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 JUNE 30, 1996 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, Louisiana 70605
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (318) 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:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE
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 June 30, 1996, 1,997,272 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 JUNE 30, 1996
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION PAGE NO.
- ------ --------------------- --------
Management's Discussion and Analysis of Financial
Condition and Results of Operations 3
Balance Sheets
June 30, 1996 and June 30, 1995 4-5
Statements of Income and Retained Earnings
Six Months Ended June 30, 1996 and June 30, 1995 6
Statements of Cash Flows
Six months Ended June 30, 1996 and 1995 7
PART II OTHER INFORMATION
- ------- -----------------
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
Income for the six months ended June 30, 1996, was down 68.5% from the same
period in 1995 primarily due to decrease in gross timber income. In 1995 the
company participated in the clear-cutting of an 1,100 acre tract which produced
over $400,000 of timber income. The income for the second quarter of 1996 was
up $53,231 or 167.7% over the first quarter of 1996. This was due to increases
in income from oil and gas properties and from increase in timber income and a
decrease in general and administrative expenses. Expenses for the first six
months of 1996 were close to the expenses for the first six months of 1995 with
the exception of timber depletion which was $30,000 higher in 1995 because of
the large timber sale referred to above.
The company owns 4,796 shares of Calcasieu Marine National Bank valued at $150
per share in the enclosed statements. Hibernia Corporation and Calcasieu Marine
have announced an agreeement by which Hibernia will acquire Calcasieu Marine for
$196 per share in cash. The purchase is expected to occur in the third quarter
of 1996.
Management believes that the company's revenues will be sufficient to meet its
existing needs and the needs for its anticipated future operations. Management
does not presently anticipate that the Company will incur material additional
liabilities in its future operations. Long-term trends will be more dependent
on the Company's development of income from its properties, such as timber
sales, than from oil and gas operations.
3
CALCASIEU REAL ESTATE & OIL CO., INC
------------------------------------
BALANCE SHEET
-------------
ASSETS
------
CURRENT ASSETS JUNE 30, 1996 JUNE 30, 1995
Cash and cash equivalents $ 194,854 $ 426,830
Trade receivables 59,656 57,767
Prepaid expenses 3,050
Prepaid income taxes 58,399
Inventory, harvested crops 2,878 2,566
--------------- -----------
Total current assets $ 315,787 $ 490,212
--------------- -----------
INVESTMENT SECURITIES
At market value $ 731,676 $ 296,142
--------------- -----------
PROPERTY AND EQUIPMENT, less
accumulated depreciation, depletion
and amortization. $ 10,750 $ 21,762
Timber, less accumulated depletion 361,502 425,857
Land 1,662,142 1,661,209
--------------- -----------
Total property $2,034,394 $2,108,828
--------------- -----------
TOTAL $3,081,857 $2,895,183
--------------- -----------
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
BALANCE SHEET
-------------
LIABILITIES & STOCKHOLDERS' EQUITY
----------------------------------
CURRENT LIABILITIES JUNE 30, 1996 JUNE 30, 1995
Trade payables $ 2,351 $ 2,323
Accrued Interest Payable 1,429
Note Payable, Current 93,108
Income Taxes Payable 141,298
Dividend payable 39,947 39,947
Current deferred tax liability, net 218,610 55,883
------------- ------------
Total Current Liabilities $ 260,906 $ 333,988
------------- ------------
SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000
shares authorized; 2,100,000 shares
issued $ 72,256 $ 72,256
Retained earnings 2,550,443 2,559,717
Unrealized appreciation on investments
available for sale, net of tax of
$44,521 in 1995 and $210,941 in 1996 335,895 66,781
------------ ------------
$2,958,594 $2,698,754
Less cost treasury stock (1996 102,728
shares: 1995 102,636 shares) 137,643 137,599
------------ ------------
Total Equity $2,820,951 $2,561,195
------------ ------------
TOTAL $3,081,857 $2,895,183
------------ ------------
