CKX LANDS, INC.
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
CKX$10.37-0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001437749-25-034052
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001437749-26-015951
Item 2. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 69 previous paragraphs and 55 current paragraphs.
33 unchanged; 19 reworded; 3 added; 14 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
On November 18, 2025, the Company sold to Southern Pine Plantations of Georgia, Inc. approximately 6,548 acres of land wholly-owned by the Company in Allen, Beauregard, Calcasieu, Cameron, Jefferson Davis, Natchitoches, Rapides and Sabine Parishes of the State of Louisiana. The Company disclosed the completion of the transaction on its Current Report on Form 8-K filed November 20, 2025. The adjusted purchase price was $8,618,021.70, paid in cash. The transaction was executed pursuant to an Agreement of Purchase and Sale effective August 14, 2025, as amended, that contemplated the sale of approximately 7,014 acres. Certain portions of the originally contemplated property were excluded from the sale in accordance with the Agreement, resulting in a reduction of the original purchase price equal to $1,316.05 per excluded acre. The completion of this transaction represents a significant step in the Company’s ongoing evaluation of strategic alternatives.
Current report
There were no sales of land during the three months ended March 31, 2026 and 2025.
Current report
The Company’s results of operations for the three months ended March 31, 2026 were driven primarily by decreases in oil and gas revenues, partially offset by increases in surface revenues. The decrease in oil and gas revenue is due to a decline in net oil and gas produced as well as a decline in average oil sales price. In addition, prior‑period results included one‑time revenue from a single customer, Riceland Petroleum Company, which did not recur in the current period. The decrease in revenues also reflects the sale of producing lands completed in November 2025, which reduced the Company’s oil and gas interests.
Removed paragraphs (14)
Previous report
As disclosed in the Company’s Current Report on Form 8-K filed on August 15, 2025, and as discussed below, the Company entered into an Agreement of Purchase and Sale on August 14, 2025, for the sale, subject to the terms and conditions set forth in the agreement, of approximately 7,014 acres of land wholly-owned by the Company in several parishes of the State of Louisiana.
Previous report
The Company is working to identify additional undeveloped acres owned by the Company in Southwest Louisiana that would likewise be suitable for residential subdivisions.
Previous report
During 2024, the Company closed on the sale of one 25-acre ranchette lot in which it had a 100% ownership interest for net proceeds to the Company of $140,582. During the nine months ended September 2025, the Company closed on the sale of two 25-acre lots and one 53-acre lot in Calcasieu parish in which it had a 100% ownership interest for net proceeds to the Company of $499,228, inclusive of a gain on the sales of $275,399.
Previous report
In August 2025, the Company entered into an Agreement of Purchase and Sale to sell approximately 7,014 acres of land located in multiple Louisiana parishes for $9.2 million in cash. The transaction is expected to close in the fourth quarter of 2025, subject to customary conditions. The land has been reclassified as “Assets Held for Sale” as of the agreement date. We anticipate using the proceeds to strengthen our balance sheet and evaluate strategic opportunities. Until closing, we retain timber harvesting rights under the agreement. We do not expect the transaction to materially impact ongoing operations. The sale may result in a gain or loss depending on final closing adjustments and costs.
Previous report
The Company’s results of operations for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 were driven primarily by increases in oil and gas and timber revenues as well as a decrease in general and administrative expenses, offset by a decrease in surface revenues. The decrease in general and administrative expenses is primarily due to a decrease in professional expenses and salaries and wages, while the decrease in surface revenues is primarily due to lower right of way income during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
Previous report
Revenue–*** Nine Months Ended September 30, 2025***
Previous report
Oil and Gas
Previous report
Oil and gas revenues were 52% and 24% of total revenues for the nine months ended September 30, 2025 and 2024, respectively.
Previous report
Oil and gas revenues increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $56,145. The increase was due to an increase in the net oil and gas produced as well as an increase in the average gas sales price, slightly offset by a decrease in the average oil sales price.
Previous report
Timber
Previous report
Surface
Previous report
Surface revenues decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $753,603. The decrease in surface revenue was due to lower right of way income during the nine month current period versus the prior year.
