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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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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
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1,942,495 |
| Page | ||||
| Part I. | Financial Information | |||
| Item 1. |
Financial Statements
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|||
| a. |
Balance Sheets as of September 30, 2012 and December 31, 2011 (Unaudited)
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1
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| b. |
Statements of Income and Comprehensive Income for the quarter and nine months ended
September 30, 2012 and 2011 (Unaudited)
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2
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| c. |
Statements of Changes in Stockholders’ Equity for the nine months ended
September 30, 2012 and 2011 (Unaudited)
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3
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| d. |
Statements of Cash Flows for the nine months ended September 30, 2012 and 2011 (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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7-8
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| Item 4. |
Controls and Procedures
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8
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| Part II. | Other Information | |||
| Item 6. |
Exhibits
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9
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Signature
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10
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2012
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2011 | |||||||
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Assets
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Current Assets:
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Cash and cash equivalents
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$ | 5,109,103 | $ | 4,124,908 | ||||
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Certificates of deposit
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741,384 | 495,625 | ||||||
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Accounts receivable
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300,847 | 276,217 | ||||||
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Prepaid expense and other assets
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93,774 | 20,828 | ||||||
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Total current assets
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6,245,108 | 4,917,578 | ||||||
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Certificates of deposit
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-- | 480,000 | ||||||
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Property and equipment:
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Building and equipment less accumulated depreciation of
$75,833 and $70,818, respectively
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14,599 | 19,614 | ||||||
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Timber less accumulated depletion
of $694,929 and $691,436, respectively
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1,241,425 | 1,146,743 | ||||||
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Land
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4,434,081 | 4,431,034 | ||||||
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Total property and equipment, net
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5,690,105 | 5,597,391 | ||||||
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Total assets
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$ | 11,935,213 | $ | 10,994,969 | ||||
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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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$ | 98,562 | $ | 58,662 | ||||
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Income tax payable:
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Current
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-- | 87,419 | ||||||
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Deferred
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5,153 | 5,153 | ||||||
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Total current liabilities
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103,715 | 151,234 | ||||||
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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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285,533 | 333,052 | ||||||
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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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11,952,940 | 10,965,177 | ||||||
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Accumulated other comprehensive income
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-- | -- | ||||||
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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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11,649,680 | 10,661,917 | ||||||
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Total liabilities and stockholders’ equity
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$ | 11,935,213 | $ | 10,994,969 | ||||
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Quarter Ended September 30,
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Nine Months Ended September 30, | |||||||||||||||
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2012
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2011
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2012
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2011
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Revenues:
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Oil and gas
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$ | 676,782 | $ | 565,573 | $ | 2,102,106 | $ | 1,200,186 | ||||||||
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Agriculture
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17,379 | 22,124 | 327,422 | 46,588 | ||||||||||||
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Timber
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32,499 | 83,193 | 37,504 | 86,632 | ||||||||||||
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Total revenues
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726,660 | 670,890 | 2,467,032 | 1,333,406 | ||||||||||||
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Costs and Expenses:
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||||||||||||||||
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Oil and gas production
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60,672 | 38,794 | 183,651 | 90,208 | ||||||||||||
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Agriculture
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2,098 | 2,258 | 3,952 | 5,220 | ||||||||||||
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Timber
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13,717 | 17,778 | 27,943 | 32,414 | ||||||||||||
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General and administrative
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127,101 | 99,712 | 344,070 | 319,387 | ||||||||||||
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Depreciation and depletion
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4,777 | 30,210 | 8,507 | 51,507 | ||||||||||||
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Total cost and expenses
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208,365 | 188,752 | 568,123 | 498,736 | ||||||||||||
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Income from operations
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518,295 | 482,138 | 1,898,909 | 834,670 | ||||||||||||
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Other Income / (Expense):
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Interest income
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4,712 | 9,817 | 10,010 | 30,286 | ||||||||||||
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Dividend income
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-- | 3,854 | -- | 13,381 | ||||||||||||
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Gain/(Loss) on securities available-for-sale
