UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C.  20549

** **

## **FORM 10-Q**

(MarkOne)

 

[x]  **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934**

** **

For the quarterly periodended  January 31, 2010.

 

[  ]  **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934**

** **

For the transition periodfrom _______________________________________ to___________________________________

 

Commission File Number:_______________________________________________________________________________ 

 
|                                                                              |
|-----------------------------------------------------------------------------------|
| FirstHartford Corporation                                                         |
| (Exact name of registrant as specified in its charter)                            |
|                                                                              |
| Maine                                                                             | 01-0185800 |
|  (State or other jurisdiction of incorporation or organization)         | (I.R.S.Employer Identification No.) |
|                                                                              |   |
| 149 Colonial Road    Manchester, CT                           | 06045-1270 |
| (Address of principal executive offices)                                          | (Zip Code) |
|                                                                              |   |
| 860-646-6555                                                                      |
|  (Registrant'stelephone number, including area code)                         |
|                                                                              |
| (Former name, former address and former fiscal year,if changed since last report) |

 

Indicate by check mark whetherthe registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.   XYes   ⁪ No    

 

Indicate by check mark whetherthe registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and postedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or forsuch shorter period that the registrant was required to submit and post suchfiles)  ⁪Yes   ⁪ No

 

Indicate by check mark whetherthe registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, or a smaller reporting company.  See definition of“large accelerated filer”, “accelerated filer” and “smaller reporting company”in Rule 12b-2 of the Exchange Act. 

 
| Large accelerated filer ⁪ | Accelerated filer ⁪
 

 
Non-accelerated filer ⁪   (Do not check if a smaller reportingcompany)   

Smaller reporting company X
 

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act).⁪Yes   X No

 

APPLICABLE ONLY TOCORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of theissuer's classes of common stock, as of the latest practicable date.

 

3,027,965 as of March 17, 2010   

 

1

 

 

 

 

 

 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES INDEX
 

PART I.           FINANCIALINFORMATION
PAGE
 
 
Item 1.              FinancialStatements
 
 
 
CondensedConsolidated Balance Sheets -
 
January31, 2010 (unaudited) and April 30, 2009 (audited) 
3 - 4
 
 
CondensedConsolidated Statements of Operations and Other 
 
ComprehensiveIncome (Loss) for the Three and Nine Months
 
Ended January 31, 2010 and 2009 (unaudited) 
5 - 6 
 
 
CondensedConsolidated Statements of Cash Flows for the
 
NineMonths Ended January 31, 2010 and 2009 (unaudited)          
7 - 8
 
 
Notes to Condensed Consolidated Financial Statements 
9 - 16
 
 
Item 2.             Management's Discussion and Analysis of Financial Condition                   
 
andResults of Operations                                                                       
17 - 19
 
 
Item 3.             Quantitative and Qualitative Disclosures About Market Risk 
19
 
 
Item 4T.           Controls and Procedures
19
 
 
**PART II          OTHERINFORMATION**
 
 
 
Item 1.             Legal Proceedings     
20
 
 
Item 1A.          Risk Factors      
20
 
 
Item 2.             Unregistered Sales of Equity Securities and Use ofProceeds 
20
 
 
Item 3.             Defaults Upon Senior Securities   
20
 
 
Item 4.             (Removed and Reserved)     
20
 
 
Item 5.             Other Information  
20
 
 
Item 6.             Exhibits      
20
 
 
Signatures   
21
 
 
Exhibits                                                                                               
22 - 25
 

 

 

 

 

 

 

 

 

 

 

 

 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES 
**CONDENSED CONSOLIDATED BALANCE SHEETS**
 ASSETS
** **

 

 

 

 

 

**January 31, 2010**
   
** **

**April 30, 2009**

 

 

 

 

(unaudited)
   
 

(audited)

Real estate and equipment:

 

 

 
   
 

 

 

   Developed properties

 

 

 

$110,366,828
   
 

$120,518,077

 

   Equipment and tenant improvements

 

 

1,376,709
   
1,355,388

 

 

111,743,537
   
121,873,465

 

 

 
   
 

   Less: accumulated depreciation and amortization

 

 

10,514,523
   
 

8,622,299

 

 

 

101,229,014
   
113,251,166

 

 

 
   
 

   Property under construction

 

253,355
   
274,302

 

 

101,482,369
   
113,525,468

 

 

 
   
 

 

Cash and cash equivalents   

 

 

3,425,120
   
2,760,342

 

 

 

 
   
 

Cash and cash equivalents - restricted

 

2,672,134
   
 

870,815

 

 

 
   
 

Marketable securities  -  available for sale

 

1,503,776
   
1,146,679

 

 

 
   
 

 

Accounts and notes receivable, less allowance for doubtful accounts

 

 

 

 
   
 

 

 

   of $286,000 and $44,000 as of Jan. 31, 2010 and April 30, 2009,  respectively

 

 

2,116,035
   
 

1,904,671

 

 

 

Other receivables

 

12,490,166
   
 

8,298,847

 

 
   
 

 

Deposits, escrows, prepaid and deferred expenses, net

 

7,301,352
   
 

5,825,969

 

 
   
 

 

Investments in affiliates

 

 

 

9,665 
   
 

9,665 

 

 
         
 

Due from related parties and affiliates

 

 

 

456,388
   
433,135

 

 
         
Deferred tax assets, net

 

 

1,238,000
   
1,238,000

 

 
         
 

Total Assets

 

 

 

 

$132,695,005
   
 

$136,013,591

 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

	3

 

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES 
**CONDENSEDCONSOLIDATED BALANCE SHEETS (continued)**

 

**LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)**

** **

 

 

 

 

 
   
 

 

 

 

 

 

 

**January 31, 2010**
   
** **

**April 30, 2009**

** **

Liabilities:

 

 

 

(unaudited)
   
 

(audited)

 

   Mortgages and notes payable:

 

 

 

 
   
 

 

 

   Construction loans payable

 

 

 

$48,391,946
   
 

$49,092,876

 

   Mortgages payable

 

 

 

66,034,245
   
 

66,728,479

 

   Notes payable

 

 

 

237,150
   
 

241,708

 

 

114,663,341
   
116,063,063

 

 

 
   
 

 

Accounts payable

 

 

 

1,277,738
   
 

993,342

 

Other payables

 

 

 

7,368,873
   
8,884,092

 

Accrued liabilities

 

 

 

1,742,303
   
 

3,837,884

 

