**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.  20549**

**  FORM 10-Q**

(Mark One)

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

For the quarterly periodended October 31, 2005.

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

| For the transition period from                                                                                                                                                                                                                                                                                                                                      |  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.)                                               |
|                                                                                                                                                                                                                                                                                                                                                                |                                                                              |
| P.O. Box 1270    149 Colonial Road   		Manchester, CT                                                                                                                                                                                                                                                                                 | 06045-1270                                                                        |
| (Address of principalexecutive offices)                                                                                                                                                                                                                                   | (Zip Code)                                                                        |
| 860-646-6555                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                |  (Registrant's telephone number, including area code)                        |   |   |
|                                                                                                                                                                                                                                                                                                                                                                |                                                                              |   |   |
|                                                                                                                                                                                                                                                                                                                                                                | (Former name, former address and former fiscal year,if changed since last report) |   |   |
|                                                                                                                                                                                                                                                                                                                                                                |                                                                              |   |   |
| Indicate by		check mark whether the registrant (1) has filed all reports required to		be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934		during the preceding 12 months (or for 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.  | X Yes                                                                             | o No |
|                                                                                                                                                                                                                                                                                                                                                                |                                                                              |   |
| Indicate by check markwhether the registrant is an accelerated filer (as defined in Rule 12b-2 of theExchange Act).                                                                                                                                                                                                                                                 | oYes                                                                              | X No |
|                                                                                                                                                                                                                                                                                                                                                                |                                                                              |   |   |
| Indicate by		check mark whether the registrant is a shell company (as defined in Rule		12b-2 of the Exchange Act).                                                                                                                                                                            | oYes                                                                              | X No |

APPLICABLE ONLY TOISSUERS INVOLVED IN BANKRUPTCYPROCEEDINGS DURINGTHE PRECEDING FIVE YEARS:

|           		Indicate by check mark whether the registrant has filed all documents		and reports required to be filed by Sections 12, 13 or 15(d) of the		Securities Exchange Act of 1934 subsequent to the distribution of		securities under a plan confirmed by a court. | oYes | oNo |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|-----|

APPLICABLE ONLY TO CORPORATE ISSUERS:

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

3,046,279 as of December 9, 2005

** **

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**FIRST HARTFORD CORPORATION ANDSUBSIDARIES**

**INDEX**

| **PART I.** | **FINANCIAL  INFORMATION**                                                             |
|-------------|----------------------------------------------------------------------------------------|
|        |                                                                                   |   |   | **PAGE** |
|        |                                                                                   |   |   |   |
| Item 1.     | Financial Statements                                                                   |
|             |                                                                                   |  |  |  |
|             | Condensed Consolidated  Balance Sheets -                                               |
|             |                                                                                        | October 31, 2005  (unaudited) and April 30, 2005 (audited) | 3 - 4 |
|             |                                                                                   |  |  |  |
|             | Condensed Consolidated  Statements of Operations and Comprehensive Loss                |
|             |                                                                                        | For the Three and Six  Months |
|             |                                                                                        | Ended October 31, 2005 and  2004 (unaudited) | 5 - 6 |
|             |                                                                                   |  |  |  |
|             | Condensed Consolidated  Statements of Cash Flows                                       |
|             |                                                                                        | For the Three and Six  Months |
|             |                                                                                        | Ended October 31, 2005 and  2004 (unaudited) | 7 - 8 |
|             |                                                                                   |  |  |  |
|             | Notes to Condensed  Consolidated Financial Statements                                  | 9 - 13 |
|             |                                                                                   |  |  |  |
| Item 2.     | Management's Discussion and  Analysis of Financial Condition and Results of Operations | 14 - 16 |
|        |                                                                                   |   |   |
| Item 3.     | Quantitative and Qualitative Disclosures About Market Risk                             | 16 |
|        |                                                                                   |   |
| Item 4.     | Controls and Procedures                                                                | 16 |
|             |                                                                                   |  |  |  |
| **PART II** | **OTHER INFORMATION**                                                                  |
|             |                                                                                   |  |  |  |
| Item 1.     | Legal Proceedings                                                                      | 17 - 18 |
|             |                                                                                   |  |  |  |
| Item 1A.    | Risk Factors                                                                           | 18 |
|             |                                                                                   |  |  |  |
| Item 2.     | Unregistered Sales of  Equity Securities and Use of Proceeds                           | 18 |
|             |                                                                                   |  |  |  |
| Item 3.     | Defaults Upon Senior  Securities18                                                     |
|             |                                                                                   |  |  |  |
| Item 4.     | Submission of Matters to a  Vote Of Security Holders                                   | 18 - 19 |
|             |                                                                                   |  |  |  |
| Item 5.     | Other Information                                                                      | 19 - 20 |
|             |                                                                                   |  |  |  |
| Item 6.     | Exhibits                                                                               | 20 - 26 |
|             |                                                                                   |  |  |  |
|             | Signatures                                                                             |  |  | 27 |