Previous report
Gain on Sale of Land –Three and Nine Months Ended September 30, 2025
Previous report
Gain on sale of land was $275,399 and $140,582 for the nine months ended September 30, 2025 and 2024, respectively. For the three months ended September 30, 2025, this consisted of the sale of one 25-acre lot in Calcasieu parish. There were no land sales for the three months ended September 30, 2024. For the nine months ended September 30, 2025, this consisted of the sale of two 25-acre ranchette lots and one 53-acre lot in Calcasieu parish. For the nine months ended September 30, 2024, this consisted of the sale of one 25-acre ranchette lot in Calcasieu parish.
Reworded paragraphs (19)
Previous wording
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, have continued working with interested parties.
Current wording
Since the April 18, 2024 update, management and the Board subcommittee, together with the Company’s financial advisors, continue to engage with interested parties.
Previous wording
As part of management’s desire to maximize value for shareholders through this process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others. There can be no assurance that the Company will be successful in reaching a negotiated partition of its co-owned acreage that would avoid the need to seek partition in court.
Current wording
As part of management’s efforts to maximize value for shareholders through the strategic alternative evaluation process, the Company expects to seek to partition, in kind or by sale, ownership of its undivided interests in lands co-owned with others. There can be no assurance that such efforts will result in a negotiated partition of the Company’s co-owned acreage and that the Company can avoid a court-ordered partition.
Previous wording
In 2019, the Company began developing several ranchette-style subdivisions on certain of its lands in Calcasieu and Beauregard Parishes using existing road rights of way. The Company has identified demand in those areas for ranchette-style lots, which consist of more than three acres each, and the Board of Directors and management believe this project will allow the Company to realize a return on its investment in the applicable lands after payment of expenses. The Company has completed and recorded plans for three subdivisions. The three subdivisions are located on approximately 415 acres in Calcasieu Parish and approximately 160 acres in Beauregard Parish and contain an aggregate of 39 lots. As of September 30, 2025, the Company has closed on the sale of 24 of the 39 lots. As of the date of this report the Company is actively marketing the remaining lots.
Current wording
In 2019, the Company began developing several ranchette-style subdivisions on certain of its lands in Calcasieu and Beauregard Parishes using existing road rights of way. The Company has identified demand in those areas for ranchette-style lots, which consist of more than three acres each, and the Board of Directors and management believe this project will allow the Company to realize a return on its investment in the applicable lands after payment of expenses. The Company has completed and recorded plans for three subdivisions. The three subdivisions are located on approximately 415 acres in Calcasieu Parish and approximately 160 acres in Beauregard Parish and contain an aggregate of 39 lots. As of March 31, 2026, the Company has closed on the sale of 29 of the 39 lots. A portion of the acreage associated with these subdivisions was sold in November 2025, as part of the transaction with Southern Pine Plantations of Georgia, Inc.
Previous wording
Total revenues for the three months ended September 30, 2025 were $232,639, a decrease of approximately 35.8% when compared with the same period in 2024. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the three months ended September 30, 2025 as compared to 2024, are as follows:
Current wording
Total revenues for the three months ended March 31, 2026 were $170,660, a decrease of approximately 51.0% when compared with the same period in 2025. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the three months ended March 31, 2026 as compared to 2025, are as follows:
Previous wording
Oil and gas revenues were 20% and 43% of total revenues for the three months ended September 30, 2025 and 2024, respectively.
Current wording
Oil and gas revenues were 5% and 77% of total revenues for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
CKX received oil and/or gas revenues from 78 and 64 wells during the three months ended September 30, 2025 and 2024, respectively.
Current wording
CKX received oil and/or gas revenues from 48 and 71 wells during the three months ended March 31, 2026 and 2025, respectively.
Previous wording
Oil and gas revenues decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $26,205. The decrease was due to a decrease in the average oil sales and average gas sales prices as well as a decrease in net oil and gas produced.
Current wording
Oil and gas revenues decreased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, by $259,216. The decrease was due to a decrease in the average oil sales and average gas sales prices as well as a decrease in net oil and gas produced, which partially resulted from the sale of producing lands in November 2025.
Previous wording
Timber revenue was $94,825 and $18,883 for the three months ended September 30, 2025 and 2024, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.
Current wording
Timber revenue was $2,667 and $0 for the three months ended March 31, 2026 and 2025, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.
Previous wording
Surface revenues increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $11,633. The increase in surface revenue was due to higher oil and gas delay rental income and higher surface lease income, as well as one small right of way payment received in the current quarter.
