| Schedule of Quarterly Financial Information |
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For the Fiscal 2016 Quarters Ended |
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March 31 |
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June 30 |
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September 30 |
|
December 31 |
Revenue |
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|
|
|
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|
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|
Lease revenue |
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$ |
16,996,072 |
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|
$ |
16,996,072 |
|
|
$ |
16,996,155 |
|
|
$ |
17,005,831 |
|
Transportation and distribution revenue |
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5,099,451 |
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|
5,064,680 |
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|
5,119,330 |
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|
5,810,651 |
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Financing revenue |
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162,344 |
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— |
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|
— |
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|
— |
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Total Revenue |
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22,257,867 |
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|
22,060,752 |
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22,115,485 |
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22,816,482 |
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Expenses |
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Transportation and distribution expenses |
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1,362,325 |
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1,378,306 |
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1,482,161 |
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2,240,556 |
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General and administrative |
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3,289,852 |
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2,773,240 |
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3,021,869 |
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3,185,419 |
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Depreciation, amortization and ARO accretion expense |
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5,296,818 |
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5,737,025 |
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5,744,266 |
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5,744,762 |
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Provision for loan losses |
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4,645,188 |
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|
369,278 |
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— |
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— |
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Total Expenses |
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14,594,183 |
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10,257,849 |
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|
10,248,296 |
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|
11,170,737 |
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Income from Operations, before income taxes |
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$ |
7,663,684 |
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|
$ |
11,802,903 |
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$ |
11,867,189 |
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$ |
11,645,745 |
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Other Income (Expense) |
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Net distributions and dividend income |
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$ |
375,573 |
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$ |
214,169 |
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$ |
277,523 |
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$ |
273,559 |
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Net realized and unrealized gain (loss) on other equity securities |
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(1,628,752 |
) |
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1,199,665 |
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1,430,858 |
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(177,289 |
) |
Interest expense |
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(3,926,009 |
) |
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(3,540,812 |
) |
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(3,520,856 |
) |
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(3,430,162 |
) |
Total Other Income (Expense) |
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(5,179,188 |
) |
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(2,126,978 |
) |
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(1,812,475 |
) |
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(3,333,892 |
) |
Income before income taxes |
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2,484,496 |
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9,675,925 |
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10,054,714 |
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8,311,853 |
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Taxes |
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Current tax expense (benefit) |
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(677,731 |
) |
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203,652 |
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95,125 |
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|
65,847 |
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Deferred tax expense (benefit) |
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(577,395 |
) |
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206,786 |
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388,027 |
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(168,731 |
) |
Income tax expense (benefit), net |
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(1,255,126 |
) |
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410,438 |
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483,152 |
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(102,884 |
) |
Net Income |
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3,739,622 |
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9,265,487 |
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9,571,562 |
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8,414,737 |
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Less: Net Income attributable to non-controlling interest |
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348,501 |
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310,960 |
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|
340,377 |
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|
328,370 |
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Net Income attributable to CorEnergy Stockholders |
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$ |
3,391,121 |
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$ |
8,954,527 |
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$ |
9,231,185 |
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$ |
8,086,367 |
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Preferred dividend requirements |
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1,037,109 |
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1,037,109 |
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1,037,109 |
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|
1,037,110 |
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Net Income attributable to Common Stockholders |
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$ |
2,354,012 |
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$ |
7,917,418 |
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$ |
8,194,076 |
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$ |
7,049,257 |
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Earnings Per Common Share: |
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Basic |
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$ |
0.20 |
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$ |
0.66 |
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$ |
0.69 |
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$ |
0.59 |
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Diluted |
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$ |
0.20 |
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$ |
0.66 |
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$ |
0.68 |
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$ |
0.59 |
