Canal Capital Corp.: Form 10-Q - Filed by newsfilecorp.com

0001062993-12-005157.txt : 20121128 0001062993-12-005157.hdr.sgml : 20121128 20121128125815 ACCESSION NUMBER: 0001062993-12-005157 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20121128 DATE AS OF CHANGE: 20121128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANAL CAPITAL CORP CENTRAL INDEX KEY: 0000101821 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 510102492 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-96666 FILM NUMBER: 121228361 BUSINESS ADDRESS: STREET 1: 717 FIFTH AVE STREET 2: SUITE 407 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2128266040 MAIL ADDRESS: STREET 1: 717 FIFTH AVE STREET 2: SUITE 407 CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: UNITED STOCKYARDS CORP DATE OF NAME CHANGE: 19881027 10-Q 1 form10q_april30.htm FORM 10-Q Canal Capital Corp.: Form 10-Q - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2012

TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

002-96666
(Commission File Number)

CANAL CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware	51-0102492
(State or other jurisdiction of	(I.R.S. Employer Identification Number)
incorporation or organization)

4 Morris Street
Port Jefferson Station, New York 11776
United States of America
(Address of principal executive offices)

(631) 234-0140
(Registrant's telephone number, including area code)

N/A
(Former name, address and former fiscal year, if changed since last report)

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [_] No [X]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [_] No [_]

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [_]	Accelerated filer [_]
Non-accelerated filer [_]	Smaller reporting company [X]

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [X]

State the number of shares outstanding of each of the Issuers classes of common equity, as of the latest practicable date:

Common Stock, $.01 par value per share: 4,326,929 outstanding at June 15, 2012.

EXPLANATORY NOTE

As a result of financial constraints, the Company’s financial statements for the fiscal years ended October 31, 2011, 2010 and 2009, and for the interim fiscal quarters had not been previously audited or reviewed by an independent auditor. In February 2012, the Company received notice from the SEC of its obligation to file audited and reviewed financial statements with its periodic reports and the nine reports outlined above were appropriately amended and filed with the SEC on October 30, 2012. This report is the second of the final three filings which the Company expects to file in order to become fully compliant with its reporting requirements with SEC. The Company expects to be fully compliant on or before January 31, 2013.

Where indicated, the financial data presented in the 10-Q is as of April 30, 2012, however, the other disclosures have been updated to reflect the Company’s operations as at the date of this filing.

CANAL CAPITAL CORPORATION

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
		PAGE
ITEM 1.	INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	4
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	23
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	31
ITEM 4.	CONTROLS AND PROCEDURES	32

PART II – OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	33
ITEM 1A.	RISK FACTORS	34
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	34
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	34
ITEM 4.	MINE SAFETY DISCLOSURES	34
ITEM 5.	OTHER INFORMATION	34
ITEM 6.	EXHIBITS	34
SIGNATURES		35

PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Consolidated Balance Sheets (Unaudited) – April 30, 2012 and October 31, 2011	5

Consolidated Statements of Operations and Comprehensive Income (Loss)(Unaudited) for the Six and Three Month Periods ended April 30, 2012 and 2011	7

Consolidated Statements of Cash Flows (Unaudited) for the Six Month Periods ended April 30, 2012 and 2011	11

Notes to Unaudited Consolidated Financial Statements	13

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

APRIL 30, 2012 (UNAUDITED) AND OCTOBER 31, 2011

		APRIL 30,		OCTOBER 31,
		2012		2011
ASSETS:
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS	$	191,152	$	35,514
RESTRICTED CASH – TRANSIT INSURANCE		83,711		35,484
ACCOUNTS RECEIVABLE		214,634		120,300
STOCKYARDS INVENTORY		8,274		20,749
PREPAID EXPENSES		49,691		13,948
TOTAL CURRENT ASSETS		547,462		225,995


NON-CURRENT ASSETS:
PROPERTY ON OPERATING LEASES, NET OF ACCUMULATED DEPRECIATION OF $505,699 AND $494,599 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY		1,181,908		1,668,008

PROPERTY USED IN STOCKYARD OPERATIONS, NET OF ACCUMULATED DEPRECIATION OF $221,857 AND $212,257 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY		1,062,667		1,072,267

PROPERTY HELD FOR DEVELOPMENT OR RESALE		52,250		52,250

OTHER ASSETS:
RESTRICTED CASH – LETTER OF CREDIT		155,000		140,000
ART INVENTORY		10,000		10,000
		165,000		150,000
	$	3,009,287	$	3,168,520

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

APRIL 30, 2012 (UNAUDITED) AND OCTOBER 31, 2011

		APRIL 30,			OCTOBER 31,
		2012			2011

LIABILITIES & STOCKHOLDERS' EQUITY:

CURRENT LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	$	134,634		$	160,370
LINE OF CREDIT – ORDER BUYING		164,050			106,395
TRANSIT INSURANCE		83,711			35,484

TOTAL CURRENT LIABILITIES		382,395			302,249


NON-CURRENT LIABILITIES:
LONG-TERM DEBT, RELATED PARTY		564,000			847,000
LONG-TERM PENSION LIABILITY		630,761			812,820
SALARIES AND INTEREST PAYABLE – OFFICERS		480,600			458,700
REAL ESTATE TAXES PAYABLE		56,867			56,200

TOTAL NON-CURRENT LIABILITIES		1,732,228			2,174,720


COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

PREFERRED STOCK, $0.01 PAR VALUE:
10,000,000 SHARES AUTHORIZED; 9,102,655 SHARES ISSUED AND OUTSTANDING AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY AND AGGREGATE LIQUIDATION PREFERENCE OF $10 PER SHARE FOR $ 91,026,550 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY		91,027			91,027

COMMON STOCK, $0.01 PAR VALUE:
10,000,000 SHARES AUTHORIZED; 5,313,794 SHARES ISSUED AND 4,326,929 SHARES OUT- STANDING AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY		53,138			53,138

ADDITIONAL PAID-IN CAPITAL		25,526,721			25,526,721

ACCUMULATED DEFICIT		(11,907,551	)		(12,056,664	)

986,865 SHARES OF COMMON STOCK HELD IN TREASURY, AT COST		(11,003,545	)		(11,003,545	)

COMPREHENSIVE INCOME:
PENSION VALUATION RESERVE		(1,865,126	)		(1,919,126	)

		894,664			691,551

	$	3,009,287		$	3,168,520

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED APRIL 30, 2012 AND 2011

(UNAUDITED)

	2012		2011
REAL ESTATE OPERATIONS:
REAL ESTATE REVENUES:
SALE OF REAL ESTATE	852,000		0
OUTSIDE REAL ESTATE RENT	133,045		136,488
EXCHANGE BUILDING RENTAL INCOME	0		0
	985,045		136,488
REAL ESTATE EXPENSES:
COST OF REAL ESTATE SOLD	505,821		0
LABOR, OPERATING AND MAINTENANCE	4,828		4,534
DEPRECIATION AND AMORTIZATION	11,100		11,100
TAXES OTHER THAN INCOME TAXES	7,500		7,500
GENERAL AND ADMINISTRATIVE	5,100		5,100
	534,349		28,234
INCOME FROM REAL ESTATE OPERATIONS	450,696		108,254

GENERAL AND ADMINISTRATIVE EXPENSE	(487,974	)	(414,027	)

(LOSS) FROM CONTINUING OPERATIONS	(37,278	)	(305,773	)

OTHER (EXPENSE) INCOME:
INTEREST & OTHER INCOME	272		269
INTEREST EXPENSE	(44,629	)	(42,350	)
ART SALES AND OPERATIONS	0		0
	(44,357	)	(42,081	)

(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES	(81,635	)	(347,854	)
PROVISION FOR INCOME TAXES	0		0
(LOSS) FROM CONTINUING OPERATIONS	(81,635	)	(347,854	)

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

FOR THE SIX MONTHS ENDED APRIL 30, 2012 AND 2011

Continued

		2012		2011

DISCONTINUED STOCKYARD OPERATIONS:

STOCKYARD REVENUES:
YARD HANDLING AND AUCTION	$	1,095,691	$	1,039,421
FEED AND BEDDING INCOME		69,787		67,063
RENTAL & OTHER INCOME		82,763		65,158
		1,248,241		1,171,642

STOCKYARD EXPENSES:
LABOR AND RELATED COSTS		425,201		411,153
OTHER OPERATING AND MAINTENANCE		266,836		239,682
FEED AND BEDDING EXPENSE		65,492		50,114
DEPRECIATION AND AMORTIZATION		9,600		10,200
TAXES OTHER THAN INCOME TAXES		40,953		40,396
GENERAL AND ADMINISTRATIVE		209,411		201,184
		1,017,493		952,729

INCOME FROM DISCONTINUED STKY OPERATIONS		230,748		218,913


NET INCOME (LOSS)		149,113		(128,941	)

OTHER COMPREHENSIVE INCOME (LOSS):

MINIMUM PENSION LIABILITY ADJUSTMENT		54,000		54,000

COMPREHENSIVE INCOME (LOSS)	$	203,113	$	(74,941	)

NET INCOME (LOSS) PER COMMON SHARE
BASIC AND DILUTED	$	0.03	$	(0.03	)

WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC AND DILUTED		4,326,929		4,326,929

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED APRIL 30, 2012 AND 2011

(UNAUDITED)

	2012		2011
REAL ESTATE OPERATIONS:
REAL ESTATE REVENUES:
SALE OF REAL ESTATE	852,000		0
OUTSIDE REAL ESTATE RENT	62,801		66,244
EXCHANGE BUILDING RENTAL INCOME	0		0
	914,801		66,244
REAL ESTATE EXPENSES:
COST OF REAL ESTATE SOLD	505,821		0
LABOR, OPERATING AND MAINTENANCE	2,289		2,204
DEPRECIATION AND AMORTIZATION	5,550		5,550
TAXES OTHER THAN INCOME TAXES	3,750		3,750
GENERAL AND ADMINISTRATIVE	2,550		2,550
	519,960		14,054
INCOME FROM REAL ESTATE OPERATIONS	394,841		52,190

GENERAL AND ADMINISTRATIVE EXPENSE	(280,253	)	(208,167	)

INCOME (LOSS) FROM CONTINUING OPERATIONS	114,588		(155,977	)

OTHER (EXPENSE) INCOME:
INTEREST & OTHER INCOME	152		52
INTEREST EXPENSE	(23,454	)	(21,175	)
ART SALES AND OPERATIONS	0		0
	(23,302	)	(21,123	)

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	91,286		(177,100	)
PROVISION FOR INCOME TAXES	0		0
INCOME (LOSS) FROM CONTINUING OPERATIONS	91,286		(177,100	)