 

 

2

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****

**PART I.          FINANCIAL INFORMATION**

**ITEM 1.          FINANCIAL STATEMENTS**

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

**ASSETS**

|  |  | **October 31, 2005**
**April 30, 2005**
(unaudited)
			(audited)
Real estate and equipment:
 Developed properties
			$33,574,457 
			$33,574,457 
 Equipment and leasehold improvements
			314,507 
			268,088 
			33,888,964 
			33,842,545 
 Less: accumulated depreciation and			amortization
			3,046,449 
			2,575,420 
			30,842,515 
			31,267,125 
 Property under construction held for sale
			15,419,065 
			8,203,715 
			46,261,580 
			39,470,840 
Cash
			5,015,592 
			2,367,434 
Investment in marketable securities
15,500			
0 
Accounts and notes receivable, less allowance			for doubtful accounts
 of $1,600
680,871			
509,022			
Deposits, escrows, prepaid and deferred			expenses
			3,494,942 
			3,659,911 
Investment in affiliates
9,665			
9,665			
Due from related parties and affiliates
351,109			
259,675			
Deferred tax assets, net of valuation allowance			of $800,000 
			2,730,000 
			1,700,000 
				$58,559,259 
				$47,976,547 
 

 

The accompanyingnotes are an integral part of these condensed consolidated financial statements

3

****

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS(continued)**

**LIABILITIES AND SHAREHOLDERS' DEFICIENCY**

**October 31, 2005**

**April 30, 2005**

Liabilities:

(unaudited)

(audited)

Mortgages and notes  payable:

     Construction loan  payable

$15,335,166 

$4,424,409 

     Mortgage payable

39,405,578 

39,549,494 

     Notes payable - other

                 0 

2,082,130 

54,740,744 

46,056,033 

Accounts payable

1,446,488 

1,170,949 

Accrued liabilities

401,119 

687,394 

Accrued cost of derivatives

75,459 

0 

Deferred income

204,280 

123,402 

Other liabilities

5,631,930 

1,449,020 

Due to related parties and  affiliates

       84,865 

        83,954 

62,584,885 

49,570,752 

Minority interest

(309,630)

(283,869)

Commitments and  contingencies 

Shareholders'  Deficiency:

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

 authorized 4,000 shares;  issued and outstanding - None.

-

-

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

5,056,111 

5,056,111 

Deficit

(10,010,918)

(7,617,590)

Unearned stock compensation

(47,396)

(128,646)

(1,703,594)

608,484 

Less: Treasury stock, at  cost, 252,330 and 215,368 shares at October 31, 2005 and April 30, 2005,	respectively.

2,012,402 

1,918,820 

(3,715,996)

(1,310,336)

$58,559,259 

$47,976,547 

 

The accompanying notesare an integral part of these condensed consolidated financial statements

 

4

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE LOSS**(Unaudited)                                           
   
**Three Months Ended****Six Months  Ended **
**October 31, 2005**

**October 31, 2004**

**October 31, 2005**

**October 31, 2004**

**Revenues:**

     Sale of real estate

 $               0 

 $              0 

$               0 

$      128,500 

     Construction

0 

29,958 

0 

127,847 

     Rental income

1,407,832 

1,174,741 

2,872,222 

2,255,635 

     Management fee  income

13,403 

11,532 

30,990 

23,899 

     Gain on derivatives

290,259 

0 

0 

29,059 

     Other

21,928 

8,213 

66,754 

36,727 

     Equity in earnings of  affiliates

0 

84,514 

0

195,621 

     Developer fee income

     510,000 

              0 

   685,000 

              0 

2,243,422 

1,308,958 

3,654,966 

2,797,288 

**Costs and Expenses:**

     Cost of sales, real  estate

                0

            0 

0 

15,304 

     Construction

6,289 

24,194 

34,779 

30,939 

     Operating

736,484 

425,395 

1,355,038 

777,330 

     Interest

489,233 

365,111 

967,032 

695,883 

Loss on  derivatives

     Loss on derivatives

0

0 

75,459 

0 

     Depreciation and  amortization

313,111 

205,999 

580,424 

408,206 

     General and  administrative

556,385 

262,576 

1,079,086 

687,250 

     Property taxes

199,184 

180,666 

428,185 

337,722 

     Equity in losses of  affiliates

875,857

0

2,426,826

0

     Loss on early  retirement of debt

    101,500

             0 

    101,500 

              0 

3,278,043 

1,463,941 

7,048,329 

2,952,634 

Loss before income taxes

(1,034,621)

