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CKX Lands Inc. (CKX-1.62%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The report is available for review filing.
The company reported total revenues of $1,521,124 for the year, an increase of 2.4% compared to $1,485,605 in 2023. This increase was driven by higher oil and gas and surface revenues, which offset a decline in timber sales.
Oil and gas revenues rose to $417,846, up 9.8% from the previous year, due to increased production of both oil and gas. Surface revenues also increased by 13.7% to $1,081,053, reflecting ongoing economic activity in the region.
Timber sales, however, decreased significantly by 85.6% to $22,225, attributed to harvest timing and weather conditions.
The company reported a net income of $250,224 for 2024, compared to $142,961 in 2023. The increase in net income was primarily due to higher revenues and a decrease in general and administrative expenses.
CKX Lands Inc. continues to explore strategic alternatives to enhance shareholder value, including potential acquisitions and divestitures. The company has received preliminary interest from multiple parties regarding potential transactions.
The company’s board of directors has formed a subcommittee to manage the strategic review process, and discussions with interested parties are ongoing.
CKX Lands Inc. does not currently pay regular dividends. The board considers various factors, including cash flows and economic conditions, when deciding on dividend declarations.
The company’s operations are concentrated in southwest Louisiana, where it manages lands for oil and gas production, timber sales, and surface leases. CKX Lands Inc. relies on third-party operators for oil and gas activities.
The company identified a material weakness in its internal control over financial reporting related to the classification of cash equivalents and short-term investments. A remediation plan has been adopted to address this issue.
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. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.