Cross Timbers Royalty Trust Trust Units (CRT, Financial) filed Quarterly Report for the period ended 2009-06-30.
Cross Timbers Royalty Trust receives royalties derived from oil by the Cross Timbers Oil Company in exchange for a substantial number of units in the trust. Cross Timbers Royalty Trust Trust Units has a market cap of $141.5 million; its shares were traded at around $23.58 with and P/S ratio of 4.5. The dividend yield of Cross Timbers Royalty Trust Trust Units stocks is 7%. Cross Timbers Royalty Trust Trust Units had an annual average earning growth of 14.5% over the past 10 years. GuruFocus rated Cross Timbers Royalty Trust Trust Units the business predictability rank of 4-star.
In first quarter 2008, the calculation of net profits income included a lawsuit settlement of $827,446 related to underpayment of royalties on underlying properties in the San Juan Basin. Included in this settlement was interest of $212,654 and additional gas revenue of $614,792. The total settlement, net to the trust, was $744,702, or $0.12 per unit. Based on additional information received by XTO Energy in April 2008, the amount allocated to interest income was increased by $136,262 in second quarter 2008. This reallocation did not change the total lawsuit settlement.
In second quarter 2008, the calculation of net profits income included another lawsuit settlement of $1,602,880 related to underpayment of royalties on underlying properties in the San Juan Basin. Included in this settlement was interest of $675,899 and additional gas revenue of $926,981. The total settlement, net to the trust, was $1,442,592, or $0.24 per unit.
For the quarter ended June 30, 2009, net profits income was $2,389,205 compared to $8,528,354 for second quarter 2008. This 72% decrease in net profits income is the result of lower oil and gas prices, lawsuit settlement proceeds included in second quarter 2008 and lower oil and gas production. See Net Profits Income and Other Proceeds below.
After considering interest income of $82 and administration expense of $100,593, distributable income for the quarter ended June 30, 2009 was $2,288,694, or $0.381449 per unit of beneficial interest. Changes in interest income are attributable to fluctuations in net profits income and interest rates. Administrative expense for the quarter decreased 34% from the prior year quarter primarily because of the timing of expenditures. For second quarter 2008, distributable income was $8,380,314, or $1.396719 per unit. Distributions to unitholders for the quarter ended June 30, 2009 were:
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Cross Timbers Royalty Trust receives royalties derived from oil by the Cross Timbers Oil Company in exchange for a substantial number of units in the trust. Cross Timbers Royalty Trust Trust Units has a market cap of $141.5 million; its shares were traded at around $23.58 with and P/S ratio of 4.5. The dividend yield of Cross Timbers Royalty Trust Trust Units stocks is 7%. Cross Timbers Royalty Trust Trust Units had an annual average earning growth of 14.5% over the past 10 years. GuruFocus rated Cross Timbers Royalty Trust Trust Units the business predictability rank of 4-star.
Highlight of Business Operations:
The initial carrying value of the net profits interests of $61,100,449 represents XTO Energys historical net book value on February 12, 1991, the creation date of the trust. Amortization of the net profits interests is calculated on a unit-of-production basis and is charged directly to trust corpus. Accumulated amortization was $44,177,921 as of June 30, 2009 and $43,844,688 as of December 31, 2008.In first quarter 2008, the calculation of net profits income included a lawsuit settlement of $827,446 related to underpayment of royalties on underlying properties in the San Juan Basin. Included in this settlement was interest of $212,654 and additional gas revenue of $614,792. The total settlement, net to the trust, was $744,702, or $0.12 per unit. Based on additional information received by XTO Energy in April 2008, the amount allocated to interest income was increased by $136,262 in second quarter 2008. This reallocation did not change the total lawsuit settlement.
In second quarter 2008, the calculation of net profits income included another lawsuit settlement of $1,602,880 related to underpayment of royalties on underlying properties in the San Juan Basin. Included in this settlement was interest of $675,899 and additional gas revenue of $926,981. The total settlement, net to the trust, was $1,442,592, or $0.24 per unit.
For the quarter ended June 30, 2009, net profits income was $2,389,205 compared to $8,528,354 for second quarter 2008. This 72% decrease in net profits income is the result of lower oil and gas prices, lawsuit settlement proceeds included in second quarter 2008 and lower oil and gas production. See Net Profits Income and Other Proceeds below.
After considering interest income of $82 and administration expense of $100,593, distributable income for the quarter ended June 30, 2009 was $2,288,694, or $0.381449 per unit of beneficial interest. Changes in interest income are attributable to fluctuations in net profits income and interest rates. Administrative expense for the quarter decreased 34% from the prior year quarter primarily because of the timing of expenditures. For second quarter 2008, distributable income was $8,380,314, or $1.396719 per unit. Distributions to unitholders for the quarter ended June 30, 2009 were:
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