2013 Q1 Form 10-K Financial Statement

#000110465913028356 Filed on April 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1 2011 Q4
Revenue $4.995M $6.579M $13.97M
YoY Change -24.07% 18.75% 20.66%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $210.0K $290.0K $212.1K
YoY Change -27.59% 7.41% 17.98%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.790M $6.290M $13.76M
YoY Change -23.85% 19.35% 20.7%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $4.788M $6.285M $13.76M
YoY Change -23.83% 19.27% 20.67%
Net Earnings / Revenue 95.85% 95.54% 98.48%
Basic Earnings Per Share $0.36 $0.48 $1.05
Diluted Earnings Per Share $365.1K $479.4K $1.049M
COMMON SHARES
Basic Shares Outstanding 13.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q1 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.730M $10.25M $60.00K
YoY Change -34.34% 17.95% -99.51%
Cash & Equivalents $6.727M $10.25M $58.58K
Short-Term Investments
Other Short-Term Assets $60.00K $50.00K $90.00K
YoY Change 20.0% 0.0% 80.0%
Inventory
Prepaid Expenses $56.57K $53.77K $89.84K
Receivables $220.0K $390.0K $19.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.441M $10.70M $19.60M
YoY Change -30.43% 10.88% 25.69%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $640.0K $470.0K $550.0K
YoY Change 36.17% -29.85% -17.91%
Other Assets
YoY Change
Total Long-Term Assets $205.1K $473.8K $374.8K
YoY Change -56.72% 15793866.67% -43.21%
TOTAL ASSETS
Total Short-Term Assets $7.441M $10.70M $19.60M
Total Long-Term Assets $205.1K $473.8K $374.8K
Total Assets $7.646M $11.17M $19.97M
YoY Change -31.54% 15.79% 22.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $30.00K $170.0K $90.00K
YoY Change -82.35% 30.77% 28.57%
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 $6.460M $10.14M $15.25M
YoY Change -36.29% 17.09% 26.98%
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 $6.460M $10.14M $15.25M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.464M $10.14M $15.25M
YoY Change -36.24% 17.09% 27.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.180M $1.030M $4.720M
YoY Change
Total Liabilities & Shareholders Equity $7.646M $11.17M $19.97M
YoY Change -31.54% 15.79% 22.89%

Cashflow Statement

Concept 2013 Q1 2012 Q1 2011 Q4
OPERATING ACTIVITIES
Net Income $4.788M $6.285M $13.76M
YoY Change -23.83% 19.27% 20.67%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $6.550M $24.81M $70.00K
YoY Change -73.6% 194.66% -99.42%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $80.00K $10.00K
YoY Change -100.0% -98.44%
Cash From Investing Activities $0.00 $80.00K $10.00K
YoY Change -100.0% -98.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.83M -14.69M -7.880M
YoY Change 0.95% 23.03% -24.88%
NET CHANGE
Cash From Operating Activities 6.550M 24.81M 70.00K
Cash From Investing Activities 0.000 80.00K 10.00K
Cash From Financing Activities -14.83M -14.69M -7.880M
Net Change In Cash -8.280M 10.20M -7.800M
YoY Change -181.18% -389.77% -462.79%
FREE CASH FLOW
Cash From Operating Activities $6.550M $24.81M $70.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2013 msb Royalties Under Amended Lease Agreements
RoyaltiesUnderAmendedLeaseAgreements
30767335 USD
CY2012 msb Royalties Under Amended Lease Agreements
RoyaltiesUnderAmendedLeaseAgreements
33467153 USD
CY2011 msb Royalties Under Amended Lease Agreements
RoyaltiesUnderAmendedLeaseAgreements
32751210 USD
CY2013 msb Royalties Under Peters Lease Fee
RoyaltiesUnderPetersLeaseFee
794146 USD
CY2012 msb Royalties Under Peters Lease Fee
RoyaltiesUnderPetersLeaseFee
687029 USD
CY2011 msb Royalties Under Peters Lease Fee
RoyaltiesUnderPetersLeaseFee
576428 USD
CY2013 us-gaap Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
1464 USD
CY2013 msb Compensation Of Trustees
CompensationOfTrustees
248624 USD
CY2012 msb Compensation Of Trustees
CompensationOfTrustees
243048 USD
CY2011 msb Compensation Of Trustees
CompensationOfTrustees
223811 USD
CY2013 us-gaap Trustee Fees
TrusteeFees
62500 USD
CY2012 us-gaap Trustee Fees
TrusteeFees
62500 USD
CY2011 us-gaap Trustee Fees
TrusteeFees
62500 USD
CY2013 us-gaap Legal Fees
LegalFees
214629 USD
CY2012 us-gaap Legal Fees
LegalFees
272931 USD
CY2011 us-gaap Legal Fees
LegalFees
238023 USD
CY2013 msb Accounting Expense
AccountingExpense
116563 USD
CY2012 msb Accounting Expense
AccountingExpense
127320 USD
CY2011 msb Accounting Expense
AccountingExpense
127485 USD
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.336
CY2013Q1 us-gaap Liabilities
Liabilities
6463735 USD
CY2013Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
34930 USD
CY2013Q1 us-gaap Capital Units
CapitalUnits
3 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
30654737 USD
CY2012 us-gaap Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
4144 USD
CY2011 us-gaap Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
14233 USD
CY2013 us-gaap Revenues
Revenues
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CY2012 us-gaap Revenues
Revenues
34158326 USD
CY2011 us-gaap Revenues
Revenues
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438815 USD
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EarningsPerShareBasic
2.474
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33237332 USD
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32463194 USD
CY2013 msb Mining Consultant And Field Representatives Expense
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25368 USD
CY2012 msb Mining Consultant And Field Representatives Expense
MiningConsultantAndFieldRepresentativesExpense
24953 USD
CY2011 msb Mining Consultant And Field Representatives Expense
