-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O6b59xWGBhsf7KPKJu/JYnpvorz7Y0JDjItnA3Bt0WSaHJLx9FeqD0NK3AOhuc3p +xKiIYZ6EPWfivIpKToHlw== 0000899243-02-001534.txt : 20020513 0000899243-02-001534.hdr.sgml : 20020513 ACCESSION NUMBER: 0000899243-02-001534 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALCASIEU REAL ESTATE & OIL CO INC CENTRAL INDEX KEY: 0000352955 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 720144530 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-09669 FILM NUMBER: 02643684 BUSINESS ADDRESS: STREET 1: 3401 RYAN ST P O BOX 899 CITY: LAKE CHARLES STATE: LA ZIP: 70602 BUSINESS PHONE: 3184944256 MAIL ADDRESS: STREET 1: P O BOX 899 CITY: LAKE CHARLES STATE: LA ZIP: 70602 10-Q 1 d10q.txt FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington. D.C. 20549 FORM 10-Q Quarterly report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarter Ended March 31, 2002 Commission file number 0-9669 CALCASIEU REAL ESTATE & OIL CO., INC. (Exact name of registrant as specified in its charter) Louisiana 72-0144530 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Lakeside Plaza Lake Charles, LA 70601 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (337) 494-4256 Indicate by check mark whether the registrant (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 [X] No [ ] Securities registered pursuant to Section 12(b) for the Act: Name of each exchange Title of each class on which registered ------------------- --------------------- None Not applicable Securities registered pursuant to Section 12(g) of the Act: Common Stock, No Par Value (Title of Class) ------------------------------- As of March 31, 2002, 1,955,044 shares of the registrant's Common Stock, without par value, were issued and outstanding. 1 CALCASIEU REAL ESTATE & OIL CO., INC. Form 10-Q for the Quarter ended March 31, 2002 TABLE OF CONTENTS
Part I FINANCIAL INFORMATION Page No. ---------- Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Balance Sheets March 31, 2002 and December 31, 2001 4-5 Statements of Income and Retained Earnings Three Months Ended March 31, 2002 and March 31, 2001 6 Statements of Cash Flows Three Months Ended March 31, 2002 and March 31, 2001 7 Part II OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 8 Item 6. Exhibits and Reports on Form 8-K 9 Signatures 9
Reference is made to the Notes to Financial Statements contained in the Company's Annual Report on Form 10 --------------------------------------------------------------------- The information furnished is not in connection with any sale or offer for sale of, or solicitation of an offer to buy, any securities. 2 CALCASIEU REAL ESTATE & OIL CO., INC. PART I Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Total revenues for the Company for the quarter ended March 31, 2002, were down 52% or $245,944 from the first quarter of 2001. This was due to a decrease in oil and gas production from the North English Bayou Field as well as lower oil and gas prices. The North English Bayou Field is almost totally depleted. Total expenses for the first quarter of 2002 were virtually the same as the first quarter of 2001. Forestry expenses and agriculture expense were up slightly on higher income from timber sales and farm operations. General and administrative expenses were higher due to increased audit expense and franchise tax. Oil and gas expenses were down due to lower severance taxes on lower production. Net income was down $176,830 or 66.3%. During the quarter, the Company purchased $700,000 face value of U. S. Treasury Bills, $100,000 of National Rural Utility bonds, and $100,000 of convertible preferred stock. Management believes that the company's revenues will be sufficient to meet its existing needs and the needs for its anticipated future operations. Long-term trends will depend upon the ability of management to continue to find new production to replace the depletion of the company's present minerals as well as increasing the Company's income from timber and agriculture. All adjustments necessary for fair presentation are included in the enclosed financial statements. 3 CALCASIEU REAL ESTATE & OIL CO., INC. BALANCE SHEET ASSETS
CURRENT ASSETS March 31, 2002 December 31, 2001 Cash and cash equivalents $ 446,936 $1,419,084 Accounts receivables 137,686 93,748 Inventory-harvested crops 11,042 Prepaid income tax 113,091 171,143 Prepaid expense and other 3,309 ---------- ---------- Total Current Assets $ 697,713 $1,698,320 ---------- ---------- SECURITIES AVAILABLE FOR SALE $1,277,665 $ 377,732 ---------- ---------- PROPERTY AND EQUIPMENT, Less accumulated depreciation, depletion and amortization $ 93,993 $ 94,043 Timber, less accumulated depletion 497,294 498,569 Land 3,746,166 3,738,993 ---------- ---------- Total Property $4,337,453 $4,331,605 ---------- ---------- TOTAL $6,312,831 $6,407,663 ---------- ----------