Current wording
Surface revenues increased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, by $79,025. The increase in surface revenue was due to higher oil and gas delay rental income and higher surface lease income, as well as one small right of way payment received in the current quarter.
Previous wording
Costs and Expenses –Three and Nine Months Ended September 30, 2025
Current wording
Costs and Expenses –Three Months Ended March 31, 2026
Previous wording
Oil and gas costs decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 by $7,301. Oil and gas costs increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 by $3,071. Oil and gas costs fluctuated proportionately with increased or decreased production.
Current wording
Oil and gas costs decreased for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 by $17,997. Oil and gas costs fluctuated proportionately with increased or decreased production.
Previous wording
Timber costs decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $2,052. Timber costs decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $6,127. Timber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
Current wording
Timber costs decreased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025 by $3,695. Timber costs are related to general management of the Company’s timberland. The decrease is primarily due to decreased timber management costs.
Previous wording
General and administrative expenses increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, by $19,832. This is primarily due to an increase in legal fees. General and administrative expenses decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, by $684,850. This is primarily due to a decrease in professional expenses and salaries and wages.
Current wording
General and administrative expenses increased for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025 by $31,589. This is primarily due to an increase in professional expenses and salaries and wages.
Previous wording
Current assets totaled $14,744,240 and current liabilities equaled $281,098 at September 30, 2025.
Current wording
Current assets totaled $18,084,585 and current liabilities equaled $705,188 at March 31, 2026.
Previous wording
Net cash provided by operating activities was $336,296 and $107,406 for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash provided by operating activities was attributable to an increase in net income as well as a greater increase in current liabilities, which resulted in a favorable impact on operating cash flows.
Current wording
Net cash provided by (used in) operating activities was $(52,331) and $118,664 for the three months ended March 31, 2026 and 2025, respectively. The decrease in cash provided by operating activities was attributable to a decrease in net income as well as a greater increase in current assets and greater decrease in current liabilities, which both resulted in an unfavorable impact on operating cash flows.
Previous wording
Net cash provided by investing activities was $4,241,631 for the nine months ended September 30, 2025, while net cash used in investing activities was $4,126,604 for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, this resulted from purchases of certificates of deposits of $6,750,837, offset by the maturity of certificates of deposit of $10,493,240 and proceeds from the sale of fixed assets of $499,228. For the nine months ended September 30, 2024, this resulted from purchases of certificates of deposits of $7,340,723, offset by the maturity of certificates of deposit of $3,073,537 and proceeds from the sale of fixed assets of $140,582.
Current wording
Net cash used in investing activities was $(5,245,224) for the three months ended March 31, 2026, while net cash provided by investing activities was $172,243 for the three months ended March 31, 2025. For the three months ended March 31, 2026, this resulted from purchases of certificates of deposits and securities of $2,229,234 and $3,015,990, respectively. For the three months ended March 31, 2025, this resulted from purchases of certificates of deposits of $6,502,665, offset by the maturity of certificates of deposit of $6,674,908.
Previous wording
Net cash used in financing activities was $147,614 and $208,854 for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, this resulted from repurchases of common stock.
Current wording
Net cash used in financing activities was $0 for the three months ended March 31, 2026 and 2025.
Previous wording
There were no changes in our significant accounting policies and estimates during the nine months ended September 30, 2025 from those set forth in “Significant Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
There were no changes in our significant accounting policies and estimates during the three months ended March 31, 2026 from those set forth in “Significant Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
During the nine months ended September 30, 2025, we did not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities” (SPEs).
Current wording
During the three months ended March 31, 2026, we did not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities” (SPEs).
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Total revenues for the nine months ended September 30, 2025 were $716,759, a decrease of approximately 46.5% when compared with the same period in 2024. Total revenue consists of oil and gas, timber, and surface revenues. Components of revenues for the nine months ended September 30, 2025 as compared to 2024, are as follows:
Previous report — wording carried elsewhere
CKX received oil and/or gas revenues from 78 and 64 wells during the nine months ended September 30, 2025 and 2024, respectively.
Previous report — wording carried elsewhere
Timber revenue was $94,825 and $21,158 for the nine months ended September 30, 2025 and 2024, respectively. The increase in timber revenues was due to normal business variations in timber customers’ harvesting.