MiningConsultantAndFieldRepresentativesExpense
23512 USD
CY2013 msb Directors And Officers Liability Insurance Expense
DirectorsAndOfficersLiabilityInsuranceExpense
120843 USD
CY2012 msb Directors And Officers Liability Insurance Expense
DirectorsAndOfficersLiabilityInsuranceExpense
113955 USD
CY2011 msb Directors And Officers Liability Insurance Expense
DirectorsAndOfficersLiabilityInsuranceExpense
69408 USD
CY2013 msb Annual Stock Exchange Fee
AnnualStockExchangeFee
38444 USD
CY2012 msb Annual Stock Exchange Fee
AnnualStockExchangeFee
38000 USD
CY2011 msb Annual Stock Exchange Fee
AnnualStockExchangeFee
38000 USD
CY2013 msb Transfer Agent And Registrar Fees
TransferAgentAndRegistrarFees
8381 USD
CY2012 msb Transfer Agent And Registrar Fees
TransferAgentAndRegistrarFees
6597 USD
CY2011 msb Transfer Agent And Registrar Fees
TransferAgentAndRegistrarFees
11798 USD
CY2013 us-gaap Other Expenses
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CY2012 us-gaap Other Expenses
OtherExpenses
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CY2011 us-gaap Other Expenses
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CY2012 us-gaap Operating Expenses
OperatingExpenses
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CY2011 us-gaap Operating Expenses
OperatingExpenses
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CY2013 msb Weighted Average Number Of Units Outstanding
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CY2012 msb Weighted Average Number Of Units Outstanding
WeightedAverageNumberOfUnitsOutstanding
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PrepaidExpenseCurrent
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CY2013Q1 msb Us Government Securities At Carrying Value Noncurrent
USGovernmentSecuritiesAtCarryingValueNoncurrent
205055 USD
CY2012Q1 msb Amended Assignments Of Lease Property
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1 USD
CY2013Q1 msb Amended Assignments Of Lease Property
AmendedAssignmentsOfLeaseProperty
1 USD
CY2012Q1 msb Assignments Of Leased Property
AssignmentsOfLeasedProperty
1 USD
CY2012Q1 msb Certificate Of Beneficial Interest Land Trust
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1 USD
CY2013Q1 msb Assignments Of Leased Property
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1 USD
CY2012Q1 msb Fixed Property Including Intangible
FixedPropertyIncludingIntangible
3 USD
CY2013Q1 msb Certificate Of Beneficial Interest Land Trust
CertificateOfBeneficialInterestLandTrust
1 USD
CY2013Q1 msb Fixed Property Including Intangible
FixedPropertyIncludingIntangible
3 USD
CY2012Q1 us-gaap Assets
Assets
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CY2013Q1 us-gaap Assets
Assets
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CY2012Q1 us-gaap Accrued Liabilities Current And Noncurrent
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166321 USD
CY2012Q1 msb Certificate Of Beneficial Interest Units
CertificateOfBeneficialInterestUnits
13120010 shares
CY2013Q1 msb Certificate Of Beneficial Interest Units
CertificateOfBeneficialInterestUnits
13120010 shares
CY2012Q1 us-gaap Liabilities
Liabilities
10137529 USD
CY2012Q1 us-gaap Capital Units
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CY2012Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
11169040 USD
CY2013Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7645960 USD
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q3 dei Entity Public Float
EntityPublicFloat
340726660 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q1 msb Unallocated Reserve
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CY2012Q1 msb Unallocated Reserve
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1031508 USD
CY2013Q1 msb Distribution Declared Per Unit
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0.49
CY2011Q1 msb Distribution Declared Per Unit
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0.65
CY2012Q1 msb Distribution Declared Per Unit
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0.76
CY2010Q3 msb Distribution Paid Per Unit
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CY2010Q4 msb Distribution Paid Per Unit
DistributionPaidPerUnit
0.80
CY2011Q1 msb Distribution Paid Per Unit
DistributionPaidPerUnit
0.91
CY2011Q3 msb Distribution Paid Per Unit
DistributionPaidPerUnit
0.05
CY2011Q4 msb Distribution Paid Per Unit
DistributionPaidPerUnit
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CY2012Q1 msb Distribution Paid Per Unit
DistributionPaidPerUnit
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CY2012Q3 msb Distribution Paid Per Unit
DistributionPaidPerUnit
0.07
CY2012Q4 msb Distribution Paid Per Unit
DistributionPaidPerUnit
0.64
CY2013Q1 msb Distribution Paid Per Unit
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CY2013 us-gaap Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
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CY2013 msb Interest Received Government Securities
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CY2013 us-gaap Payments For Operating Activities
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
30690467 USD
CY2012 us-gaap Proceeds From Royalties Received
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33997720 USD
CY2012 msb Interest Received Government Securities
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CY2012 us-gaap Payments For Operating Activities
PaymentsForOperatingActivities
887998 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
33115134 USD
CY2011 us-gaap Proceeds From Royalties Received