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED APRIL 30, 2012 AND 2011

Continued

		2012		2011

DISCONTINUED STOCKYARD OPERATIONS:

STOCKYARD REVENUES:
YARD HANDLING AND AUCTION	$	481,226	$	533,348
FEED AND BEDDING INCOME		26,500		27,165
RENTAL & OTHER INCOME		50,945		32,312
		558,671		592,825

STOCKYARD EXPENSES:
LABOR AND RELATED COSTS		206,418		205,508
OTHER OPERATING AND MAINTENANCE		147,618		132,516
FEED AND BEDDING EXPENSE		27,615		21,308
DEPRECIATION AND AMORTIZATION		4,800		5,100
TAXES OTHER THAN INCOME TAXES		19,805		20,181
GENERAL AND ADMINISTRATIVE		99,904		97,583
		506,160		482,196

INCOME FROM DISCONTINUED STKY OPERATIONS		52,511		110,629

NET INCOME (LOSS)		143,797		(66,471	)

OTHER COMPREHENSIVE INCOME (LOSS):

MINIMUM PENSION LIABILITY ADJUSTMENT		27,000		27,000

COMPREHENSIVE INCOME (LOSS)	$	170,797	$	(39,471	)

NET INCOME (LOSS) PER COMMON SHARE
BASIC AND DILUTED	$	0.03	$	(0.02	)

WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC AND DILUTED		4,326,929		4,326,929

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED APRIL 30, 2012 AND 2011

(UNAUDITED)

		2012			2011
CASH FLOWS FROM OPERATING ACTIVITIES:
NET (LOSS)	$	149,113		$	(128,941	)
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		20,700			21,300
GAIN ON SALES OF REAL ESTATE		(346,179	)		0
MINIMUM PENSION LIABILITY ADJUSTMENT		54,000			54,000

DECREASE (INCREASE) IN OPERATING ASSETS
ACCOUNTS RECEIVABLE		(94,334	)		17,049
STOCKYARDS INVENTORY		12,475			(8,531	)
PREPAID EXPENSES		(35,743	)		(39,855	)
RESTRICTED CASH – LETTER OF CREDIT		(15,000	)		0
RESTRICTED CASH – TRANSIT INSURANCE		(48,227	)		(44,652	)

INCREASE (DECREASE) IN OPERATING LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED EXPENSES		(25,736	)		(93,435	)
LINE OF CREDIT – ORDER BUYING		57,655			(57,000	)
PENSION PLAN PAYABLE		(182,059	)		(146,470	)
SALARIES AND INTEREST PAYABLE - OFFICERS		21,900			54,350
REAL ESTATE TAXES PAYABLE		667			889
TRANSIT INSURANCE		48,227			44,652
TOTAL ADJUSTMENTS		(531,654	)		(197,703	)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(382,541	)		(326,644	)

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED APRIL 30, 2012 AND 2011

Continued

		2012			2011

CASH FLOWS FROM INVESTING ACTIVITIES:

PROCEEDS FROM SALES OF REAL ESTATE		852,000			0
COSTS RELATING TO SALES OF REAL ESTATE		(30,821	)		0
CAPITAL EXPENDITURES		0			(7,500	)

NET CASH PROVIDED BY INVESTING ACTIVITIES		821,179			(7,500	)

CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES:

PROCEEDS FROM LONG-TERM DEBT OBLIGATION		(283,000	)		0
REPAYMENT OF LONG-TERM DEBT OBLIGATION		0			0

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES		(283,000	)		0

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		155,638			(334,144	)

CASH AND CASH EQUIVALENTS AT BEGN OF YEAR		35,514			510,361

CASH AND CASH EQUIVALENTS AT END OF YEAR	$	191,152		$	176,217

		APRIL 30,
		2012			2011
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

CASH PAID DURING THE YEAR FOR:

INTEREST	$	44,629		$	42,350
INCOME TAXES	$	0		$	0

SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.

CANAL CAPITAL CORPORATION AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1.	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Canal Capital Corporation, incorporated in the state of Delaware in 1964, commenced business operations through a predecessor in 1936.

Going Concern - While the Company is currently operating as a going concern, certain significant factors raise substantial doubt about the Company's ability to continue as a going concern. The Company has suffered recurring losses from operations and is obligated to continue making substantial annual contributions to its defined benefit pension plan. The financial statements do not include any adjustments that might result from the resolution of these uncertainties. Additionally, the accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Due to cash flow constraints, the Company has entered a program of closely monitoring and reducing where possible its operating expenses. As part of that program, the Company has sold most of its property and has reduced the level of its art inventories to enhance cash flows. As of the date of this report, the Company has sold its Sioux Falls, South Dakota property (formerly used in stockyard operations), two of its three remaining rental properties and its stockyard operations, including the 30 acres of land and the improvements thereon located in St. Joseph, Missouri. The Company’s only remaining real estate property is a rental property located in Omaha, Nebraska. Management is unsure if its income from operations combined with its cost-cutting program and planned reduction of its antiquities art inventory will enable it to finance its future business activities or fund operating cash requirements. In the interim, the Company is undertaking efforts to identify alternative business opportunities for the Company. If for some reason the Company is not able to identify an acceptable alternative business opportunity within a reasonable period of time, it may not have sufficient resources to continue meeting its reporting obligations with the Securities and Exchange Commission or other obligations which arise from its minimal operations. This in turn would severely diminish the ability of the Company to explore alternative business opportunities.

Canal was engaged in two distinct businesses - real estate and stockyard operations. As discussed above, as of the date of this report, Canal is no longer in the stockyards business.

Real Estate Operations - Canal's real estate properties are located in Sioux City, Iowa, South St Paul, Minnesota, St Joseph, Missouri, Omaha, Nebraska and Sioux Falls, South Dakota. The properties consist, for the most part, of land and structures leased to third parties (rail car repair shops, lumber yards and various other commercial and retail businesses) as well as vacant land available for development or resale. Its principal real estate operating revenues are derived from lease income from land and structures leased to various commercial and retail enterprises, and proceeds from the sale of real estate properties.

In April 2012, Canal sold 6 acres of land and the improvements thereon located in Sioux City, Iowa to the company’s Chief Executive Officer, Michael E. Schultz for $852,000 generating a gain of $346,000. Canal repaid $283,000 of its outstanding mortgage notes from the proceeds of this sale.

Stockyard Operations – At April 30, 2012 Canal operated one central public stockyard located in St. Joseph, Missouri. In August 2012, Canal sold its St. Joseph, Missouri stockyard operation (including approximately 30 acres of land and improvements) for $500,000 generating a loss of $577,000. Canal repaid $164,000 of its outstanding mortgage notes from the proceeds of this sale.

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A) Earnings (Loss) Per Share -- Basic earnings (loss) per share is computed by dividing the net income (loss) applicable to common shares by the weighted average of common shares outstanding during the period. Diluted earnings (loss) per share adjusts basic earnings (loss) per share for the effects of convertible securities, stock options and other potentially dilutive financial instruments, only in the period in which such effect is dilutive. There were no dilutive securities in any of the periods presented herein. The shares issuable upon the exercise of stock options are excluded from the calculation of net income (loss) per share as their effect would be antidilutive.

B) Recent Accounting Pronouncements -- In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04"). This update amends ASC Topic 820, “Fair Value Measurement and Disclosure.” ASU 2011-04 clarifies the application of certain existing fair value measurement guidance and expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. ASU 2011-04 is effective for annual and interim reporting periods beginning on or after December 15, 2011. The new guidance is to be adopted prospectively and early adoption is not permitted. We do not believe that adoption of ASU 2011-04 will have a significant impact on our financial position, results of operations or cash flows.

On June 16, 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05"). This update amends ASC Topic 220, “Comprehensive Income” to provide that total comprehensive income will be reported in one continuous statement or two separate but consecutive statements of financial performance. Presentation of total comprehensive income in the statement of stockholders’ equity or the footnotes will no longer be allowed. The calculation of net income and basic and diluted net income per share will not be affected. ASU 2011-05 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2011. Retrospective adoption is required and early adoption is permitted. We do not believe that adoption of ASU 2011-05 will have a significant impact on our financial position, results of operations or cash flows.

3.	INTERIM FINANCIAL STATEMENTS

The interim consolidated financial statements included herein have been prepared by Management, in accordance with accounting principles generally accepted in the United States, and in the opinion of Management, contain all adjustments necessary to present fairly its financial position as of April 30, 2012 and the results of its operations and its cash flows for the six month period ended April 30, 2012. All of the above referenced adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements for the two years ended October 31, 2011 and the notes thereto which are contained in Canal’s 2011 Annual Report on Form 10-K. The results of operations for the period presented is not necessarily indicative of the results to be expected for the remainder of fiscal 2012.

4.	RELATED PARTY DEBT

The Company’s mortgage notes (originally issued in 1998) are due May 15, 2015 and are held entirely by the Company’s Chief Executive Officer. These notes carry interest at the rate of ten percent per annum. These notes, among other things, prohibit Canal from becoming an investment company as defined by the Investment Company Act of 1940; require Canal to maintain minimum net worth; restricts Canal’s ability to pay cash dividends or repurchase stock and require principal prepayments to be made only out of the proceeds from the sale of certain assets. As of April 30, 2012, the balance due under these notes was $564,000, all of which is classified as long-term debt-related party. Canal has incurred interest expense on these notes of approximately $45,000 and $42,000 for the six month periods ended April 30, 2012 and 2011, respectively. Accrued interest of $84,600 and $84,700 is included in salaries and interest payable-officers at April 30, 2012 and October 31, 2011, respectively.

At April 30, 2012, substantially all of Canal's real properties, the stock of certain subsidiaries, the investments and a substantial portion of its art inventories are pledged as collateral for the following obligations:

		Apr. 31,		October 31,
($ 000's Omitted)		2012		2011
Variable rate mortgage notes due May 15, 2015 - related party	$	564	$	847
Less -- current maturities		0		0
Long-term debt	$	564	$	847

The Company has a line of credit with HNB Bank in the amount of $250,000. This credit line is used in the Company’s Saint Joseph stockyard order buying operation. The outstanding balances on this line of credit are secured by either the livestock purchased on order or the associated receivable for the livestock that has been delivered to the purchaser.

The outstanding balances on this credit line were $164,000 and $106,000 at April 30, 2012 and October 31, 2011, respectively.

5.	RESTRICTED CASH

Letter of Credit - This is a $155,000 deposit with Mercantile Bank to secure bonds required by the Packers and Stockyards Administration in relation to the St. Joseph Stockyards clearing operation. This deposit is maintained in an interest bearing account.

