GREAT NORTHERN IRON ORE PROPERTIES

CIK:0000043410|SEC Filings

Quarterly Results Of Operations

12 Months Ended

Dec. 31, 2014

Quarterly Results Of Operations [Abstract]

NOTE 10 – Quarterly Results of Operations (Unaudited)

A summary of (unaudited) quarterly results of operations (in thousands of dollars, except per share amounts) is as follows:



	Quarter Ended
	March 31		June 30		Sept. 30		Dec. 31
2014
Royalties	$	4,305	$	5,318	$	5,017	$	2,959
Interest and other income		282		12		44		23
Total revenues		4,587		5,330		5,061		2,982
Expenses		1,015		1,088		1,117		1,616
Net income	$	3,572	$	4,242	$	3,944	$	1,366
Earnings per share	$	2.38	$	2.83	$	2.63	$	0.91

2013
Royalties	$	4,708	$	5,009	$	4,404	$	4,722
Interest and other income		26		20		35		27
Total revenues		4,734		5,029		4,439		4,749
Expenses		1,043		1,011		1,035		1,071
Net income	$	3,691	$	4,018	$	3,404	$	3,678
Earnings per share	$	2.46	$	2.68	$	2.27	$	2.45

Statements Of Cash Flows (USD $)	12 Months Ended
Statements Of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Cash received from royalties and rents	$ 19,437,395us-gaap_ProceedsFromRoyaltiesReceived	$ 18,551,641us-gaap_ProceedsFromRoyaltiesReceived	$ 27,961,480us-gaap_ProceedsFromRoyaltiesReceived
Cash paid to suppliers and employees	(5,079,787)us-gaap_PaymentsToSuppliersAndEmployees	(3,951,959)us-gaap_PaymentsToSuppliersAndEmployees	(3,469,871)us-gaap_PaymentsToSuppliersAndEmployees
Interest received	29,478us-gaap_ProceedsFromInterestReceived	67,290us-gaap_ProceedsFromInterestReceived	55,865us-gaap_ProceedsFromInterestReceived
NET CASH PROVIDED BY OPERATING ACTIVITIES	14,387,086	14,666,972	24,547,474
INVESTING ACTIVITIES
United States Treasury securities purchased	(6,250,000)	(5,275,000)	(10,550,000)
United States Treasury securities matured	7,050,000	9,600,000	7,675,000
Expenditures for building and equipment		(23,206)	(29,990)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	800,000	4,301,794	(2,904,990)
FINANCING ACTIVITIES
Distributions paid	(15,000,000)us-gaap_PaymentsOfDividends	(18,900,000)us-gaap_PaymentsOfDividends	(21,750,000)us-gaap_PaymentsOfDividends
NET CASH USED IN FINANCING ACTIVITIES	(15,000,000)	(18,900,000)	(21,750,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	187,086	68,766	(107,516)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	712,197	643,431	750,947
CASH AND CASH EQUIVALENTS AT END OF YEAR	899,283	712,197	643,431
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES
Net income	13,123,533us-gaap_NetIncomeLoss	14,790,714us-gaap_NetIncomeLoss	20,068,433us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	749,900	744,071	732,379
Net periodic pension cost (Note 7)	464,549us-gaap_PensionExpense	776,646us-gaap_PensionExpense	690,387us-gaap_PensionExpense
Pension contribution (Note 7)	(1,679,091)us-gaap_PensionContributions	(1,315,301)us-gaap_PensionContributions	(799,918)us-gaap_PensionContributions
Net decrease (increase) in assets:
Accrued interest	16,748	46,338	19,115
Royalties receivable	1,489,869us-gaap_IncreaseDecreaseInReceivables	(378,796)us-gaap_IncreaseDecreaseInReceivables	3,842,178us-gaap_IncreaseDecreaseInReceivables
Net increase (decrease) in liabilities:
Accounts payable and accrued expenses	195,578	(11,900)	(24,600)
Deferred compensation	26,000	15,200	19,500
NET CASH PROVIDED BY OPERATING ACTIVITIES	$ 14,387,086	$ 14,666,972	$ 24,547,474

Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 899,283	$ 712,197
United States Treasury securities (Note 4)	7,535,178us-gaap_HeldToMaturitySecuritiesCurrent	5,468,675us-gaap_HeldToMaturitySecuritiesCurrent
Royalties receivable	2,959,038us-gaap_ReceivablesNetCurrent	4,448,907us-gaap_ReceivablesNetCurrent
Prepaid expenses	2,110us-gaap_PrepaidInsurance	2,110us-gaap_PrepaidInsurance
TOTAL CURRENT ASSETS	11,395,609us-gaap_AssetsCurrent	10,631,889us-gaap_AssetsCurrent
NONCURRENT ASSETS
United States Treasury securities (Note 4)		2,883,251
Prepaid pension costs (Note 7)		587,159
TOTAL NONCURRENT ASSETS		3,470,410us-gaap_OtherAssetsNoncurrent
PROPERTIES
Mineral and surface lands (Notes 4 and 5)	39,479,708us-gaap_MineralPropertiesGross	39,479,708us-gaap_MineralPropertiesGross
Accumulated depletion and amortization	(39,288,577)	(38,592,577)
Mineral and surface lands, net	191,131us-gaap_MineralPropertiesNet	887,131us-gaap_MineralPropertiesNet
Building and equipment	335,767us-gaap_PropertyPlantAndEquipmentGross	335,767us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation	(317,865)	(263,965)
Building and equipment, net	17,902us-gaap_PropertyPlantAndEquipmentNet	71,802us-gaap_PropertyPlantAndEquipmentNet
TOTAL PROPERTIES	209,033gni_TotalProperties	958,933gni_TotalProperties
TOTAL ASSETS	11,604,642us-gaap_Assets	15,061,232us-gaap_Assets
CURRENT LIABILITIES
Accounts payable and accrued expenses	287,934	92,356
Deferred compensation	270,300
Distributions	3,000,000us-gaap_DividendsPayableCurrent	3,975,000us-gaap_DividendsPayableCurrent
TOTAL CURRENT LIABILITIES	3,558,234us-gaap_LiabilitiesCurrent	4,067,356us-gaap_LiabilitiesCurrent
NONCURRENT LIABILITIES
Deferred compensation		244,300
Liability for pension benefits (Note 7)	978,566
TOTAL NONCURRENT LIABILITIES	978,566us-gaap_LiabilitiesNoncurrent	244,300us-gaap_LiabilitiesNoncurrent
TOTAL LIABILITIES	4,536,800us-gaap_Liabilities	4,311,656us-gaap_Liabilities
Certificate holders' equity, represented by 1,500,000 certificates (shares or units) of beneficial interest authorized and outstanding, and the reversionary interest (Notes 2 and 6)	10,710,020us-gaap_CommonStockValue	11,611,487us-gaap_CommonStockValue
Accumulated other comprehensive loss (Notes 7 and 11)	(3,642,178)	(861,911)
TOTAL BENEFICIARIES' EQUITY	7,067,842us-gaap_StockholdersEquity	10,749,576us-gaap_StockholdersEquity
TOTAL LIABILITIES AND BENEFICIARIES' EQUITY	$ 11,604,642	$ 15,061,232