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CY2011 msb Interest Received Government Securities
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17033 USD
CY2011 us-gaap Payments For Operating Activities
PaymentsForOperatingActivities
854432 USD
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30358591 USD
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CY2013 us-gaap Payments To Acquire Held To Maturity Securities
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205054 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2012 us-gaap Payments To Acquire Held To Maturity Securities
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CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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195073 USD
CY2011 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
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CY2011 us-gaap Payments To Acquire Held To Maturity Securities
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1181626 USD
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1559783 USD
CY2011 msb Payments Of Distributions To Unitholders
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NetCashProvidedByUsedInContinuingOperations
248994 USD
CY2013 us-gaap Increase Decrease In Accrued Investment Income Receivable
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2806 USD
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44030 USD
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CY2013 msb Distributions Declared
DistributionsDeclared
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DistributionsDeclared
9971208 USD
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DistributionsDeclared
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8444697 USD
CY2013 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style='font-size:10.0pt;FONT-FAMILY: Times New Roman;'> <p style="MARGIN: 0in 0in 0pt"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman" size="2">Concentration of Credit Risk</font></i></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Financial instruments which potentially subject the Trust to concentrations of credit risk consist primarily of cash that is maintained at an FDIC insured financial institution. At times during the year the Trust&#8217;s cash balance may exceed insured limits.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">As further described in Note 1, NMC is the lessee/operator of the Mesabi Trust land.&#160; All royalty income earned by the Trust is received from NMC, and accordingly, substantially all of the accrued income receivable is also due from NMC.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p></div>
CY2013 us-gaap Use Of Estimates
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<div style='font-size:10.0pt;FONT-FAMILY: Times New Roman;'> <p style="MARGIN: 0in 0in 0pt"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman" size="2">Accounting Estimates</font></i></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) requires the Trustees to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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.&#160; Specifically, the accrued income receivable, deferred royalty revenue and related royalty revenue are significant estimates which are subject to change in the near term, and changes to these estimates could have a material effect on the Trust&#8217;s financial statements.</font></p> <p style="MARGIN: 0in 0in 0pt"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman" size="2">&#160;</font></i></p></div>
CY2013 msb Number Of Persons Named In Exhibit To Agreement Of Trust
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CY2013 msb Trust Agreement Age Of Youngest Survivor
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CY2013Q1 msb Recognized Revenue Sold Quantity Subject To Price Determination
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34046426 USD
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DistributionDeclaredDistributionsPaid
31750424 USD
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CY2012Q1 msb Cash And Cash Equivalents And Us Government Securities
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CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
10132285 USD
CY2011Q4 us-gaap Revenues
Revenues
13968405 USD
CY2011Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
212068 USD
CY2011Q4 us-gaap Net Income Loss
NetIncomeLoss
13756337 USD
CY2011Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.049
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.479
CY2012Q1 us-gaap Revenues
Revenues
6578607 USD
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
293158 USD
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
6285449 USD
CY2013Q1 msb Distributions Declared Per Unit Of Beneficial Interest
DistributionsDeclaredPerUnitOfBeneficialInterest
0.49
CY2013 msb Period Of Termination After Death Of Last Survivor
PeriodOfTerminationAfterDeathOfLastSurvivor
P21Y
CY2013 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style='font-size:10.0pt;FONT-FAMILY: Times New Roman;'> <p style="MARGIN: 0in 0in 0pt"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman" size="2">Reclassifications</font></i></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Certain amounts from prior years have been reclassified to conform with presentation classifications adopted in the current year.&#160; The reclassifications did not have an impact on net income or unallocated reserve.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p></div>

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