QUARTERLY REPORT FOR 12/04
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR QUARTER ENDED December 31, 2004 Commission file number 0-7376
Hynes & Howes Insurance Counselors, Inc.
(Exact name of registrant as specified on its charter)
Iowa 42-0948341
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2920 Harrison St., Davenport, Iowa 52803
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (563) 326-6401
Indicate by check mark whether the registrant (1) has filed all annual,
quarterly and other reports required to be filed with the Commission and (2)
has been subject to the filing requirements for
at least the past 90 days. Yes XX No .
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
11,226,699
EX-99.1
NOTES TO FINANCIAL STATEMENTS FOR 12/04
HYNES & HOWES INSURANCE COUNSELORS, INC.
Notes to Financial Statements
December 31, 2004
Note 1. Filing of Forms 8-K
A form 8-K was not required to be filed for the quarter reporting
any unusual charges or credits to the income or change in auditors.
Note 2. Management's Analysis of Income From Operations
Income from operations for the three months ended December 31, 2004
decreased $15,840 as compared to the three month period ended
December 31, 2003.
EX-99.2
OTHER INFORMATION FOR 12/04
HYNES & HOWES INSURANCE COUNSELORS, INC.
Part II: Other information
There were no events during this quarter that would be reportable
under the Items 1 through 8 of the Form 10-Q for Registrant.
Item 9. Exhibits and Reports on Form 8-K
There were no 8-K's filed during the quarter for which this report is
filed.
EX-99.3
REGULATION S-X FOR 12/04
Regulation S-X, Section 10-01 (b) (8)
This interim financial statement reflects all adjustments which
are, in the opinion of management, necessary to a fair statement
of the results for the interim period. The corporation has
no bonus or profit sharing arrangements to be settled at year-end.
EX-99.4
SIGNATURES FOR 12/04
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
HYNES & HOWES INSURANCE COUNSELORS, INC.
By:_____________________________________
Joyce Whitt, President
This corporation has no treasurer.
Dated___________________ By:_____________________________________
Jenni Burkhart, Secretary
EX-99.5
COMPUTATION OF EPS FOR 12/04
HYNES & HOWES INSURANCE COUNSELORS, INC.
Computation of Earnings (Loss) Per Common Share
For the Three Months Ended December 31, 2004 and 2003
(Unaudited)
Three Months Ended
Dec 31,
2004 2003
Common Shares Outstanding:
Beginning of Period 11,226,669 11,226,699
End of Period 11,226,669 11,226,699
Average Number of Shares
Outstanding for the Period 11,226,669 11,226,699
Net Income (Loss) $ (29,166) $ (13,326)
Earnings (Loss) Per Common Share:
Net Income $ 0.00 $ 0.00
EX-99.6
BALANCE SHEET FOR 12/04
HYNES & HOWES INSURANCE COUNSELORS, INC.
Balance Sheet
Dec 31, 2004 and 2003
(Unaudited)
Dec 31,
2004 2003
Assets
Current Assets:
Cash in Bank $ 248 $ 12,322
Other Current Assets 7,729 40,693
Total Current Assets $ 7,977 $ 53,015
Investments:
Investment in Affiliated Company $ 0 $ 0
Contracts Receivable-Real Estate 634,797 657,396
Real Estate on Hand 44,121 0
Equipment 11,828 6,134
Total Investments $ 690,746 $ 663,530
Total Assets $ 698,723 $ 716,545
Liabilities and Stockholders' Equity
Current Liabilities:
Buyers Escrow $ 9,166 $ 8,118
Contracts Payable 20,000 0
Total Current Liabilities $ 29,166 $ 8,118
Long Term Liabilities:
Contracts Payable 0 0
Total Long Term Liabilities $ 0 $ 0
Total Liabilities $ 29,166 $ 8,118
Stockholders' Equity:
Capital Stock, no par value, 100,000,000 shares
authorized, 11,260,675 shares issued $ 3,780,765 $3,780,765
Paid in Capital 100 100
Retained Earnings (Deficit) (3,078,056) (3,039,186)
Treasury Stock, at cost (33,252) (33,252)
Total Stockholders' Equity $ 669,556 $ 708,427
Total Liabilities and Stockholders'
Equity $ 698,723 $ 716,545
EX-99.7
STATEMENT OF OPERATIONS FOR 12/04
HYNES & HOWES INSURANCE COUNSELORS, INC.