Transit Insurance - Transit insurance covers livestock for the period that they are physically at the stockyards and under the care of stockyard personnel. This self insurance program is funded by a per head charge on all livestock received at the stockyard. The restricted cash - transit insurance balances of approximately $84,000 and $35,000 at April 30, 2012 and October 31, 2011, respectively, represents the excess of per head fees charged over actual payments made for livestock that was injured or died while at the stockyards.

6.	STOCK OPTION PLAN

Under Canal's 1984 Employee and 1985 Directors Stock Option Plans, 550,000 and 264,000 shares, respectively, of Canal's common stock have been reserved for option grants. The purchase price of shares subject to each option granted, under the Employee and Directors Plans, will not be less than 85% and 100%, respectively, of their fair market value at the date of grant. Options granted under both plans are exercisable for 10 years from the date of grant, but no option will be exercisable earlier than one year from the date of grant. Under the Employee Plan, stock appreciation rights may be granted in connection with stock options, either at the time of grant of the options or at any time thereafter. No stock appreciation rights have been granted under this plan. There were no exercisable options outstanding under either of these plans at April 30, 2012.

7.	ART INVENTORY

Antiquities art valued at $10,000 represented 100% of total art inventory at both April 30, 2012 and October 31, 2011. The Company records a valuation allowance against the current portion of its inventory to reduce it to its estimated net realizable value based on the history of losses sustained on inventory items sold in the current and previous years. As of April 30, 2012 the valuation allowance is approximately $466,000.

8.	INCOME TAXES

At April 30, 2012, the Company has net operating loss carry forwards of approximately $8,661,000 that expire through 2029. For financial statement purposes, a valuation allowance has been provided to offset the net deferred tax assets due to the cumulative net operating losses incurred during recent years. The valuation allowance will be reduced when and if, in the opinion of management, significant positive evidence exists which indicates that it is more likely than not that the Company will be able to realize its deferred tax assets.

9.	LEASE COMMITMENTS

Canal’s corporate headquarters are now located in the personal residence of its Chief Financial Officer.

There are no operating leases that have initial or remaining non-cancellable terms in excess of one year as of April 30, 2012. Accordingly, Canal has no future minimum payments due over the next five years.

10.	MINIMUM FUTURE RENTALS ON OPERATING LEASES

Minimum future rentals consist primarily of rental income from leased land and structures, Exchange Building rents (commercial office space) and other rental activities, all of which are accounted for as operating leases. The estimated minimum future rentals on operating leases are $210,000, $110,000, $110,000, $110,000 and $110,000 for fiscal years 2012, 2013, 2014, 2015 and 2016, respectively.

11.	PROPERTY USED IN STOCKYARD OPERATIONS

A schedule of the Company’s property used in stockyard operations at April 30, 2012 is as follows (000's omitted):

						Current Year
						(Retirements)
		Historical Cost				Additions							Carrying
				Bldgs. &				Bldgs. &		Accum.			Value
Description (1)		Land		Imprvmts.		Land		Imprvmts.		Depr.			04/30/12

30 acres of land in St. Joseph, MO Acquired in 1942	$	902	$	384	$	0	$	0	$	(223	)	$	1,063

Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.

12.	PROPERTY ON OPERATING LEASES

A schedule of the Company’s property on operating leases at April 30, 2012 is as follows (000's omitted):

						Current Year
						(Retirements
		Historical Cost				Additions								Carrying
				Bldgs. &					Bldgs. &		Accum.			Value
Description (1)		Land		Imprvmts.		Land			Imprvmts.		Depr.			04/30/12
New York office Leasehold assets	$	0	$	8	$	0		$	0	$	(8	)	$	0

9 acres of land in Omaha, NE Acquired in 1976		1,150		35		0			0		(20	)		1,165

3 acres of land in S. St. Paul, MN Acquired in 1937		10		485		0			0		(478	)		17

4 acres of land in Sioux City, IA Acquired in 1937		475		0		(475	)		0		0			0
	$	1,635	$	528	$	(475	)	$	0	$	(506	)	$	1,182

Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.

13.	PROPERTY HELD FOR DEVELOPMENT OR RESALE

A schedule of the Company’s property held for development or resale at April 30, 2012 is as follows (000's omitted):

Description		Land
02 acres of land Sioux City, IA	$	52

Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.

14.	PENSION VALUATION RESERVE

The Pension Valuation Reserve represents the excess of additional minimum pension liability required under the provisions of ACS 715 over the unrecognized prior service costs of former stockyard employees. Such excess arose due to the decline in the market value of pension assets available for pension benefits of former employees, which benefits were frozen at the time the stockyard operations were sold in 1989. The additional minimum pension liability will be expensed as actuarial computations of annual pension cost recognize the deficiency that exists.

The components of net periodic benefit cost are as follows:

	Six Months		Ended
	4/30/12		4/30/11

Service cost	4,000		4,000
Interest cost	52,000		52,000
Expected return on plan assets	(56,000	)	(56,000	)
Amortization of prior service cost	0		0
Recognized net actuarial loss	60,000		60,000
Net periodic benefit cost	60,000		60,000

For the six months ended April 30, 2012, amounts have been estimated, actual amounts will be based on the discount rate and assets available at year end.

The Company’s required contribution to its pension plan for fiscal 2012 is approximately $182,000, all of which was contributed to the pension plan as of April 30, 2012.

15.	401(k) PLAN

The Company has a defined contribution 401(k) plan covering substantially all of its full time stockyard employees. The plan provides for employee contributions and 401(k) matching contributions of up to 2 ½% of the employee’s annual salary by the Company. The Company made 401(k) matching contributions of approximately $5,000 for each of the six month periods ended April 30, 2012 and 2011.

16.	LEGAL PROCEEDINGS

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.

Environmental Contingency

In 1989, the Company sold its 48 acre Portland, Oregon stockyard to Oregon Waste Systems, Inc. On September 29, 2003, the United States Environmental Agency (EPA) placed a 4.2 acre portion of that property on the National Priorities List pursuant to the Comprehensive Environmental Response Compensation and Liability Act (CERCLA), commonly known as the Superfund Act. In a letter from the EPA dated June 27, 2005 the Company, along with approximately 13 other parties, including the current owner and operator of the site, was notified that it might be liable to perform or pay for the remediation of environmental contamination found on and around the site.

Since the receipt of the letter, the Company has been in periodic communications with the other parties who received a similar letter with respect to what action, collectively or individually, should be taken in response to the EPA assertion of liability. The Company believes that the remediation of contamination of the site is properly the responsibility of other parties that have occupied and used it for waste recycling purposes since 1961, although under CERCLA the EPA is able to assert joint and several liability against all parties who ever owned or operated the site or generated or transported wastes to it. The EPA investigation is in its preliminary stages and the Company intends to vigorously defend any liability for remediation. At April 30, 2012, the liability for remediation, if any, was not estimable and therefore no accrual has been recorded in the financial statements.

We are currently not aware of any other legal proceedings or claims that we believe will have a material adverse affect on our business, financial condition or operating results.

17.	RELATED PARTY TRANSACTIONS

At April 30, 2012, all of Canal’s Long-Term Debt was held by the company’s Chief Executive Officer. The notes pay interest at a rate of 10% per annum and come due May 15, 2015. Canal has incurred interest expense on these notes of approximately $45,000 and $42,000 for the six month periods ended April 30, 2012 and 2011, respectively. At various times during fiscal 2012 the holder of these notes agrees to defer interest payments. This deferred interest liability accrues additional interest at a rate of 10% per annum, while outstanding and is repaid as funds become available. As of April 30, 2012, the balance due under these notes was $564,000 all of which is classified as long-term debt related party. Accrued interest of $84,600 and $84,700 is included in salaries and interest payable-officers at April 30, 2012 and October 31, 2011, respectively.

18.	SUBSEQUENT EVENTS

In July 2012, Canal sold one acre of land and the improvements thereon located in South St. Paul, Minnesota, to an unrelated third party, for $839,000 generating a gain of $791,000.

In August 2012, Canal sold its stockyard operation (30 acres of land and the improvements thereon) located in St. Joseph, Missouri, to an unrelated third party, for $500,000 generating a loss of $577,000. Canal repaid $164,000 of its outstanding mortgage notes from the proceeds of this sale.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following management’s discussion and analysis should be read in conjunction with our financial statements and the notes thereto and the other financial information appearing elsewhere in this report. In addition to historical information, the following discussion contains certain forward-looking information. See “Special Note Regarding Forward Looking Statements” below for certain information concerning those forward looking statements. Our financial statements are prepared in U.S. dollars and in accordance with U.S. GAAP.

Special Note Regarding Our Financial Statements and Forward-looking Statements

In addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as “believe,” “expect,” “anticipate,” “project,” “target,” “plan,” “optimistic,” “intend,” “aim,” “will” or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; and any statements regarding future economic conditions or performance, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements.

Because the factors discussed in this report could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement made by us or on our behalf, you should not place undue reliance on any such forward-looking statement. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as required by law. New factors emerge from time to time, and it is not possible for us to predict which will arrive. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

Use of Terms

Except as otherwise indicated by the context, all references in this report to:

“Canal Capital,” the “Company,” “we,” “us,” and “our,” are to Canal Capital Corporation and its subsidiaries, Omaha Livestock Market, Inc., Sioux Falls Stockyards Company and Canal Arts Corporation;
“SEC” are to the United States Securities and Exchange Commission;
“Securities Act” are to the Securities Act of 1933, as amended;
“Exchange Act” are to the Securities Exchange Act of 1934, as amended; and
“U.S. dollar,” “USD,” “US$” and “$” are to the legal currency of the United States.

Canal Capital Corporation’s fiscal year ends on October 31, of each calendar year. Each reference to a fiscal quarter refers to a three-month period ending on either, January 31, April 30 and July 31, of the calendar year indicated, and each reference to a fiscal year refers to the fiscal year ended October 31 of the calendar year indicated.

Overview of the Company’s Business

Canal Capital Corporation engages in real estate and stockyard operations in the Midwest section of the United States. Canal, along with its wholly owned subsidiaries, Omaha Livestock Market, Inc. and Sioux Falls Stockyards Company is involved in the management and sale of its real estate properties and, until August 2012, in the operation of central public stockyards. Canal also sells antiquities through independent art dealers and at public art auctions through its wholly owned subsidiary Canal Arts Corporation.