Deferred income

 

 

 

312,090
   
 

298,805

 

Accrued cost of derivatives

 

 

 

2,545,875
   
 

3,427,515

 

Other liabilities

 

 

 

4,773,387
   
 

5,131,497

 

Due to related parties and affiliates

 

 

 

71,853
   
72,000

 

Total Liabilities

 

 

 

 

132,755,460
   
 

138,708,198

 

 

 

 

 

 
   
 

 

 

Shareholders' Equity (Deficiency):

 

 

 

 
   
 

 

 

Preferred stock, $1 par value; $.50 cumulative and convertible;

 

 

 

  authorized 4,000,000 shares; no shares issued and outstanding	

 

 

-0-

 
   
-0-

 

 

Common stock, $1 par value; authorized 6,000,000 shares;

 

 
   
 

 

 

  issued 3,298,609 shares

 

3,298,609 
   
 

3,298,609 

 

Capital in excess of par

 

 

 

4,346,460 
   
 

2,156,111 

 

Accumulated deficit

 

 

 

(12,941,488)
   
 

(12,986,202)

 

Accumulated other comprehensive loss

 

 

(265,072)
   
 

(488,228)

 

Treasury stock, at cost, 270,644 and 270,444 shares as of January 31,  2010

 
      
 

 

   and April 30, 2009, respectively

 

 

 

(2,044,429)
   
(2,044,114)

 

Total Company Shareholders’ Deficiency

 

 

 

 

(7,605,920)
   
 

(10,063,824)

 

Noncontrolling interests

 

 

 

 

7,545,465
   
7,369,217

 

 

 
   
 

 

Total Shareholders’ Deficiency

 

 

 

(60,455)
   
 

(2,694,607)

 

 

 
   
 

Total Liabilities and Shareholders’ Equity (Deficiency)

 

 

 

$132,695,005
   
 

$136,013,591

 

 

 

The accompanying notes are an integralpart of these condensed consolidated financial statements.

	4
 
 

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS AND**

**OTHER COMPREHENSIVE (LOSS)INCOME**

(Unaudited)
   
**Three Months Ended**

**Nine Months Ended**
   
**Jan. 31, 2010**

 

**Jan. 31, 2009**
   
**Jan. 31, 2010**

**Jan. 31, 2009**

 Operating revenues:

 

 

 
   
 
   
 

         Rental income

$3,090,674 

 

$3,119,778 
   
$9,767,086 
   
$8,154,937 

         Service income

1,162,323 

 

697,541 
   
3,902,437 
   
1,653,608 

         Sales of real estate

-0- 

 

-0- 
   
4,300,000 
   
1,029,776 

         Other 

106,943 

 

36,515 
   
411,749 
   
156,122 

 

4,359,940 

 

3,853,834 
   
18,381,272 
   
10,994,443 

 

 

 

 
   
 
   
 

Operating costs and expenses:

 

 

 
   
 
   
 

        Rental expenses

2,211,137 

 

1,907,716 
   
6,706,465 
   
4,832,431 

        Service expenses

702,251 

 

564,196 
   
2,231,947 
   
1,239,067 

        Cost of sales, real estate

-0- 

 

-0- 
   
3,750,828 
   
726,776 

        Selling, general and administrative

838,591 

 

1,211,692 
   
2,675,381 
   
3,566,780 

 

3,751,979 

 

3,683,604 
   
15,364,621 
   
10,365,054 

 

 

 

 
   
 
   
 

Income from operations

607,961 

 

170,230 
   
3,016,651 
   
629,389 

 

 

 

 
   
 
   
 

Non-operating income (expense):

 

 

 
   
 
   
 

        Interest expense

(1,633,935)

 

(809,672)
   
(4,838,129)
   
(2,744,173)

        Other income

9,827 

 

-0- 
   
245,144 
   
285,880 

        Gain (loss) on derivatives

264,726

 

(2,219,861)
   
881,639 
   
(2,279,186)

        Equity in earnings of unconsolidated subsidiaries

131,698 

 

201,562 
   
559,793 
   
553,763 

 

(1,227,684)

 

(2,827,971)
   
(3,151,553)
   
(4,183,716)

 

 

 

 
   
 
   
 

Loss before income taxes

(619,723)

 

(2,657,741)
   
(134,902) 
   
(3,554,327)

 

 

 

 
   
 
   
 

Provision for income taxes

2,041 

 

16,814 
   
18,802 
   
32,390 

 

 

 

 
   
 
   
 

Net loss 

(621,764)

 

(2,674,555)
   
(153,704) 
   
(3,586,717)

 

 

 

 
   
 
   
 

Net loss attributable to noncontrolling interests

125,813

 

69,459 
   
198,418 
   
299,126 

 

 

 

 
   
 
   
 

Net (loss) gain attributable to Company before 

 

 

 
   
 
   
 

      other comprehensive loss	

(495,951)

 

(2,605,096)
   
 44,714 
   
(3,287,591)

 

 

 

 
   
 
   
 

Other comprehensive income (loss), net of tax:

 

 

 
   
 
   
 

Unrealized holding gains (losses) on securities during  the period

48,175

 

(114,500)
   
223,156 
   
(486,508)

 

 

 

 
   
 
   
 

Comprehensive (loss) income

(447,776)

 

(2,719,596)
   
267,870 
   
(3,774,099)

 

 

 

 
   
 
   
 

Comprehensive (income) loss attributable to noncontrolling   interests

(32,293)

 

57,250 
   
(162,967)
   
243,254 

  

 

 

 
   
 
   
 

Comprehensive (loss) income attributable to Company

$(480,069)

 

$(2,662,346)
   
$104,903 
   
$(3,530,845)

 

 

 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

 

	5

 

 

 

 

 

 

 
FIRST HARTFORD CORPORATIONAND SUBSIDIARIES
**CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS AND**

**OTHER COMPREHENSIVE (LOSS)INCOME (continued)**

(Unaudited)
   
**Three Months Ended**

**Nine Months Ended**
   
**Jan. 31, 2010**
   
**Jan. 31, 2009**

**Jan. 31, 2010**

**Jan. 31, 2009**

 

 
   
 

 

 

 

Net ( loss) income per share - basic

$(0.16)
   
$(0.86)

$0.01

 

$(1.08)

 

 
   
 

 

 

 

Net loss per share - diluted

$(0.16)

 

$(0.86)

$0.01 

 

$(1.08)

 

 

 

 

 

 

 

