| Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited)
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For the Fiscal Quarters Ended |
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March 31, 2013 |
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June 30, 2013 |
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September 30, 2013 |
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December 31, 2013 |
Lease revenue |
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$ |
5,638,244 |
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$ |
5,638,244 |
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$ |
5,638,244 |
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$ |
5,638,244 |
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Sales revenue |
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2,515,573 |
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1,929,772 |
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1,935,868 |
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2,351,831 |
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Total revenue |
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8,153,817 |
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7,568,016 |
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7,574,112 |
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7,990,075 |
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Cost of sales |
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2,003,639 |
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1,476,348 |
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1,411,318 |
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1,843,360 |
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Management fees, net of expense reimbursements |
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643,814 |
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646,394 |
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647,380 |
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699,677 |
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All other expenses |
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3,705,925 |
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3,845,005 |
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4,227,013 |
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3,880,512 |
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Total expenses |
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6,353,378 |
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5,967,747 |
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6,285,711 |
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6,423,549 |
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Income (loss) from operations, before income taxes |
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1,800,439 |
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1,600,269 |
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1,288,401 |
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1,566,526 |
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Realized and unrealized gain (loss) on securities transactions, before income taxes |
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2,742,049 |
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(30,976 |
) |
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872,020 |
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1,783,460 |
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Distributions and income from investments, net |
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13,124 |
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2,701 |
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568,332 |
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|
657 |
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Income tax expense, net |
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(737,381 |
) |
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(907,275 |
) |
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(818,134 |
) |
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(825,588 |
) |
Total other income (loss) and expense, net, before income taxes |
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2,017,792 |
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(935,550 |
) |
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622,218 |
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958,529 |
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Income (loss) before income taxes |
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3,818,231 |
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664,719 |
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1,910,619 |
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2,525,055 |
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Current and deferred tax expense, net |
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1,020,944 |
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241,754 |
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1,105,125 |
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581,695 |
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Net income |
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$ |
2,797,287 |
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$ |
422,965 |
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$ |
805,494 |
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$ |
1,943,360 |
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Net income attributable to non-controlling interest |
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$ |
384,534 |
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$ |
352,893 |
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$ |
366,042 |
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$ |
363,298 |
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Net income attributable to CORR stockholders |
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$ |
2,412,753 |
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$ |
70,072 |
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$ |
439,452 |
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$ |
1,580,062 |
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Basic and diluted earnings per share |
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$ |
0.10 |
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$0.00 |
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$ |
0.02 |
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$ |
0.06 |
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For the Fiscal Quarters Ended |
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February 28,
2012
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May 31,
2012
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August 31,
2012
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November 30,
2012
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Lease income |
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$ |
638,244 |
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$ |
638,244 |
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$ |
638,244 |
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$ |
638,243 |
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Sales revenue |
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2,437,310 |
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1,439,958 |
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1,927,626 |
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2,216,128 |
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Total revenue |
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3,075,554 |
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2,078,202 |
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2,565,870 |
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2,854,371 |
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Cost of sales |
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2,004,672 |
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1,031,114 |
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1,381,161 |
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1,661,155 |
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Management fees, net of expense reimbursements |
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247,381 |
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254,965 |
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298,051 |
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246,399 |
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All other expenses |
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599,865 |
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892,759 |
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1,082,911 |
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1,117,268 |
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Total expenses |
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2,851,918 |
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2,178,838 |
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2,762,123 |
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3,024,822 |
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Income (loss) from operations, before income taxes |
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223,636 |
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(100,636 |
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(196,253 |
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(170,451 |
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Realized and unrealized gain (loss) on securities transactions, before income taxes |
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8,931,466 |
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3,237,325 |
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8,492,502 |
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(479,416 |
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Distributions and income from investments, net |
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85,262 |
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55,462 |
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(502,176 |
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82,057 |
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Interest Expense |
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(27,409 |
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(25,229 |
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(16,780 |
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(11,705 |
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Total other income (loss) and expense, net, before income taxes |
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8,989,319 |
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3,267,558 |
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7,973,546 |
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(409,064 |
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Income (loss) before income taxes |
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9,212,955 |
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3,166,922 |
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7,777,293 |
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(579,515 |
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Current and deferred tax expense, net |
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(3,465,914 |
) |
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(1,190,162 |
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(2,788,785 |
) |
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215,927 |
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Net income |
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$ |
5,747,041 |
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$ |
1,976,760 |
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$ |
4,988,508 |
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$ |
(363,588 |
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Basic and diluted earnings (loss) per share |
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$ |
0.63 |
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$ |
0.21 |
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$ |
0.54 |
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$ |
(0.04 |
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On February 5, 2013, the Board of Directors of the Company approved a change in the Company's fiscal year end from November 30 to December 31. This change to the calendar year reporting cycle began January 1, 2013. Financial information for the years ended December 31, 2012 and 2011 has not been included in this Form 10-K for the following reasons: (i) the years ended November 30, 2012 and 2011 provide as meaningful a comparison to the year ended December 31, 2013 as would the years ended December 31, 2012 and 2011; (ii) there are no significant factors, seasonal or other, that would impact the comparability of information if the results for the years ended December 31, 2012 and 2011 were presented in lieu of results for the years ended November 30, 2012 and 2011; and (iii) it was not practicable or cost justified to prepare this information.
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