| Schedule of Quarterly Financial Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fiscal 2017 Quarters Ended |
|
March 31 |
|
June 30 |
|
September 30 |
|
December 31 |
Revenue |
|
|
|
|
|
|
|
Lease revenue |
$ |
17,066,526 |
|
|
$ |
17,050,092 |
|
|
$ |
17,173,676 |
|
|
$ |
17,513,510 |
|
Transportation and distribution revenue |
5,010,590 |
|
|
4,775,780 |
|
|
5,270,628 |
|
|
4,888,575 |
|
Total Revenue |
22,077,116 |
|
|
21,825,872 |
|
|
22,444,304 |
|
|
22,402,085 |
|
Expenses |
|
|
|
|
|
|
|
Transportation and distribution expenses |
1,335,570 |
|
|
1,362,980 |
|
|
2,384,182 |
|
|
1,646,975 |
|
General and administrative |
3,061,240 |
|
|
2,558,339 |
|
|
2,632,546 |
|
|
2,534,372 |
|
Depreciation, amortization and ARO accretion expense |
6,005,908 |
|
|
6,005,995 |
|
|
6,017,664 |
|
|
6,018,143 |
|
Total Expenses |
10,402,718 |
|
|
9,927,314 |
|
|
11,034,392 |
|
|
10,199,490 |
|
Operating Income |
$ |
11,674,398 |
|
|
$ |
11,898,558 |
|
|
$ |
11,409,912 |
|
|
$ |
12,202,595 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
Net distributions and dividend income |
$ |
43,462 |
|
|
$ |
221,440 |
|
|
$ |
213,040 |
|
|
$ |
202,149 |
|
Net realized and unrealized gain (loss) on other equity securities |
(544,208 |
) |
|
614,634 |
|
|
1,340,197 |
|
|
121,204 |
|
Interest expense |
(3,454,397 |
) |
|
(3,202,837 |
) |
|
(2,928,036 |
) |
|
(2,793,245 |
) |
Loss on extinguishment of debt |
— |
|
|
— |
|
|
(234,433 |
) |
|
(102,500 |
) |
Total Other Expense |
(3,955,143 |
) |
|
(2,366,763 |
) |
|
(1,609,232 |
) |
|
(2,572,392 |
) |
Income before income taxes |
7,719,255 |
|
|
9,531,795 |
|
|
9,800,680 |
|
|
9,630,203 |
|
Taxes |
|
|
|
|
|
|
|
Current tax expense (benefit) |
(33,760 |
) |
|
57,651 |
|
|
65,131 |
|
|
2,742,636 |
|
Deferred tax expense (benefit) |
(298,846 |
) |
|
38,084 |
|
|
126,440 |
|
|
(352,018 |
) |
Income tax expense (benefit), net |
(332,606 |
) |
|
95,735 |
|
|
191,571 |
|
|
2,390,618 |
|
Net Income |
8,051,861 |
|
|
9,436,060 |
|
|
9,609,109 |
|
|
7,239,585 |
|
Less: Net Income attributable to non-controlling interest |
382,383 |
|
|
435,888 |
|
|
431,825 |
|
|
483,730 |
|
Net Income attributable to CorEnergy Stockholders |
$ |
7,669,478 |
|
|
$ |
9,000,172 |
|
|
$ |
9,177,284 |
|
|
$ |
6,755,855 |
|
Preferred dividend requirements |
1,037,109 |
|
|
2,123,129 |
|
|
2,396,875 |
|
|
2,396,875 |
|
Net Income attributable to Common Stockholders |
$ |
6,632,369 |
|
|
$ |
6,877,043 |
|
|
$ |
6,780,409 |
|
|
$ |
4,358,980 |
|
|
|
|
|
|
|
|
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
Basic |
$ |
0.56 |
|
|
$ |
0.58 |
|
|
$ |
0.57 |
|
|
$ |
0.37 |
|
Diluted |
$ |
0.56 |
|
|
$ |
0.58 |
|
|
$ |