Shares used in basic per share computation

3,027,965 

 

3,039,967 

3,027,998 

 

3,040,700 

 

 

 

 

 

 

 

Shares used in diluted per share computation

3,027,965 

 

3,039,967 

3,027,998 

 

3,040,700 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

 

**           **

	6

 

 

 

 

 

 

 

** **

**FIRST HARTFORD CORPORATION AND  SUBSIDIARIES**

** **

**CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS**

** **

**(Unaudited)**

** **

 

 

 
   
 

 

 

 

 
Nine Months Ended
 

 

 

 

**January  31, 2010**
   
** **

**January  31, 2009**

 

 

 
   
 

         

Cash flows from operating activities:

 

 
   
 

 

 

  Net loss

   

 

$(153,704)
   
 

$(3,586,717)

 

Adjustments to reconcile net loss  

 

 
   
 

 

 

  to net cash used in operating activities:

 

 
   
 

 

 

  Equity in earnings of unconsolidated subsidiaries

 

(559,793)
   
 

(553,763)

 

  Gain on sales of real estate

 

(549,172)
   
(303,000)

 

  Gain on sales of marketable securities

 

(245,144)
   
(285,880)

  Depreciation

 

1,912,873
   
 

1,564,668

  Amortization

 

222,420
   
171,380

 

  (Gain) loss on derivatives

 

(881,639)
   
2,279,186

 

 

 

 
   
 

 

(Increase) decrease in:

 

 
   
 

 

 

  Accounts, notes and other receivables, net

 

3,597,317
   
 

(3,745,855)

 

  Deposits, escrows, prepaid and deferred expenses

 

(1,697,803)
   
 

(969,367)

 

  Cash and cash equivalents – restricted

 

(1,801,319)
   
(282,491)

 

 
   
 

 

Increase (decrease) in:

 

 
   
 

 

 

  Accrued liabilities

 

94,769
   
 

(1,674,913)

 

  Deferred income

 

13,285
   
32,064

 

  Accounts and other payables

(1,230,823)
   
3,105,582

 
         
 

Net cash used in operating activities

 

(1,278,733)
   
 

(4,249,106)

 

 

 
   
 

 

Cash flows from investing activities:

 

 
   
 

 

 

  Distributions from affiliates, net

201,681
   
 

132,910

 

  Proceeds from sale of marketable securities, net

 

111,203
   
43,845

 

  Purchase of equipment and tenant improvements

 

(41,970)
   
 

(33,390)

 

  Proceeds from sale of real estate, net of closing  costs

 

3,750,343
   
972,444

 

   Additions to developed properties and properties under construction

 

(1,028,975)
   
(16,889,339)

Net cash provided by (used in) investing activities

 

2,992,282
   
 

(15,773,530)

 

 

 

 

 

 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

	7

 

 
****
**FIRST HARTFORD CORPORATION AND  SUBSIDIARIES**

** **

**CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS (continued)**

(Unaudited)

 

** **

** **
   
 

**Nine Months Ended**
   
 

**January  31, 2010**

** **

**January  31, 2009**
   
 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

   Noncontrolling distributions from consolidated joint ventures

-0-

 

(17,676)

   Limited partners investment in consolidated joint ventures

374,666

1,498,138

   Purchase of treasury stock

(315)

(7,425)

   

 

 

Proceeds from:

 

 

 

   Construction loans payable

 

2,921,677

 

20,280,293

 

   Mortgages payable

 

-0-

50,000

 

Principal payments on:

 

 

 

 

 

  Construction loans payable

 

(3,622,607)

(855,787)

 

  Mortgages payable

 

(694,234)

(710,728)

 

  Notes payable

 

(4,558)

 

(4,516)

 

  Advances to related parties and affiliates, net

 

(23,400)

 

(25,357)

 

 

 

 

 

 

 

Net cash (used in) provided by financing activities

 

(1,048,771)

 

20,206,942

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

664,778

184,306

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

2,760,342

 

3,403,845

 

 

 

 

 

 

Cash and cash equivalents, end of period

$3,425,120

$3,588,151

 

 

 

Cash paid during the period  for interest

$4,431,129

$2,683,542

 

Cash paid during the period for income taxes

$30,502

$32,391

 
      
Non-cash investing and financing activities:

 

 

  Reduction of developed properties resulting from an increase in

 

 

 

      other receivables related to Edinburg reimbursement agreement

 

$8,000,000

 

$-0-

 

 

 

  Reduction of accrued liabilities resulting from decrease in capital  in

 

 

      excess of par for common stock to be redeemed in connection

 

 

 

      with the Kaplan matter

 

$2,190,349

 

$-0-

 

 

The accompanying notes are an integral part of these condensedconsolidated financial statements.

	8

 

 
****
 

 

 

 

 

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **
**1.   Nature of Business and Significant AccountingPolicies:**
 

Description of Business

 

First Hartford Corporation was incorporated in Maine in 1909 and is engaged in the purchase, development, ownership, management and saleof real estate.

 

Principles of Consolidation

 

The accompanying condensed consolidated financialstatements include the accounts of First Hartford Corporation, its wholly ownedsubsidiaries and other controlled subsidiaries (collectively referred to as the"Company"). The Company reflects noncontrolling interest for the non-owned portions of consolidatedsubsidiaries.  All significant intercompany transactions and accounts have beeneliminated in the condensed consolidated financial statements, includingconstruction revenues and costs of development for the Company's own use (rental/future sale).  

 

Financial Statement Presentation

 

The accompanying unaudited condensed consolidatedfinancial statements have been prepared in accordance with generally acceptedaccounting principles for interim financial information and with theinstructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, theydo not include all of the information and footnotes required by generallyaccepted accounting principles for complete financial statements.  In theopinion of management, all adjustments (consisting of normal recurring accrualsand adjustments to previously established loss provisions) considered necessaryfor a fair presentation have been included.  Operating results for the three andnine  months ended January  31, 2010 are not necessarily indicative of theresults that may be expected for the year ending April 30, 2010.  For furtherinformation, refer to the consolidated financial statements and footnotesthereto included in the Company's annual reporton Form 10-K for the fiscal year ended April 30, 2009.

            

Certain amounts in the statement of cash flows for thenine months ended January 31, 2009 have been reclassified to conform to thecurrent period presentation. In addition, the Company has made certainreclassifications to prior-period amounts to conform to the current periodpresentation of noncontrolling interests as a result of adopting new guidanceissued by the Financial Accounting Standards Board.

