-----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, Kk3uh7ItSkng+sfkAnP2vBtJuCeDhAbg7i5qggrw8jyhmV471tDE6Z/xmGoN/m37 AI1Z9/Ic4/hl1GEWqcmmjg== 0000899243-98-000413.txt : 19980409 0000899243-98-000413.hdr.sgml : 19980409 ACCESSION NUMBER: 0000899243-98-000413 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980323 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALCASIEU REAL ESTATE & OIL CO INC CENTRAL INDEX KEY: 0000352955 STANDARD INDUSTRIAL CLASSIFICATION: 1311 IRS NUMBER: 720144530 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 000-09669 FILM NUMBER: 98570952 BUSINESS ADDRESS: STREET 1: 3401 RYAN ST P O BOX 899 CITY: LAKE CHARLES STATE: LA ZIP: 70602 BUSINESS PHONE: 3184332265 MAIL ADDRESS: STREET 1: P O BOX 899 CITY: LAKE CHARLES STATE: LA ZIP: 70602 10-K 1 FORM 10-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For Fiscal Year Ended December 31, 1997 Commission File Number 0-9669 CALCASIEU REAL ESTATE AND OIL CO., INC. (Exact Name of registrant as specified in its charter) Louisiana 72-0144530 (State of other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Lakeside Plaza 70601 Lake Charles, Louisiana (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (318) 494-4256 Securities registered pursuant to Section 12(b) of 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) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 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 ------ ------- State the aggregate market value of the voting stock held by non-affiliates of the registrant. Trading in the Company's common stock is limited and sporadic and its common stock has no readily established market value. Indicate the number of shares outstanding of each of the registrant's classes of common stock as of the latest practicable date. Common Stock, No Par Value, 1,997,252 shares outstanding at February 27, 1998. Documents Incorporated by Reference Document Part of Form 10K -------- ---------------- Definitive Proxy Statement Parts I and III PART 1 ITEM 1. BUSINESS -------- The registrant, Calcasieu Real Estate and Oil Co., Inc., (the "Company") was incorporated under Louisiana law in 1930 as a spin-off of the Calcasieu National Bank of Lake Charles, Louisiana to hold certain real estate and royalty interests therefore owned by Calcasieu National Bank. The principal office of the Company is One Lakeside Plaza, Lake Charles, Louisiana. The business of the Company is conducted primarily at the principal offices of its officers, who have other full-time employment. The principal business of the Company has been the ownership and preservation of the assets acquired at the Company's organization and subsequently. The Company's primary activities have consisted of leasing its properties and collecting rents and royalties derived therefrom. The mineral interests of the Company are located in the Parishes of Calcasieu, Allen, Acadia, Cameron, St. Landry, St. Mary, Vermilion and Jefferson Davis in Louisiana. The Company owns approximately 10,740 acres of land in fee in the Parishes of Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, LaFourche, Sabine, St. Landry and Vermilion in Louisiana. Most of the Company's land and mineral interests are located within 100 miles of the City of Lake Charles, in southwestern and central Louisiana. Of this total, 4,272 represents a 12.5% interest in 34,189 acres purchased in 1990. The Company already owned a 40% interest in 1,577 of these acres. Of the total acreage purchased, 3,608 acres were purchased without the minerals. In April, 1992, the Company purchased a 100% interest in the surface rights and a 50% interest in the mineral rights to 952 acres, consisting of mainly timber lands located in Beauregard and Calcasieu Parishes. On October 29, 1997, Calcasieu Real Estate and Oil Co., Inc. purchased 3,496 acres of agricultural land in Cameron Parish, Louisiana, from Amoco Production for $1,663,000. No minerals were included in the purchase. OPERATIONS - - ---------- The Company's income is derived primarily from its oil and gas properties. Agriculture and timber income are the next largest sources of income. Additional oil and gas income in the future will come from discoveries on the Company's land. 1 INDUSTRY SEGMENTS - - ----------------- The purchase of additional real estate in 1990, 1992, and 1997 has created "Agricultural Properties" and "Timber Properties" as additional industry segments because revenues from these properties exceed 10% of total revenues. The Company also receives mineral rentals and royalties from some of these properties. Note 6 to the Financial Statements on page 23 sets forth information on the business segments. EMPLOYEES - - --------- The Company currently employs a total of five persons in a part-time capacity. The Company is subject to no union contracts nor does the Company have any pension, profit sharing or deferred compensation plans. CUSTOMERS - - --------- The Company had three customers, the sales to which equal or exceed 10% of the Company's total revenues. In 1997, sales to Riceland Petroleum Company accounted for 35% of revenues, sales to Woodlawn accounted for 12% of revenues and sales to Coastal accounted for 12% of revenues. ITEM 2. PROPERTIES ---------- Until early 1990, the Company owned 2,022 acres in fee, a 50% undivided interest in 440 acres, and a 40% undivided interest in 1,748 acres of immovable (real) property located in the parishes of Allen, Beauregard, Calcasieu, Jefferson Davis, Sabine and St. Landry in Louisiana. The Company also owns a 20% interest in the minerals under approximately 3,330 surface acres, and a 40% interest in the minerals under approximately 160 surface acres, located in the parishes of Acadia, Allen, Cameron, Jefferson Davis, St. Landry, St. Mary and Vermilion in Louisiana. All of the foregoing property is located in southwestern and central Louisiana, within approximately 100 miles of the City of Lake Charles. Approximately half of the acreage in which mineral interests are held is in oil and gas production. In addition, the Company owns fractional royalty interest in 36 properties covering 