5
CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF INCOME AND RETAINED EARNINGS
------------------------------------------
Three Months Ended Six Months Ended
June 30, 1996 June 30, 1995 June 30, 1996 June 30, 1995
REVENUES
Income-primarily from oil & gas $ 107,944 $ 69,077 $ 191,763 $ 132,718
properties
Agriculture income 2,517 7,606 15,225 15,203
Timber Income 10,423 437,801 10,423 442,482
----------- ----------- ----------- -----------
TOTAL $ 120,884 $ 514,484 $ 217,411 $ 590,403
----------- ----------- ----------- -----------
COSTS AND EXPENSES
Forestry Expenses $ 1,042 $ 11,090 $ 1,106 $ 11,810
Agriculture Expense 5,300 6,968 12,418 10,737
Oil and gas production costs 6,194 5,272 14,302 16,263
General and Administrative 29,983 29,051 80,935 73,117
Depreciation and depletion 3,376 32,343 4,876 34,986
----------- ----------- ----------- -----------
TOTAL $ 45,895 $ 85,632 $ 113,737 $ 146,913
----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE)
Gain on sale of assets $ 656 $ $ 677 $
Interest 2,372 1,016 7,556 1,314
Dividends on Common Stock 7,316 7,194 14,517 10,791
Interest Expense (368) (2,767) (2,225) (6,529)
----------- ------------ ------------ -----------
TOTAL $ 9,976 $ 5,443 $ 20,525 $ 5,576
----------- ------------ ------------ -----------
INCOME OR LOSS BEFORE $ 84,965 $ 434,293 $ 124,199 $ 449,066
INCOME TAXES AND
EXTRAORDINARY CREDITS
PROVISION FOR INCOME
TAXES
Current $ 25,731 $ 158,873 $ 33,231 $ 159,828
----------- ----------- ----------- -----------
NET INCOME OR (LOSS) $ 59,234 $ 275,422 $ 90,967 $ 289,238
RETAINED EARNINGS, 2,531,156 2,324,242 2,539,367 2,310,426
BEGINNING OF PERIOD
DIVIDENDS (39,947) (39,947) (79,891) (39,947)
----------- ----------- ----------- -----------
RETAINED EARNINGS END OF $2,550,443 $2,559,717 $2,550,443 $2,559,717
PERIOD ----------- ----------- ----------- -----------
NET INCOME PER COMMON SHARE $.03 $.14 $.05 $.02
6
CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF CASH FLOWS
------------------------
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, 1996 June 30, 1995 June 30, 1996 June 30, 1995
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income or (Loss) $ 59,234 $276,422 $ 90,967 $ 289,238
Non cash (income) expenses
included in net income
Depreciation, depletion and 3,376 32,243 4,876 34,986
amortization
CHANGE IN ASSETS
AND LIABILITIES
(Increase)decrease in (14,003) (11,588) 1,178 10,537
accounts receivable
(Increase)decrease in 6,694 (1,000) 7,664 1,000
inventory
(Increase)decrease in prepaid 1,525 1,157 (2,604)
expenses
(Increase) decrease in (22,639) 42,385 (58,399) 43,340
prepaid income taxes
Increase (decrease) in trade (20,668) (25,018) (8,307) (13,177)
and interest payables
Increase (decrease) in income 141,298 (158,086) 141,298
tax payable
Increase (decrease) in note (1,892) (1,892)
payable, current ---------- --------- ---------- ----------
NET CASH PROVIDED BY $ 11,994 $454,375 $(118,950) $ 502,726
OPERATING ACTIVITIES ---------- --------- ---------- ----------
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of property and $ $ (5,074) $ $ (5,074)
equipment
Maturity of investment 99,806 197,623
securities ---------- --------- ---------- ----------
NET INVESTING ACTIVITIES $ 99,806 $ (5,074) $ 197,623 $ (5,074)
---------- --------- ---------- ----------
CASH FLOWS FROM
FINANCING ACTIVITIES
Principal payments on long- $ (93,108) $(93,108) $ (93,108) $ (93,108)
term borrowing
Dividends paid (39,947) (79,891)
Payments to acquire treasury (100) (14,258)
stock ---------- --------- ---------- ----------
Net cash provided by (used $(133,055) $(93,208) $(172,999) (107,366)
in) financing activities ---------- --------- ---------- ----------
Net increase (decrease) in $ (21,255) $356,093 $ (94,236) $ 390,286
cash & cash equivalents
CASH AND CASH
EQUIVALENTS
Beginning 216,109 70,737 289,180 36,544
---------- --------- ---------- ----------
Ending $ 194,854 $426,830 $ 194,854 $ 426,830
---------- --------- ---------- ----------
7
CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
PART II OTHER INFORMATION
-------------------------
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) Exhibits
27. Financial Data Schedule
(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/ Carl G. Patton
_____________________________________
Carl G. Patton
Vice-President and Secretary
Dated: July 24, 1996
8