 

Because the Company is engaged in the development andsale of real estate at various stages of construction, the operating cycle mayextend beyond one year. Accordingly, following the usual practice of the realestate industry, the accompanying condensed consolidated balance sheets areunclassified. 

 

Estimates

 

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamount of assets and liabilities, and the disclosure of contingent assets and liabilitiesas of the date of the financial statements, and the reported amounts ofrevenues and expenses during the reporting period.  Actual results could differfrom those estimates.

 

 

 

 

	9

 

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**
 **1.         Nature of Business andSignificant Accounting Policies (continued):**
 

Significant Accounting Policies

 

There has been no change in the Company's significantaccounting policies from those contained in our Annual Report on Form 10-K forthe year ended April 30, 2009, except as discussed below.

 

Effective July 1, 2009, the Financial AccountingStandards Board’s (“FASB”) *Accounting Standards Codification (“ASC”)* becamethe single official source of authoritative, nongovernmental generally acceptedaccounting principles (“GAAP”) in the United States. The historical GAAPhierarchy was eliminated and the ASC became the only level of authoritativeGAAP, other then guidance issued by the Securities and Exchange Commission. TheCompany’s accounting policies were not affected by the conversion to ASC.However, references to specific accounting standards in the footnotes to theCompany’s consolidated financial statements have been changed to refer to theappropriate ASC topics.

 

The Company has adopted updated guidance included inASC 805, Business Combinations, effective May 1, 2009. The updated guidance requiresan acquiring entity in a business combination to recognize all the assetsacquired and liabilities assumed in a transaction at the acquisition-date fairvalue with limited exceptions. The updated guidance changed the accountingtreatment and disclosurefor certain specific items and addresses application issues on the accountingfor contingencies in a business combination. 

 

The Company has adopted updated guidance included inASC 810, Consolidation, effective May 1, 2009. The updated guidance establishesnew accounting and reporting standards for the noncontrolling interest in asubsidiary and for the deconsolidation of a subsidiary. The updated guidancerequires that noncontrolling interests be presented as a component ofconsolidated stockholders’ equity, eliminates minority interest accounting suchthat the amount of net income attributable to the noncontrolling interests ispresented as part of consolidated net income in the accompanying consolidatedstatements of operations and not as a separate component of income and expense,and requires that upon any changes in ownership that result in the loss ofcontrol of the subsidiary, the noncontrolling interest be re-measured at fairvalue with the resultant gain or loss recorded in net income. The adoption ofthe requirements of the updated guidance had an impact on the presentation anddisclosure of noncontrolling (minority) interests in the condensed consolidatedfinancial statements. As a result of the retrospective presentation anddisclosure requirements of the updated guidance, the Company has reflected thechange in presentation and disclosure for all periods presented. 

 

In March 2008, the FASB issued guidance to amend therequirements of ASC 815, Derivatives and Hedging. The requirements of the updatedguidance are intended to improve financial reporting of derivative instrumentsand hedging activities by requiring enhanced disclosures for derivative andhedging activities. The adoption of the requirements of the updated guidancebecame effective for the Company on May 1, 2009, but did not have a materialimpact on the Company’s condensed consolidated financial statements.

 

In April 2009, the FASB issued guidance to amend therequirements of ASC 825, Financial Instruments. The updated guidance relates tofair value disclosures for any financial instruments that are not currentlyreflected on the balance sheet at fair value. The updated guidance requiresthese disclosures on a quarterly basis, providing qualitative and quantitativeinformation about fair value estimates for all those financial instruments notmeasured on the balance sheet at fair value. The adoption of the requirementsof the updated guidance became effective on May 1, 2009, but did not have amaterial impact on the Company’s condensed consolidated financialstatements.  

 

 

 

	10

 

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**
 **1.         Nature of Business andSignificant Accounting Policies (continued):**
 

Significant Accounting Policies (continued):

 

 

Net Income (Loss) Per Common Share

 

Basic net income (loss) per share is computed bydividing the net income (loss) attributable to the common stockholders (thenumerator) by the weighted average number of shares of common stock outstanding(the denominator) during the reporting periods. Diluted net income (loss) pershare is computed by increasing the denominator by the weighted average numberof additional shares that could have been outstanding from securitiesconvertible into common stock, such as stock options and warrants (using the "treasury stock" method).

 

Correctionof Error 

 

During the current quarterly period ended January 31,2010, we identified an error in our consolidated financial statements affectingthe quarterly periods ended October 31, 2009 and July 31, 2009.  The errorrelates to the capitalization of project costs associated with the acquisitionand development of a low income multi-residential housing complex.  

            

In evaluating whether the consolidated financialstatements for the quarterly periods ended October 31, 2009 and July 31, 2009are materially misstated we have considered the guidance in Accounting StandardCodification (“ASC”) Topic 250, *Accounting Changes and Error Corrections*(“ASC 250”), ASC Topic 270 *Interim Financial Reporting*, ASC Topic250-S99-1, *Assessing Materiality*, and ASC Topic 250-S99-2, *Consideringthe Effects of Prior Year Misstatements when Quantifying Misstatements inCurrent Year Financial Statements*. We believe that the  identifiedmisstatements would not have been material to our consolidated financialstatements from a quantitative or qualitative perspective for those periods. However, the amount of the adjustment required to correct this error was deemedto be material to our results for the quarterly period ended January 31, 2010. Therefore, since restatement of the prior period consolidated financialstatements is necessary, but since such restatement would not result in theprior period consolidated financial statements changing materially, we havedisclosed the impact of the error on our previously reported consolidatedfinancial statements for the quarterly periods ended October 31, 2009 and July31, 2009 (*See Note 9*). 

 

**2.         Fair Value of DerivativeInstruments**

** **

In the normal course ofbusiness, the Company is exposed to the effects of interest rate changes.  Tomitigate the exposure to unexpected changes in interest rates, derivatives areused primarily to hedge against rate movements on some of the Company's related debt. Since the Company's interest rateswaps have not been designated as a hedge they must be recognized as an assetor liability and adjusted to fair value through income in the current period.

 

The Company recognized a gain on derivatives of $264,726and $881,639 for the three and nine months ended January 31, 2010, respectively. The aggregate fair value of the Company'sswap contracts were in an unfavorable position of $2,545,875 as of January 31, 2010and are recorded as a liability in the accompanying condensed consolidatedbalance sheet.

