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, 1997 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: (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, 1997, 1,997,252 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, 1997
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, 1997 and June 30, 1996 4-5
Statements of Income and Retained Earnings
Six Months Ended June 30, 1997 and June 30, 1996 6
Statements of Cash Flows
Six Months Ended June 30, 1997 and June 30, 1996 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
___________________________________________________________________
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, 1997, was up 75.8% from the same period
in 1996. Most of the increase was attributable to an 86.3% in gross income due
to oil and gas. Approximately half of this increase was due to the receipt of
oil royalties which had been withheld due to a legal dispute and approximately
half came from payments for three dimensional seismic permits. Agriculture
income was up 55.4% from the same period in 1996. Oil and gas production costs
were up $33,400 or 233.5% from the same period in 1996. A large part of this
was due to a workover on a well in which the Company had earned a working
interest.
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
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ASSETS
------
CURRENT ASSETS JUNE 30, 1997 JUNE 30, 1996
Cash and cash equivalents $ 276,502 $ 194,854
Accounts receivables 176,158 59,656
Prepaid income taxes 33,938 58,399
Inventory, harvested crops 2,878
---------- ----------
Total current assets $ 486,598 $ 315,787
---------- ----------
SECURITIES AVAILABLE FOR SALE $ 726,027 $ 731,676
---------- ----------
PROPERTY AND EQUIPMENT, less
accumulated depreciation, depletion and
amortization $ 15,963 $ 10,750
Timber, less accumulated depletion 374,514 361,502
Land 1,661,742 1,662,142
---------- ----------
Total Property $2,052,219 $2,034,394
---------- ----------
TOTAL $3,264,844 $3,081,857
---------- ----------
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
BALANCE SHEET
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LIABILITIES & STOCKHOLDERS' EQUITY
----------------------------------
CURRENT LIABILITIES JUNE 30, 1997 JUNE 30, 1996
Trade payables and accrued expenses $ 4,372 $ 2,351
Dividends payable 59,918 39,945
Current deferred tax liability, net 13,475 218,610
---------- ----------
Total Current Liabilities $ 77,765 $ 260,906
---------- ----------
SHAREHOLDERS' EQUITY
Common Stock, no par value, 3,000,000 shares
authorized; 2,100,000 shares issued $ 72,256 $ 72,256
Retained earnings 3,241,049 2,550,443
Unrealized appreciation on investments
available for sale, net of tax of $7,756 in 1997
and $210,941 in 1996 11,477 335,895
---------- ----------
$3,324,782 $2,958,594
Less cost treasury stock (1996 102,728 shares:
1997 102,636 shares) 137,703 137,643
---------- ----------
Total Equity $3,187,079 $2,820,951
---------- ----------
TOTAL $3,264,844 $3,081,857
---------- ----------
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF INCOME AND RETAINED EARNINGS
------------------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
REVENUES
Income-primarily from oil and gas properties $ 236,255 $ 107,944 $ 357,298 $ 191,763
Agricultural Income 7,558 2,517 23,663 15,225
Timber Income 1,168 10,423 1,168 10,423
---------- ---------- ---------- ----------
TOTAL $ 244,981 $ 120,884 $ 382,129 $ 217,411
---------- ---------- ---------- ----------
COSTS AND EXPENSES
Forestry expenses $ 6,474 $ 1,042 $ 6,785 $ 1,106
Agriculture expense 3,223 5,300 4,509 12,518
Oil and gas production costs 24,645 6,194 47,701 14,302
General and Administrative 21,325 29,983 77,110 80,935
Depreciation and depletion 991 3,376 1,891 4,876
---------- ---------- ---------- ----------
TOTAL $ 56,658 $ 45,895 $ 137,996 $ 113,737
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Gain on sale of assets $ $ 656 $ $ 677
Interest 16,067 2,372 32,797 7,556
Dividends on Common Stock 137 7,316 258 14,517
Interest Expense (368) (2,225)
---------- ---------- ---------- ----------
TOTAL $ 16,204 $ 9,976 $ 33,055 $ 20,525
---------- ---------- ---------- ----------
INCOME OR LOSS BEFORE
INCOME TAXES AND
EXTRAORDINARY CREDITS $ 204,527 $ 84,965 $ 277,188 $ 124,199
PROVISION FOR INCOME TAXES:
Current 68,465 25,731 88,062 33,231
---------- ---------- ---------- ----------
NET INCOME OR (LOSS) $ 136,062 $ 59,234 $ 189,126 $ 90,967
RETAINED EARNINGS,
BEGINNING OF PERIOD 3,157,849 2,531,156 3,164,703 2,539,367
DIVIDENDS (52,862) (39,947) (112,780) (79,891)
---------- ---------- ---------- ----------
RETAINED EARNINGS END OF
PERIOD $3,241,049 $2,550,443 $3,241,049 $2,550,443
---------- ---------- ---------- ----------
NET INCOME PER COMMON SHARE $.07 $.03 $.09 $.05
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CALCASIEU REAL ESTATE & OIL CO., INC.
-------------------------------------
STATEMENTS OF CASH FLOWS
------------------------
Three Months Ended Six Months Ended
June 30, 1997 June 30, 1996 June 30, 1997 June 30, 1996
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net Income (or Loss) $ 136,062 $ 59,234 $ 189,126 $ 90,967
Non cash (income) expenses
included in net income:
Depreciation, depletion and
amortization 991 3,376 1,891 4,876
CHANGE IN ASSETS
AND LIABILITIES:
(Increase) decrease in
accounts receivable (117,893) (14,003) (102,603) 1,178
(Increase) decrease in
inventory 6,694 2,850 7,664
(Increase) decrease in
prepaid expenses 10,158 1,157
(Increase) decrease in
prepaid income taxes 5,396 (22,639) (33,938) (58,399)
Increase (decrease) in trade
and interest payables (35,654) (20,668) (3,474) (8,307)
Increase (decrease) in
income tax payable (261,069) (158,086)
--------- --------- --------- ---------
NET CASH PROVIDED BY
Operating Activities $ (11,098) $ 11,994 $(197,059) $(118,950)
--------- --------- --------- ---------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Net Accretion on Securities $ (2,846) $ $ (2,817) $
Purchase of Property and
equipment and reforestation (10,819) (25,245)
Maturity of securities 99,806 495,500 197,623
Purchase of Securities (194,500) (194,500)
--------- --------- --------- ---------
NET INVESTING ACTIVITIES $(208,165) $ 99,806 $ 272,938 $ 197,623
--------- --------- --------- ---------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Principal payments on long-
term borrowing $ $ (93,108) $ $ (93,108)
Dividends paid (52,862) (39,947) (112,780) (79,891)
Payments to acquire
treasury stock (60)
--------- --------- --------- ---------
Net cash provided by (used in)
financing activities $ (52,862) $(133,055) $(112,840) $(172,999)
--------- --------- --------- ---------
Net increase (decrease) in
cash & cash equivalents $(272,125) $ (21,255) $ (36,961) $ (94,236)
CASH AND CASH EQUIVALENTS:
Beginning 548,627 216,109 313,463 289,180
--------- --------- --------- ---------
Ending $ 276,502 $ 194,854 $ 276,502 $ 194,854
--------- --------- --------- ---------
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CALCASIEU REAL ESTATE & OIL CO., INC.
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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 August 6, 1997
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