CKX(US:CKX)2025-11-10 19:21Revenue Performance - Total revenues for the three months ended September 30, 2025, were $232,639, a decrease of approximately 35.8% compared to the same period in 2024[80]. - Oil and gas revenues for the three months ended September 30, 2025, were $47,135, down 35.7% from $73,340 in 2024[80]. - Timber sales revenue increased to $94,825 for the three months ended September 30, 2025, from $18,883 in 2024, representing a 402.2% increase[80]. - Total revenues for the nine months ended September 30, 2025, were $716,759, a decrease of approximately 46.5% compared to $1,340,550 in 2024[85]. - Oil and gas revenues for the nine months ended September 30, 2025, were $373,131, an increase of 17.7% from $316,986 in 2024[85]. - Timber revenue for the nine months ended September 30, 2025, was $94,825, up 348.2% from $21,158 in 2024[89]. Costs and Expenses - Timber costs decreased by $2,052 for the three months ended September 30, 2025, and by $6,127 for the nine months ended September 30, 2025, compared to the same periods in 2024, primarily due to decreased timber management costs[92]. - General and administrative expenses increased by $19,832 for the three months ended September 30, 2025, but decreased by $684,850 for the nine months ended September 30, 2025, primarily due to a decrease in professional expenses and salaries[93]. Strategic Initiatives - The company has initiated a formal process to evaluate strategic alternatives to enhance shareholder value, retaining a financial advisor for this purpose[69]. - The company's Board of Directors is evaluating strategic alternatives for growth, including land acquisitions and business combinations, to enhance shareholder value[97]. Asset and Liquidity Position - Current assets totaled $14,744,240 and current liabilities equaled $281,098 as of September 30, 2025, indicating strong liquidity[95]. - The company had no outstanding debt as of September 30, 2025, and management believes cash and cash equivalents are adequate for projected operations and possible land acquisitions[96]. Cash Flow Analysis - Net cash provided by operating activities increased to $336,296 for the nine months ended September 30, 2025, from $107,406 in 2024, attributed to increased net income and current liabilities[98]. - Net cash provided by investing activities was $4,241,631 for the nine months ended September 30, 2025, compared to net cash used of $4,126,604 in 2024, driven by the maturity of certificates of deposit[99]. - Net cash used in financing activities was $147,614 for the nine months ended September 30, 2025, down from $208,854 in 2024, primarily due to stock repurchases[100]. Land Transactions - An Agreement of Purchase and Sale was entered into for the sale of approximately 7,014 acres of land for $9.2 million, expected to close in Q4 2025[78]. - Gain on sale of land was $275,399 for the nine months ended September 30, 2025, compared to $140,582 for the same period in 2024, with significant sales occurring in Calcasieu parish[94]. Other Financial Information - Surface revenues decreased by $753,603 for the nine months ended September 30, 2025, primarily due to lower right of way income[90]. - The company received oil and gas revenues from 78 wells during the nine months ended September 30, 2025, compared to 64 wells in 2024[87]. - There were no off-balance sheet arrangements or special purpose entities during the nine months ended September 30, 2025[103].