 

 

 

	11

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**3.         Investment in Affiliated Partnerships**

 

Investments in entities in which the Company is notthe general partner and has less than a 20% interest are carried at cost. Distributions received from those entities are included in income. Distributions received in excess of the Company's proportionate share of capital are applied as a reduction of the costof the investments. Investments in entities in which the Company has a 20-50%interest but does not control are carried at cost and are subsequently adjustedfor the Company's proportionate share of their undistributed earningsor losses and any distributions (Equity Method).

 

The Company currently has two unconsolidated operatingpartnerships accounted for under the Equity Method. The Company has a 50%interest in Cranston Parkade, LLC, which in turn has an interest inCranston/BVT Associates LP, which owns a shopping center in Cranston, RI. The Company also has a 50% interest in Dover Parkade, LLC, which owns a shopping centerin Dover Township, NJ.  Although the Company exercises some influence, theCompany does not control the operating and financial policies of thesepartnerships and, therefore, these partnerships are not consolidated.

 

OPERATING RESULTS OFNONCONSOLIDATED 50% OWNED SUBSIDIARIES

 

 

Three Months Ended

January 31

Nine Months Ended

January 31

 

2010
   
2009
   
2010
   
2009

Cranston Parkade, LLC

 
   
 
   
 
   
 

      Revenues

$1,193,022
   
$1,202,358
   
$3,596,659
   
$3,688,432

      Expenses

  1,024,685
   
     945,670
   
  3,043,108
   
  3,024,683

Net Profit 

$   168,337
   
$   256,688
   
$   553,551
   
$   663,749

Dover Parkade, LLC

 
   
 
   
 
   
 

     Revenues

$   619,310
   
  $ 639,064
   
$1,738,461
   
$1,949,121

     Expenses

     524,489
   
     493,029
   
  1,575,791
   
  1,509,172

Net Profit 

$     94,821
   
  $ 146,035
   
$   162,670
   
  $ 439,949
   
** **

These investments are recorded at cost and have beensubsequently adjusted for gains, losses and distributions such that thecarrying value is less than zero.  Although the Company is not liable for theobligations of the two partnerships it had not discontinued applying the EquityMethod since the Company considered itself to be committed to providingfinancial support to the partnerships.  As of January 31, 2010 and April 30,2009, 

$4,698,549 and $5,056,659, respectively, is includedin other liabilities in the condensed consolidated balance sheets representingthe carrying value of these investments.

 

**4.        Income Taxes**

 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is no longer subjectto U.S. federal tax examinations for years before May 1, 2007. Statejurisdictions could remain subject to examination for longer periods. 

 

Deferred tax assets or liabilities are computed basedon the difference between the financial statement and income tax bases ofassets and liabilities using the enacted marginal tax rate. Deferred income taxexpenses or benefits are based on the changes in the deferred tax assets andliabilities from period to period.

 

In assessing the need for a valuation allowance, theCompany estimates future taxable income, considering the feasibility of ongoingtax planning strategies and the realizability of tax loss carryforwards.Valuation 

	12

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**4.        Income Taxes (continued):**

 

allowances related to deferred tax assets can beimpacted by changes to tax laws, changes to statutory tax rates and future taxable income levels. In the event the Company were todetermine that it would not be able to realize all or a portion of its deferredtax assets in the future, it would reduce such amounts through a charge toincome in the period in which that determination is made. Conversely, if theCompany were to determine that it would be able to realize its deferred taxassets in the future in excess of the net carrying amounts, it would

decrease the recorded valuation allowance through anincrease to income in the period in which that determination is made.

 

As of January 31, 2010, the Company has concluded thatit is more likely than not that the Company will realize $1,238,000 in deferredtax assets. 

 

**5.         Fair Value Measurements**

 

The Companyfollows the requirements of ASC 820, Fair Value Measurements and Disclosures whichdefines fair value, establishes a framework for measuring fair value ingenerally accepted accounting principles, and expands disclosures about fairvalue by requiring the Company to categorize its assets and liabilities thatare measured at fair value into a three-level fair value hierarchy as set forthbelow.  If the inputs used to measure fair value fall within differentlevels of the hierarchy, the categorization is based on the lowest level inputthat is significant to the fair value measurement.  The three levels ofthe hierarchy are defined as follows:  
- Level 1-

Quoted prices in activemarkets that are unadjusted and accessible at the measurement date foridentical assets or liabilities;
- Level 2-

Quoted prices foridentical assets or liabilities in markets that are not active, quoted pricesfor similar assets or liabilities in active markets or financial instrumentsfor which significant observable inputs are available, either directly orindirectly such as interest rates and yield curves that are observable atcommonly quoted intervals; and 
- Level 3-

Prices or valuationsthat require inputs that are unobservable.

*Items Measured at Fair Value on a Recurring Basis*

 

Marketable securities are marked to market based uponthe last sale of the period obtained from recognized stock exchanges.  Interestrate swaps (derivatives) are valued by an estimate of the net present value ofthe expected cash flows from each transaction between the Company andCounterparty using relevant mid-market data inputs and based on the assumptionof no unusual market conditions or forced liquidation.

 

 

**Fair Value Measurements**

 

Level 1

Level 2

Level 3

Available  for sale securities

$1,503,776

$       -0-

$   -0-

Interest  rate swap agreements (negative fair value)

-0-

(2,545,875)

         -0-

      Total

$1,503,776

 $(2,545,875)

$   -0-

 

 

 

 

 

 

	13

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**5.         FairValue Measurements (continued):**

* *

*Other Financial Assets and Liabilities*

 

Financial assets with carrying values approximatingfair value include cash and cash equivalents, accounts and notes receivable,and other receivables. Financial liabilities with carrying values approximatingfair value include accounts payable, accrued liabilities, other payables andlong-term debt. The carrying value of these financial assets and liabilitiesapproximates fair value due to their short maturities or due to their interestrates approximating current market rates for long-term debt. 

 

**6.         Legal**

** **

On November 23, 2009, the Court ruled upon thedecision and report of the Special Master concerning the terms of paymentresulting from the lawsuit styled as Kaplan v. First Hartford Corporation andNeil Ellis.

The Court ruled that (1) First Hartford should pay$500,000 upon entry of final judgment with the remaining balance to be paid inequal installments over 5 years and (2) First Hartford is to give commerciallyreasonable security to guarantee payment of the debt, which consists mainly ofproceeds from three wholly-owned shopping centers (net of mortgage payments andexpenses), thus creating excess funds, in addition to securing the Kaplan note,which could be used to retire the judgment amount in less than 5 years.  If forany reason such proceeds are inadequate to service the remaining installments,other sources outlined in the decision could be called upon.

