||||||
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Current
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85,972 | 469 | ||||||
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Deferred
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-- | -- | ||||||
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Total current liabilities
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154,827 | 58,989 | ||||||
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Noncurrent Liabilities:
|
||||||||
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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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336,645 | 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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10,790,492 | 10,543,924 | ||||||
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Accumulated other comprehensive income
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-- | 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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10,487,232 | 10,246,245 | ||||||
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Total liabilities and stockholders’ equity
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$ | 10,823,877 | $ | 10,487,052 | ||||
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Quarter Ended
September 30,
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Nine Months Ended
September 30,
|
|||||||||||||||
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2011
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2010
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2011
|
2010
|
|||||||||||||
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Revenues:
|
||||||||||||||||
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Oil and gas
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$ | 565,573 | $ | 287,867 | $ | 1,200,186 | $ | 1,028,629 | ||||||||
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Timber
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83,193 | 18,717 | 86,632 | 132,842 | ||||||||||||
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Agriculture
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22,124 | 26,408 | 46,588 | 69,975 | ||||||||||||
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Total revenues
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670,890 | 332,992 | 1,333,406 | 1,231,446 | ||||||||||||
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Costs and Expenses:
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||||||||||||||||
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Oil and gas
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38,794 | 25,807 | 90,208 | 81,541 | ||||||||||||
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Timber
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17,778 | 3,374 | 32,414 | 14,067 | ||||||||||||
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Agriculture
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2,258 | 1,542 | 5,220 | 6,323 | ||||||||||||
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General and administrative
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99,712 | 98,769 | 319,387 | 301,317 | ||||||||||||
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Depreciation and depletion
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30,210 | 25,047 | 51,507 | 94,292 | ||||||||||||
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Total cost and expenses
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188,752 | 154,539 | 498,736 | 497,540 | ||||||||||||
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Income from operations
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482,138 | 178,453 | 834,670 | 733,906 | ||||||||||||
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Other Income / (Expense):
|
||||||||||||||||
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Interest income
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9,817 | 9,797 | 30,286 | 28,190 | ||||||||||||
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Dividend income
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3,854 | 10,403 | 13,381 | 35,700 | ||||||||||||
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Gain/(Loss) on securities available-for-sale
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10,688 | (42,341 | ) | 10,688 | (13,814 | ) | ||||||||||
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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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24,359 | (22,141 | ) | 54,661 | 50,331 | |||||||||||
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Income before income taxes
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506,497 | 156,312 | 889,331 | 784,237 | ||||||||||||
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Federal and state income taxes:
|
||||||||||||||||
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Current
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160,247 | 32,199 | 259,779 | 222,747 | ||||||||||||
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Deferred
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863 | (2,579 | ) | (11,565 | ) | (17,909 | ) | |||||||||
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Total income taxes
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161,110 | 29,620 | 248,214 | 204,838 | ||||||||||||
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Net Income
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$ | 345,387 | $ | 126,692 | $ | 641,117 | $ | 579,399 | ||||||||
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Per Common Stock (1,942,495 shares):
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||||||||||||||||
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Net Income
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$ | 0.18 | $ | 0.07 | $ | 0.33 | $ | 0.30 | ||||||||
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Dividends
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$ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.21 | ||||||||
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Nine Months Ended September 30, 2011:
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||||||||||||||||||||
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Comprehensive
Income
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Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
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Capital
Stock
Issued
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Treasury
Stock
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||||||||||||||||
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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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$ | 641,117 | 641,117 | -- | -- | -- | ||||||||||||||
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Other comprehensive income:
|
||||||||||||||||||||
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Change in unrealized net holding
gains occurring during period,
net of taxes of $3,721
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(5,581 | ) | (5,581 | ) | ||||||||||||||||
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Total comprehensive income
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$ | 635,536 | ||||||||||||||||||
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Dividends
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(407,924 | ) | ||||||||||||||||||
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Dividend reversion
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13,375 | -- | -- | -- | ||||||||||||||||
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September 30, 2011 Balance
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$ | 10,790,492 | -- | 72,256 | 375,516 | |||||||||||||||
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Nine Months Ended September 30, 2010:
|
||||||||||||||||||||
|
Comprehensive
Income
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Capital
Stock
Issued
|
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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$ | 579,399 | 579,399 | -- | -- | -- | ||||||||||||||
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Other comprehensive income:
|
||||||||||||||||||||
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Change in unrealized net holding gains occurring during period, net of taxes of $38,610
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57,915 | 57,915 | ||||||||||||||||||
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Total comprehensive income
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$ | 637,314 | ||||||||||||||||||
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Dividends
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(407,924 | ) | -- | -- | -- | |||||||||||||||
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September 30, 2010 Balance
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$ | 10,342,415 | 91,267 | 72,256 | 375,516 | |||||||||||||||
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2011
|
2010
|
|||||||
|
Cash Flows From Operating Activities:
|
||||||||
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Net Income
