$CKX
CKX Lands Inc

2015 Q4 Form 10-K Financial Statement

#000143774917005215 Filed on March 24, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 2014 Q4
Revenue $180.0K $1.062M $490.0K
YoY Change -63.27% -59.44% -9.26%
Cost Of Revenue $20.00K $82.60K $90.00K
YoY Change -77.78% -54.92% 200.0%
Gross Profit $160.0K $979.5K $400.0K
YoY Change -60.0% -59.78% -21.57%
Gross Profit Margin 88.89% 92.22% 81.63%
Selling, General & Admin $120.0K $501.2K $130.0K
YoY Change -7.69% -4.86% 0.0%
% of Gross Profit 75.0% 51.16% 32.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $2.872K $20.00K
YoY Change -100.0% -95.73% -75.0%
% of Gross Profit 0.0% 0.29% 5.0%
Operating Expenses $120.0K $501.2K $130.0K
YoY Change -7.69% -4.87% -38.1%
Operating Profit $40.00K $650.7K $270.0K
YoY Change -85.19% -65.92% -10.0%
Interest Expense $10.00K $23.11K $0.00
YoY Change 36.66%
% of Operating Profit 25.0% 3.55% 0.0%
Other Income/Expense, Net $23.11K $50.00K
YoY Change 36.68%
Pretax Income $50.00K $673.8K $330.0K
YoY Change -84.85% -65.02% 10.0%
Income Tax $10.00K $210.8K $110.0K
% Of Pretax Income 20.0% 31.28% 33.33%
Net Earnings $40.00K $463.0K $220.0K
YoY Change -81.82% -63.96% 0.0%
Net Earnings / Revenue 22.22% 43.6% 44.9%
Basic Earnings Per Share $0.24
Diluted Earnings Per Share $20.62K $238.4K $113.4K
COMMON SHARES
Basic Shares Outstanding 1.942M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.090M $6.091M $6.910M
YoY Change -11.87% -11.79% -0.58%
Cash & Equivalents $2.767M $5.226M
Short-Term Investments $3.320M $3.324M $1.680M
Other Short-Term Assets $40.00K $44.83K $50.00K
YoY Change -20.0% -10.5% 66.67%
Inventory
Prepaid Expenses
Receivables $64.75K $64.75K $146.4K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.201M $6.201M $7.102M
YoY Change -12.69% -12.69% -1.46%
LONG-TERM ASSETS
Property, Plant & Equipment $6.756M $6.756M $6.241K
YoY Change 108150.83% 4.18% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.200M $1.200M $240.0K
YoY Change 400.0% 400.0%
Other Assets
YoY Change
Total Long-Term Assets $7.956M $7.956M $6.725M
YoY Change 18.31% 18.31% 15.17%
TOTAL ASSETS
Total Short-Term Assets $6.201M $6.201M $7.102M
Total Long-Term Assets $7.956M $7.956M $6.725M
Total Assets $14.16M $14.16M $13.83M
YoY Change 2.39% 2.39% 5.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.00K $54.40K $60.00K
YoY Change -16.67% -11.17% -25.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $54.40K $54.40K $61.24K
YoY Change -11.16% -11.17% -19.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $54.40K $54.40K $61.24K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $347.2K $347.2K $285.7K
YoY Change 21.53% 21.53% 10.72%
SHAREHOLDERS EQUITY
Retained Earnings $13.75M $13.84M
YoY Change -0.68% 5.75%
Common Stock $59.34K $72.26K
YoY Change -17.88% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $375.5K
YoY Change 0.0%
Treasury Stock Shares $0.00 $157.5K
Shareholders Equity $13.81M $13.81M $13.54M
YoY Change
Total Liabilities & Shareholders Equity $14.16M $14.16M $13.83M
YoY Change 2.39% 2.39% 5.98%

