U. S. Securities and Exchange Commission
Washington, D. C. 20549
Form 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 10 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
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[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
For the transition period from to .
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Commission File Number: 0-9458
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Eagle Exploration Company
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(Exact name of Registrant as specified in it charter)
Colorado 84-0804143
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(State or other jurisdiction of (I.R.S. Employer ID Number)
incorporation or organization)
1801 Broadway, Suite 1420
Denver, Colorado 80202
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(Address of principal executive offices)
(303) 296-3677
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(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 .
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by court. Yes X No
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State the number of shares outstanding of each of the issuer's classed of
common equity, as of the latest practicable date: 3,072,836.
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Transitional Small Business Disclosure format: (Check One) Yes No X
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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
INDEX TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
PART I FINANCIAL INFORMATION PAGE
- - ------ --------------------- ----
Item 1 Unaudited Condensed Consolidated Balance
- - ------
Sheets - June 30, 2000, and March 31, 2000 3
Unaudited Condensed Consolidated
Statements of Operations - Three
Months Ended June 30, 2000 and 1999 4
Unaudited Condensed Consolidated
Statement of Cash Flows - Three Months
Ended June 30, 2000 and 1999 5
Notes to Unaudited Condensed
Consolidated Financial Statements 6
Item 2 Management's Discussion and Analysis
of Financial Condition and Results
of Operations 7
PART II SIGNATURES 8
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2
PART I
- - ------
FINANCIAL INFORMATION
Item 1
- - ------
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Assets
June 30, March 31,
2000 2000
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Current assets
Cash and cash equivalents $1,139,295 $1,569,309
Certificates of deposit 200,000 200,000
Investments available-for-sale 1,078,430 594,908
Other receivables 7,460 10,321
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Total current assets 2,425,185 2,374,538
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Office furniture, equipment and
other, net of $233,165 of accumulated
depreciation at June 30, 2000, and
$228,913 of accumulated depreciation
at March 31, 2000. 34,646 38,898
Other assets 26,637 26,637
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Total assets $2,486,468 $2,440,073
========== ==========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 11,987 $ 12,448
Deposits, deferred revenue
and other 8,409 8,409
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Total current liabilities 20,396 20,857
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Stockholders' equity
Common stock, no par value;
authorized 10,000,000 shares;
3,072,836 shares issued and
outstanding 6,632,998 6,632,998
Accumulated deficit (4,052,471) (4,053,478)
Unrealized holding loss on
investments available-for-sale (114,455) (160,304)
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2,466,072 2,419,216
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Total liabilities and
stockholders' equity $2,486,468 $2,440,073
========== ==========
See Notes to Unaudited Condensed Consolidated Financial Statements.
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
June 30, 2000 June 30, 1999
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Revenue
Interest income $ 41,145 $ 24,800
Other income 15,305 18,472
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56,450 43,272
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Expenses
Depreciation 4,252 3,660
Other operating expenses 51,191 50,914
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55,443 54,574
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Net income (loss) $ 1,007 $ (11,302)
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Other comprehensive income
Unrealized gains on investments
available-for-sale 45,849 -
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Comprehensive income (loss) $ 46,856 $ (11,302)
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Basic and diluted earnings (loss)
per share $ - $ (.01)
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Weighted average number of
shares outstanding - basic
and diluted 3,072,836 3,072,836
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See Notes to Unaudited Condensed Consolidated Financial Statements.
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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
For the Three Months Ended
June 30, 2000 June 30, 1999
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Cash flows from operating activities
Net income (loss) $ 1,007 $ (11,302)
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Adjustments to reconcile net income
(loss) to net cash provided (used)
by operating activities:
Depreciation 4,252 3,660
Change in assets and liabilities:
Decrease (increase) in accounts
receivable 2,861 (3,364)
(Decrease) in accounts payable (461) (20,266)
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6,652 (19,970)
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Net cash flows provided (used)
by operating activities 7,659 (31,272)
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Cash flows from investing activities
Purchase of investments
available-for-sale (437,673) (618,290)
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Net cash flows (used) by
investing activities (437,673) (618,290)
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Net (decrease) in cash and cash
equivalents (430,014) (649,562)
Cash and cash equivalents, beginning
of year 1,569,309 2,350,898
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Cash and cash equivalents, end of
quarter $ 1,139,295 $ 1,701,336
============= ============
Supplemental disclosure of cash flow information:
The change in unrealized gain (loss) on investments available-for-sale for
the three months ended June 30, 2000, and 1999, was $45,849 and $0,
respectively.
See Notes to Unaudited Condensed Consolidated Financial Statements.
5
EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Opinion of Management
1. The financial information furnished reflects all adjustments which are, in
the opinion of management, necessary for a fair presentation of the financial
position at June 30, 2000, and March 31, 2000, and of the condensed consolidated
statements of operations and condensed consolidated statements of cash flows for
the three months ended June 30, 2000 and 1999. The results of operations and
statements of cash flows for the periods presented are not necessarily
indicative of those to be expected for the entire year.
2. The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles.
For further information refer to the audited consolidated financial statements
and notes thereto for the year ended March 31, 2000, included in the Company's
10-KSB filed with the Securities and Exchange Commission on June 30, 2000.
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Item 2: Management's Discussion and Analysis of Financial Condition and
- - ------- Results of Operation.
Financial Condition, Liquidity and Capital Resources
- - ----------------------------------------------------
Cash and cash equivalents decreased for the three months ended June 30,
2000, to $1,139,295 from $1,569,309 for the year ended March 31, 2000 or
$430,014. This is primarily due to the Company's purchase of investments
available-for-sale of $437,673. The certificates of deposits remained the same
at $200,000.
Stockholders' equity increased from $2,419,216 at March 31, 2000, to
$2,466,072 or $46,856 for the three months ended June 30, 2000. This is
primarily due to unrealized holding income on investments available-for-sale.
Results of Operations
- - ---------------------
For the three months ended June 30, 2000, the Company's total revenue
was $56,450 as compared to $43,272 for the three months ended June 30, 1999.
This increase in revenue is primarily due to interest and dividend income
derived from the Company's cash and cash equivalents investments and the
Company's investments available-for-sale.
Total expenses for the three month period ended June 30, 2000, were
$55,443 as compared to $50,917 for the period ended June 30, 1999.
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EAGLE EXPLORATION COMPANY AND SUBSIDIARIES
PART II
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.
EAGLE EXPLORATION COMPANY
(Registrant)
By:/s/ Raymond N. Joeckel
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Raymond N. Joeckel
President/Chief Financial
Officer
By:/s/Paul M. Joeckel
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Paul M. Joeckel
Secretary/Vice President
Operations
Date: August 8, 2000
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