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10,688 | 10,688 | ||||||||||||||
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Gain on sale of land and other assets
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-- | -- | 124,000 | 306 | ||||||||||||
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Net other income / (expense)
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4,712 | 24,359 | 134,010 | 54,661 | ||||||||||||
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Income before income taxes
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523,007 | 506,497 | 2,032,919 | 889,331 | ||||||||||||
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Federal and state income taxes:
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Current
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162,848 | 160,247 | 648,173 | 259,779 | ||||||||||||
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Deferred
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3,003 | 863 | (2,828 | ) | (11,565 | ) | ||||||||||
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Total income taxes
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165,851 | 161,110 | 645,345 | 248,214 | ||||||||||||
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Net Income
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357,156 | $ | 345,387 | 1,387,574 | 641,117 | |||||||||||
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Other Comprehensive Income, Net of Taxes:
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Change in unrealized net holding gains occurring during period, net of taxes of $6,042 and $3,721, respectively for 2011
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-- | (9,062 | ) | -- | (5,581 | ) | ||||||||||
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Other comprehensive income
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-- | (9,062 | -- | (5,581 | ) | |||||||||||
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Comprehensive Income
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$ | 357,156 | $ | 336,325 | $ | 1,387,574 | $ | 635,536 | ||||||||
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Per Common Stock (1,942,495 shares):
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Net Income
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$ | 0.18 | $ | 0.18 | $ | 0.71 | $ | 0.33 | ||||||||
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Dividends
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$ | 0.07 | $ | 0.07 | $ | 0.21 | $ | 0.21 | ||||||||
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Total
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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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||||||||||||||||
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December 31, 2011 Balance
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$ | 10,661,917 | $ | 10,965,177 | $ | -- | $ | 72,256 | $ | 375,516 | ||||||||||
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Net income
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1,387,574 | 1,387,574 | -- | -- | -- | |||||||||||||||
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Other comprehensive income
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-- | -- | -- | -- | -- | |||||||||||||||
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Dividends
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(407,924 | ) | (407,924 | ) | -- | -- | -- | |||||||||||||
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Dividend reversion
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8,113 | 8,113 | -- | -- | -- | |||||||||||||||
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September 30, 2012 Balance
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$ | 11,649,680 | $ | 11,952,940 | $ | -- | $ | 72,256 | $ | 375,516 | ||||||||||
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Total
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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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||||||||||||||||
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December 31, 2010 Balance
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$ | 10,246,245 | $ | 10,543,924 | $ | 5,581 | $ | 72,256 | $ | 375,516 | ||||||||||
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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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(5,581 | ) | -- | (5,581 | ) | -- | -- | |||||||||||||
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Dividends
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(407,924 | ) | (407,924 | ) | -- | -- | -- | |||||||||||||
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Dividend reversion
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13,375 | 13,375 | -- | -- | -- | |||||||||||||||
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September 30, 2011 Balance
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$ | 10,487,232 | $ | 10,790,492 | $ | -- | $ | 72,256 | $ | 375,516 | ||||||||||
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2012
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2011
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|||||||
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Cash Flows From Operating Activities:
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Net Income
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$ | 1,387,574 | $ | 641,117 | ||||
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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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8,507 | 51,507 | ||||||
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Deferred income tax expense
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(2,828 | ) | (11,565 | ) | ||||
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Less non-operating activities:
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Gain from sale of land and other assets
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(124,000 | ) | (306 | ) | ||||
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Change in operating assets and liabilities:
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(Increase) decrease in current assets
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(94,748 | ) | 7,724 | |||||
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Increase (decrease) in current liabilities
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(47,519 | ) | 11,551 | |||||
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Net cash provided from operating activities
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1,126,986 | 700,028 | ||||||
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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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495,625 | -- | ||||||
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Purchases
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(261,384 | ) | (725,625 | ) | ||||
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Securities:
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Sales proceeds
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787,841 | |||||||
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Purchases
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-- | (12,560 | ) | |||||
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Land, timber, equipment and other assets:
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Sales proceeds
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159,000 | 167 | ||||||
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Purchases
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(136,221 | ) | (604,483 | ) | ||||
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Proceeds held in 1031 trust account
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-- | -- | ||||||
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Net cash provided from (used in) investing activities
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257,020 | (554,660 | ) | |||||
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Cash Flows From Financing Activities:
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||||||||
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Dividends paid, net of reversion
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(399,811 | ) | (394,549 | ) | ||||