At April 30, 2012, Canal's real estate properties were located in Sioux City, Iowa, South St Paul, Minnesota, St Joseph, Missouri, Omaha, Nebraska and Sioux Falls, South Dakota. The properties consisted, for the most part, of an Exchange Building (commercial office space), land and structures leased to third parties (rail car repair shops, lumber yards and various other commercial and retail businesses) as well as vacant land available for development or resale. Canal owned approximately 2 acres of undeveloped land in Sioux City, Iowa and it operated a central public stockyard located in St. Joseph, Missouri. Canal’s stockyard provided various services and facilities required to operate an independent market for the sale of livestock including veterinary facilities, auction arenas, auctioneers, weight masters and scales, feed and bedding facilities and security personnel. Canal also offered other services, such as pure bred and other specialty sales for producer organizations.

Recent Developments

Due to cash flow constraints, the Company has entered a program of closely monitoring and reducing where possible its operating expenses. As part of that program, the Company has sold most of its property and has reduced the level of its art inventories to enhance cash flows. In September 2010, Canal sold approximately 35 acres of land and the improvements thereon located in Sioux Falls, South Dakota (formerly used in stockyard operations) for $2,000,000, generating a gain of $1,242,000. In April 2012, Canal sold 6 acres of land and the improvements thereon located in Sioux City, Iowa to the company’s Chief Executive Officer, Michael E. Schultz for $852,000, generating a gain of $346,000. In July 2012, Canal sold one acre of land and the improvements thereon located in South St. Paul, Minnesota for $839,000, generating a gain of $791,000. In August 2012, Canal sold its stockyard operation (30 acres of land and the improvements thereon) located in St. Joseph, Missouri for $500,000, generating a loss of $577,000. The Company’s only remaining real estate property is a rental property located in Omaha, Nebraska.

As a result of the foregoing financial constraints, the Company’s financial statements for the fiscal years ended October 31, 2011, 2010 and 2009, and for the interim fiscal quarters had not been previously audited or reviewed by an independent auditor. In February 2012, the Company received notice from the SEC of its obligation to file audited and reviewed financial statements with its periodic reports and the nine reports outlined above were appropriately amended and filed with the SEC on October 30, 2012. This report is another in the series of corrective filings which the Company expects to file in order to become fully compliant with its reporting requirements with SEC. The Company expects to be fully compliant on or before January 31, 2013.

Management is unsure if its income from operations combined with its cost-cutting program, planned reduction of its antiquities art inventory and sales of properties will enable it to finance its future business activities or fund operating cash requirements. In the interim, management is undertaking efforts to identify appropriate business opportunities for the Company. If for some reason management is not able to identify an appropriate business opportunity within a reasonable period of time, it may not have sufficient resources to continue meeting its reporting obligations with the Securities and Exchange Commission or other obligations which arise from its minimal operations. This in turn would severely diminish the Company’s ability to explore alternative business opportunities in the future.

Plan of Operations

We are undertaking efforts to identify appropriate business opportunities for our Company. If for some reason the Company is not able to identify an acceptable business opportunity within a reasonable period of time, it may not have sufficient resources to continue meeting its reporting obligations with the Securities and Exchange Commission or other obligations which arise from its minimal operations. This in turn would severely diminish the ability of the Company to explore alternative business opportunities.

Even if we are able to identify business opportunities that our Board deems appropriate, we cannot assure you that such a strategy will provide you with a positive return on your investment, and may in fact result in a substantial decrease in the value of your stock. In addition, if the Board identifies a business opportunity that it deems appropriate, there is no guarantee that the Company could raise the additional capital or get the needed financing to pursue the business opportunity. These factors will substantially increase the uncertainty, and thus the risk, of investing in our shares.

Results of Operations

The following tables set forth certain items in our statement of operations for the periods indicated:

		Six Months Ended April 30,
		2012			2011
		(In Thousands)
Revenues:
Real Estate Revenue	$	985		$	136
Stockyard Revenue		1,248			1,172
Total Revenue		2,233			1,308

Costs and Expenses:

Real Estate Expenses		534			28
Stockyard Expenses		1,018			953
General and Administrative Expenses		488			414
Total Costs and Expenses		2,040			1,395

Income (Loss) from Operations		193			(87	)
Other Income		1			0
Interest Expense		(45	)		(42	)
Other Expenses		0			0

Net Income (Loss)	$	149		$	(129	)

Revenues

Canal's revenues from continuing operations consist of revenues from its real estate and stockyard operations. Revenues for the six month period ended April 30, 2012 increased by $925,000 to $2,233,000 as compared with $1,308,000 for the same period in fiscal 2011. The fiscal 2012 increase in revenues was due primarily to the $852,000 increase in sale of real estate during the second quarter of fiscal 2012.

Canal’s revenues for the three month period ended April 30, 2012 increased by $814,000 to $1,473,000 as compared with $659,000 for the same period in fiscal 2011. The fiscal 2012 increase in revenues was due primarily to the $852,000 increase in sale of real estate during the second quarter of fiscal 2012.

Real Estate Revenues: Real estate revenues for the six months ended April 30, 2012 of $985,000 accounted for 44.1% of the fiscal 2012 revenues as compared to real estate revenues of $136,000 or 10.4% for the same period in fiscal 2011. Real estate revenues were comprised of sale of real estate (86.5% and 0.0%) and rentals and other lease income from the rental of vacant land and certain structures (13.5% and 100.0%) for the six months ended April 30, 2012 and 2011, respectively. The percentage variations in the year to year comparisons were due primarily to the sharp increase in the sale of real estate experienced during the second quarter of fiscal 2012.

Real estate revenues for the three months ended April 30, 2012 of $915,000 accounted for 62.1% of the fiscal 2012 revenues as compared to real estate revenues of $66,000 or 10.1% for the same period in fiscal 2011. Real estate revenues were comprised of sale of real estate (93.1% and 0.0%) and rentals and other lease income from the rental of vacant land and certain structures (6.9% and 100.0%) for the three months ended April 30, 2012 and 2011, respectively. The percentage variations in the year to year comparisons were due primarily to the sharp increase in the sale of real estate experienced during the second quarter of fiscal 2012.

Stockyard Revenues: Stockyard revenues for the six months ended April 30, 2012 of $1,248,000 accounted for 55.9% of the fiscal 2012 revenues as compared to stockyard revenues of $1,172,000 or 89.6% for the same period in fiscal 2011. The 2012 increase in stockyard revenues was due primarily to an increase in the volume of livestock handled at the St. Joseph stockyards during the first quarter of fiscal 2012. Stockyard revenues were comprised of yard handling and auction (87.2% and 88.7%), feed and bedding income (4.4% and 5.7%) and rental and other income (8.4% and 5.6%) for the six month periods ended April 30, 2012 and 2011, respectively. There were no significant percentage variations in the year to year comparisons.

Stockyard revenues for the three months ended April 30, 2012 of $559,000 accounted for 37.9% of the fiscal 2012 revenues as compared to stockyard revenues of $593,000 or 89.9% for the same period in fiscal 2011. The 2012 increase in stockyard revenues was due primarily to an increase in the volume of livestock handled at the St. Joseph stockyards during the first quarter of fiscal 2012. Stockyard revenues were comprised of yard handling and auction (86.1% and 90.0%), feed and bedding income (4.7% and 4.6%) and rental and other income (9.2% and 5.4%) for the three month periods ended April 30, 2012 and 2011, respectively. There were no significant percentage variations in the year to year comparisons.

Art Revenues: Canal had no art sales in the six month periods ended April 30, 2012 or 2011. Art revenues, if any, were comprised of the proceeds from the sale of antiquities art. Canal had no art expenses for the six month periods ended April 30, 2012 and 2011, respectively. Art expenses, if any, were comprised of the cost of inventory sold and selling, general and administrative expenses. It is the Company’s policy to use the adjusted carrying value for sales, thereby reducing the valuation reserve proportionately as the inventory is sold.

Canal had no art sales in the three month periods ended April 30, 2012 or 2011. Art revenues, if any, were comprised of the proceeds from the sale of antiquities art. Canal had no art expenses for the three month periods ended April 30, 2012 and 2011, respectively. Art expenses, if any, were comprised of the cost of inventory sold and selling, general and administrative expenses. It is the Company’s policy to use the adjusted carrying value for sales, thereby reducing the valuation reserve proportionately as the inventory is sold.

Expenses

Real Estate Expenses: Real estate expenses for the six months ended April 30, 2012 of $534,000 increased by $506,000 from real estate expenses of $28,000 for the same period in fiscal 2011. The increase in real estate expenses is consistent with the 2012 increase in real estate revenues. Real estate expenses were comprised of the cost of real estate sold (94.7% and 0.0%), labor, operating and maintenance (0.9% and 16.1%), depreciation and amortization (2.1% and 39.3%), taxes other than income taxes (1.4% and 26.6%) and general and administrative expenses (0.9% and 18.0%) for the six months ended April 30, 2012 and 2011, respectively. The percentage variations in the year to year comparisons were consistent with the increase in real estate revenues discussed above.

Real estate expenses for the three months ended April 30, 2012 of $520,000 increased by $506,000 from real estate expenses of $14,000 for the same period in fiscal 2011. The increase in real estate expenses is consistent with the 2012 increase in real estate revenues. Real estate expenses were comprised of the cost of real estate sold (97.3% and 0.0%), labor, operating and maintenance (0.4% and 15.7%), depreciation and amortization (1.1% and 39.5%), taxes other than income taxes (0.7% and 26.7%) and general and administrative expenses (0.5% and 18.1%) for the three months ended April 30, 2012 and 2011, respectively. The percentage variations in the year to year comparisons were consistent with the increase in real estate revenues discussed above.

Stockyard Expenses: Stockyard expenses for the six months ended April 30, 2012 of $1,018,000 increased by $65,000 (6.8%) from stockyard expenses of $953,000 for the same period in fiscal 2011. The increase in stockyard expenses is consistent with the 2012 increase in stockyard revenues. Stockyard expenses were comprised of labor and related costs (42.7% and 43.2%), other operating and maintenance (24.6% and 25.2%), feed and bedding expense (6.6% and 5.3%), depreciation and amortization (1.0% and 1.1%), taxes other than income taxes (4.1% and 4.2%) and general and administrative expense (21.0% and 21.0%) for the six month periods ended April 30, 2012 and 2011, respectively. There were no significant percentage variations in the year to year comparisons.

Stockyard expenses for the three months ended April 30, 2012 of $506,000 increased by $24,000 (5.0%) from stockyard expenses of $482,000 for the same period in fiscal 2011. The increase in stockyard expenses is consistent with the 2012 increase in stockyard revenues. Stockyard expenses were comprised of labor and related costs (40.8% and 42.6%), other operating and maintenance (29.2% and 27.5%), feed and bedding expense (5.5% and 4.4%), depreciation and amortization (0.9% and 1.1%), taxes other than income taxes (3.9% and 4.2%) and general and administrative expense (19.7% and 20.2%) for the three month periods ended April 30, 2012 and 2011, respectively. There were no significant percentage variations in the year to year comparisons.