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See accompanying Notes to Consolidated Financial Statements. |
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For the Fiscal 2015 Quarters Ended |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
Revenue |
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Lease revenue |
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$ |
7,336,101 |
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$ |
6,799,879 |
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$ |
16,966,056 |
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$ |
16,984,036 |
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Transportation and distribution revenue |
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3,649,735 |
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3,546,979 |
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3,557,096 |
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3,591,459 |
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Financing revenue |
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660,392 |
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|
668,904 |
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|
182,604 |
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|
185,650 |
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Sales revenue |
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2,341,655 |
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1,665,908 |
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1,434,694 |
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1,717,787 |
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Total Revenue |
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13,987,883 |
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12,681,670 |
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22,140,450 |
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22,478,932 |
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Expenses |
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Transportation and distribution expenses |
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1,197,968 |
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1,272,025 |
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1,120,862 |
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|
1,018,870 |
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Cost of sales |
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1,248,330 |
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|
569,958 |
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|
382,851 |
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|
618,073 |
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General and administrative |
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2,568,519 |
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1,905,329 |
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2,837,762 |
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2,434,094 |
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Depreciation, amortization and ARO accretion expense |
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4,048,832 |
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3,495,986 |
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5,836,665 |
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|
5,385,068 |
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Provision for loan losses |
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— |
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— |
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7,951,137 |
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5,833,000 |
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Total Expenses |
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9,063,649 |
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7,243,298 |
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18,129,277 |
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15,289,105 |
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Income from Operations, before income taxes |
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$ |
4,924,234 |
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$ |
5,438,372 |
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$ |
4,011,173 |
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$ |
7,189,827 |
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Other Income (Expense) |
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Net distributions and dividend income |
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$ |
590,408 |
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$ |
193,410 |
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$ |
241,563 |
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$ |
245,374 |
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Net realized and unrealized gain (loss) on other equity securities |
|
449,798 |
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|
43,385 |
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(1,408,751 |
) |
|
(148,045 |
) |
Interest expense |
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(1,147,272 |
) |
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(1,126,888 |
) |
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(3,854,913 |
) |
|
(3,652,111 |
) |
Total Other Income (Expense) |
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(107,066 |
) |
|
(890,093 |
) |
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(5,022,101 |
) |
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(3,554,782 |
) |
Income (Loss) before income taxes |
|
4,817,168 |
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4,548,279 |
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(1,010,928 |
) |
|
3,635,045 |
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Taxes |
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Current tax expense |
|
435,756 |
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|
104,479 |
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|
105,020 |
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|
276,755 |
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Deferred tax expense (benefit) |
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(115,391 |
) |
|
(153,342 |
) |
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(1,953,973 |
) |
|
(646,857 |
) |
Income tax expense (benefit), net |
|
320,365 |
|
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(48,863 |
) |
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(1,848,953 |
) |
|
(370,102 |
) |
Net Income |
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4,496,803 |
|
|
4,597,142 |
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|
838,025 |
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|
4,005,147 |
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Less: Net Income attributable to non-controlling interest |
|
410,175 |
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|
412,004 |
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|
410,806 |
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|
384,221 |
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Net Income attributable to CorEnergy Stockholders |
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$ |
4,086,628 |
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$ |
4,185,138 |
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$ |
427,219 |
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$ |
3,620,926 |
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Preferred dividend requirements |
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737,500 |
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|
1,037,109 |
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1,037,109 |
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|
1,037,110 |
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Net Income (Loss) attributable to Common Stockholders |
|
$ |
3,349,128 |
|
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$ |
3,148,029 |
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$ |
(609,890 |
) |
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$ |
2,583,816 |
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Earnings (Loss) Per Common Share: |
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Basic |
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$ |
0.36 |
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$ |
0.33 |
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$ |
(0.05 |
) |
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$ |
0.22 |
|
Diluted |
|
$ |
0.36 |
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$ |
0.33 |
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$ |
(0.05 |
) |
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$ |
0.22 |
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See accompanying Notes to Consolidated Financial Statements. |
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