0.57 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Fiscal 2016 Quarters Ended |
|
March 31 |
|
June 30 |
|
September 30 |
|
December 31 |
Revenue |
|
|
|
|
|
|
|
Lease revenue |
$ |
16,996,072 |
|
|
$ |
16,996,072 |
|
|
$ |
16,996,155 |
|
|
$ |
17,005,831 |
|
Transportation and distribution revenue |
5,099,451 |
|
|
5,064,680 |
|
|
5,119,330 |
|
|
5,810,651 |
|
Financing revenue |
162,344 |
|
|
— |
|
|
— |
|
|
— |
|
Total Revenue |
22,257,867 |
|
|
22,060,752 |
|
|
22,115,485 |
|
|
22,816,482 |
|
Expenses |
|
|
|
|
|
|
|
Transportation and distribution expenses |
1,362,325 |
|
|
1,378,306 |
|
|
1,482,161 |
|
|
2,240,556 |
|
General and administrative |
3,289,852 |
|
|
2,773,240 |
|
|
3,021,869 |
|
|
3,185,419 |
|
Depreciation, amortization and ARO accretion expense |
5,296,818 |
|
|
5,737,025 |
|
|
5,744,266 |
|
|
5,744,762 |
|
Provision for loan loss and disposition |
4,645,188 |
|
|
369,278 |
|
|
— |
|
|
— |
|
Total Expenses |
14,594,183 |
|
|
10,257,849 |
|
|
10,248,296 |
|
|
11,170,737 |
|
Operating Income |
$ |
7,663,684 |
|
|
$ |
11,802,903 |
|
|
$ |
11,867,189 |
|
|
$ |
11,645,745 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
Net distributions and dividend income |
$ |
375,573 |
|
|
$ |
214,169 |
|
|
$ |
277,523 |
|
|
$ |
273,559 |
|
Net realized and unrealized gain (loss) on other equity securities |
(1,628,752 |
) |
|
1,199,665 |
|
|
1,430,858 |
|
|
(177,289 |
) |
Interest expense |
(3,926,009 |
) |
|
(3,540,812 |
) |
|
(3,520,856 |
) |
|
(3,430,162 |
) |
Total Other Expense |
(5,179,188 |
) |
|
(2,126,978 |
) |
|
(1,812,475 |
) |
|
(3,333,892 |
) |
Income before income taxes |
2,484,496 |
|
|
9,675,925 |
|
|
10,054,714 |
|
|
8,311,853 |
|
Taxes |
|
|
|
|
|
|
|
Current tax expense (benefit) |
(677,731 |
) |
|
203,652 |
|
|
95,125 |
|
|
65,847 |
|
Deferred tax expense (benefit) |
(577,395 |
) |
|
206,786 |
|
|
388,027 |
|
|
(168,731 |
) |
Income tax expense (benefit), net |
(1,255,126 |
) |
|
410,438 |
|
|
483,152 |
|
|
(102,884 |
) |
Net Income |
3,739,622 |
|
|
9,265,487 |
|
|
9,571,562 |
|
|
8,414,737 |
|
Less: Net Income attributable to non-controlling interest |
348,501 |
|
|
310,960 |
|
|
340,377 |
|
|
328,370 |
|
Net Income attributable to CorEnergy Stockholders |
$ |
3,391,121 |
|
|
$ |
8,954,527 |
|
|
$ |
9,231,185 |
|
|
$ |
8,086,367 |
|
Preferred dividend requirements |
1,037,109 |
|
|
1,037,109 |
|
|
1,037,109 |
|
|
1,037,110 |
|
Net Income attributable to Common Stockholders |
$ |
2,354,012 |
|
|
$ |
7,917,418 |
|
|
$ |
8,194,076 |
|
|
$ |
7,049,257 |
|
|
|
|
|
|
|
|
|
Earnings Per Common Share: |
|
|
|
|
|
|
|
Basic |
$ |
0.20 |
|
|
$ |
0.66 |
|
|
$ |
0.69 |
|
|
$ |
0.59 |
|
Diluted |
$ |
0.20 |
|
|
$ |
0.66 |
|
|
$ |
0.68 |
|
|
$ |
0.59 |
|
|