| Schedule of Quarterly Financial Information |
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For the Fiscal 2019 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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Lease revenue |
$ |
16,717,710 |
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$ |
16,635,876 |
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|
$ |
16,984,903 |
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|
$ |
16,712,017 |
|
Transportation and distribution revenue |
4,871,582 |
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|
4,868,144 |
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|
4,068,338 |
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|
4,970,173 |
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Financing revenue |
33,540 |
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|
27,989 |
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|
28,003 |
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|
27,295 |
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Total Revenue |
21,622,832 |
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|
21,532,009 |
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|
21,081,244 |
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|
21,709,485 |
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Expenses |
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Transportation and distribution expenses |
1,503,143 |
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|
1,246,755 |
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1,116,194 |
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|
1,376,152 |
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General and administrative |
2,870,407 |
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2,739,855 |
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2,494,240 |
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|
2,492,346 |
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Depreciation, amortization and ARO accretion expense |
5,645,096 |
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|
5,645,250 |
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5,645,342 |
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|
5,646,254 |
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Total Expenses |
10,018,646 |
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9,631,860 |
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|
9,255,776 |
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9,514,752 |
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Operating Income |
$ |
11,604,186 |
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$ |
11,900,149 |
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$ |
11,825,468 |
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$ |
12,194,733 |
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Other Income (Expense) |
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Net distributions and other income |
$ |
256,615 |
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|
$ |
285,259 |
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$ |
360,182 |
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$ |
426,797 |
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Interest expense |
(2,507,294 |
) |
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(2,297,783 |
) |
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(2,777,122 |
) |
|
(2,996,512 |
) |
Loss on extinguishment of debt |
(5,039,731 |
) |
|
— |
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(28,920,834 |
) |
|
— |
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Total Other Expense |
(7,290,410 |
) |
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(2,012,524 |
) |
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(31,337,774 |
) |
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(2,569,715 |
) |
Income (loss) before income taxes |
4,313,776 |
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|
9,887,625 |
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(19,512,306 |
) |
|
9,625,018 |
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Taxes |
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Current tax expense (benefit) |
353,744 |
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|
— |
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(1,270 |
) |
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(472,498 |
) |
Deferred tax expense (benefit) |
93,591 |
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|
62,699 |
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(91,436 |
) |
|
289,788 |
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Income tax expense (benefit), net |
447,335 |
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|
62,699 |
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(92,706 |
) |
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(182,710 |
) |
Net income (loss) attributable to CorEnergy Stockholders |
$ |
3,866,441 |
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$ |
9,824,926 |
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$ |
(19,419,600 |
) |
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$ |
9,807,728 |
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Preferred dividend requirements |
2,314,128 |
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|
2,313,780 |
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2,313,780 |
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|
2,313,780 |
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Net income (loss) attributable to Common Stockholders |
$ |
1,552,313 |
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$ |
7,511,146 |
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$ |
(21,733,380 |
) |
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$ |
7,493,948 |
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Earnings (Loss) Per Common Share: |
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Basic |
$ |
0.12 |
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$ |
0.59 |
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$ |
(1.65 |
) |
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$ |
0.55 |
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Diluted |
$ |
0.12 |
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$ |
0.59 |
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$ |
(1.65 |
) |
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$ |
0.55 |
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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 |
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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 other 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 |
) |
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(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 |
) |
|
(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 |
) |
|
(614,849 |
) |
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(746,667 |
) |
|
(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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