(154,983)

(3,393,363)

(155,346)

** **

**Provision for (Benefit  From) Income Taxes:**

     Current

0 

4,000 

5,725 

8,995 

     Deferred 

(400,000)

       0 

(1,030,000)

       0 

(400,000)

4,000 

(1,024,275)

8,995 

Loss before minority  interest 

(634,621)

(158,983)

(2,369,088)

(164,341)

Minority interest in income  of consolidated joint ventures

         	(24,240) 

(74,381)

         (24,240) 

(161,071)

Net loss

(658,861)

(233,364)

(2,393,328)

(325,412)

Other Comprehensive Loss,  net of taxes

                0

                0

                   0 

    (21,805)

Comprehensive Loss

$(658,861)

$(233,364)

$(2,393,328)

$(347,217)

The accompanyingnotes are an integral part of these condensed consolidated financial statements

5

****

 

**FIRST HARTFORD CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE LOSS**(Unaudited- continued)

Net loss per share

$     (0.21)

$     (0.08)

$     (0.78)

$     (0.11)

Weighted average number of  shares outstanding

3,067,532 

3,089,985 

3,075,308 

3,089,648 

 

 

The accompanying notesare an integral part of these condensed consolidated financial statements
 
 

 

 

6

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS**
   
**Six Months Ended**
**October 31, 2005**

**October 31, 2004**

Cash flows from operating  activities:

     Net loss

$(2,393,328)

$(325,412)

Adjustments to reconcile net  loss to net cash	     provided by (used in)  operating activities:

     Equity in losses  (earnings) of affiliates

2,426,826

(195,621)

     Minority interest in  income of consolidated joint ventures

24,240

161,071

     Loss on early retirement  of debt

101,500

0

     Depreciation

471,029

325,427

     Amortization

109,395

82,779

     Deferred income taxes

(1,030,000)

0

     Amortization of unearned  stock compensation

81,250

81,250

     (Gain) loss on derivatives

75,459

(179,059)

(Increase) decrease in:

     Accounts and notes  receivables, net

(171,849)

574,333

     Deposits, escrows, prepaid  and deferred expenses

(45,926)

(732,461)

     

Increase (decrease) in:

     Accrued liabilities

(286,275)

(234,179)

     Other liabilities

0

209,775

     Deferred income

80,878

159,647

     Accounts payable

275,539

(449,145)

     Distributions from  (investment in) affiliates, net

1,756,083

(114,591)
      
Net cash provided by (used in)  operating activities

1,474,821

(636,186)

Cash flows from investing  activities:

     (Investment in) provided  from sale of marketable securities

(15,500)

118,162

     Purchase of equipment and  leasehold improvements

(46,419)

(40,508)

     Additions to developed  properties and properties under 

         construction

(7,215,350)

 (4,136,150)
      
Net cash used in investing  activities

(7,277,269)

(4,058,496)

Cash flows from financing  activities:

     Minority distributions  from consolidated joint ventures

(50,000)

(250,250)

     Purchase of treasury stock

(93,582)

(834)

Proceeds from:

     Construction loan payable

10,910,757

2,342,024

     Mortgage payable

0

14,850,000

     Advances from related  parties and affiliated partnerships, net

0

291,135

Principal payments on:

     Construction loan payable

0

(7,905,500)

     Mortgage payable

(143,916)

(5,500,490)

     Notes payable

(2,082,130)

(141,988)

     Advances to related  parties and affiliated partnerships, net

     (90,523)

               0

The accompanyingnotes are an integral part of these condensed consolidated financial statements

7

****

 

**FIRST HARTFORD CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(continued)**

Net cash provided by financing  activities

8,450,606

3,684,097

Net increase (decrease) in cash  

2,648,158

(1,010,585)

Cash, beginning of period

2,367,434

1,500,030

Cash, end of period

$5,015,592

$489,445

 

 

 

The accompanying notesare an integral part of these condensed consolidated financial statements
 
 

 

 

 

 

 

8

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1.         Summary of SignificantAccounting Policies:**

Descriptionof Business

First Hartford Corporation was incorporated in Mainein 1909, and is engaged in the purchase, development, ownership, management andsale of real estate.