6,040 gross acres in eight parishes in Louisiana. In February of 1990 the Company acquired a 12.5% undivided fee interest in 34,309 acres (4,289) net acres) located in the Louisiana parishes of Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Sabine and Vermilion. A portion of these lands are the same as the 1,748 acres in which the company owned a 40% position described in the first paragraph above. This new acquisition consists of 17,088 gross acres of agriculture land, 7,572 acres of commercial timber, 4,196 acres in pasture, 4,253 acres of marsh land and 1,200 acres for future 2 subdivision as it is contiguous to the city limits of Lake Charles. As a result of this acquisition, the company now participates in oil and gas production in Southeast Lunita Field, Lake Arthur Field, Edgerly Field, Welsh Field and North Indian Village Field. The Company has also participated for the 12.5% interest in the granting of oil and gas leases which are yet to be drilled. In April of 1992, the Company purchased 952 acres of timberland in Calcasieu and Beauregard Parishes for $475,000. On October 29, 1997, Calcasieu Real Estate and Oil Co., Inc. purchased 3,496 acres of land in Cameron Parish, Louisiana, from Amoco Production Company for $1,663,000. The table below shows, for the years ended December 31, 1997, December 31, 1996, and December 31, 1995, net gas produced in thousands of cubic feet (MCF) and net oil (including condensate and natural gas liquids) produced in barrels (Bbl), average sales prices and average production costs, relating to oil and gas attributable to the royalty interests and working interest held by the Company. Year Ended Year Ended Year Ended 12/31/95 12/31/96 12/31/97 Net gas produced (MCF) 80,371 60,056 107,403 Average gas sales price (Per MCF)(1) $ 1.81 $ 2.81 $ 2.85 Net Oil Produced (Bbl) 6,557 4,915 4,956 Average Oil Sales price (Per Bbl)(1) $ 16.78 $ 20.16 $ 19.60 Average sales price of oil and gas per MCF equivalent (1)(2) $ 2.10 $ 3.32 $ 2.87 Average production cost of oil and gas per MCF equivalent (2) Royalty Interests .15 .18 .14 Working Interests 1.30 1.69 2.90
- - ---------------- (1) Before deduction of production and severance taxes. (2) Oil production is converted to MCF equivalents at the rate of 6 MCF's per barrel, representing the approximate relative energy content of oil and natural gas. ITEM 3. LEGAL PROCEEDINGS ----------------- None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS --------------------------------------------------- There were no matters submitted to security holders during the fourth quarter. 3 PART II ------- ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY HOLDER MATTERS -------------------------------------------------------- As of February 27, 1998, the common stock of Calcasieu Real Estate and Oil Co., Inc. was owned by 728 stockholders. During the three years preceding the date hereof, there has been only limited and sporadic trading in the Company's Common Stock, principally among its shareholders. In the year ended December 31, 1997, 96,000 shares were traded with a high of 5-1/4 and a low of 2-3/4. The last trade during this period was on November 21, 1997, for 100 shares at a price of 4-1/2. Below is the trading range.
Volume High Low 01/01/97 - 3/31/97 45,500 3-1/2 2-3/4 04/01/97 - 06/30/97 38,300 3-7/8 3 01/07/97 - 09/30/97 9.600 3-5/8 3-1/4 10/01/97 - 12/31/97 2,600 5-1/4 3-5/8
Dividends were paid per share on Common Stock as follows by record date: June 30, 1995, $.02; September 29, 1995, $.02; December 29, 1995, $.02; March 22, 1996, $.02; July 5, 1996, $.02; September 27, 1996, $.02; December 22, 1996, $.03; March 28, 1997, $.03; June 27, 1997, $.03; September 26, 1997, $.03; December 30, 1997, $.03. There are no restrictions on the paying of dividends. ITEM 6. SELECTED FINANCIAL DATA -----------------------
Year Ended Ended Ended Ended Ended 12/31/93 12/31/94 12/31/95 12/31/96 12/31/97 Revenues $ 558,338 $ 378,982 $ 812,137 $ 672,294 $ 967,632 Income before income taxes and cumulative effect of a change in accounting principle 290,304 120,775 518,093 1,244,583 776,445 Earnings per common share before cumulative effect of a change in accounting principle (1) .11 .05 .17 .40 .26 Earnings per common share (1) after cumulative effect of a change in accounting principle (1) .13 .05 .17 .40 .26 Total assets $2,657,021 $2,587,082 $3,018,542 $3,445,721 $4,307,077 Cash Dividends declared per common stock .09 .04 .06 .09 .12
4 (1) Earnings per common share presented are based on the weighted average outstanding shares of about 1,997,000 in 1997, 1,997,000 in 1996, 1,998,000 in 1995, 2,007,000 in 1994 and 2,010,000 in 1993. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS --------------------------------------------------- Income after taxes was down 36% in 1997 from 1996. This was caused by several factors. First, the company recognized a gain of approximately $751,000 on the sale of its CM Bank stock in 1996. The bank was purchased by another bank in an all cash transaction. During 1997, gas production increases 79% while the average sale price increased 1%. Oil production increased 1% and the average sales price decreased 3%. Income from mineral leases and lease bonuses increased 81%. The total net income before taxes for all operations from the property purchased in 1990 was up from $107,701 to $154,338 or an increase of 43%. The increase income from operations was primarily due to an increase in oil and gas related activities. In 1997 and 1996, the Company had no expenditures for dry holes versus $2,843 in 1995. Information on the oil and gas properties is included in the notes to financial statements, specifically as to reserve quantities and standardized measure of discounted net cash flows. Both of those are unaudited. Management believes that the company's revenues will be sufficient to meet its existing capital needs and the needs of its anticipated future operations. Long-term trends will depend upon the ability of management to find new production to replace the depletion of the Company's present minerals. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ------------------------------------------- All Financial statements required by Regulation S-X are listed in the Table of Contents to Financial Statements and Supplemental Schedules appearing immediately after the signature page of this Form 10K and are included herein by reference. See Item 14. ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ---------------------------------------------------- Not applicable PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT -------------------------------------------------- The information required by Item 10 as to directors is included in the Registrant's definitive proxy statement to be filed pursuant to Section 14(a) of the Securities Exchange Act of 1934 and is included herein by reference. 5 Executive officer of Registrant as of February, 1998, are as follows:
NAME Age Position with Registrant ----- ---- -------------------------- Arthur Hollins, III 67 President & Director William D. Blake 65 Vice President, Treasurer and Director Charles D. Viccellio 64 Vice President, Secretary and Director
The occupations of such excessive officers during the last five years and other principal affiliations are:
Name - - ---- Arthur Hollins, III Director of the Company since 1975; President of the Company since 1979; Chairman of the Board at the First National Bank of Lake Charles since 1968 and President of the same bank from 1977 to 1992. Director of First Commerce Corporation. William D. Blake Director of the Company since 1966; Secretary-Treasurer of the Company from 1966-1979; Vice-President and Treasurer of the Company since 1979; General Manager of J. A. Bel Estate (ownership and cultivation of timberland) and the Quatre Parish Company (rice farming); President of Bel Oil Corporation (oil and gas exploration and development), Lacassane Co., Inc. and Howell Industries, Inc.; Director of the First National Bank of Lake Charles and Sweetlake Land and Oil Co., Inc. Charles D. Viccellio Vice-President and Secretary of the Company since 1997 and Director of the Company since 1996. Partner in the law firm of Stockwell, Sievert, Viccellio, Clements & Shaddock, LLP.
ITEM 11. EXECUTIVE COMPENSATION ---------------------- The information required by Item 11 is included in the Registrant's definitive proxy statement to be filed pursuant to Section 14(a) of the Securities and Exchange Act of 1934 and is included herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT --------------------------------------------------- The information required by Item 12 is included in the Registrant's definitive proxy statement to be filed pursuant to Section 14(a) of the Securities Exchange Act of 1934 and is included herein by reference. 6 PART IV ITEM 13. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 8-K --------------------------------------------------------- (a) The following documents are filed as part of the report: 1. All Financial Statements. See Table of Contents to Financial Statements and schedule on page 8. 2. Financial Statement Schedules. See Table of Contents to Financial Statements and Schedules on page 8. 3. List of Exhibits - Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K - None SIGNATURES Pursuant to the requirement of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized. CALCASIEU REAL ESTATE AND OIL CO., INC. BY: /s/ Arthur Hollins, III _________________________________________ Arthur Hollins, III, President Dated March 18, 1998 Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons in the capacities with regard to Calcasieu Real Estate and Oil Co., Inc. and on the date indicated:
Arthur Hollins, III President - - ------------------------------------ (Chief Executive Officer and Director) William D. Blake Vice President and Treasurer - - ------------------------------------ (Principal Financial Officer and Director) Charles D. Viccellio Vice President and Secretary - - ------------------------------------ (Director) Troy Freund Director - - ------------------------------------ Henry C. Alexander Director - - ------------------------------------ Laura A. Leach Director - - ------------------------------------ B. James Reaves, III Director - - ------------------------------------ Frank O. Pruitt Director - - ------------------------------------
Dated: March 18, 1998 7 CALCASIEU REAL ESTATE & OIL CO., INC. Lake Charles, Louisiana C O N T E N T S
Page ---- INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 9 FINANCIAL STATEMENTS Balance sheets 10 Statements of income 11 Statements of stockholders' equity 12 Statements of cash flows 13-14 Notes to financial statements 15-28 SUPPLEMENTARY INFORMATION Property, plant and equipment 29 Accumulated depreciation, depletion and amortization 30
SCHEDULE OMITTED Schedules, other than those listed above, have been omitted because of the absence of the conditions under which they are required or because the required information is included in the financial statements or notes thereto. 8 [LETTERHEAD MCELROY, QUIRK & BURCH APPEARS HERE] INDEPENDENT AUDITORS' REPORT To the Board of Directors Calcasieu Real Estate & Oil Co., Inc. Lake Charles, Louisiana We have audited the accompanying balance sheets of Calcasieu Real Estate & Oil Co., Inc. as of December 31, 1997 and 1996, and the related statements of income, stockholders' equity, and cash flows for the years ended December 31, 1997, 1996 and 1995. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of the Co-owners' Undivided Fifty Percent Interest in Walker Louisiana Properties, of which Calcasieu Real Estate & Oil Co., Inc. owns a twenty-five percent undivided interest. The twenty-five percent undivided interest consists of total assets of $1,128,744 and $1,106,892 as of December 31, 1997 and 1996, respectively, and total revenues of $221,626 and $167,464 for the years then ended. Those statements were audited by other auditors whose report has been furnished to us, and in our opinion, insofar as it relates to the amounts included for the Co-owners' Undivided Fifty Percent Interest in Walker Louisiana Properties, is based solely on the report of the other auditors. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, based on our audits and the report of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Calcasieu Real Estate & Oil Co., Inc. as of December 31, 1997 and 1996, and the results of its operations and its cash flows for the years ended December 31, 1997, 1996 and 1995, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 29 and 30 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. Lake Charles, Louisiana March 2, 1998 9 CALCASIEU REAL ESTATE & OIL CO., INC. BALANCE SHEETS December 31, 1997 and 1996