General and Administrative

General and administrative expenses for the six months ended April 30, 2012 of $488,000 increased by $74,000 (17.9%) as compared to $414,000 for the same period in fiscal 2011. The major components of general and administrative expenses were officers’ salaries (49.7% and 57.2%), pension expense (11.0% and 13.0%), insurance expense (12.4% and 6.7%), administrative salaries (9.8% and 11.4%), travel expense (3.0% and 2.1%) and professional fees (6.3% and 1.5%) for the six month periods ended April 30, 2012 and 2011, respectively. The percentage variations in the year to year comparisons were due primarily to the sharp increases in insurance expense and professional fees during the first six months of fiscal 2012.

General and administrative expenses for the three months ended April 30, 2012 of $280,000 increased by $72,000 (34.6%) as compared to $208,000 for the same period in fiscal 2011. The major components of general and administrative expenses were officers’ salaries (43.3% and 56.9%), pension expense (9.6% and 13.0%), insurance expense (16.2% and 6.6%), administrative salaries (8.7% and 11.3%), travel expense (3.9% and 2.4%) and professional fees (9.1% and 1.4%) for the three month periods ended April 30, 2012 and 2011, respectively. The percentage variations in the year to year comparisons were due primarily to the sharp increases in insurance expense and professional fees during the first six months of fiscal 2012.

Interest Expense

Interest expense for the six months ended April 30, 2012 of $45,000 increased by $3,000 (5.4%) from $42,000 for the same period in fiscal 2011. The 2012 increase was due primarily to Canal’s payment of additional interest accrued on certain interest payments that had been deferred by the holder of its outstanding mortgage notes. The principal balance outstanding at April 30, 2012 of $564,000 was classified as long-term debt-related party.

Interest expense for the three months ended April 30, 2012 of $23,000 increased by $2,000 (10.8%) from $21,000 for the same period in fiscal 2011. The 2012 increase was due primarily to Canal’s payment of additional interest accrued on certain interest payments that had been deferred by the holder of its outstanding mortgage notes. The principal balance outstanding at April 30, 2012 of $564,000 was classified as long-term debt-related party.

Net (Loss) Income

Canal recognized net income of approximately $149,000 in the six month period ended April 30, 2012 as compared to a net loss of approximately $129,000 for the same period in fiscal 2011. The income in fiscal 2012 was due primarily to the $852,000 sale of real estate in the second quarter which generated a gain of $346,000.

Canal recognized net income of approximately $144,000 in the three month period ended April 30, 2012 as compared to a net loss of approximately $66,000 for the same period in fiscal 2011. The income in fiscal 2012 was due primarily to the $852,000 sale of real estate in the second quarter which generated a gain of $346,000.

Liquidity and Capital Resources

Cash and cash equivalents increased approximately $156,000, from $36,000 at October 31, 2011, to $191,000 at April 30, 2012. At April 30, 2012 the Company’s current assets exceeded current liabilities by approximately $165,000 which was an improvement of approximately $241,000, as compared to October 31, 2011 when the Company’s current liabilities exceeded current assets by approximately $76,000.

Net cash used in operating activities for the six months ended April 30, 2012 were $383,000, as compared to $327,000 for the same period in fiscal 2011, for a net increase of $56,000. This increase in cash used during the six months ended April 30, 2012 was not significant. During fiscal 2012 the Company repaid $283,000 of its outstanding mortgage notes. Additionally, the Company made payments of interest on the long-term debt discussed at “Obligations under Material Contracts” below.

While the Company is currently operating as a going concern, certain significant factors raise substantial doubt about the Company's ability to continue as a going concern. The Company has suffered recurring losses from operations and is obligated to continue making substantial annual contributions to its defined benefit pension plan. The financial statements do not include any adjustments that might result from the resolution of these uncertainties. Additionally, the accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

As discussed above, Canal’s cash flow position has been under significant strain for the past several years. Canal continues to closely monitor and reduce where possible its operating expenses and plans to continue its program to develop or sell the property it holds for development or resale as well as to reduce the level of its art inventories to enhance current cash flows. Management is unsure if its income from operations combined with its cost-cutting program and planned reduction of its antiquities art inventory will enable it to finance its current business activities. There can be no assurance that Canal will be able to effectuate its planned antiquities art inventory reductions or that its income from operations combined with its cost cutting program in itself will be sufficient to fund operating cash requirements. Canal may, as it has in the past, be forced to sell income producing assets to raise needed cash, thereby, further adversely impacting future revenues. As of the date of this report Canal has sold its Sioux Falls, South Dakota property (formerly used in stockyard operations); two of its three remaining rental properties’ and its stockyard operations (30 acres of land and the improvements thereon) located in St. Joseph, Missouri. The Company’s only remaining real estate property is a rental property located in Omaha, Nebraska.

Obligations under Material Contracts

At April 30, 2012, all of the Company’s Long-Term Debt was held by the company’s Chief Executive Officer. These notes pay interest at a rate of 10% per annum and come due May 15, 2015. At various times during fiscal 2012 the holder of these notes agreed to defer interest payments. This deferred interest liability accrued additional interest at a rate of 10% per annum, while outstanding, and is repaid as funds became available. Canal has incurred interest expense on these notes of $45,000 and $42,000 for the fiscal quarters ended April 30, 2012 and 2011, respectively. Accrued interest of $84,600 and $84,700 is included in salaries and interest payable-officers at April 30, 2012 and October 31, 2011, respectively. These notes, among other things, prohibit Canal from becoming an investment company, as defined by the Investment Company Act of 1940, restrict Canal’s ability to pay cash dividends or repurchase stock, and require principal prepayments to be made only out of the proceeds from the sale of certain assets. As of April 30, 2012, the balance due under these notes was $564,000 all of which was classified as long-term debt due to related party. As of the filing of this report, the balance due under these notes was $400,000.

We are currently not party to any other material agreements, other than employment agreements, that impose any payment obligation, whether in cash or securities, on the Company now or in the future.

Recent Accounting Pronouncements

In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs" (“ASU 2011-04”). This update amends ASC Topic 820, “Fair Value Measurement and Disclosure.” ASU 2011-04 clarifies the application of certain existing fair value measurement guidance and expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. ASU 2011-04 is effective for annual and interim reporting periods beginning on or after December 15, 2011, which means that it will be effective for our fiscal quarter beginning January 1, 2012. The new guidance is to be adopted prospectively and early adoption is not permitted. We do not believe that adoption of ASU 2011-04 will have a significant impact on our financial position, results of operations or cash flows.

On June 16, 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”). This update amends ASC Topic 220, “Comprehensive Income” to provide that total comprehensive income will be reported in one continuous statement or two separate but consecutive statements of financial performance. Presentation of total comprehensive income in the statement of stockholders' equity or the footnotes will no longer be allowed. The calculation of net income and basic and diluted net income per share will not be affected. ASU 2011-005 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2011, which means that it will be effective for our fiscal year beginning July 1, 2012. Retrospective adoption is required and early adoption is permitted. We do not believe that adoption of ASU 2011-05 will have a significant impact on our financial position, results of operations or cash flows.

Critical Accounting Policies and Estimates

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. These generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. We continually evaluate our estimates, including those related to revenue recognition, bad debts, income taxes, fixed assets, restructuring, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results may differ from these estimates under different assumptions or conditions.

Management believes the following critical accounting policies impact our most difficult, subjective and complex judgments used in the preparation of our consolidated financial statements, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a further discussion of these and other accounting policies, please see Note 2 of the Notes to Consolidated Financial Statements included elsewhere in this Annual Report.

Long-Lived Assets -- The Company reviews the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the assets to the estimated future cash flows expected to result from the use of the asset. The measurement of the loss, if any, will be calculated as the amount by which the carrying amount of the asset exceeds the fair value of the asset.

Seasonality

Our operations and operating cash flows were subject to seasonal variations. Stockyard operations were seasonal, with greater volume generally experienced during the first and second quarters of each fiscal year during which periods livestock is generally brought to market. As of the date of this report, the Company is no longer in the stockyard business and therefore its operations and operating cash flows are no longer subject to seasonal variations.

Off-Balance Sheet Arrangements

For the six months ended April 30, 2012, we did not have any off-balance sheet arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) that are designed to ensure that information that would be required to be disclosed in Exchange Act Reports is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including to our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As required by Rule 13a-15 under the Exchange Act, our management, including our Chief Executive Officer, Mr. Michael E. Schultz, and Chief Financial Officer, Mr. Reginald Schauder, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2012. Based upon, and as of the date of this evaluation, Messrs. Schultz and Schauder determined that because of the material weaknesses described below, our disclosure controls and procedures were not effective.

Our management concluded that our internal control over financial reporting was not effective, as of October 31, 2009 through the period covered by this report, as we had limited accounting personnel and funds available for continuous legal and accounting advice as it pertained to our filing requirements with the SEC. Furthermore, since its annual report for the fiscal year ended October 31, 2008, the Company submitted its annual and quarterly financial statements in filings to the SEC without the benefit of the audit, and review, as applicable by an independent public accounting firm. Additionally, in our annual and quarterly reports on Forms 10-K and 10-Q for our fiscal years 2009, 2010 and 2011 there was a lack of adequate controls over the recording of gains on sales of properties and other transactions that constituted a material weakness in internal control over financial reporting.

In an effort to remediate this material weakness, our management has appointed qualified personnel and has engaged the Company’s auditors to conduct reviews and audits, as applicable, of its financial statements for the non-compliant periods. Accordingly, the nine reports outlined above were appropriately amended and filed with the SEC on October 30, 2012. The Company expects that the filing of this quarterly report on Form 10-Q for the six months ended April 30, 2012 and 2011 will be a further step in curing this deficiency with the SEC. Our management does not believe that this material weakness had a material effect on our financial condition or results of operations or caused our financial statements as of and for the six months ended April 30, 2012 and 2011, included in this report to contain a material misstatement.

Changes in Internal Control over Financial Reporting

There were no changes in our internal controls over financial reporting during the six month period ended April 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Environmental Contingency

We are currently not aware of any other legal proceedings or claims that we believe will have a material adverse affect on our business, financial condition or operating results.

ITEM 1A. RISK FACTORS – Not applicable

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS - None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES - None

ITEM 4. MINE SAFETY DISCLOSURES – Not applicable

ITEM 5. OTHER INFORMATION

We have no information to disclose that was required to be disclosed in a report on Form 8-K during our first quarter ended January 31, 2012, but was not reported.

