Attached files
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| 8-K - FORM 8-K - MILLS MUSIC TRUST | d38412d8k.htm |
Exhibit 99.1
MILLS MUSIC TRUST
C/O HSBC BANKS U.S.A.
452 FIFTH AVENUE
NEW YORK, NY 10018-2706
December 28, 2015
Quarterly Distribution Report No. 204
To the holders (the “Unit Holders”) of Trust Certificates representing interests (the “Trust Units”) in Mills Music Trust (the “Trust”):
Enclosed you will find a check representing your share of a distribution by the Trust to the Unit Holders of record at the close of business on December 18, 2015.
This Quarterly Distribution Report relates to the payment received by the Trust from EMI Entertainment World Inc., attributable to the third quarter of 2015 (the “Q3 Distribution Period”).
The Trust received $250,793 ($.9031 per Trust Unit) for the Q3 Distribution Period (the “Q3 Payment”), as compared to $276,213 ($.9946 per Trust Unit) for the payment attributable to the third quarter of 2014.
The Trust paid $38,747 to third parties in connection with invoices for services rendered to the Trust, leaving a balance of $212,046 ($.7635 per Trust Unit). This balance is being distributed to the Unit Holders of record as of the close of business on December 18, 2015.
During the twelve month period ended December 31, 2015, the Trust’s aggregate distributions will amount to $746,408 ($2.6877 per Trust Unit), as compared to $860,780 ($3.0996 per Trust Unit) during the twelve month period ended December 31, 2014.
Additional computation details are set forth in the attached report.
The information contained in this Quarterly Distribution Report will be disclosed on a Form 8-K filed with the Securities and Exchange Commission (the “SEC”). The Trust’s SEC filings are available to the public over the internet on the SEC’s web site at http://www.sec.gov.
Very truly yours,
MILLS MUSIC TRUST
The following is a computation of amounts available for distribution and/or the payment of administrative expenses of the Trust during the three months and twelve months ended December 31, 2015 and December 31, 2014 out of payments made to the Trust in connection with a deferred contingent purchase price obligation under the asset purchase agreement, dated December 5, 1964:
| Three Months December 31, |
Per Unit* |
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| Gross royalty income collected by EMI for the period |
$ | 952,314 | ||||||||||
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| Less: Related royalty expense |
392,019 | |||||||||||
| Amount deducted by EMI |
309,502 | |||||||||||
| Adjustment for copyright renewals, etc. |
— | |||||||||||
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| 701,521 | ||||||||||||
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| Balance as reported by EMI |
$ | 250,793 | ||||||||||
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| Payments received by Trust |
$ | 250,793 | $ | .9031 | ||||||||
| Audit settlement |
— | |||||||||||
| Funds held for payment of expenses |
— | |||||||||||
| Refund of over deduction of gross royalty income for prior quarters by EMI |
— | |||||||||||
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| Total |
250,793 | .9031 | ||||||||||
| Less: Fees and expenses to Registrar-Transfer Agent and other administrative expenses |
38,747 | .1396 | ||||||||||
| Reserve for payment of expenses |
— | — | ||||||||||
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| Balance available for distribution |
$ | 212,046 | $ | .7635 | ||||||||
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| Distribution per Unit* |
$ | .7635 | ||||||||||
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| * | Based on the 277,712 Trust Units outstanding. |
| Three Months Ended December 31, 2014 |
Per Unit* |
Twelve Months Ended December 31, 2015 |
Per Unit |
Twelve December 31, |
Per Unit* | |||||||||||||||||||||||||||||
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| $ | 946,171 | $ | 3,660,312 | $ | 2,924,960 | |||||||||||||||||||||||||||||
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| 362,452 | 1,744,864 | 1,314,446 | ||||||||||||||||||||||||||||||||
| 307,506 | 1,146,903 | 870,411 | ||||||||||||||||||||||||||||||||
| — | 13,204 | — | ||||||||||||||||||||||||||||||||
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| 679,958 | 1,904,971 | 2,184,857 | ||||||||||||||||||||||||||||||||
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| $ | 276,213 | $ | 755,341 | $ | 740,103 | |||||||||||||||||||||||||||||
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| $ | 276,213 | $ | .9946 | $ | 755,341 | $ | 2.7199 | $ | 740,103 | $ | 2.6650 | |||||||||||||||||||||||
| — | — | 625,000 | 2.2505 | |||||||||||||||||||||||||||||||
| — | — | 152,952 | .5508 | |||||||||||||||||||||||||||||||
| — | 203,706 | .7335 | — | — | ||||||||||||||||||||||||||||||
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| $ | 276,213 | $ | .9946 | $ | 959,047 | 3.4534 | 1,518,055 | 5.4663 | ||||||||||||||||||||||||||
| 74,605 | .2686 | 212,839 | .7664 | (525,129 | ) | (1.8909 | ) | |||||||||||||||||||||||||||
| — | — | — | — | (132,146 | ) | (.4758 | ) | |||||||||||||||||||||||||||
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| $201,608 | $ | .7260 | $ | 746,208 | $ | 2.6870 | $ | 860,780 | $ | 3.0996 | ||||||||||||||||||||||||
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| $ | .7260 | $ | 2.6870 | $ | 3.0996 | |||||||||||||||||||||||||||||
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