Principlesof 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 records minority interest for the non-owned portionsof consolidated subsidiaries.  All significant intercompany transactions andaccounts have been eliminated in the consolidated financial statements,including construction revenues and costs of development for the Company's ownuse (rental/future sale).  

FinancialStatement 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 threemonths and six months ended October 31, 2005 are not necessarily indicative ofthe results that may be expected for the year ending April 30, 2006. Forfurther information, refer to the consolidated financial statements andfootnotes thereto included in the Company's annual report on Form 10-K for thefiscal year ended April 30, 2005.

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 are unclassified.

Statementsof Cash Flows

For purposes of the statements of cash flows, theCompany considers all highly liquid securities purchased with an originalmaturity of three months or less to be cash equivalents.

DevelopedProperties, Equipment and Leasehold Improvements

Developed properties, equipment and leaseholdimprovements are recorded at the lower of cost or net realizable value. 

Depreciation and amortization is provided using thestraight-line method for financial reporting purposes based on the followingestimated useful lives:

Description

Years
      
Developed properties

15 - 40
      
Equipment and leasehold  improvements

3  - 10

 

9

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)**

**1.         Summary of SignificantAccounting Policies (continued):**

Developed Properties, Equipment and LeaseholdImprovements (continued)

Expenditures for major renewals and betterments, whichextend the useful lives of developed properties, and equipment and leaseholdimprovements, are capitalized.  Expenditures for maintenance and repairs arecharged to operations as incurred. 

PropertiesUnder Construction

Expenditures directly related to real estate underconsideration for development, are capitalized and are carried at cost in theconsolidated condensed balance sheets.  These costs would include optionpayments, attorney's fees, architect and engineering fees, consultants, etc.,but only to the extent they are from outside sources.  If the project is laterabandoned, all of the accumulated costs are charged to expense.  Costs forin-house engineering and drafting, estimating and purchasing and developmentare expensed as incurred.  

Leasing costs are capitalized when leases are signed(cost incurred) and include direct commissions, salaries and expenses.  Thesecosts are amortized over the life of the lease.  

DeferredExpenses

Leasing commissions and financing costs (included in deposits, escrows,prepaid and deferred expenses in the accompanying consolidated condensedbalance sheets) are amortized using the straight-line method over the terms ofthe related leases and mortgages, respectively.

RevenueRecognition

Construction Revenue - The Company is primarilyinvolved in development of properties for its own use.  However, revenues fromprojects built for third parties are recognized on the percentage-of-completionmethod of accounting based on costs incurred to date in relation to totalactual costs and estimated costs to complete.  Revisions in costs and profitestimates are reflected in operations during the accounting period in which thefacts become known.  The Company provides for estimated losses on contracts inthe year such losses become known. A subsidiary, Lead Tech, Inc., does lead andasbestos inspections and remediation and recognizes revenue as services areprovided.

Rental Revenue - Rental revenue is comprised of baserent on a straight line basis, and reimbursements for certain costs as providedin the lease agreements such as real estate taxes, utilities, insurance, commonarea maintenance and other recoverable costs.  There are no contingent rents. In accordance with Statement of Financial Accounting Standards No. 13"Accounting for Leases", rental revenue is recognized on a straight-line basisover the terms of the respective leases.

Developer Fee Income - The Company obtains fees fromcertain third parties for assisting them in identifying and developing sitesfor facilities.  Income from these transactions is recognized when allstipulations of the underlying agreement between the parties have been met orperformed by the Company.

InvestmentIn Affiliated Partnerships

Investments in entities in which the Company has lessthan a 20% interest are carried at cost.  Distributions received from thoseentities are included in income.  Distributions received in excess of the 

 

 

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)**

**1.         Summary ofSignificant Accounting Policies (continued):**

Investments In Affiliated Partnerships (continued):

Company's proportionate share of capital are appliedas a reduction of the cost of the investments.  Investments in entities inwhich the Company has a 20-50% interest are carried at cost and are subsequentlyadjusted for the Company's proportionate share of their undistributed earningsor losses, and any distributions (Equity Method).

