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CKX Lands, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $171,269, a decrease of approximately 33.9% compared to the same period in 2023. The decrease is attributed to lower timber and surface revenues.
Oil and gas revenues increased to $73,340 from $47,924 in the same quarter the previous year, due to higher average sales prices and increased production.
Timber sales decreased to $18,883 from $118,365, reflecting normal business variations in customer harvesting.
Surface revenue decreased to $79,046 from $92,742, primarily due to lower oil and gas delay rental income.
General and administrative expenses decreased to $167,051 from $246,268, mainly due to a reduction in share-based compensation expense.
Net income for the quarter was $54,116, up from $35,732 in the previous year, reflecting higher oil and gas revenues.
Cash provided by operating activities was $107,406, while cash used in investing and financing activities was $4,126,604 and $208,854, respectively.
CKX had a working capital of $9,286,816 as of September 30, 2024. The company maintains no outstanding debt.
The filing also discusses the company's ongoing evaluation of strategic alternatives, including potential acquisitions or sales.
CKX does not anticipate regular cash dividend payments to stockholders in the near future.
The company continues to focus on managing its timber and surface assets while evaluating additional real estate acquisitions in Louisiana.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CKX Lands Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.