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 SEPTEMBER 30, 2001 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 September 30, 2001, 1,955,044 shares of the registrant's Common Stock,
without par value, were issued and outstanding.
CALCASIEU REAL ESTATE & OIL CO., INC.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2001
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION PAGE NO.
- ------ --------------------- --------
Management's Discussion and Analysis of Financial
Condition and Results of Operations 3
Balance Sheets
September 30, 2000 and September 30, 2001 4-5
Statements of Income and Retained Earnings and
Accumulated Comprehensive Income
Nine Months Ended September 30, 2000 and 2001 6
Statements of Cash Flows
Nine Months Ended September 30, 2000 and 2001 7
PART II OTHER INFORMATION
- ------- -----------------
Item 6. Exhibits and Reports on Form 8-K 8
SIGNATURES 8
REFERENCE IS MADE TO THE NOTES TO FINANCIAL STATEMENTS CONTAINED IN
THE COMPANY'S ANNUAL REPORT ON FORM 10
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THE INFORMATION FURNISHED IS NOT IN CONNECTION WITH ANY SALE OR OFFER
FOR SALE OF, OR SOLICITATION OF AN OFFER TO BUY, ANY SECURITIES.
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CALCASIEU REAL ESTATE & OIL CO., INC.
PART I
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Net income was down 23.3% for the nine months ended September 30, 2001, compared
to the same period in 2000, but net income for the third quarter was down only
2.7% from net income for the third quarter in 2000. Both figures are a result
of continued depletion of the North English Bayou Field and increasing income
from agriculture and timber. All expenses decreased except general and
administrative expenses and timber depletion. Most of the increase in general
and administrative expenses come from a $10,270 increase in insurance expense
and a $44,000 increase in legal expense.
The legal expense was incurred defending the Company's ownership of minerals on
a small piece of property.
The Company expects to begin receiving, in the fourth quarter, proceeds from
small royalty interests in three new discoveries.
In September, the Company received an invoice from the National Pollution Funds
Center for cleanup of an oil well site. The Company is contesting the charge as
an innocent landowner since the spill occurred long before the Company's
ownership and the Company did not participate in the mineral production. The
Company's share of the bill is less than $65,000.
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.
3
CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
ASSETS
Current Assets September 30, 2001 December 31, 2000
Cash and cash equivalents $ 783,771 $ 638,063
Accounts receivables 172,656 129,200
Prepaid income taxes 42,157 74,879
Inventory-harvested crops 4,427
Prepaid expense 3,309
---------- ----------
Total Current Assets $ 998,584 $ 849,897
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 981,611 $1,058,359
---------- ----------
PROPERTY AND EQUIPMENT,
Less accumulated depreciation,
depletion and amortization. $ 95,089 $ 97,103
Timber, less accumulated depletion 412,285 414,458
Land 3,844,810 3,615,900
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Total Property $4,352,184 $4,127,461
---------- ----------
TOTAL $6,332,379 $6,035,717
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CALCASIEU REAL ESTATE & OIL CO., INC.
BALANCE SHEET
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES SEPTEMBER 30, 2001 DECEMBER 31, 2000
Trade Payables And Accrued Expenses $ 16,084 $ 15,082
Current Deferred Tax Liability, Net 36,774 30,614
Dividends Payable 195,504
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Total Current Liabilities $ 52,858 $ 241,200
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, --
3,000,000 shares authorized; 2,100,000 shares issued $ 72,256 $ 72,256
Retained earnings 6,480,402 6,004,642
Accumulated other comprehensive income 33,692 24,448
---------- ----------
$6,586,350 $6,101,346
Less cost treasury stock (2001 - 144,956 shares;
2000 - 133,956 shares) 306,829 306,829
---------- ----------
Total Equity $6,279,521 $5,794,517
---------- ----------
TOTAL $6,332,379 $6,035,717
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CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, 2001 SEPTEMBER 30, 2000 SEPTEMBER 30, 2001 SEPTEMBER 30, 2000
REVENUES
