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CKX Lands Inc Reports Operating Results (10-K/A)

January 06, 2010 | About:
10qk

10qk

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CKX Lands Inc (CKX) filed Amended Annual Report for the period ended 2008-12-31.


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Highlight of Business Operations:

Revenues for 2008 were $3,335,874, an increase of 2.4% when compared with 2007 revenues of $3,258,124.

Oil and gas revenues increased by $263,601, or 9.0%, to $3,194,407 in 2008. Oil and gas revenues consist of royalty, lease rental and geophysical revenue. Royalty revenue increased by $227,631, or 8.2%, and lease rentals increased by $30,140, or 20.7%, from 2007. Geophysical revenues increased by $5,830, or 191.5%, from 2007.

Gas production decreased by 38,382 MCF, and the average gas sales price per MCF increased by 24.8% resulting in a decrease in gas revenue of $81,267. Revenue from oil production increased by $308,897, due to an increase of 43.9% in the average oil sales price and a decrease in production of approximately 3,876 barrels.

Timber income decreased by $78,436 to $40,070, a decrease of 66.2% from 2007. This decrease is primarily attributable to a depressed timber market which is related to the slow-down in the housing market.

On April 30, 2007, Walker Louisiana Properties completed the sale of 100 subdivision acres in Calcasieu Parish, Louisiana with a contract sales price of $1,912,050. The Company owns a one-sixth interest in this land and reported a gain from this sale of $312,561. This transaction was structured as a deferred exchange using a qualified intermediary pursuant to Paragraph 1031 of the Internal Revenue Code (1031 Exchange) for income tax purposes. Utilizing this 1031 Exchange structure, Walker Louisiana Properties purchased a 19.32 interest in 25 acres resulting in a deferred gain of $38,962 for income tax purposes.

On October 24, 2007, the Company completed the sale of approximately 3,495 agricultural acres and certain equipment assets in Cameron Parish, Louisiana for approximately $3,146,000. This transaction was structured as a deferred exchange using a qualified intermediary pursuant to Paragraph 1031 of the Internal Revenue Code (1031 Exchange) for income tax purposes. The entire sales proceeds were deposited with a qualified intermediary and the gain was deferred during the 1031 Exchange period. In late February 2008, the Company determined that consummation of identified 1031 Exchange properties was not possible and current recognition of the approximate gain of $1,448,900 from this sale was the result.

Read the The complete Report

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10qk
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