| Schedule of Quarterly Financial Information |
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For the Fiscal 2018 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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Lease revenue |
$ |
17,591,859 |
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$ |
18,275,859 |
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$ |
18,391,983 |
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$ |
18,487,661 |
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Transportation and distribution revenue |
3,952,979 |
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|
3,874,157 |
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|
4,244,722 |
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|
4,412,378 |
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Total Revenue |
21,544,838 |
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|
22,150,016 |
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|
22,636,705 |
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|
22,900,039 |
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Expenses |
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Transportation and distribution expenses |
1,572,896 |
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|
1,534,524 |
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|
2,241,999 |
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|
1,861,329 |
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General and administrative |
2,727,057 |
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|
3,107,776 |
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|
3,046,481 |
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|
4,161,533 |
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Depreciation, amortization and ARO accretion expense |
6,289,330 |
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6,290,082 |
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6,289,459 |
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|
6,078,582 |
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Provision for loan (gain) loss |
500,000 |
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— |
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— |
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(536,867 |
) |
Total Expenses |
11,089,283 |
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|
10,932,382 |
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|
11,577,939 |
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|
11,564,577 |
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Operating Income |
$ |
10,455,555 |
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$ |
11,217,634 |
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$ |
11,058,766 |
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$ |
11,335,462 |
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Other Income (Expense) |
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Net distributions and dividend income |
$ |
3,951 |
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$ |
55,714 |
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$ |
5,627 |
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$ |
41,503 |
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Net realized and unrealized gain (loss) on other equity securities |
13,966 |
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(881,100 |
) |
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(930,147 |
) |
|
(48,028 |
) |
Interest expense |
(3,210,590 |
) |
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(3,196,248 |
) |
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(3,183,589 |
) |
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(3,168,583 |
) |
Gain on the sale of leased property, net |
— |
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— |
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— |
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11,723,257 |
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Total Other Income (Expense) |
(3,192,673 |
) |
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(4,021,634 |
) |
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(4,108,109 |
) |
|
8,548,149 |
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Income before income taxes |
7,262,882 |
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|
7,196,000 |
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6,950,657 |
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19,883,611 |
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Taxes |
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Current tax benefit |
(35,549 |
) |
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(10,785 |
) |
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(8,393 |
) |
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(530,659 |
) |
Deferred tax benefit |
(409,277 |
) |
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(604,064 |
) |
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(738,274 |
) |
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(81,725 |
) |
Income tax benefit, net |
(444,826 |
) |
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(614,849 |
) |
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(746,667 |
) |
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(612,384 |
) |
Net Income attributable to CorEnergy Stockholders |
$ |
7,707,708 |
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$ |
7,810,849 |
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$ |
7,697,324 |
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$ |
20,495,995 |
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Preferred dividend requirements |
2,396,875 |
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|
2,396,875 |
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|
2,396,875 |
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|
2,357,752 |
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Net Income attributable to Common Stockholders |
$ |
5,310,833 |
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$ |
5,413,974 |
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$ |
5,300,449 |
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$ |
18,138,243 |
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Earnings Per Common Share: |
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Basic |
$ |
0.45 |
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$ |
0.45 |
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$ |
0.44 |
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$ |
1.52 |
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Diluted |
$ |
0.45 |
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$ |
0.45 |
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$ |
0.44 |
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$ |
1.32 |
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For the Fiscal 2017 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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Lease revenue |
$ |
17,066,526 |
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$ |
17,050,092 |
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$ |
17,173,676 |
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$ |
17,513,510 |
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Transportation and distribution revenue |
5,010,590 |
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4,775,780 |
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5,270,628 |
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4,888,575 |
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Total Revenue |
22,077,116 |
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21,825,872 |
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22,444,304 |
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22,402,085 |
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Expenses |
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Transportation and distribution expenses |
1,335,570 |
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1,362,980 |
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2,384,182 |
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1,646,975 |
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General and administrative |
3,061,240 |
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2,558,339 |
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2,632,546 |
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2,534,372 |
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Depreciation, amortization and ARO accretion expense |
6,005,908 |
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6,005,995 |
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6,017,664 |
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6,018,143 |
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Total Expenses |
10,402,718 |
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9,927,314 |
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11,034,392 |
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10,199,490 |
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Operating Income |
$ |
11,674,398 |
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$ |
11,898,558 |
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$ |
11,409,912 |
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$ |
12,202,595 |
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Other Income (Expense) |
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Net distributions and dividend income |
$ |
43,462 |
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$ |
221,440 |
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$ |
213,040 |
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$ |
202,149 |
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Net realized and unrealized gain (loss) on other equity securities |
(544,208 |
) |
|
614,634 |
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|
1,340,197 |
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|
121,204 |
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Interest expense |
(3,454,397 |
) |
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(3,202,837 |
) |
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(2,928,036 |
) |
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(2,793,245 |
) |
Loss on extinguishment of debt |
— |
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— |
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(234,433 |
) |
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(102,500 |
) |
Total Other Expense |
(3,955,143 |
) |
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(2,366,763 |
) |
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(1,609,232 |
) |
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(2,572,392 |
) |
Income before income taxes |
7,719,255 |
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9,531,795 |
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9,800,680 |
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9,630,203 |
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Taxes |
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Current tax expense (benefit) |
(33,760 |
) |
|
57,651 |
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|
65,131 |
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|
2,742,636 |
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Deferred tax expense (benefit) |
(298,846 |
) |
|
38,084 |
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|
126,440 |
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(352,018 |
) |
Income tax expense (benefit), net |
(332,606 |
) |
|
95,735 |
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|
191,571 |
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2,390,618 |
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Net Income |
8,051,861 |
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9,436,060 |
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9,609,109 |
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|
7,239,585 |
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Less: Net Income attributable to non-controlling interest |
382,383 |
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|
435,888 |
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|
431,825 |
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|
483,730 |
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Net Income attributable to CorEnergy Stockholders |
$ |
7,669,478 |
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$ |
9,000,172 |
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$ |
9,177,284 |
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$ |
6,755,855 |
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Preferred dividend requirements |
1,037,109 |
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|
2,123,129 |
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2,396,875 |
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|
2,396,875 |
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Net Income attributable to Common Stockholders |
$ |
6,632,369 |
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$ |
6,877,043 |
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$ |
6,780,409 |
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$ |
4,358,980 |
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Earnings Per Common Share: |
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Basic |
$ |
0.56 |
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$ |
0.58 |
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$ |
0.57 |
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$ |
0.37 |
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Diluted |
$ |
0.56 |
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$ |
0.58 |
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$ |
0.57 |
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$ |
0.37 |
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