OPERATING RESULTS OF NONCONSOLIDATED 50% OWNEDSUBSIDIARIES

                                                            	               
   Three months ended
Six  months ended   October 31
October 31
2005

2004

2005

2004

Cranston Parkade, LLC

     Revenues

    $ 1,196,678

$1,169,060

   $  2,372,685

$2,211,008

     Operating expenses

 1,046,537

 1,018,188

 2,067,409

 1,925,960

     Loss on early  retirement of debt

  2,268,803

                0

  2,268,803

               0

Net (loss) profit 
$(2,118,662)$   150,872$(1,963,527)$   285,048
Dover Parkade, LLC

     Revenues

$601,934

$562,411

$1,203,820

$1,173,534

     Operating expenses

 402,863

 501,512

     915,728

 1,010,221

     Loss on early  retirement of debt

            0

            0

  3,075,163

                0

Net profit (loss)
$199,071$  60,899$(2,787,071) $   163,313
** **

The Company currently has two unconsolidated operatingpartnerships:  Cranston Parkade, LLC, which owns a shopping center in Cranston,RI (the Company owned a 25% interest up to April 27, 2005 and 50% thereafter)and Dover Parkade, LLC, which owns a shopping center in Dover Township, NJ inwhich the Company owns a 50% interest.  Although the Company exercises someinfluence, the Company does not control the operating and financial policies ofthese partnerships and, therefore, these partnerships are not consolidated.

Cranston Parkade, LLC reports on a calendar year andis not adjusted to the Company's April 30 year-end resulting in a consistentfour-month gap in its results of operations.  The operating income up to thedate of acquisition of the additional interest was approximately $255,000 and$50,000 to the end of the six-month period.  The loss on early retirement ofdebt occurred immediately after the acquisition of the additional interest.

These investments are recorded at cost and have beensubsequently adjusted for gains, losses and distributions.  To the extent thecarrying value is less than zero, such amount is carried in other liabilitiesin the accompanying condensed consolidated financial statements.**          **

FairValue of Derivative Instruments

In the normal course of business, the Company isexposed to the effects of interest rate changes.  The Company limits itsexposure with the use of derivatives.  To mitigate the exposure to unexpectedchanges in interest rates, derivatives are used primarily to hedge against ratemovements on some of the Company's related debt. In accordance with SFAS No.133, "Accounting for Derivative Instruments and Hedging Activities", interestrate swaps which have not been designated as a hedge must be recognized as anasset or liability and adjusted to fair value through income in the currentperiod.

11

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)**

**1.         Summary ofSignificant Accounting Policies (continued):**

**           **Fair Value of Derivative Instruments (continued):

On June 10, 2005 the Company refinanced the mortgageon the Katharine Gibbs College building by signing a new mortgage for$11,377,866 with the same lender.  The previous mortgage called for interest at30 day Libor plus 2% with an 8% rate cap, amortizing over 20 years, due April1, 2008.  The new rate 

is fixed at 6.11% and has a 25-year amortizationstarting in June 2007. The mortgage will have a balloon payment on June 10,2015.  To obtain this refinancing the Company became liable for a swap contractentered into by the bank. 

At July 31, 2005 the fair market value of the swapcontract was approximately ($365,000) and was recorded as a liability and anexpense in the first quarter.  At October 31, 2005 the fair market value wasapproximately ($75,000).  As a result, the accrued liability was reduced byapproximately $290,000 and the Company recognized a gain in the accompanyingcondensed consolidated financial statements for the three months ended October31, 2005.

AccountingFor The Impairment Or Disposal of Long-Lived Assets

The Company has adopted Statement of FinancialAccounting Standards (SFAS) No. 144, "Accounting for the Impairment or Disposalof Long-Lived Assets", which established a single accounting model for theimpairment or disposal of long-lived assets including discontinued operations. SFAS No. 144 requires that the operations related to properties that have beensold or properties that are intended to be sold be presented as discontinuedoperations in the Consolidated Statements of Operations and Comprehensive Lossfor all periods presented, and properties intended to be sold to be designatedas "held for sale" on the condensed consolidated balance sheet.

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 andliabilities as of the date of the financial statements, and the reportedamounts of revenues and expenses during the reporting period.  Actual resultscould differ from those estimates.