ASSETS 1997 1996 ----------- ----------- CURRENT ASSETS Cash and cash equivalents $ 221,910 $ 313,463 Securities available-for-sale - 495,500 Accounts receivable 68,039 73,555 Inventory-harvested crops 13,617 2,850 Prepaid expense and other 1,762 10,158 ---------- ---------- Total current assets 305,328 895,526 ---------- ---------- SECURITIES AVAILABLE-FOR-SALE 263,224 521,330 ---------- ---------- PROPERTY AND EQUIPMENT, less accumulated depreciation, depletion and amortization 11,760 12,652 Timber, less accumulated depletion 374,762 354,471 Land 3,352,003 1,661,742 ---------- ---------- 3,738,525 2,028,865 ---------- ---------- $4,307,077 $3,445,721 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 53,461 $ - Trade payables and accrued expenses 22,791 7,846 Dividends payable 59,918 59,918 Income taxes payable: Current 22,817 261,069 Deferred, net 14,628 10,634 ---------- ---------- Total current liabilities 173,615 339,467 ---------- ---------- LONG-TERM DEBT, less current maturities 746,539 - ---------- ---------- STOCKHOLDERS' EQUITY Common stock, no par value; 3,000,000 shares authorized; 2,100,000 shares issued 72,256 72,256 Retained earnings 3,445,006 3,164,703 Net unrealized appreciation on available-for-sale securities, net of tax of $4,908 in 1997 and $4,625 in 1996 7,364 6,938 ---------- ---------- 3,524,626 3,243,897 Less cost of treasury stock (1997 102,748 and 1996 102,728 shares) 137,703 137,643 ---------- ---------- 3,386,923 3,106,254 ---------- ---------- $4,307,077 $3,445,721 ========== ==========
See Notes to Financial Statements. 10 CALCASIEU REAL ESTATE & OIL CO., INC. STATEMENTS OF INCOME Years Ended December 31, 1997, 1996 and 1995
1997 1996 1995 ---------- ----------- ---------- Revenues $ 967,632 $ 672,294 $ 812,137 --------- ---------- --------- Costs and expenses: Oil and gas production 59,503 33,028 37,613 Dry holes - - 2,843 Agricultural 12,419 36,547 33,135 Timber 18,062 11,538 14,312 Depreciation, depletion and amortization 14,359 12,325 101,855 --------- ---------- --------- 104,343 93,438 189,758 --------- ---------- --------- Income from operations 863,289 578,856 622,379 --------- ---------- --------- Other income (expense): Interest income 68,177 29,054 12,032 Dividends on stock 530 26,407 25,443 Realized gain on sale of investments in available-for-sale securities 19,356 751,417 - General and administrative (161,735) (138,926) (131,477) Interest expense (13,172) (2,225) (10,284) --------- ---------- --------- (86,844) 665,727 (104,286) --------- ---------- --------- Income before income taxes 776,445 1,244,583 518,093 --------- ---------- --------- Federal and state income taxes: Current 259,817 441,154 173,005 Deferred (benefit) 3,710 (1,661) (3,693) --------- ---------- --------- 263,527 439,493 169,312 --------- ---------- --------- Net income (per common share): 1997 $.26; 1996 $.40; 1995 $.17 $ 512,918 $ 805,090 $ 348,781 ========= ========== =========
See Notes to Financial Statements. 11 CALCASIEU REAL ESTATE & OIL CO., INC. STATEMENTS OF STOCKHOLDERS' EQUITY Years Ended December 31, 1997, 1996 and 1995
Net Unrealized Appreciation on Capital Securities Stock Retained Available Treasury Issued Earnings for Sale Stock -------- ------------ ------------- --------- Balance, January 1, 1995 $72,256 $2,310,426 $ 66,781 $123,301 Net income - 348,781 - - Purchase of treasury stock - - - 14,342 Dividends - (119,840) - - Net change attributable to unrealized gain on securities available for sale, net of taxes of $49,518 - - 74,276 - -------- ---------- ------------ --------- Balance, December 31, 1995 72,256 2,539,367 141,057 137,643 Net income - 805,090 - - Dividends - (179,754) - - Net change attributable to realized and unrealized gains on available-for-sale securities, net of taxes of $(89,413) - - (134,119) - -------- ---------- ------------ --------- Balance, December 31, 1996 72,256 3,164,703 6,938 137,643 Net income - 512,918 - - Purchase of treasury stock - - - 60 Dividends - (232,615) - - Net change attributable to realized and unrealized gains on available-for-sale securities, net of taxes of $(283) - - 426 - -------- ---------- ------------ --------- Balance, December 31, 1997 $72,256 $3,445,006 $ 7,364 $137,703 ======== ========== ============ =========
See Notes to Financial Statements. 12 CALCASIEU REAL ESTATE & OIL CO., INC. STATEMENTS OF CASH FLOWS Years Ended December 31, 1997, 1996 and 1995
1997 1996 1995 ------------ ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 512,918 $ 805,090 $ 348,781 Noncash (income) expenses included in net income: Depreciation, depletion and amortization 14,359 12,325 101,855 Realized (gains) on sale of available- for-sale securities (19,356) (751,417) - Change in assets and liabilities: (Increase) decrease in trade accounts and other receivables 5,516 (12,721) 7,086 (Increase) decrease in inventory (10,767) 7,692 (6,976) (Increase) decrease in prepaid expenses 8,396 (9,001) (327) Decrease in prepaid income taxes - - 43,340 Increase (decrease) in trade payables 14,945 (2,812) (6,271) Increase (decrease) in other liabilities (238,996) 121,295 194,338 ----------- --------- --------- Net cash provided by operating activities 287,015 170,451 681,826 ----------- --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from rights of way 7,760 400 - Available-for-sale securities: Maturities 500,000 197,623 - Purchases (250,951) (997,107) (197,623) Sales 529,077 928,098 - Purchase of property and equipment (33,758) (2,320) (1,451) Purchase of land (1,698,021) - (934) ----------- --------- --------- Net cash provided by (used in) investing activities (945,893) 126,694 (200,008) ----------- --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings 900,000 - - Principal payments on long-term borrowing (100,000) (93,108) (95,000) Dividends paid (232,615) (179,754) (119,840) Payments to acquire treasury stock (60) - (14,342) ----------- --------- --------- Net cash provided by (used in) financing activities 567,325 (272,862) (229,182) ----------- --------- --------- Net increase (decrease) in cash and cash equivalents (91,553) 24,283 252,636 Cash and cash equivalents: Beginning 313,463 289,180 36,544 ----------- --------- --------- Ending $ 221,910 $ 313,463 $ 289,180 =========== ========= =========