ITEM 6. EXHIBITS

The following exhibits are filed as part of this report or incorporated by reference:

EXHIBIT No.	Description
31.1	Certifications of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certifications of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	Certifications of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certifications of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*	Interactive data files pursuant to Rule 405 of Regulation S-T.

*Filed with this Form 10-Q for Canal Capital Corporation. Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or for purposes of Section 18 of the Securities Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Dated: November 28, 2012

CANAL CAPITAL CORPORATION


By:	/S/ Michael E. Schultz
	Michael E. Schultz
	President and Chief
	Executive Officer
	(Principal Executive Officer)


By:	/S/ Reginald Schauder
	Reginald Schauder
	Vice President-Finance,
	Secretary and Treasurer
	(Principal Financial and
	Accounting Officer)

EX-31.1 2 exhibit31-1.htm EXHIBIT 31.1 Canal Capital Corp.: Exhibit 31.1 - Filed by newsfilecorp.com

EXHIBIT 31.1

CERTIFICATIONS

I, Michael E. Schultz, certify that:

1)
I have reviewed this quarterly report on Form 10-Q of Canal Capital Corporation;

2)
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5)
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 28, 2012

/S/ Michael E. Schultz
Michael E. Schultz
Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 exhibit31-2.htm EXHIBIT 31.2 Canal Capital Corp.: Exhibit 31.2 - Filed by newsfilecorp.com

EXHIBIT 31.2

CERTIFICATIONS

I, Reginald Schauder, certify that:

1)
I have reviewed this quarterly report on Form 10-Q of Canal Capital Corporation and subsidiaries:

2)
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5)
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 28, 2012

/S/ Reginald Schauder
Reginald Schauder
Vice President-Finance, Secretary and Treasurer
(Principal Financial and Accounting Officer)
EX-32.1 4 exhibit32-1.htm EXHIBIT 32.1 Canal Capital Corp.: Exhibit 32.1 - Filed by newsfilecorp.com

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, MICHAEL E. SCHULTZ, the Chief Executive Officer of CANAL CAPITAL CORPORATION (the “Company”), DOES HEREBY CERTIFY that:

1.	The Company’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2012 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

2.	Information contained in the report fairly presents, in all material respects, the financial condition and results of operation of the Company.

IN WITNESS WHEREOF, the undersigned has executed this statement this 28th day of November 2012.

/S/ Michael E. Schultz
Michael E. Schultz
Chief Executive Officer
(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to Canal Capital Corporation and will be retained by Canal Capital Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished to the Securities and Exchange Commission pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 5 exhibit32-2.htm EXHIBIT 32.2 Canal Capital Corp.: Exhibit 32.2 - Filed by newsfilecorp.com

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, REGINALD SCHAUDER, the Vice President-Finance, Secretary and Treasurer of CANAL CAPITAL CORPORATION (the “Company”), DOES HEREBY CERTIFY that:

1.	The Company’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2012 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

2.	Information contained in the report fairly presents, in all material respects, the financial condition and results of operation of the Company.

IN WITNESS WHEREOF, the undersigned has executed this statement this 28th day of November 2012.

/S/ Reginald Schauder
Reginald Schauder
Vice President-Finance, Secretary and Treasurer
(Principal Financial and Accounting Officer)

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">11.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">PROPERTY USED IN STOCKYARD OPERATIONS</p> </td> </tr> </table> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">A schedule of the Company’s property used in stockyard operations at April 30, 2012 is as follows (000’s omitted):</p> <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" width="19%">Current Year</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" width="19%">(Retirements)</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="19%">Historical Cost</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="19%">Additions</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Carrying</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Bldgs. &</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Bldgs. &</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Accum.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Value</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Description (1)</u> </p> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Land</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Imprvmts.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Land</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Imprvmts.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Depr.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">04/30/12</td> <td align="left" width="2%"> </td> </tr> <tr> <td> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td width="1%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="8%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">30 acres of land in St. Joseph, MO Acquired in 1942</p> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 902</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 384</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> (223</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 1,063</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">12.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">PROPERTY ON OPERATING LEASES</p> </td> </tr> </table> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">A schedule of the Company’s property on operating leases at April 30, 2012 is as follows (000’s omitted):</p> <div> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" width="19%">Current Year</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" width="19%">(Retirements</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="19%">Historical Cost</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" colspan="4" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="19%">Additions</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Carrying</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Bldgs. &</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%"> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Bldgs. &</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Accum.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="8%">Value</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> <u>Description (1)</u> </p> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Land</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Imprvmts.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Land</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Imprvmts.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">Depr.</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="8%">04/30/12</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">New York office Leasehold assets</p> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%"> 0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%"> 8</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%"> 0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%"> 0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%"> (8</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%"> 0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr> <td> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">9 acres of land in Omaha, NE Acquired in 1976</p> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">1,150</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">35</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">(20</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">1,165</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr> <td> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">3 acres of land in S. St. Paul, MN Acquired in 1937</p> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">10</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">485</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">(478</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="8%">17</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr> <td> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="8%"> </td> <td valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">4 acres of land in Sioux City, IA Acquired in 1937</p> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="8%">475</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="8%">(475</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="8%">0</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%">1,635</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 528</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%">(475</td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 0</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> (506</td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="8%"> 1,182</td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> </div> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">13.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">PROPERTY HELD FOR DEVELOPMENT OR RESALE</p> </td> </tr> </table> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">A schedule of the Company’s property held for development or resale at April 30, 2012 is as follows (000’s omitted):</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> <u>Description</u> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" style="BORDER-BOTTOM: #000000 1px solid" width="12%">Land</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">02 acres of land Sioux City, IA</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" width="12%"> 52</td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> </table> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">14.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">PENSION VALUATION RESERVE</p> </td> </tr> </table> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">The Pension Valuation Reserve represents the excess of additional minimum pension liability required under the provisions of ACS 715 over the unrecognized prior service costs of former stockyard employees. Such excess arose due to the decline in the market value of pension assets available for pension benefits of former employees, which benefits were frozen at the time the stockyard operations were sold in 1989. The additional minimum pension liability will be expensed as actuarial computations of annual pension cost recognize the deficiency that exists.</p> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">The components of net periodic benefit cost are as follows:</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="12%">Six Months</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="12%">Ended</td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%">4/30/12</td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%">4/30/11</td> <td align="left" width="2%"> </td> </tr> <tr> <td> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;"> </p> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="1%"> </td> <td width="12%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">Service cost</p> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">4,000</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">4,000</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">Interest cost</p> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%">52,000</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%">52,000</td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">Expected return on plan assets</p> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">(56,000</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%">(56,000</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">Amortization of prior service cost</p> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%">0</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%">0</td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">Recognized net actuarial loss</p> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%">60,000</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%">60,000</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> <p style="text-indent: -15pt; margin-left: 15pt; font-family: times new roman,times,serif; font-size: 10pt;">Net periodic benefit cost</p> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">60,000</td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%">60,000</td> <td align="left" valign="bottom" width="2%"> </td> </tr> </table> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">For the six months ended April 30, 2012, amounts have been estimated, actual amounts will be based on the discount rate and assets available at year end.</p> <p align="justify" style="text-indent: 5%; font-family: times new roman,times,serif; font-size: 10pt;">The Company’s required contribution to its pension plan for fiscal 2012 is approximately $182,000, all of which was contributed to the pension plan as of April 30, 2012.</p>

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of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: NET (LOSS) ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES: DEPRECIATION AND AMORTIZATION LOSS ON SALES OF ART GAIN ON SALES OF REAL ESTATE MINIMUM PENSION LIABILITY ADJUSTMENT DECREASE (INCREASE) IN OPERATING ASSETS ACCOUNTS RECEIVABLE STOCKYARDS INVENTORY STOCKYARDS INVENTORY PREPAID EXPENSES RESTRICTED CASH - LETTER OF CREDIT RESTRICTED CASH - LETTER OF CREDIT RESTRICTED CASH - TRANSIT INSURANCE RESTRICTED CASH - TRANSIT INSURANCE DEPOSITS AND OTHER INCREASE (DECREASE) IN OPERATING LIABILITIES: ACCOUNTS PAYABLE AND ACCRUED EXPENSES LINE OF CREDIT - ORDER BUYING LINE OF CREDIT - ORDER BUYING PENSION PLAN PAYABLE SALARIES & INTEREST PAYABLE - OFFICERS REAL ESTATE TAXES PAYABLE TRANSIT INSURANCE TOTAL ADJUSTMENTS NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: PROCEEDS FROM SALES OF REAL ESTATE PROCEEDS FROM SALES OF ART PROCEEDS FROM SALES OF ART COSTS RELATING TO SALES OF REAL ESTATE COSTS RELATING TO SALES OF REAL ESTATE COSTS RELATING TO SALES OF ART COSTS RELATING TO SALES OF ART CAPITAL EXPENDITURES NET CASH PROVIDED BY INVESTING ACTIVITIES CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES: PROCEEDS FROM LONG-TERM DEBT OBLIGATION REPAYMENT OF LONG-TERM DEBT OBLIGATION NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGN OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: CASH PAID DURING THE YEAR FOR: CASH PAID DURING THE YEAR FOR: INTEREST INCOME TAXES Notes to Financial Statements [Abstract] Notes to Financial Statements [Abstract] DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Text Block] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES [Text Block] INTERIM FINANCIAL STATEMENTS [Text Block] RELATED PARTY DEBT [Text Block] RESTRICTED CASH [Text Block] STOCK OPTION PLAN [Text Block] STOCK OPTION PLAN ART INVENTORY [Text Block] ART INVENTORY HELD FOR SALE INCOME TAXES [Text Block] LEASE COMMITMENTS [Text Block] MINIMUM FUTURE RENTALS ON OPERATING LEASES [Text Block] PROPERTY USED IN STOCKYARD OPERATIONS [Text Block] Property used in Stockyard Operations PROPERTY ON OPERATING LEASES [Text Block] Property on Operating Leases PROPERTY HELD FOR DEVELOPMENT OR RESALE [Text Block] Property Held for Development or Resale PENSION VALUATION RESERVE [Text Block] PENSION VALUATION RESERVE 401(k) PLAN [Text Block] LEGAL PROCEEDINGS [Text Block] RELATED PARTY TRANSACTIONS [Text Block] SUBSEQUENT EVENTS [Text Block] PENSION PLANS [Text Block] RESTATEMENT AND RECLASSIFICATIONS [Text Block] FINANCIAL INFORMATION FOR BUSINESS SEGMENTS [Text Block] EARNINGS (LOSS) PER COMMON SHARE AND DIVIDENDS PAID [Text Block] PREFERRED STOCK ISSUANCE [Text Block] IMPAIRMENT LOSS ON LONG-LIVED ASSETS [Text Block] Fair Value of Financial Instruments [Text Block] TOTAL CURRENT ASSETS TOTAL OTHER ASSETS TOTAL ASSETS ACCOUNTS PAYABLE AND ACCRUED EXPENSES (AccountsPayableAndOtherAccruedLiabilitiesCurrent) TOTAL CURRENT LIABILITIES REAL ESTATE TAXES PAYABLE (AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent) TOTAL NON-CURRENT LIABILITIES 986,865 SHARES OF COMMON STOCK HELD IN TREASURY, AT COST PENSION VALUATION RESERVE Total Stockholders Equity Total Liabilities and Stockholders Equity Yard Handling And Auction Feed And Bedding Income Labor Operating And Maintenance Other Operating And Maintenance Feed And Bedding Expense GENERAL AND ADMINISTRATIVE (OtherGeneralAndAdministrativeExpense) GENERAL AND ADMINISTRATIVE EXPENSE NET (LOSS) FROM CONTINUING OPERATIONS NET INCOME (LOSS) MINIMUM PENSION LIABILITY ADJUSTMENT COMPREHENSIVE INCOME (LOSS) BASIC AND DILUTED (EarningsPerShareBasicAndDiluted) DEPRECIATION AND AMORTIZATION (DepreciationDepletionAndAmortization) GAIN ON SALES OF REAL ESTATE MINIMUM PENSION LIABILITY ADJUSTMENT (EmployeeBenefitsAndShareBasedCompensation) ACCOUNTS RECEIVABLE (IncreaseDecreaseInAccountsAndNotesReceivable) Increase Decrease Stockyards Inventory PREPAID EXPENSES (IncreaseDecreaseInPrepaidExpense) Increase Decrease Restricted Cash Letter Of Credit Increase Decrease Restricted Cash Transit Insurance Line Of Credit Order Buying TRANSIT INSURANCE (IncreaseDecreaseInOtherCurrentLiabilities) TOTAL ADJUSTMENTS NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES Proceeds From Sales Of Art Payment For Costs Relating To Sales Of Real Estate Payment For Costs Relating To Sales Of Art CAPITAL EXPENDITURES NET CASH PROVIDED BY INVESTING ACTIVITIES REPAYMENT OF LONG-TERM DEBT OBLIGATIONS NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Cash Paid During The Year For [Abstract] Art Inventory Held For Sale [Text Block] EX-101.PRE 11 cowp-20120430_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 report.css IDEA: XBRL DOCUMENT /* 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RELATED PARTY DEBT