 

Pre-judgment interest was awarded to Kaplan fromSeptember 15, 2005 (the filing date) to the entry date of a final judgment. TheCourt determined that the interest was not to be compounded and should be paid afterthe initial obligation is paid in full.  Post-judgment interest is to be paidat the statutory rate (approximately 0.5%) for the first 12 months andthereafter based on the average rate First Hartford pays to its first mortgagecreditors (currently 5.81%).  

 

The Court has previously ruled that the Company isrequired to buy “Richard Kaplan’s individually owned stock, stock he ownsbeneficially through family trusts and other business entities, and stock wherehe shares control with his brother.” Kaplan maintains that the total number ofshares falling within these classes totals 591,254, with 145,719 sharesindividually owned by him. The Company does not dispute the number of sharesKaplan owns individually. However, no determination has been made as to howmany shares Kaplan owns beneficially through family trusts and other businessentities or where he shares control with his brother. The Court has remandedthe matter to the Special Master to make that determination.

 

The Company had previously accrued $2.9 million forthe obligation to redeem Richard Kaplan’s shares, which did not include aliability for pre or post judgment interest.  As a result of the Court’sNovember 23, 2009 decision, the Company has reevaluated the initial recordingof a liability for all 591,254 shares. Per ASC 450, Contingencies, when a losscontingency exists, the likelihood that the future event or events will confirmthe loss or impairment of an asset or the incurrence of a liability can rangefrom probable to remote. The ASC guidance uses the terms *probable,reasonably possible* and *remote*to identify three areas within thatrange, as follows:

 

a.  *Probable.*The future event or events are likely to occur.

b.  *Reasonably possible.* The chance of the future event or events occurring ismore than remote but less than likely.

c.  *Remote.* The chance of the future event or events occurring isslight.

 

 

 

	14

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**6.         Legal (continued):**

 

The Company has concluded that due to the Court’sNovember 23, 2009 decision only 145,719 shares would fall into the class of *Probable*and should remain as a liability. The balance of the shares falls into theclass of *Reasonably Possible*and should not be recorded as a liabilityat January 31, 2010. Interest on the 145,719 shares falls into the class of *Probable.*As a result of the Court’s ruling, the Company has accrued simple interest at5.77% from September 15, 2005 to January 31, 2010 in the amount of $161,242, whichis net of dividends paid during the period of $14,572. The Company has recordedthe $709,651 obligation to redeem Richard Kaplan’s 145,719 shares as areduction of capital in excess of par, which will be reclassified to treasuryshares upon Company receipt of the shares.  If the Court finds thatRichard Kaplan owns more than 145,719 shares, this liability will be increasedfor the obligation to redeem additional shares and pay additional interest. 

 

Although there have been additional pleadings filedduring the quarter, the resolution of this matter is still uncertain since theSpecial Master has not yet rendered his decision.

** **

**7.         Significant Agreements**

 

In connectionwith the Company’s development and construction of a shopping center owned andoperated by the Company in the City of Edinburg, Texas, the Company enteredinto an Economic Development Agreement dated February 20, 2007 with the City of  Edinburg and other local non-profit corporations.  In connection withthe agreement, the Company is entitled to receive reimbursements of publicinfrastructure costs incurred by the Company in addition to other cashincentives as defined in the agreement.  

 

*Public Infrastructure Reimbursements*

 

During the quarter ended October 31, 2009, the Companyrecorded an other receivable from the City of Edinburg in the amount of$8,000,000 for the reimbursement of eligible public infrastructure costsincurred by the Company.  The reimbursement is to be paid solely by theCity of Edinburg from proceeds of public infrastructure bonds and/or fromproceeds from 50% of the City’s dedicated 1% sales tax generated from theshopping center.  The Company has received $230,950 in reimbursements ofeligible public infrastructure costs through January  31, 2010.  Paymentof the remaining receivable of $7,769,050 depends on the amount of and timingof the issuance of the public infrastructure bonds.  Since the receivableis for the reimbursement of public infrastructure costs that the Company incurredin the construction of the shopping center, the Company has recorded an$8,000,000 reduction to the cost basis of the shopping center.  

 

*Other Cash Incentives*

 

In connectionwith the agreement, the Company will also receive a grant from the EdinburgEconomic Development Corporation (“EEDC”) in the amount of $4,000,000 for siteimprovements and may receive additional incentives, upon satisfaction ofcertain conditions as defined in the agreement, of up to $4,000,000 from theEEDC. The initial $4,000,000 grant from the EEDC is payable solely from 1⁄2% ofthe sales tax revenue generated from the shopping center and will be recordedby the Company as other operating revenue when received.  The Company hasreceived $230,950 of the initial $4,000,000 grant from the EEDC during the ninemonths ended January 31, 2010, but nothing was received during the currentquarter.  

**                                                                                                                                               **

**8.         Recent AccountingPronouncements**

** **

In June 2009,The FASB issued guidance to change financial reporting of enterprises withvariable interest entities (“VIEs”) to require an enterprise to qualitativelyassess the determination of the primary beneficiary of a VIE based on whetherthe enterprise (1) has the power to direct the activities of a VIE that most 

	15

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

** **

**8.         Recent AccountingPronouncements (continued):**

 

significantlyimpact the VIE’s economic performance and (2) has the obligation to absorblosses of the VIE or the right to receive benefits from the VIE that couldpotentially be significant to the VIE. Also, the guidance requires an ongoingreconsideration of the primary beneficiary and amends the events that trigger areassessment of whether an entity is a VIE. Enhanced disclosures are alsorequired to provide information about an enterprise’s involvement in a VIE.This guidance shall be effective as of the beginning of the Company’s firstannual reporting period that begins after November 15, 2009, for interimperiods within that first annual reporting period and for interim and annual reportingperiods thereafter. Earlier application is prohibited. The Company is currentlyevaluating the impact of this new guidance.

 

**9.         Correction of Error**

 

As described in Note 1, we identified an error in ourconsolidated financial statements for the quarterly periods ended October 31,2009 and July 31, 2009.  The error relates to the capitalization of projectcosts associated with the acquisition and development of a low incomemulti-residential housing complex. The following tables summarize the impact ofthe error on our previously reported consolidated financial statements for thequarterly periods ended October 31, 2009 and July 31, 2009.