Statement of Operations
For the Three Months Ended Dec 31, 2004 and 2003
(Unaudited)
The following Statements of Operations of Hynes & Howes Insurance Counselors,
Inc. for the three months ended Dec 31, 2004 and 2003, reflect, in the opinion
of the Company, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the results of operations for such
periods. The results for interim periods are not necessarily indicative of
results to be expected for the year.
Three Months Ended
Dec 30,
2004 2003
Operating Income:
Interest $ 14,689 $17,764
Other Income 1,269 ( 674)
Total Operating Income $ 15,958 $17,090
Operating Expenses:
Management Fees 12,000 12,000
Legal and Audit 8,780 7,794
Other Operating Expenses 24,344 10,622
Total Operating Expenses $ 45,124 $30,416
Income (Loss) from Operations (29,166) (13,326)
Provision for Income Taxes$ 0 $ 0
Net Income (Loss) (29,166) (13,326)
Earnings Per Common Share $ 0 $ 0
Dividends per Common Share $ 0 $ 0
EX-99.8
STATEMENT OF CASH FLOW FOR 12/04
HYNES & HOWES INSURANCE COUNSELORS, INC.
Statement of Cash Flow
For the Three Months Ended Dec 31, 2004 and 2003
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
Three Months Ended
Dec 31,
2004 2003
Cash Flows from Operating Activities:
Interest Received $ 14,689 $ 17,764
Other Income Received 1,269 (674)
Legal, Audit and Management Fees Paid (20,780) (19,794)
Cash Paid to Suppliers for
Operating Expenses (23,333) (9,901)
Net Cash Provided (Used)
by Operating Activities $ (28,155) $ (12,605)
Cash Flow from Investing Activities:
Principal Collected on Real Estate
Contracts 2,593 44,381
Advances to Affiliates 0 (2,981)
Purchase of Real Estate Contracts 0 0
Purchase of Real Estate (44,121) 0
Buyers Escrow Received (Paid) 2,912 3,022
Tax Certificates Collected (Purchased) 725 (1,337)
Principal Paid on Contract Payable 0 0
Net Cash Provided (Used)
by Investing Activities $ (37,891) $ 24,085
Cash Flow from Financing Activities:
Purchase of Equipment $ 0 $ 0
Proceeds from loans payable 20,000 0
Net Cash Provided (Used)
by Financing Activities $ 20,000 $ 0
Net Increase (Decrease) in Cash
and Cash Equivalents $ (46,046) $ 11,480)
Cash & Cash Equivalents at
Beginning of Period $ 46,294 $ 842
Cash and Cash Equivalents at End of Period $ 248 $ 12,322
EX-27
ART. 5 FDS FOR 12/31/04
PERIOD-TYPE 3-months
FISCAL-YEAR-END SEP-30-2005
PERIOD-END DEC-31-2004
CASH 248
SECURITIES 0
RECEIVABLES 634,797
ALLOWANCES 0
REAL ESTATE 44,121
CURRENT-ASSETS 7,729
PP&E 19,252
DEPRECIATION 7,424
TOTAL-ASSETS 698,723
CURRENT-LIABILITIES 29,166
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 3,780,765
OTHER-SE 100
TOTAL-LIABILITY-AND-EQUITY 698,723
SALES 0
TOTAL-REVENUES 15,958
CGS 0
TOTAL-COSTS 45,124
OTHER-EXPENSES 0
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX (29,166)
INCOME-TAX 0
INCOME-CONTINUING 0
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (29,166)
EPS-PRIMARY 0
EPS-DILUTED 0