Income-primarily from oil and gas properties $ 299,880 $ 420,231 $ 987,438 $1,392,159
Agricultural Income 99,466 103,297 170,490 163,868
Timber Income 141,093 8,208 204,053 156,103
---------- ---------- ---------- ----------
TOTAL $ 540,439 $ 531,736 $1,361,981 $1,712,130
---------- ---------- ---------- ----------
COSTS AND EXPENSES
Oil and gas production costs $ 15,208 $ 20,587 $ 46,510 $ 70,115
Agriculture expense 2,249 2,482 5,193 6,692
Forestry expenses 9,663 8,082 19,978 31,191
General and Administrative 50,254 38,450 201,031 139,398
Depreciation and depletion 8,804 1,660 15,452 11,555
---------- ---------- ---------- ----------
TOTAL $ 86,178 $ 71,261 $ 288,164 $ 258,951
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest Income $ 12,896 $ 11,705 $ 39,995 $ 29,080
Dividends 6,147 921 17,497 3,080
Gain on Sale of Assets 4,991
---------- ---------- ---------- ----------
TOTAL $ 19,043 $ 12,626 $ 62,483 $ 32,160
---------- ---------- ---------- ----------
INCOME OR LOSS BEFORE
INCOME TAXES AND
EXTRAORDINARY CREDITS $ 473,304 $ 473,101 $1,136,300 $1,485,339
PROVISION FOR INCOME TAXES:
Current 161,432 152,639 366,607 482,339
---------- ---------- ---------- ----------
NET INCOME OR (LOSS) $ 311,872 $ 320,462 $ 769,693 $1,003,000
RETAINED EARNINGS,
BEGINNING OF PERIOD 6,266,506 5,544,957 6,004,642 5,059,618
DIVIDENDS (97,976) (98,538) (293,933) (295,737)
---------- ---------- ---------- ----------
RETAINED EARNINGS END OF
PERIOD $6,480,402 $5,766,881 $6,480,402 $5,766,881
---------- ---------- ---------- ----------
NET INCOME PER COMMON SHARE $.16 $.17 $.39 $.51
OTHER COMPREHENSIVE INCOME
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, 2001 SEPTEMBER 30, 2000 SEPTEMBER 30, 2001 SEPTEMBER 30, 2000
Unrealized gains on securities
available for sale, net of taxes $ 2,342 $ 9,244
Other comprehensive income
Beginning of Period 31,350 24,448
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Other comprehensive income
End of Period $ 33,692 $ 33,692
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CALCASIEU REAL ESTATE & OIL CO., INC.
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, 2001 SEPTEMBER 30, 2000 SEPTEMBER 30, 2001 SEPTEMBER 30, 2000
CASH FLOWS FROM
OPERATING ACTIVITIES
Net Income (or Loss) $ 311,872 $ 320,462 $ 769,693 $ 1,003,000
Non cash (income) expenses
included in net income:
Depreciation, depletion and amortization 8,804 1,660 15,452 11,555
CHANGE IN ASSETS AND LIABILITIES:
(Increase) decrease in accounts receivable 36,855 106,820 (43,436) 262,321
(Increase) decrease in inventory 4,427 10,281
(Increase) decrease in prepaid expenses 3,309 674
(Increase) decrease in prepaid income taxes 23,522 (45,511) 32,721 (57,131)
Increase (decrease) in trade payables 13,526 (9,681) 1,002 (4,829)
Increase (decrease) in dividends payable (97,977) 56 (195,504) (400)
Increase (decrease) in income tax payable (151,282)
---------- --------- ---------- -----------
Net Cash Provided by
Operating Activities $ 296,602 $ 373,806 $ 587,664 $ 1,074,189
---------- --------- ---------- -----------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Maturity of Securities available for sale $ $ $ 688,654 $
Purchase of Securities available for sale (596,502) (279,257) (596,502) (279,257)
Purchase of Property and
equipment and reforestation (4,436) (11,265)
Purchase of land (228,910) (228,910)
---------- --------- ---------- -----------
Net cash provided (used in)
Investing Activities $ (829,848) $(279,257) $(148,023) $ (279,257)
---------- --------- ---------- -----------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Dividends paid $ (97,976) $ (98,508) $(293,933) $ (295,737)
Payments to acquire treasury stock (19,566) (43,118)
---------- --------- ---------- -----------
Net cash provided by (used in)
financing activities $ (97,976) $(118,074) $(293,933) $ (338,855)
---------- --------- ---------- -----------
Net increase (decrease) in
cash & cash equivalents $ (631,222) $ (23,525) $ 145,708 $ 456,077
CASH AND CASH EQUIVALENTS:
Beginning 1,414,993 951,423 638,063 471,821
---------- --------- ---------- -----------
Ending $ 783,771 $ 927,898 $ 783,771 $ 927,898
---------- --------- ---------- -----------
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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
undersigned 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 November 6, 2001
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