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Net cash used in financing activities
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(399,811 | ) | (394,549 | ) | ||||
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Net increase (decrease) in cash and cash equivalents
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984,195 | (249,181 | ) | |||||
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Cash and cash equivalents:
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||||||||
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Beginning
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4,124,908 | 5,182,316 | ||||||
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Ending
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$ | 5,109,103 | $ | 4,933,135 | ||||
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Supplemental disclosures of cash flow information:
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||||||||
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Cash payments for:
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||||||||
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Interest
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$ | -- | $ | -- | ||||
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Income taxes
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$ | 781,641 | $ | 139,660 | ||||
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Supplemental schedule of non-cash investing and financing activities:
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||||||||
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Net change in recognized and unrecognized unrealized
gains (losses) on available-for-sale securities
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$ | -- | $ | (9,302 | ) | |||
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September 30, 2012
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||||||||||||||||||||||||
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Current
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Non-Current
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Total
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||||||||||||||||||||||
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Fair Value
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Unrealized
Gain/(Loss)
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Fair Value
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Unrealized
Gain/(Loss)
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Fair Value
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Unrealized
Gain/(Loss)
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|||||||||||||||||||
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Certificate of Deposits
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$ | 741,384 | -- | -- | -- | 741,384 | -- | |||||||||||||||||
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Mutual Funds
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-- | -- | -- | -- | -- | -- | ||||||||||||||||||
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Equity Securities
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-- | -- | -- | -- | -- | -- | ||||||||||||||||||
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|
||||||||||||||||||||||||
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Total
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$ | 741,384 | -- | -- | -- | 741,384 | -- | |||||||||||||||||
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September 30, 2012
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||||||||||||||||||||||||
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Current
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Non-Current
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Total
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||||||||||||||||||||||
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Fair Value
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Unrealized
Gain/(Loss)
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Fair Value
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Unrealized
Gain/(Loss)
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Fair Value
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Unrealized
Gain/(Loss)
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|||||||||||||||||||
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Certificate of Deposits
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$ | 735,625 | -- | 480,000 | -- | 1,215,625 | -- | |||||||||||||||||
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Mutual Funds
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-- | -- | -- | -- | -- | -- | ||||||||||||||||||
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Equity Securities
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-- | -- | -- | -- | -- | -- | ||||||||||||||||||
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Total
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$ | 735,625 | -- | 480,000 | -- | 1,215,625 | -- | |||||||||||||||||
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September 30, 2011
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Quoted Prices in
Active Markets for
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Significant
Other
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Significant
Unobservable
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||||||||||
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Certificate of Deposit
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$ | 741,384 | -- | -- | ||||||||
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Mutual Funds
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-- | -- | -- | |||||||||
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Equity Securities
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$ | -- | -- | -- | ||||||||
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September 30, 2011
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||||||||||||
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Quoted Prices in
Active Markets for
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Significant
Other
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Significant
Unobservable
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||||||||||
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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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$ | -- | -- | -- | ||||||||
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Nine Months
Ended
09/30/12
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Nine Months
Ended
09/30/11
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|||||||
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Net gas produced (MCF)
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60,205 | 48,372 | ||||||
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Average gas sales price (per MCF)
(1)
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$ | 3.34 | $ | 5.05 | ||||
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Net oil produced (Bbl)
(2)
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15,074 | 7,279 | ||||||
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Average oil sales price (per Bbl)
(1,2)
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$ | 106.20 | $ | 103.15 | ||||
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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 filed herewith
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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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| 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 |
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CKX Lands, Inc.
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Date: November 8, 2012
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/s/ Joseph K. Cooper | |
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Joseph K. Cooper
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President and Chief Executive Officer
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Date: November 8, 2012
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/s/ Brian R. Jones | |
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Brian R. Jones
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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 |
|---|