MarketableSecurities

In accordance with SFAS No. 115 "Accounting forCertain Investments in Debt and Equity Securities" the Company determines theappropriate classification of its investments in debt and equity securities atthe time of purchase and re-evaluates such determination at each balance sheetdate.  Debt securities for

which the Company does not have the intent to hold tomaturity are classified as available-for-sale, along with the Company'sinvestment in equity securities.

Securities available-for-sale are carried at fairvalue, with the unrealized gains and losses reported in other comprehensiveloss.

StockCompensation

The Company applies Accounting Principles BoardOpinion 25, "Accounting for Stock Issued to Employees" ("APB 25") and relatedinterpretations in accounting for its stock awards, and complies with thedisclosure provisions of SFAS No. 123, "Accounting for Stock BasedCompensation".  Under APB 25, compensation expense is recognized over thevesting period to the extent that the fair market value of the underlying common stock on the measurement dateexceeds the exercise price of the employee stock award.  

 

12

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)**

**1.         Summary ofSignificant Accounting Policies (continued):**

StockCompensation (continued):

Compensation cost for the Company's employee stockoption plans determined based on the fair value at the grant dates of awardsunder these plans consistent with the methodology of SFAS No. 123, has not beenpresented because the 250,000 options outstanding vest on February 11, 2006.

IncomeTaxes

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 allowances related to deferred tax assets can be impacted by thechanges to tax laws, changes to statutory tax rates and future taxable incomelevels. In the event the Company was to determine that it would not be able torealize all or a portion of its deferred tax assets in the future, it wouldreduce such amounts through a charge to income in the period in which thatdetermination is made. Conversely, if the Company were to determine that itwould be able to realize its deferred tax assets in the future in excess of thenet carrying amounts, it would decrease the recorded valuation allowancethrough an increase to income in the period in which that determination ismade.

As of October 31, 2005, the Company has concluded thatit is more likely than not that the Company will realize $2,700,000 in deferredtax assets. Accordingly, the Company has recognized a deferred tax benefit of$400,000 and $1,030,000 for the three and six month periods ended October 31,2005, respectively.

LossPer Common Share

Loss per common share is based on the weighted averagenumber of common shares outstanding during the three and six month periodsended October 31, 2005 and 2004. Due to the Company's net loss, the effect ofcommon stock equivalents are anti-dilutive and therefore have not beenconsidered in the calculation of loss per common share.

NewAccounting Standards

In December 2004, the FASB issued SFAS No. 123(revised 2004), "Share-Based Payment" ("SFAS 123 (R)).  SFAS 123 (R) requirescompanies to recognize in the statement of operations the grant-date fair valueof stock options and other equity based compensation.  The cost will berecognized over the period during which an employee is required to provideservice in exchange for the award, usually the vesting period.  Subsequentchanges in fair value during the requisite service period, measured at eachreporting date, will be recognized as compensation cost over that period.

In April 2005, the SEC extended the effective date forSFAS No. 123 (R) for public companies, to the beginning of a registrant's nextfiscal year that begins after June 15, 2005.  The Company will be required toadopt SFAS No. 123 (R) in its first quarter of fiscal 2007.  The Company isevaluating the impact of the adoption of SFAS No. 123 (R) on the Company'sfinancial position and results of operations.

In March 2005, the Financial Accounting StandardsBoard issued Interpretation No. 47, "Accounting for Conditional AssetRetirement Obligations (an interpretation of FASB No. 143)"(FIN 47). ThisInterpretation provides clarification with respect to the timing of liabilityrecognition for legal obligations associated with the retirement of tangiblelong-lived assets when the timing and/or method of settlement 

 

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**FIRST HARTFORD CORPORATION AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)**

**1.         Summary of Significant Accounting Policies (continued):**

New Accounting Standards (continued):

of the obligation are conditional on a future event.FIN 47 is not expected to have a material impact on the Company's financialposition and results of operations.

**2.         LegalProceedings**

In theperiod ended October 31, 2005 an additional lawsuit was filed against theCompany by a dissident shareholder.  See Part II, Item 1.

**Item 2.           **            **MANAGEMENT'S DISCUSSION AND ANALYSISOF FINANCIAL********                                    CONDITIONAND RESULTS OF OPERATIONS**
The financial and businessanalysis below provides information which the Company believes is relevant toan assessment and understanding of the Company's financial position and resultsof operations.  This financial and business analysis should be read inconjunction with the condensed consolidated financial statements and relatednotes.