4 CALCASIEU REAL ESTATE & OIL CO., INC. BALANCE SHEET LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES March 31, 2002 December 31, 2001 Trade payables and accrued expenses $ 16,870 $ 5,968 Dividends payable 97,973 195,737 Current deferred tax liability, net 26,893 26,893 ---------- ---------- Total Current Liabilities $ 141,736 $ 228,598 ---------- ---------- SHAREHOLDERS' EQUITY Common Stock, no par value, 3,000,000 shares authorized; 2,100,000 shares issued $ 72,256 $ 72,256 Retained earnings 6,379,609 6,387,579 Accumulated other comprehensive income 26,059 26,059 ---------- ---------- $6,477,924 $6,485,894 Less cost treasury stock (2002 - 144,956 shares; 2001 - 144,956 shares) 306,829 306,829 ---------- ---------- Total Equity $6,171,095 $6,179,065 ---------- ---------- TOTAL $6,312,831 $6,407,663 ---------- ----------
5 CALCASIEU REAL ESTATE & OIL CO., INC. STATEMENTS OF INCOME AND RETAINED EARNINGS
Three Months Ended Three Months Ended March 31, 2002 March 31, 2001 REVENUES Income-primarily from oil and gas properties $ 138,013 $ 420,974 Income-agricultural properties 63,581 51,916 Income-timber properties 25,494 142 ---------- ---------- Total $ 227,088 $ 473,032 ---------- ---------- COSTS AND EXPENSES Forestry expenses $ 6,843 $ 3,874 Agriculture expense 3,171 2,561 Oil and gas production costs 11,790 19,987 General and administrative 81,491 76,549 Depreciation and depletion 1,325 1,757 ---------- ---------- Total $ 104,620 $ 104,728 ---------- ---------- OTHER INCOME (EXPENSE): Interest income $ 4,784 $ 9,289 Dividends on common stock 2,704 6,204 ---------- ---------- Total $ 7,488 $ 15,493 ---------- ---------- INCOME BEFORE INCOME TAXES AND EXTRAORDINARY CREDITS $ 129,956 $ 383,797 ---------- ---------- PROVISION FOR INCOME TAXES: Current $ 39,965 $ 116,976 Deferred ---------- ---------- Total $ 39,965 $ 116,976 ---------- ---------- NET INCOME $ 89,991 $ 266,821 RETAINED EARNINGS, BEGINNING OF PERIOD 6,387,579 6,004,642 DIVIDENDS DECLARED (97,961) (97,981) ---------- ---------- RETAINED EARNINGS END OF PERIOD $6,379,609 $6,173,482 ---------- ---------- Earnings per share $.05 $.14
6 CALCASIEU REAL ESTATE & OIL CO., INC. STATEMENTS OF CASH FLOWS
Three Months Ended Three Months Ended March 31, 2002 March 31, 2001 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 89,991 $ 266,821 Non cash (income) expenses included in net income: Depreciation, depletion and amortization 1,325 1,757 Change in assets and liabilities: (Increase) decrease in accounts receivable (43,938) (87,483) (Increase) decrease in inventory 11,042 4,427 (Increase) decrease in prepaid expenses 3,309 3,309 (Increase) decrease in prepaid income taxes 58,052 74,878 Increase (decrease) in trade payable 10,902 9,398 Increase (decrease) in income tax payable - 42,098 ---------- --------- Net cash provided by operating activities $ 130,683 $ 315,205 ---------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Maturity of securities available for sale $ - $ 196,822 Reforestation expenditures - (6,829) Investment in land (7,173) - Purchase of securities available for sale (899,933) - ---------- --------- $ (907,106) $ 189,993 ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Dividends paid $ (195,725) $(195,504) ---------- --------- Net cash provided by (used in) financing activities $ (195,725) $(195,504) ---------- --------- Net increase (decrease) in cash and cash equivalents: $ (972,148) $ 309,694 Cash and cash equivalents: Beginning 1,419,084 638,063 ---------- --------- Ending $ 446,936 $ 947,757 ---------- ---------
7 CALCASIEU REAL ESTATE & OIL CO., INC. PART II OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders. (a) The Annual Meeting was held on April 25, 2002 (b) The following were elected Directors: Henry C. Alexander William D. Blake Troy A. Freund Arthur Hollins, III Laura A. Leach Frank O. Pruitt B. James Reaves, III Mary W. Savoy Charles D. Viccellio No other director's term of office continued after the meeting. (c) There were 1,529,374 shares represented at the meeting of whom 1,518,140 voted in favor of both propositions. The Company furnished its security holders proxy soliciting material pursuant to Regulation 14 under the Act and there was no solicitation in opposition to either the nominees for directors nor any other matters. 8 CALCASIEU REAL ESTATE & OIL CO., INC. PART II OTHER INFORMATION Item 6. EXHIBITS AND REPORTS ON FORM 8-K (A) Exhibits None (B) Reports on Form 8-K None 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 under-signed thereunto duly authorized. CALCASIEU REAL ESTATE & OIL CO., INC. (Registrant) /s/ ARTHUR HOLLINS, III ------------------------------------------ Arthur Hollins, III President /s/ CHARLES D. VICCELLIO ------------------------------------------ Charles D. Viccellio Vice-President and Secretary Dated May 6, 2002 9 -----END PRIVACY-ENHANCED MESSAGE-----