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$ | 641,117 | $ | 579,399 | ||||
|
Less non-cash (income) expenses included in net income:
|
||||||||
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Depreciation, depletion and amortization
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51,507 | 94,292 | ||||||
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Deferred income tax expense
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(11,565 | ) | (17,909 | ) | ||||
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Less non-operating activities:
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||||||||
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Unrealized (gain) loss on securities
|
-- | -- | ||||||
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(Gain) loss from securities sales
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-- | 13,814 | ||||||
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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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||||||||
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(Increase) decrease in current assets
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7,724 | (12,880 | ) | |||||
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Increase (decrease) in current liabilities
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11,551 | 19,945 | ||||||
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Net cash provided from operating activities
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700,028 | 676,406 | ||||||
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Cash Flows From Investing Activities:
|
||||||||
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Certificates of Deposit:
|
||||||||
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Maturity proceeds
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-- | 480,000 | ||||||
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Purchases
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(725,625 | ) | (250,000 | ) | ||||
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Securities:
|
||||||||
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Sales proceeds
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787,841 | 199,053 | ||||||
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Purchases
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(12,560 | ) | (312,174 | ) | ||||
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Proceeds from dissolution of partnership
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-- | 255 | ||||||
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Land, timber, equipment and other assets:
|
||||||||
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Sales proceeds
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167 | -- | ||||||
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Purchases
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(604,483 | ) | (601,079 | ) | ||||
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Net cash provided from (used in) investing activities
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(554,660 | ) | (483,945 | ) | ||||
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Cash Flows From Financing Activities:
|
||||||||
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Dividends paid, net of reversion
|
(394,549 | ) | (407,924 | ) | ||||
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Net cash used in financing activities
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(394,549 | ) | (407,924 | ) | ||||
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Net increase (decrease) in cash and cash equivalents
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(249,181 | ) | (215,463 | ) | ||||
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Cash and cash equivalents:
|
||||||||
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Beginning
|
5,182,316 | 3,977,106 | ||||||
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Ending
|
$ | 4,933,135 | $ | 3,761,643 | ||||
|
Supplemental disclosures of cash flow information:
|
||||||||
|
Cash payments for:
|
||||||||
|
Interest
|
$ | -- | $ | -- | ||||
|
Income taxes
|
$ | 139,660 | $ | 212,500 | ||||
|
Supplemental schedule of non-cash investing and financing activities:
|
||||||||
|
Net change in recognized and unrecognized unrealized
gains (losses) on available-for-sale securities
|
$ | (9,302 | ) | $ | 96,525 | |||
| September 30, 2011 | ||||||||||||||||||||||||
| Current | Non-Current | Total | ||||||||||||||||||||||
| Fair Value |
Unrealized
Gain/(Loss)
|
Fair Value |
Unrealized
Gain/(Loss)
|
Fair Value |
Unrealized
Gain/(Loss)
|
|||||||||||||||||||
|
Certificate of Deposits
|
$ | 735,625 | -- | 480,000 | -- | 1,215,625 | -- | |||||||||||||||||
|
Mutual Funds
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
|
Equity Securities
|
-- | -- | -- | -- | -- | -- | ||||||||||||||||||
|
|
||||||||||||||||||||||||
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Total
|
$ | 735,625 | -- | 480,000 | -- | 1,215,625 | -- | |||||||||||||||||
| September 30, 2010 | ||||||||||||||||||||||||
| Current | Non-Current | Total | ||||||||||||||||||||||
| Fair Value |
Unrealized
Gain/(Loss)
|
Fair Value |
Unrealized
Gain/(Loss)
|
Fair Value |
Unrealized
Gain/(Loss)
|
|||||||||||||||||||
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Certificate of Deposits
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$ | 240,000 | -- | 490,000 | -- | 730,000 | -- | |||||||||||||||||
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Mutual Funds
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-- | -- | 785,429 | 19,654 | 785,429 | 19,654 | ||||||||||||||||||
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Equity Securities
|
-- | -- | 1,204,269 | 130,432 | 1,204,269 | 130,432 | ||||||||||||||||||
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Total
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$ | 240,000 | -- | 2,479,698 | 150,086 | 2,719,698 | 150,086 | |||||||||||||||||
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September 30, 2011
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||||||||||||
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
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Certificate of Deposit
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$ | 1,215,625 | -- | -- | ||||||||
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Mutual Funds
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-- | -- | -- | |||||||||
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Equity Securities
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$ | -- | -- | -- | ||||||||
| September 30, 2010 | ||||||||||||
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
|
Certificate of Deposit
|
$ | 730,000 | -- | -- | ||||||||
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Mutual Funds
|
785,429 | -- | -- | |||||||||
|
Equity Securities
|
$ | 1,204,269 | -- | -- | ||||||||
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Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
|
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Nine Months
Ended
09/30/11
|
Nine Months
Ended
09/30/10
|
|||||||
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Net gas produced (MCF)
|
48,372 | 49,430 | ||||||
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Average gas sales price (per MCF)
(1)
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$ | 5.05 | $ | 5.57 | ||||
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Net oil produced (Bbl)
(2)
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7,279 | 8,657 | ||||||
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Average oil sales price (per Bbl)
(1,2)
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$ | 103.15 | $ | 67.36 | ||||
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Notes to above schedule:
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(1)
Before deduction of production and severance taxes.
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(2)
Excludes plant products.
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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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10.1
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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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10.2
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Contract to purchase eight separate tracts of land, 800 acres, all of which are located in Beauregard Parish, Louisiana effective October 7, 2011.
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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
|
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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101.INS**
|
XBRL Instance
|
|
101.SCH**
|
XBRL Taxonomy Extension Schema
|
|
101.CAL**
|
XBRL Taxonomy Extension Calculation
|
|
101.DEF**
|
XBRL Taxonomy Extension Definition
|
|
101.LAB**
|
XBRL Taxonomy Extension Labels
|
|
101.PRE**
|
XBRL Taxonomy Extension Presentation
|
| CKX Lands, Inc. | |||
|
Date: November 10, 2011
|
|
/s/ Joseph K. Cooper | |
| Joseph K. Cooper | |||
| President and Chief Executive Officer | |||
|
Date: November 10, 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 |
|---|