Cashflow Statement

Concept 2015 Q4 2015 2014 Q4
OPERATING ACTIVITIES
Net Income $40.00K $463.0K $220.0K
YoY Change -81.82% -63.96% 0.0%
Depreciation, Depletion And Amortization $0.00 $2.872K $20.00K
YoY Change -100.0% -95.73% -75.0%
Cash From Operating Activities -$10.00K $442.0K $210.0K
YoY Change -104.76% -69.32% -48.78%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$287.5K -$10.00K
YoY Change -100.0% -59.66% -96.15%
Acquisitions
YoY Change
Other Investing Activities -$2.400M $5.688M $440.0K
YoY Change -645.45% 116.27%
Cash From Investing Activities -$2.400M -$2.706M $430.0K
YoY Change -658.14% 1180.39% -265.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -194.3K -120.0K
YoY Change -100.0% -63.52% -7.69%
NET CHANGE
Cash From Operating Activities -10.00K 442.0K 210.0K
Cash From Investing Activities -2.400M -2.706M 430.0K
Cash From Financing Activities 0.000 -194.3K -120.0K
Net Change In Cash -2.410M -2.458M 520.0K
YoY Change -563.46% -452.91% 2500.0%
FREE CASH FLOW
Cash From Operating Activities -$10.00K $442.0K $210.0K
Capital Expenditures $0.00 -$287.5K -$10.00K
Free Cash Flow -$10.00K $729.5K $220.0K
YoY Change -104.55% -66.12% -67.16%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 94.5pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -22.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Impairment of long-lived assets:</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 94.5pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -22.5pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 94.5pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Long-lived assets, such as land, timber and buildings and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> not be recoverable. If events or circumstances arise that require a long-lived asset to be tested for potential impairment, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> compares undiscounted cash flows expected to be generated by the asset to its carrying value. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying value exceeds the fair value. Fair value maybe determined through various valuation techniques including quoted market prices, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party independent appraisals and discounted cash flow models. The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> impairment charges during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div></div></div></div></div></div></div></div>
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37667
CY2015 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
CY2016 us-gaap Revenue Recognition Dividends
RevenueRecognitionDividends
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dividends:</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 45pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -27pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 90pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to a dividend reversion clause in the Company&#x2019;s Articles of Incorporation, dividends not claimed within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after the dividend became payable will expire and revert in full ownership to the Company and the Company&#x2019;s obligation to pay such dividend will cease. Any dividend reversions are recorded in equity upon receipt.</div></div></div></div></div></div></div>
CY2016 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Surface:</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 90pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Surface revenue is earned through annual leases for agricultural and hunting activities and the Company records revenues from these activities at the time of a fully executed lease agreement and receipt of annual lease payment. Surface revenues from these sources are recurring on an annual basis.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 90pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 90pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Surface revenue is also earned through right of way and related temporary work space leases, both of which are not unusual in occurrence and are not recurring sources of revenue. Generally, a right of way lease relates to either a utility or pipeline right of way that is a permanent servitude or for fixed periods of time greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">thirty</div> years. The Company retains ownership of the surface or land and is limited to the use of the surface. Revenue is recorded at the time of the agreement&#x2019;s execution date. For income tax purposes, these types of agreements are treated as sales of business assets.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 90pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 90pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Other sources of surface revenue can be commercial activities leases and surface mineral sales, such as dirt.</div></div></div></div></div></div></div>
CY2016 us-gaap Revenues
Revenues
863402
CY2015 us-gaap Revenues
Revenues
1062101
CY2016 us-gaap Royalty Revenue
RoyaltyRevenue
488947
CY2015 us-gaap Royalty Revenue
RoyaltyRevenue
772212
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1942495
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
13540989
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
13809767
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
13986948
CY2016 us-gaap Taxes Other
TaxesOther
145245
CY2015 us-gaap Taxes Other
TaxesOther
159464
CY2016 us-gaap Timber Operating Costs
TimberOperatingCosts
11809
CY2015 us-gaap Timber Operating Costs
TimberOperatingCosts
8026
CY2016 us-gaap Timber Revenue
TimberRevenue
125860
CY2015 us-gaap Timber Revenue
TimberRevenue
52028
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1942495
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pervasiveness of estimates:</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 72pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt 0pt 0pt 90pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div>

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