            

 

 

Three months ended October 31, 2009

 

Six months ended October 31, 2009

 

 

Previously Reported

 

 

Adjustment

 

 

Restated

 

Previously Reported

 

 

Adjustment

 

 

Restated

Revenues 

 

$9,074,139

 

$0

 

$9,074,139

 

$14,021,332

 

$0

 

$14,021,332

Costs and expenses

 

8,120,124

 

(190,000)

 

7,930,124

 

11,980,642

 

(368,000)

 

11,612,642

Net (loss) income  attributable to company

 

(495,039)

 

190,000

 

(305,389)

 

172,665

 

368,000

 

540,665

Net (loss) income per  common share:

 

 

 

 

 

 

 

 

 

 

 

 

     Basic

 

$(0.16)

 

$0.06

 

$(0.10)

 

$0.06

 

$0.12

 

$0.18

     Diluted 

 

$(0.16)

 

$0.06

 

$(0.10)

 

$0.06

 

$0.12

 

$0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets 

 

133,308,840

 

368,000

 

133,676,840

 

133,308,840

 

368,000

 

133,676,840

Liabilities 

 

133,163,708

 

0

 

133,163,708

 

133,163,708

 

0

 

133,163,708

Equity

 

145,132

 

368,000

 

513,132

 

145,132

 

368,000

 

513,132

 

 

 

Three months ended July 31, 2009

 

 

Previously Reported

 

 

Adjustment

 

 

Restated

Revenues 

 

$4,947,193

 

$0

 

$4,947,193

Costs and

   expenses

 

3,860,518

 

(178,000)

 

3,682,518

Net income attributable to  company

 

667,704

 

178,000

 

845,704

Net loss per 

   common share:

 

 

 

 

 

 

     Basic

 

$0.22

 

$0.06

 

$0.28

     Diluted 

 

$0.22

 

$0.06

 

$0.28

 

 

 

 

 

 

 

Assets 

 

134,213,213

 

178,000

 

134,391,213

Liabilities 

 

135,692,026

 

0

 

135,693,026

Equity

 

(1,478,813)

 

178,000

 

(1,300,813)

 

	16

 

 

 

 

 

 

**Item 2.             MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL**

**CONDITION AND RESULTS OF OPERATIONS**

 

Thefinancial and business analysis below provides information which the Companybelieves is relevant to an assessment and understanding of the Company's financial position andresults of operations.  This financial and business analysis should be read inconjunction with the condensed consolidated financial statements and relatednotes.

 

The following discussionand certain other sections of this Report on Form 10-Q contain statementsreflecting the Company'sviews about its future performance and constitutes "forward-looking statements" under the PrivateSecurities Litigation Reform Act of 1995.  These views may involve risks anduncertainties that are difficult to predict and may cause the Company's actual results to differmaterially from the results discussed in such forward-looking statements. Readers should consider how various factors including changes in generaleconomic conditions, cost of materials, interest rates and availability offunds, and the nature of competition and relationships with key customers mayaffect the Company'sperformance.  The Company undertakes no obligation to update publicly anyforward-looking statements, whether as a result of new information, futureevents or other.
 
Critical Accounting Policies 
Thediscussion and analysis of financial condition and results of operations isbased upon the condensed consolidated financial statements contained in Item 1in this Quarterly Report.  The condensed consolidated financial statementsinclude the accounts of the Company and its controlled affiliates.  Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to makeestimates andassumptions that affect the reported amounts of assets and liabilities and thedisclosure of contingent assets and liabilitiesas of the date of the financial statements and the reported amounts of revenuesand expenses for the reporting period.  Actual results coulddiffer from those estimates.
 
The discussion included in Item 7 of our Annual Report on Form10-K for the year ended April 30, 2009 under the subheading "CriticalAccounting Policies and Estimates" is still considered current andapplicable, and is hereby incorporated into this Quarterly Report on Form 10-Q.

 

Results of Operations:

 

Sale of real estate during the nine month period ended January 31, 2010 was solely from thesale of the Company’s leasehold interests in and improvements made to Triangle Center in Bangor, Maine.  The sale of real estate in the nine month period endedJanuary 31, 2009 was solely from the sale of an outparcel in Edinburg, Texas.

 

Increasesin rental income for the nine months ended January 31, 2010 are almostexclusively from stores which opened in Edinburg, Texas.

 

Duringthe three and nine month periods ended January 31, 2010, service incomeincreased by approximately $465,000 and $2,249,000 compared to the three and ninemonth periods ended January 31, 2009.  This increase was almost exclusivelyfrom our CVS Pharmacy business.

 

Increasesin rental expenses are almost exclusively from the shopping center in Edinburg, Texas.  The largest increases specifically related to real estate taxes anddepreciation.  Due to the current low level of construction, the Company has beenexpensing all the real estate taxes, including those related to parcels thatare currently being held for sale or expansion.

 

Increasesin service expenses are directly attributed to the increased service incomefrom our CVS Pharmacy business.

 

 

 

 

	17

 

 

 

 

 

 

**Item 2.**            **MANAGEMENT****'S DISCUSSION AND ANALYSIS OF FINANCIAL**

**CONDITION AND RESULTS OF OPERATIONS (continued):**

 

Resultsof Operations (continued):

 

During the three and nine month periods ended January31, 2010, interest expense increased $824,000 and $2,094,000, respectively. Foreach respective period, approximately $726,000 and $2,135,000 of total interestexpense related to construction loans on the Edinburg Texas Shopping Center.  Expensing of interest on the completed phase of this property started inOctober 2008 and approximately $480,000 and $561,000 was expensed in the threeand nine  months ended January 31, 2009.  For the three and nine months endedJanuary 31, 2010, approximately $304,000 and $891,000 of interest expense isattributable to interest on construction loans for additional phases of constructionpertaining to the future expansion of the shopping center. The interest is currentlybeing expensed due to the current low level of construction activity which isattributable to the current challenge of securing tenants.  

 

Due to forgiveness of interest by the lender of MainStreet Parkade, there was no interest expense associated with this property forthe three and nine month periods ended January 31, 2009.  The result ofrecording the forgiveness (by reversing previously accrued interest expense)was a credit of $386,000 in the three month period ended January 31, 2009.  Inthe three and nine months period ended January 31, 2010, the Company expensed approximately$173,000 and $404,000 of interest on this property.