(continued on next page) 13 CALCASIEU REAL ESTATE & OIL CO., INC. STATEMENTS OF CASH FLOWS Years Ended December 31, 1997, 1996 and 1995 (Continued)
1997 1996 1995 -------- -------- --------- SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash payments for: Interest $ 12,255 $ 7,408 $ 15,573 Income taxes 498,069 338,171 (28,421) SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES Net change in unrealized and realized gains on available-for-sale securities 426 (134,119) 74,276
See Notes to Financial Statements. 14 CALCASIEU REAL ESTATE & OIL CO., INC. NOTES TO FINANCIAL STATEMENTS Note 1. Nature of Business and Significant Accounting Policies Nature of business: The Company's business is the ownership and preservation of the assets acquired at the Company's organization and subsequent thereto. The primary activities have consisted of leasing its properties and collecting rents and royalties derived therefrom. In February, 1990, the Company acquired a 12.5% interest in 34,189 acres of land in Southwest Louisiana. Among other uses, a portion of the land is devoted to agricultural purposes. In April, 1992, the Company purchased a 100% interest in the surface rights and a 50% interest in the mineral rights to 952 acres, consisting of mainly timber land. In October, 1997, the Company purchased approximately 3,496 acres of agricultural property. Significant accounting policies: Cash and cash equivalents: For purposes of the statement of cash flows, cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. Inventory: Inventory consists of harvested crops valued at estimated selling price at the date of the balance sheet. 15 NOTES TO FINANCIAL STATEMENTS Pervasiveness of estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Agricultural revenue: Most agricultural income is derived under U.S. Government subsidy programs. Under these programs, loans are made against crops as harvested. However, delivery of the crops fulfills any further obligation under the loan agreement, and thus revenues are recognized as the harvested crops are delivered. Differences in the price at ultimate sale of the products could result from quantity, grade, and price, and additional revenues are derived at that time. Investment securities: The Company complies with the provisions of Financial Accounting Standards Board Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities. Under the provisions of this statement, management must make a determination at the time of acquisition whether certain investments in debt and equity securities are to be held as investments to maturity, held as available for sale, or held for trading. Management, under a policy adopted by the board of directors of the Company, made a determination that all debt and equity securities owned at that date and subject to the provisions of the statement would be classified as held available- for-sale. Under the accounting policies provided for investments classified as held available-for-sale, all such debt securities and equity securities that have readily determinable fair value shall be measured at fair value in the balance sheet. Unrealized holding gains and losses for available-for-sale securities shall be excluded from earnings and reported as a net amount (net of income taxes) as a separate component of retained earnings until realized. Realized gains and losses and declines in value judged to be other than temporary on available-for-sale securities are included in income. The cost of securities sold is based on the specific identification method. Interest on debt securities is recognized in income as earned, and dividends on marketable equity securities are recognized in income when declared. 16 NOTES TO FINANCIAL STATEMENTS Property and equipment: Property and equipment is stated at cost. Major additions are capitalized; maintenance and repairs are charged to income currently. Depreciation is computed on the straight-line and accelerated methods over the estimated useful lives of the assets. Successful efforts accounting method: The Company uses the successful efforts method of accounting for its oil and gas operations. Under the successful efforts method, the costs of acquiring mineral interest, drilling and equipping successful exploratory wells, and all development wells and related facilities are capitalized. All other exploration costs, including geological and geophysical costs, lease rentals and the cost of drilling unsuccessful exploratory wells are charged to expense. Due to the Company's small percentage ownership (in relation to the total) of oil and gas properties, reserve information is not available to the Company for mineral interests acquired. Depletion of these interests is computed on the straight-line and accelerated methods over an estimated life of five to seven years. Acquisition costs of proved mineral interests for which reserve information is available are depleted using the unit-of-production method based on production and estimated proved reserves. Related tangible and intangible costs are depreciated and amortized using the unit-of- production method based on production and estimated proved developed reserves. Earnings per share: Earnings per share is based on the weighted average number of common shares outstanding during the years. Income taxes: The Company complies with the provisions of FASB Statement of Financial Accounting Standards 109, Accounting for Income Taxes relative to the reporting of income taxes. This statement requires an asset and liability approach for financial accounting and reporting for income taxes. The objectives are to recognize the amount of taxes payable or refundable for the current year, and to recognize deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company's financial statements or tax returns. The elements with different bases for financial and tax purposes are property and equipment, investments, accounts receivable, inventory and accounts payable. 