The following discussion and certain other sections ofthis Report on Form 10-Q contain statements reflecting the Company's viewsabout its future performance and constitute "forward-looking statements" underthe Private Securities Litigation Reform Act of 1995.  These views may involverisks and uncertainties that are difficult to predict and may cause theCompany's actual results to differ materially from the results discussed insuch forward-looking statements.  Readers should consider how various factorsincluding changes in general economic conditions, cost of materials, interestrates and availability of funds, and the nature of competition andrelationships with key customers may affect the Company's performance.  TheCompany undertakes no obligation to update publicly any forward-lookingstatements, whether as a result of new information, future events or other.

Critical Accounting Policies

Thediscussion and analysis of financial conditions 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 and assumptions that affect the reported amounts of assets andliabilities and the disclosure of contingent assets and liabilities as of thedate of the financial statements and the reported amounts of revenues andexpenses for the reporting period.  Actual results could differ from thoseestimates.

The discussion included in Item 7 of our Annual Report onForm 10-K for the year ended April 30, 2005 under the subheading "CriticalAccounting Policies and Estimates" is still considered current and applicable,and is hereby incorporated into this Quarterly Report on Form 10-Q.

Results of Operations

The three and six month periods ended October 31, 2005resulted in net losses of $658,861 and $2,393,328, respectively.  The netlosses for the three and six month periods ended October 31, 2004 were $233,364and $325,412, respectively.  Most of the current loss was a result of debtrefinancing, not operations.  The losses from refinancing's are summarized asfollows:      

 

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**Item 2.           **            **MANAGEMENT'S DISCUSSION AND ANALYSISOF FINANCIAL                                    CONDITIONAND RESULTS OF OPERATIONS - (continued)**

Results of Operations (continued)

Three Months Ended  10/31/05

Six MonthsEnded  10/31/05

Loss from early  retirement of debt (non consolidated affiliate)

($1,032,902)

   ($2,671,983)

Gain (loss) on  derivatives (consolidated affiliate)

            290,259

           (75,459)

Loss from early  retirement of debt (consolidated affiliate)

                0

         (101,500)

          (742,643)

     (2,848,942)

Less deferred income  tax on above

           260,000

        890,000

$ (482,643)
	$(1,958,942)
Excluding the net effects of the above refinancing, thelosses are $176,218 and $434,386, respectively, for the three and six-monthperiods ended October 31, 2005.  

For the three and six month periods ended October 31,2005 rental income has increased approximately $233,000 and $617,000,respectively, from the corresponding periods in 2004, mainly from additionalstores being finished in the West Springfield, MA shopping center.  Theaddition of occupied stores in the North Adams shopping center also contributedto the period over period increase.  Corresponding costs for real estate taxes,insurance and common area charges billed to tenants also resulted in increasedrevenue.

Developer fee income for the three and six months endedOctober 31, 2005 represents a fee for service from CVS Pharmacy of $510,000 and$685,000, respectively.  Prior periods did not have any income from thissource.  

Cost and Expenses include approximately $243,000 and$326,000 for the three and six-month periods ended October 31, 2005,respectively, in related costs and bonuses to generate the fee income. Propertyexpenses, plus the addition of new employees, salary increases and relatedsalary benefits, account for the balance of the increased operating costs andexpenses. 

Our joint venture into multi-family housing has notgenerated any income, but we expensed approximately $85,000 in the currentquarter and $175,000 for the six-month period.  This entity did not exist in2004.

Capital Resources and Liquidity

With the exception ofapproximately 24,000 square feet of unleased and unfinished space, the Companyhas substantially completed construction of its shopping center in Bangor,Maine.  The Company expects to close on a sale of this property in January2006, at which time the net investment of $3,500,000 plus a yet to bedetermined profit will be realized.  At that time we will have 18 months tofinish renting and installing tenants in the unfinished 24,000 square feetthereby earning the balance (or a portion thereof) of the purchase price.

During November 2005, theCompany started construction on a 60,000 square foot Police Station to beleased to the City of Cranston, RI.  A construction loan in the amount of$10,100,000 will be closed by mid December.  The same partnership owning theGibbs College building (the Company owns 50%) will own the property.  

The Company has paid off all ofits short-term debt with the exception of construction loans.  Mortgage loansconstitute the long-term debt.  Additional borrowings are readily available butour construction lenders still require the personal guarantee of the Presidentof the Company.  We hope to eliminate this requirement in the future.

Thefollowing schedule outlines our contractual obligations as of October 31, 2005.