 

CapitalResources and Liquidity

 

TheCompany ended the period with approximately $3,425,000 of unrestricted cash andcash equivalents. Unrestricted cash and cash equivalents includes approximately$2,496,000 belonging to less than wholly-owned consolidated partnerships (CPAssociates $1,653,000, and Rockland Place LP $843,000). Funds received from CVSPharmacy which are to be paid out in connection with CVS development projectsamounted to approximately $2,672,000 and are included in restricted cash andcash equivalents.

 

Aspreviously disclosed, Gibbs College which leases 60,000 SF from CP Associateshas announced they are closing  the Gibbs Schools on December 31, 2009. However, the lease is in effect through 2018 and is secured by Career Education(symbol CECO on the NASDAQ).  Sanford Brown College (another subsidiary ofCareer Education) has opened in the Gibbs facility. The members of CPAssociates, LLC had earmarked marketable securities with a balance ofapproximately $1,253,000 as of January 31, 2010 to refit the building for newtenants at the appropriate time. Because the mortgage has a balloon payment duein 2015, the members have now decided the earmarked funds will be utilized tofund the balloon payment. 

 

TheCompany has been instructed by the United States District Court – District ofMaine to buy back the minority shareholder interest held by Richard Kaplan. Pleasesee Part 1, Note 6, Legal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	18

 

 

 

 

 

 

**Item 2.**            **MANAGEMENT****'S DISCUSSION AND ANALYSIS OF FINANCIAL**

**CONDITION AND RESULTS OF OPERATIONS (continued):**

 

CapitalResources and Liquidity (continued):

 

Thefollowing schedule outlines our long-term obligations at January 31, 2010 (doesnot include any contract for the benefit of CVS):

 

 

Contractual Obligations

Total

Less Than

1 year

1-3 years

3-5 years

More Than 

5 years

 

 

 

 

 

 

Long-Term  Debt

$114,433,341

$1,172,791

$38,272,061

$15,388,379

$59,600,110

 

 

 

 

 

 

Short-Term  Debt

230,000

230,000

 

 

 

 

 

 

 

 

 

Stock Repurchase (including  accrued interest)

870,893

870,893

 

 

 

 

 

 

 

 

 

Purchase  Obligations

1,150,000

1,150,000

 

 

 

 

 

 

 

 

 

Total  

$116,684,234

$3,423,684

$38,272,061

$15,388,379

$59,600,110

** **

**Item 3.             QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUTMARKET RISK**

 

Smallerreporting companies are not required to provide the information required bythis item.

 

**Item 4T.           CONTROLS AND PROCEDURES**

 

Evaluation of Disclosure Controls and Procedures 

 

We maintain “disclosure controls andprocedures,” as such term is defined in Rule 13a-15(e) under the SecuritiesExchange Act of 1934 (the “Exchange Act”), that are designed to ensure thatinformation required to be disclosed in our Exchange Act reports is recorded,processed, summarized and reported within the time periods specified in theSecurities and Exchange Commission rules and forms, and that such informationis accumulated and communicated to our management, including our President andTreasurer, as appropriate, to allow timely decisions regarding requireddisclosure. We conducted an evaluation (the “Evaluation”), under the supervisionand with the participation of our President and Treasurer, of the effectivenessof the design and operation of our disclosure controls and procedures(“Disclosure Controls”) as of the end of the period covered by this reportpursuant to Rule 13a-15b of the Exchange Act. Based on this Evaluation, ourPresident and Treasurer concluded that because of weaknesses in our controlenvironment, our Disclosure Controls were not fully effective as of the end ofthe period covered by this report. Notwithstanding weaknesses in our controlenvironment, as of January 31, 2010, we believe that the condensed consolidatedfinancial statements contained in this report present fairly the Company’sfinancial condition, results of operations and cash flows for the periodspresented.

 

Changes in Internal Control Over FinancialReporting

 

Asof the end of the period covered by this report, there have been no changes ininternal control over financial reporting (as defined in Rule 13a-15(f) of theExchange Act) during the period covered by this report, that materiallyaffected, or are reasonably likely to materially affect, the Company’s internalcontrol over financial reporting.

 

	19

 

 

 

 

 

 

PARTII          OTHER INFORMATION

 

**Item 1.             LEGAL PROCEEDINGS**

 

There have not been any material developments in thelegal proceedings we described in our Annual Report on Form 10-K for the yearended April 30, 2009, except for the issuance of a recommendation by the Courtappointed Special Master on the Kaplan matter as to terms of payment which areagreeable to the Company, but objected to by Richard Kaplan, requiring thecourt to issue a future Special Ruling which it did on November 23, 2009.  Additionally,the Court awarded the Plaintiff pre-judgment interest from September 15, 2005until the date of final judgment and post judgment interest thereafter. TheCourt also appointed the Special Master to determine the number of sharesKaplan owns. Please see Part 1, Note 6, Subsequent Events.

 

**Item 1A.           RISK FACTORS**

 

Smallerreporting companies are not required to provide the information required bythis item.

 

**Item 2.             UNREGISTEREDSALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

 

**                       **None

 

**Item 3.             DEFAULTS UPON SENIOR SECURITIES**

 

                        None

 

**Item 4.             (REMOVED AND RESERVED)**

 

**Item 5.             OTHER INFORMATION**

** **

None

**Item 6.       EXHIBITS**

 

 
a)
Exhibits:

 
 
 

 
 
Exhibit 31.1 
Certification of Chief Executive Officer, pursuant to		Rule 13a-14(c) under the Securities Exchange Act of 1934.
 
 
 
 
 
 
Exhibit 31.2 
Certification of Chief Financial Officer, pursuant to		Rule 13a-14(c) under the Securities Exchange Act of 1934.
 
 
 
 
 
 
Exhibit 32.1
Certification of Chief Executive Officer, pursuant to		18 U.S.C. Section 1350.
 
 
 
 
 
 
		Exhibit 32.2 
Certification of Chief Financial Officer, pursuant to		18 U.S.C. Section 1350.
 
 
 

 

		 

		20

 

 

 

 

 

 

 

 
SIGNATURES
 

Pursuant to therequirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

 

 
First Hartford Corporation

 
(Registrant)

 
 

 
/s/ Neil H. Ellis

March 26, 2010
______________________________

Date
Neil H. Ellis B President and 

 
Chief Executive Officer

 
 

 
/s/ Stuart I. Greenwald

March 26, 2010
______________________________

Date
Stuart I. Greenwald B Treasurer 

 
and Chief Financial Officer

 

 
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