3 Months Ended

Apr. 30, 2012

RELATED PARTY DEBT [Text Block]

4.	RELATED PARTY DEBT

At April 30, 2012, substantially all of Canal’s real properties, the stock of certain subsidiaries, the investments and a substantial portion of its art inventories are pledged as collateral for the following obligations:

		Apr. 31,		October 31,
($ 000’s Omitted)		2012		2011
Variable rate mortgage notes due May 15, 2015 - related party	$	564	$	847
Less -- current maturities		0		0
Long-term debt	$	564	$	847

The outstanding balances on this credit line were $164,000 and $106,000 at April 30, 2012 and October 31, 2011, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

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INTERIM FINANCIAL STATEMENTS

3 Months Ended

Apr. 30, 2012

INTERIM FINANCIAL STATEMENTS [Text Block]

3.	INTERIM FINANCIAL STATEMENTS

XML 16 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (USD $)	Apr. 30, 2012	Oct. 31, 2011
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS	$ 191,152	$ 35,514
RESTRICTED CASH - TRANSIT INSURANCE	83,711	35,484
ACCOUNTS RECEIVABLE	214,634	120,300
STOCKYARDS INVENTORY	8,274	20,749
PREPAID EXPENSES	49,691	13,948
TOTAL CURRENT ASSETS	547,462	225,995
NON-CURRENT ASSETS:
PROPERTY ON OPERATING LEASES, NET OF ACCUMULATED DEPRECIATION OF $505,699 AND $494,599 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	1,181,908	1,668,008
PROPERTY USED IN STOCKYARD OPERATIONS, NET OF ACCUMULATED DEPRECIATION OF $221,857 AND $212,257 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	1,062,667	1,072,267
PROPERTY HELD FOR DEVELOPMENT OR RESALE	52,250	52,250
OTHER ASSETS:
RESTRICTED CASH - LETTER OF CREDIT	155,000	140,000
ART INVENTORY	10,000	10,000
TOTAL OTHER ASSETS	165,000	150,000
TOTAL ASSETS	3,009,287	3,168,520
CURRENT LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	134,634	160,370
LINE OF CREDIT - ORDER BUYING	164,050	106,395
TRANSIT INSURANCE	83,711	35,484
TOTAL CURRENT LIABILITIES	382,395	302,249
NON-CURRENT LIABILITIES:
LONG-TERM DEBT, RELATED PARTY	564,000	847,000
LONG-TERM PENSION LIABILITY	630,761	812,820
SALARIES AND INTEREST PAYABLE - OFFICERS	480,600	458,700
REAL ESTATE TAXES PAYABLE	56,867	56,200
TOTAL NON-CURRENT LIABILITIES	1,732,228	2,174,720
COMMITMENTS AND CONTINGENCIES	0	0
STOCKHOLDERS' EQUITY:
PREFERRED STOCK, $0.01 PAR VALUE: 10,000,000 SHARES AUTHORIZED; 9,102,655 SHARES ISSUED AND OUTSTANDING AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY AND AGGREGATE LIQUIDATION PREFERENCE OF $10 PER SHARE FOR $ 91,026,550 AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	91,027	91,027
COMMON STOCK, $0.01 PAR VALUE: 10,000,000 SHARES AUTHORIZED; 5,313,794 SHARES ISSUED AND 4,326,929 SHARES OUT- STANDING AT APRIL 30, 2012 AND OCTOBER 31, 2011, RESPECTIVELY	53,138	53,138
ADDITIONAL PAID-IN CAPITAL	25,526,721	25,526,721
ACCUMULATED DEFICIT	(11,907,551)	(12,056,664)
986,865 SHARES OF COMMON STOCK HELD IN TREASURY, AT COST	(11,003,545)	(11,003,545)
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY	894,664	691,551
COMPREHENSIVE INCOME:
PENSION VALUATION RESERVE	(1,865,126)	(1,919,126)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY	$ 3,009,287	$ 3,168,520

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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

3 Months Ended

Apr. 30, 2012

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Text Block]

1.	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Canal Capital Corporation, incorporated in the state of Delaware in 1964, commenced business operations through a predecessor in 1936.

Going Concern - While the Company is currently operating as a going concern, certain significant factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company has suffered recurring losses from operations and is obligated to continue making substantial annual contributions to its defined benefit pension plan. The financial statements do not include any adjustments that might result from the resolution of these uncertainties. Additionally, the accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Canal was engaged in two distinct businesses - real estate and stockyard operations. As discussed above, as of the date of this report, Canal is no longer in the stockyards business.

Real Estate Operations - Canal’s real estate properties are located in Sioux City, Iowa, South St Paul, Minnesota, St Joseph, Missouri, Omaha, Nebraska and Sioux Falls, South Dakota. The properties consist, for the most part, of land and structures leased to third parties (rail car repair shops, lumber yards and various other commercial and retail businesses) as well as vacant land available for development or resale. Its principal real estate operating revenues are derived from lease income from land and structures leased to various commercial and retail enterprises, and proceeds from the sale of real estate properties.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Apr. 30, 2012

RELATED PARTY TRANSACTIONS [Text Block]

17.	RELATED PARTY TRANSACTIONS

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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES

3 Months Ended

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES [Text Block]

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

XML 22 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Apr. 30, 2012	Oct. 31, 2011
Property On Operating Lease, Accumulated Depreciation	$ 505,699	$ 494,599
Property Used In Stockyard Operations, Accumulated Depreciation	221,857	212,257
Preferred Stock, Par Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	9,102,655	9,102,655
Preferred Stock, Shares Outstanding	9,102,655	9,102,655
Preferred Stock, Liquidation Preference Per Share	$ 10.00	$ 10.00
Preferred Stock, Liquidation Preference, Value	$ 91,026,550	$ 91,026,550
Common Stock, Par Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Shares, Issued	5,313,794	4,326,929
Common Stock, Shares, Outstanding	5,313,794	4,326,929
Treasury Stock, Shares	986,865	986,865

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PROPERTY ON OPERATING LEASES

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PROPERTY ON OPERATING LEASES [Text Block]

12.	PROPERTY ON OPERATING LEASES

A schedule of the Company’s property on operating leases at April 30, 2012 is as follows (000’s omitted):

						Current Year
						(Retirements
		Historical Cost				Additions								Carrying
				Bldgs. &					Bldgs. &		Accum.			Value
Description (1)		Land		Imprvmts.		Land			Imprvmts.		Depr.			04/30/12
New York office Leasehold assets	$	0	$	8	$	0		$	0	$	(8	)	$	0

9 acres of land in Omaha, NE Acquired in 1976		1,150		35		0			0		(20	)		1,165

3 acres of land in S. St. Paul, MN Acquired in 1937		10		485		0			0		(478	)		17

4 acres of land in Sioux City, IA Acquired in 1937		475		0		(475	)		0		0			0
	$	1,635	$	528	$	(475	)	$	0	$	(506	)	$	1,182

Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.

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Document and Entity Information	3 Months Ended
Document and Entity Information	Apr. 30, 2012	Jun. 15, 2012
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2012
Trading Symbol	cowp
Entity Registrant Name	CANAL CAPITAL CORP
Entity Central Index Key	0000101821
Current Fiscal Year End Date	--10-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,326,929
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

XML 25 R18.htm IDEA: XBRL DOCUMENT

PROPERTY HELD FOR DEVELOPMENT OR RESALE

3 Months Ended

Apr. 30, 2012

PROPERTY HELD FOR DEVELOPMENT OR RESALE [Text Block]

13.	PROPERTY HELD FOR DEVELOPMENT OR RESALE

A schedule of the Company’s property held for development or resale at April 30, 2012 is as follows (000’s omitted):

Description		Land
02 acres of land Sioux City, IA	$	52

Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.