17 NOTES TO FINANCIAL STATEMENTS The basic principles to be applied in accounting for income taxes at the date of the financial statements are: 1. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year. 2. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards. 3. The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law; the effects of future changes in tax laws or rates are not anticipated. 4. The measurement of deferred tax assets is reduced, if considered necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. Note 2. Securities Available-for-Sale Debt and equity securities have been classified in the balance sheet according to management's intent in the current and noncurrent asset sections under the headings securities available-for-sale. The carrying amount of securities and their approximate fair values at December 31, 1997 and 1996 follow:
Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value ----------- ---------- ---------- ----------- Available-for-sale securities: December 31, 1997: Equity securities $ 56,123 $ 718 $ - $ 56,841 Municipal securities 194,828 11,555 - 206,383 U.S. government securities - - - - ---------- ------- ---------- ---------- $ 250,951 $12,273 $ - $ 263,224 ========== ======= ========== ========== Available-for-sale securities: December 31, 1996: Equity securities $ 8,160 $ 5,858 $ - $ 14,018 U.S. government securities 997,105 5,755 48 1,002,812 ---------- ------- ---------- ---------- $1,005,265 $11,613 $ 48 $1,016,830 ========== ======= ========== ==========
18 NOTES TO FINANCIAL STATEMENTS Gross realized gains and gross realized losses on sales of available-for- sale securities were:
1997 1996 -------- --------- Gross realized gains: U.S. government and agency securities $ 7,956 $ - Equity securities 11,400 751,417 ------- --------- $19,356 $751,417 ======= ========= Gross realized losses: U.S. government and agency securities $ - $ - Equity securities - - ------- ---------- $ - $ - ======= ==========
The scheduled maturities of securities (other than equity securities) available-for-sale at December 31, 1997 were as follows:
Amortized Fair Cost Value --------- --------- Due in one year or less $ - $ - Due from one year to three years - - Due from three to five years - - Due after five years 194,828 206,383 --------- --------- $194,828 $206,383 ========= =========
Expected maturities may differ from contractual maturities because the issuers of certain debt securities do have the right to call or prepay their obligations without any penalties. The amount classified as current assets on the accompanying balance sheets represent the expected maturities of the debt securities during the next year. 19 NOTES TO FINANCIAL STATEMENTS Note 3. Oil and Gas Properties Results of operations for oil and gas producing activities at December 31, 1997, 1996 and 1995 is as follows:
1997 1996 1995 --------- --------- --------- Gross revenues: Royalty interests $353,862 $245,368 $203,001 Working interests 39,894 59,587 47,840 -------- -------- -------- 393,756 304,955 250,841 Less: Production costs 59,503 33,028 37,613 Exploration expenses - - 2,843 Depreciation, depletion and amortization 1,515 2,827 3,409 -------- -------- -------- Results before income tax expenses 332,738 269,100 206,976 Income tax expenses 112,932 95,026 67,639 -------- -------- -------- Results of operations from producing activities (excluding corporate overhead) $219,806 $174,074 $139,337 ======== ======== ========
Costs incurred in oil and gas activities: The major costs incurred in connection with the Company's oil and gas operations (which are conducted entirely within the United States) at December 31, 1997, 1996 and 1995 are as follows: 1997 1996 1995 --------- --------- -------- Acquisition costs-working and royalty interests $ - $ - $ - ========= ========= ========= Exploration costs-primarily dry hole costs $ - $ - $ 2,843 ========= ========= ========= Development costs $ 862 $ 591 $ 439 ========= ========= ========= 20 NOTES TO FINANCIAL STATEMENTS Reserve quantities (unaudited): Reserve information relating to estimated quantities of the Company's interest in proved reserves of natural gas and crude (including condensate and natural gas liquids) is not available. Such reserves are located entirely within the United States. A schedule indicating such reserve quantities is, therefore, not presented. The wells remain in production at December 31, 1997, including royalty interests and working interests obtained through back-in provisions of royalty agreements. Production from such royalty interests and working interests comprises 100% of the Company's oil and gas revenues in 1997, 1996 and 1995. Actual production has exceeded original estimates of reserves, and remaining reserves have not been revised. Therefore, the Company is not able to complete the computations of discounted future cash flows and reconciliation thereof. Note 4. Income Taxes The Company files federal income tax returns on a calendar year basis. The net deferred tax liability in the accompanying balance sheet includes the following components at December 31, 1997 and 1996:
1997 1996 ---------- ---------- Deferred tax assets $ 1,293 $ 919 Valuation allowance - - Deferred tax liabilities (11,013) (9,210) Deferred tax liabilities on unrealized appreciation on securities available for sale (4,908) (2,343) -------- -------- Net deferred tax liability $(14,628) $(10,634) ======== ========
21 NOTES TO FINANCIAL STATEMENTS A reconciliation between income taxes, computed by applying statutory tax rates to income before income taxes and income taxes provided at December 31, 1997, 1996 and 1995 is as follows:
1997 1996 1995 ---------- ---------- ---------- Tax at statutory rates $263,991 $423,159 $176,152 Tax effect of the following: Statutory depletion (18,384) (12,923) (10,444) Graduated tax rates - - (2,789) Dividend exclusion (126) (6,285) (6,055) State income tax 21,226 38,316 13,497 Investment tax credit (1,000) - - Other (2,180) (2,774) (1,049) -------- -------- -------- $263,527 $439,493 $169,312 ======== ======== ========
Deferred income taxes result from timing differences in the recognition of revenue and expenses for tax and financial statement purposes. The Company was entitled to an investment tax credit related to reforestation expenditures totaling $1,000 for the year ended December 31, 1997. The effect of these timing differences at December 31, 1997 and 1996 is as follows:
1997 1996 ---------- ---------- Conversion of tax return from cash to accrual basis for financial reporting $ (9,570) $ (5,537) Excess of depreciation and depletion expensed for tax purposes (under) amount expensed for financial statement purposes (150) (472) Unrealized gain on marketable securities (4,908) (4,625) -------- --------- $(14,628) $(10,634) ======== =========
Note 5. Long-Term Debt Long-term debt consisted of a note payable in 59 monthly installments of $9,863, including interest at 8.25%, with a final payment estimated at $492,062 on December 26, 2002. This debt is secured by a mortgage on the real estate acquired with the proceeds from the debt. 22 NOTES TO FINANCIAL STATEMENTS Scheduled payments on this note in each of the next five years are as follows: 1998 $ 53,461 1999 58,108 2000 62,994 2001 68,636 2002 556,801 -------- $800,000 ======== Note 6. Business Segment and Major Customer Information The Company's operations are classified into three principal industry segments: oil and gas properties, agricultural properties, and timber properties. The agricultural and timber properties were acquired in February of 1990. Additional timber properties were acquired in April, 1992 and additional agricultural properties were acquired in October, 1997. Following is a summary of segmented information for 1997, 1996 and 1995:
1997 1996 1995 --------- --------- --------- REVENUES Oil and gas properties $691,934 $453,862 $287,426 Agricultural properties 82,329 67,437 54,790 Timber properties 179,543 114,741 466,757 All other segments 13,826 36,254 3,164 -------- -------- -------- $967,632 $672,294 $812,137 ======== ======== ======== COSTS AND EXPENSES Oil and gas properties $ 61,018 $ 35,855 $ 43,866 Agricultural properties 14,699 36,547 35,476 Timber properties 27,764 20,445 109,977 All other segments 862 591 439 -------- -------- -------- $104,343 $ 93,438 $189,758 ======== ======== ========
23 NOTES TO FINANCIAL STATEMENTS
1997 1996 1995 ------------ ----------- ------------ INCOME FROM OPERATIONS Oil and gas properties $ 630,916 $ 418,007 $ 243,560 Agricultural properties 67,630 30,890 19,314 Timber properties 151,779 94,296 356,780 All other segments 12,964 35,663 2,725 ---------- ---------- ---------- 863,289 578,856 622,379 OTHER INCOME (EXPENSE) (86,844) 665,727 (104,286) ---------- ---------- ---------- INCOME BEFORE INCOME TAXES $ 776,445 $1,244,583 $ 518,093 ========== ========== ========== IDENTIFIABLE ASSETS Oil and gas properties $ 546,971 $ 554,068 $ 532,584 Agricultural properties 2,303,368 621,391 632,656 Timber properties 969,842 929,811 939,118 All other segments - - 6,289 ---------- ---------- ---------- 3,820,181 2,105,270 2,110,647 GENERAL AND CORPORATE ASSETS 486,896 1,334,745 907,895 ---------- ---------- ---------- TOTAL ASSETS $4,307,077 $3,445,721 $3,018,542 ========== ========== ========== CAPITAL EXPENDITURES Oil and gas properties $ - $ 1,502 $ - Agricultural properties 1,678,281 - - Timber properties 40,101 - - All other segments - - - ---------- ---------- ---------- $1,718,382 $ 1,502 $ - ========== ========== ========== DEPRECIATION, DEPLETION AND AMORTIZATION Oil and gas properties $ 1,515 $ 2,827 $ 3,409 Agricultural properties 2,280 - 2,342 Timber properties 9,702 8,907 95,665 All other segments 862 591 439 ---------- ---------- ---------- $ 14,359 $ 12,325 $ 101,855 ========== ========== ==========
24 NOTES TO FINANCIAL STATEMENTS There are no intersegment sales reported in the accompanying income statements. Income before income tax represents net sales less operating expenses and other income and expenses of a general corporate nature. Identifiable assets by segment are those assets that are used in the Company's operations within that industry. General corporate assets consist principally of cash and cash items, accounts receivable, and marketable equity and debt securities. The following summarizes major customer information at December 31, 1997, 1996 and 1995 from oil and gas revenues:
Sales to Purchaser as a Percentage of Total Revenues ----------------------------- Purchaser 1997 1996 1995 --------- ------- ------ ------- Whitson - 3% 24% Riceland Petroleum Company 35% 29% 30% Coastal 12% 15% 13% Woodlawn 12% 23% -
Note 7. Related Party Transactions The President of the Company is Chairman of the Board of the First National Bank of Lake Charles (the Bank). At December 31, 1997 and 1996, the Company had $187,071 and $313,463, respectively, deposited in money- market and noninterest bearing checking accounts with the Bank. At December 31, 1997, the Company also had an $800,000 mortgage note payable to the bank, described at Note 5. During 1997, some board members entered into leases with the Company for water fowl hunting on property acquired during the year. Lease income from these leases amounted to $4,800 for the year ended December 31, 1997. In 1990, the Company purchased interests in properties managed by Walker Louisiana Properties (WLP), such properties being subject to a management agreement described at Note 10. Note 8. Supplementary Income Statement Information Taxes other than income taxes of $62,188, $51,829 and $52,054, were charged to expense during 1997, 1996 and 1995, respectively. 25 NOTES TO FINANCIAL STATEMENTS Note 9. Major Transactions In February, 1990 the Company acquired a 12.5% interest in 34,189 acres and other properties in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Lafourche, Sabine, and Vermillion Parishes for $1,275,000. Of the total acreage, 30,581 acres were acquired in fee and 3,608 were acquired in surface rights only. The allocation of the purchase price, which was applied pro rata over the fair market values of the assets acquired is as follows:
Cash and accounts receivable $ 1,607 Harvested crops 17,799 Buildings and equipment 14,610 Land: Agricultural 606,982 Other 233,445 Timber 380,792 Oil and gas properties 19,765 ---------- $1,275,000 ==========
The primary sources of income from the property are the leasing of mineral rights, timber sales, and agricultural rents. The President of this Company is President and majority stockholder of a corporation that also purchased a 12.5% undivided interest in the same acreage at the same time and at the same price. In February, 1992, the Company purchased 952 acres of timberland located in Calcasieu and Beauregard Parishes for $475,000. The down payment of $95,000 was paid at the closing date from the Company's cash reserves and the remaining $380,000 was financed with a mortgage note payable. This note was paid in full in April, 1996. The seller retained a 50% mineral interest in the property. In October, 1997, the Company purchased approximately 3,496 acres of agricultural properties located in Cameron Parish for $1,663,000 plus related expenses. The down payment of $813,000 was paid at the closing date from proceeds of the sale of securities and cash reserves. The remaining $850,000 was financed with a mortgage note payable described in Note 5. 26 NOTES TO FINANCIAL STATEMENTS Note 10. Management Agreement During 1990, the Company purchased an undivided interest in numerous parcels of land and other properties as described at Note 9. The Company's interest, along with the interests of other co-owners, is managed by an entity under a management agreement whereby costs are shared based on the percent of ownership. Note 11. Concentration of Credit Risk The Company maintains its cash balances in one financial institution. The amount on deposit in the financial institution is insured by the Federal Deposit Insurance Corporation up to $100,000. Note 12. Disclosures About Fair Value of Financial Instruments The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it was practical to estimate that value: Cash and cash equivalents: For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities available-for-sale: Debt and equity securities were valued at fair value, which equals quoted market price. Long-term debt: The fair value of the Company's long-term debt is estimated based on the current rates offered to the Company for debt of the same remaining maturities. 27 NOTES TO FINANCIAL STATEMENTS The estimated fair value of the Company's financial instruments at December 31, 1997 and 1996 are as follows. Amounts are presented in thousands.
1997 1996 ------------------ ----------------- Carrying Fair Carrying Fair Financial Assets Value Value Value Value --------- ------- -------- ------- Cash and cash equivalents $ 222 $ 222 $ 313 $ 313 Securities available for sale 263 263 1,017 1,017 Long-term debt (800) (800) - - ----- ----- ------ ------- $(315) $(315) $1,330 $1,330 ===== ===== ====== =======
28 CALCASIEU REAL ESTATE & OIL CO., INC. PROPERTY, PLANT AND EQUIPMENT Years Ended December 31, 1997, 1996 and 1995
Balance, Adjustments Balance, Beginning and End of 1997 of Period Additions Retirements Period ------ ----------- ----------- ----------- ----------- Oil and gas properties-proved $ 377,732 $ - $ 66 $ 377,666 Other property: Buildings and equipment 90,959 3,831 3,849 90,941 Timber 545,792 29,993 - 575,785 Land 1,661,742 1,698,021 7,760 3,352,003 ---------- ---------- ------- ---------- $2,676,225 $1,731,845 $11,675 $4,396,395 ========== ========== ======= ========== 1996 ------ Oil and gas properties-proved $ 376,230 $ 1,502 $ - $ 377,732 Other property: Buildings and equipment 99,036 818 8,895 90,959 Timber 545,792 - - 545,792 Land 1,662,142 - 400 1,661,742 ---------- ---------- ------- ---------- $2,683,200 $ 2,320 $ 9,295 $2,676,225 ========== ========== ======= ========== 1995 ------ Oil and gas properties-proved $ 377,213 $ - $ 983 $ 376,230 Other property: Buildings and equipment 101,756 - 2,720 99,036 Timber 545,792 - - 545,792 Land 1,661,209 933 - 1,662,142 ---------- ---------- ------- ---------- $2,685,970 $ 933 $ 3,703 $2,683,200 ========== ========== ======= ==========
29 CALCASIEU REAL ESTATE & OIL CO., INC. ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION Years Ended December 31, 1997, 1996 and 1995
Balance, Adjustments Balance, Beginning and End of 1997 of Period Additions Retirements Period ------ --------- --------- ----------- --------- Oil and gas properties-proved $374,626 $ 1,515 $ - $376,141 Other property: Buildings and equipment 81,413 3,142 3,849 80,706 Timber 191,321 9,702 - 201,023 -------- -------- ----------- -------- $647,360 $ 14,359 $3,849 $657,870 ======== ======== =========== ======== 1996 ------ Oil and gas properties-proved $371,799 $ 2,827 $ - $374,626 Other property: Buildings and equipment 89,717 591 8,895 81,413 Timber 182,414 8,907 - 191,321 -------- -------- ----------- -------- $643,930 $ 12,325 $8,895 $647,360 ======== ======== =========== ======== 1995 ------ Oil and gas properties-proved $368,391 $ 3,408 $ - $371,799 Other property: Buildings and equipment 92,090 2,781 5,154 89,717 Timber 86,749 95,665 - 182,414 -------- -------- ----------- -------- $547,230 $101,854 $5,154 $643,930 ======== ======== =========== ========
30 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DECEMBER 31, 1997 AUDITED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. YEAR DEC-31-1997 JAN-01-1997 DEC-31-1997 221,910 0 68,039 0 13,617 305,328 4,396,395 657,870 4,307,077 173,615 0 0 0 72,256 3,314,667 4,307,077 0 967,632 0 104,343 161,735 0 13,172 776,445 263,527 512,918 0 0 0 512,918 .26 .26
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