XML 26 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (USD $)	3 Months Ended		6 Months Ended
	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2012	Apr. 30, 2011
OPERATION EXPENSES:
GENERAL AND ADMINISTRATIVE EXPENSE	$ (280,253)	$ (208,167)	$ (487,974)	$ (414,027)
INCOME (LOSS) FROM CONTINUING OPERATIONS	114,588	(155,977)	(37,278)	(305,773)
OTHER (EXPENSE) INCOME:
INTEREST & OTHER INCOME	152	52	272	269
INTEREST EXPENSE	(23,454)	(21,175)	(44,629)	(42,350)
ART SALES AND OPERATIONS	0	0	0	0
TOTAL OTHER (EXPENSES) INCOME	(23,302)	(21,123)	(44,357)	(42,081)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	91,286	(177,100)	(81,635)	(347,854)
PROVISION FOR INCOME TAXES	0	0	0	0
INCOME (LOSS) FROM CONTINUING OPERATION	91,286	(177,100)	(81,635)	(347,854)
INCOME FROM DISCONTINUED STKY OPERATIONS	52,511	110,629	230,748	218,913
NET INCOME (LOSS)	143,797	(66,471)	149,113	(128,941)
OTHER COMPREHENSIVE INCOME (LOSS):
MINIMUM PENSION LIABILITY ADJUSTMENT	27,000	27,000	54,000	54,000
COMPREHENSIVE INCOME (LOSS)	170,797	(39,471)	203,113	(74,941)
NET INCOME (LOSS) PER COMMON SHARE
BASIC AND DILUTED	$ 0.03	$ (0.02)	$ 0.03	$ (0.03)
WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC AND DILUTED	4,326,929	4,326,929	4,326,929	4,326,929
REAL ESTATE OPERATIONS [Member]
REVENUES:
SALE OF REAL ESTATE	852,000	0	852,000	0
OUTSIDE REAL ESTATE RENT	62,801	66,244	133,045	136,488
EXCHANGE BUILDING RENTAL INCOME	0	0	0	0
TOTAL REAL ESTATE REVENUES	914,801	66,244	985,045	136,488
OPERATION EXPENSES:
COST OF REAL ESTATE SOLD	505,821	0	505,821	0
LABOR, OPERATING AND MAINTENANCE	2,289	2,204	4,828	4,534
DEPRECIATION AND AMORTIZATION	5,550	5,550	11,100	11,100
TAXES OTHER THAN INCOME TAXES	3,750	3,750	7,500	7,500
GENERAL AND ADMINISTRATIVE	2,550	2,550	5,100	5,100
TOTAL EXPENSES	519,960	14,054	534,349	28,234
INCOME (LOSS) FROM CONTINUING OPERATIONS	394,841	52,190	450,696	108,254
DISCONTINUED STOCKYARD OPERATIONS [Member]
REVENUES:
YARD HANDLING AND AUCTION	481,226	533,348	1,095,691	1,039,421
FEED AND BEDDING INCOME	26,500	27,165	69,787	67,063
RENTAL & OTHER INCOME	50,945	32,312	82,763	65,158
TOTAL STOCKYARD REVENUES	558,671	592,825	1,248,241	1,171,642
OPERATION EXPENSES:
LABOR AND RELATED COSTS	206,418	205,508	425,201	411,153
OTHER OPERATING AND MAINTENANCE	147,618	132,516	266,836	239,682
FEED AND BEDDING EXPENSE	27,615	21,308	65,492	50,114
DEPRECIATION AND AMORTIZATION	4,800	5,100	9,600	10,200
TAXES OTHER THAN INCOME TAXES	19,805	20,181	40,953	40,396
GENERAL AND ADMINISTRATIVE	99,904	97,583	209,411	201,184
TOTAL EXPENSES	$ 506,160	$ 482,196	$ 1,017,493	$ 952,729

XML 27 R12.htm IDEA: XBRL DOCUMENT

ART INVENTORY

3 Months Ended

Apr. 30, 2012

ART INVENTORY [Text Block]

7.	ART INVENTORY

XML 28 R11.htm IDEA: XBRL DOCUMENT

STOCK OPTION PLAN

3 Months Ended

Apr. 30, 2012

STOCK OPTION PLAN [Text Block]

6.	STOCK OPTION PLAN

Under Canal’s 1984 Employee and 1985 Directors Stock Option Plans, 550,000 and 264,000 shares, respectively, of Canal’s common stock have been reserved for option grants. The purchase price of shares subject to each option granted, under the Employee and Directors Plans, will not be less than 85% and 100%, respectively, of their fair market value at the date of grant. Options granted under both plans are exercisable for 10 years from the date of grant, but no option will be exercisable earlier than one year from the date of grant. Under the Employee Plan, stock appreciation rights may be granted in connection with stock options, either at the time of grant of the options or at any time thereafter. No stock appreciation rights have been granted under this plan. There were no exercisable options outstanding under either of these plans at April 30, 2012.

XML 29 R23.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Apr. 30, 2012

SUBSEQUENT EVENTS [Text Block]

18.	SUBSEQUENT EVENTS

In July 2012, Canal sold one acre of land and the improvements thereon located in South St. Paul, Minnesota, to an unrelated third party, for $839,000 generating a gain of $791,000.

XML 30 R19.htm IDEA: XBRL DOCUMENT

PENSION VALUATION RESERVE

3 Months Ended

Apr. 30, 2012

PENSION VALUATION RESERVE [Text Block]

14.	PENSION VALUATION RESERVE

The components of net periodic benefit cost are as follows:

	Six Months		Ended
	4/30/12		4/30/11

Service cost	4,000		4,000
Interest cost	52,000		52,000
Expected return on plan assets	(56,000	)	(56,000	)
Amortization of prior service cost	0		0
Recognized net actuarial loss	60,000		60,000
Net periodic benefit cost	60,000		60,000

For the six months ended April 30, 2012, amounts have been estimated, actual amounts will be based on the discount rate and assets available at year end.

The Company’s required contribution to its pension plan for fiscal 2012 is approximately $182,000, all of which was contributed to the pension plan as of April 30, 2012.

XML 31 R15.htm IDEA: XBRL DOCUMENT

MINIMUM FUTURE RENTALS ON OPERATING LEASES

3 Months Ended

Apr. 30, 2012

MINIMUM FUTURE RENTALS ON OPERATING LEASES [Text Block]

10.	MINIMUM FUTURE RENTALS ON OPERATING LEASES

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References+ Details

XML 32 R13.htm IDEA: XBRL DOCUMENT

INCOME TAXES

3 Months Ended

Apr. 30, 2012

INCOME TAXES [Text Block]

8.	INCOME TAXES

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

XML 33 R14.htm IDEA: XBRL DOCUMENT

LEASE COMMITMENTS

3 Months Ended

Apr. 30, 2012

LEASE COMMITMENTS [Text Block]

9.	LEASE COMMITMENTS

Canal’s corporate headquarters are now located in the personal residence of its Chief Financial Officer.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details

XML 34 R16.htm IDEA: XBRL DOCUMENT

PROPERTY USED IN STOCKYARD OPERATIONS

3 Months Ended

Apr. 30, 2012

PROPERTY USED IN STOCKYARD OPERATIONS [Text Block]

11.	PROPERTY USED IN STOCKYARD OPERATIONS

A schedule of the Company’s property used in stockyard operations at April 30, 2012 is as follows (000’s omitted):

						Current Year
						(Retirements)
		Historical Cost				Additions							Carrying
				Bldgs. &				Bldgs. &		Accum.			Value
Description (1)		Land		Imprvmts.		Land		Imprvmts.		Depr.			04/30/12

30 acres of land in St. Joseph, MO Acquired in 1942	$	902	$	384	$	0	$	0	$	(223	)	$	1,063

Substantially all of Canal’s real property is pledged as collateral for its related party debt obligations.

XML 35 R21.htm IDEA: XBRL DOCUMENT

LEGAL PROCEEDINGS

3 Months Ended

Apr. 30, 2012

LEGAL PROCEEDINGS [Text Block]

16.	LEGAL PROCEEDINGS

Environmental Contingency

We are currently not aware of any other legal proceedings or claims that we believe will have a material adverse affect on our business, financial condition or operating results.

XML 36 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Apr. 30, 2012	Apr. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
NET (LOSS)	$ 149,113	$ (128,941)
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION	20,700	21,300
LOSS ON SALES OF ART	0	0
GAIN ON SALES OF REAL ESTATE	(346,179)	0
MINIMUM PENSION LIABILITY ADJUSTMENT	54,000	54,000
DECREASE (INCREASE) IN OPERATING ASSETS
ACCOUNTS RECEIVABLE	(94,334)	17,049
STOCKYARDS INVENTORY	12,475	(8,531)
PREPAID EXPENSES	(35,743)	(39,855)
RESTRICTED CASH - LETTER OF CREDIT	(15,000)	0
RESTRICTED CASH - TRANSIT INSURANCE	(48,227)	(44,652)
INCREASE (DECREASE) IN OPERATING LIABILITIES:
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	(25,736)	(93,435)
LINE OF CREDIT - ORDER BUYING	57,655	(57,000)
PENSION PLAN PAYABLE	(182,059)	(146,470)
SALARIES & INTEREST PAYABLE - OFFICERS	21,900	54,350
REAL ESTATE TAXES PAYABLE	667	889
TRANSIT INSURANCE	48,227	44,652
TOTAL ADJUSTMENTS	(531,654)	(197,703)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(382,541)	(326,644)
CASH FLOWS FROM INVESTING ACTIVITIES:
PROCEEDS FROM SALES OF REAL ESTATE	852,000	0
COSTS RELATING TO SALES OF REAL ESTATE	(30,821)	0
CAPITAL EXPENDITURES	0	(7,500)
NET CASH PROVIDED BY INVESTING ACTIVITIES	821,179	(7,500)
CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES:
PROCEEDS FROM LONG-TERM DEBT OBLIGATION	(283,000)	0
REPAYMENT OF LONG-TERM DEBT OBLIGATION	0	0
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(283,000)	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	155,638	(334,144)
CASH AND CASH EQUIVALENTS AT BEGN OF YEAR	35,514	510,361
CASH AND CASH EQUIVALENTS AT END OF YEAR	191,152	176,217
CASH PAID DURING THE YEAR FOR:
INTEREST	44,629	42,350
INCOME TAXES	$ 0	$ 0

XML 37 R10.htm IDEA: XBRL DOCUMENT

RESTRICTED CASH

3 Months Ended

Apr. 30, 2012

RESTRICTED CASH [Text Block]

5.	RESTRICTED CASH

401(k) PLAN

3 Months Ended

Apr. 30, 2012

401(k) PLAN [Text Block]

15.	401(k) PLAN

1)	I have reviewed this quarterly report on Form 10-Q of Canal Capital Corporation;

2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)	The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.