 

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**Item 2.           **            **MANAGEMENT'S DISCUSSION AND ANALYSISOF FINANCIAL                                    CONDITIONAND RESULTS OF OPERATIONS - (continued)**

Capital Resources and Liquidity -(continued)

**Contractual Obligations**

**Total**

**Less Than1 year**
**1-3 years**

**3-5 years**

**More than 5 years**

Long-Term Debt

$ 39,405,578

$     374,499

$1,210,801

$1,457,835

  $36,362,443

Short-Term Debt

 15,335,166

 15,335,166

                0

                0

                  0

Lease Obligation (1)

         55,000

         55,000

                0

                0

                    0

Purchase Obligations (2)

    4,882,000

    4,882,000

                0

                0

                   0

Total
	$59,677,744	$20,646,665	$1,210,801	$1,457,835	$36,362,443
(1)       Shopping center in Bangor, Maineto be built on property leased until January 31, 2104.  Only payments prior toJanuary 31, 2006 are on this schedule.  Thereafter, the annual rent is $400,000with a .075% increase every 5 years.

(2)      The entire amount of purchaseobligations is for the Bangor and Cranston projects, of which $4,026,000 is atenant construction allowance, which was drawn on the construction loan andincluded in cash.  It will be paid in December.

Although wary of rising interest rates, the possibilitiesof problems with major tenants, and major construction cost overruns, we feelour liquidity and capital resources are adequate to meet our current needs.

**Item 3.                        QUANTITATIVEAND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Interest Rate Risk:  Changes in interest rates canpotentially impact the Company's profitability and its ability to realizeassets and satisfy liabilities.  Interest rate risk is present primarily in theCompany's borrowings, some of which have variable interest rates.  The Companylimits its exposure with the use of derivatives.  To mitigate the exposure tounexpected changes in interest rates, derivatives are used primarily to hedgeagainst rate movements on some of the Company's related debt.

OnJune 10, 2005 the Company refinanced the mortgage on the Katharine GibbsCollege building by signing a new mortgage for $11,377,866 with the samelender.  The previous mortgage called for interest at 30 day Libor plus 2% withan 8% rate cap, amortizing over 20 years, due April 1, 2008.  The new rate isfixed at 6.11% and has a 25-year amortization starting in June 2007. Themortgage will have a balloon payment on June 10, 2015.  To obtain thisrefinancing the Company became liable for a swap contract entered into by thebank. In accordance with SFAS No. 133, "Accounting for Derivative Instrumentsand Hedging Activities", interest rate swaps which have not been designated asa hedge must be recognized as an asset or liability and adjusted to fair valuethrough income in the current period.

Thefair market value at July 31, 2005 was approximately $365,000 and was recordedas a liability and an expense in the first quarter.  At October 31, 2005 thefair market value had fallen to $75,000.  The liability was reduced and$290,000 was recognized as a gain in the second quarter.

**Item 4.                        CONTROLSAND PROCEDURES**

Disclosure Controls andProcedures.

The Company's management, withthe participation of the Company's chief executive officer and chief financialofficer, has evaluated the effectiveness of the Company's disclosure controlsand procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) underthe Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of theend of the period covered by this report.  Based on such evaluation, theCompany's chief executive officer and chieffinancial officer have concluded that, as of the end of such period, theCompany's disclosure controls and procedures are effective in recording,processing, summarizing and reporting, on a timely basis, information required tobe disclosed by the Company in the reports that it files or submits under theExchange Act.

**Item 4.                        CONTROLSAND PROCEDURES - (continued)**

Internal Control OverFinancial Reporting

There have not been any changesin the Company's internal control over financial reporting (as such term isdefined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during theperiod to which this report relates that have materially affected, or arereasonably likely to materially affect, the Company's internal control overfinancial reporting.

**PART II                     OTHERINFORMATION**

**Item 1.                        LEGALPROCEEDINGS**

OnJanuary 29, 2004, a shareholder filed a Form 13D with the Securities andExchange Commission indicating that he controls over 19% of the Company'sshares.  That shareholder was Richard E. Kaplan, purportedly a resident of theCommonwealth of Massachusetts.  By Complaint dated February 27, 2004, Mr.Kaplan filed suit against First Hartford Corporation (the "Company" or "FHC")as Civil Action No. 04 10402 NMG in the United States District Court for theDistrict of Massachusetts.  The Company was served with the complaint on March2, 2004.  The complaint alleges that the proxy solicitation materials issued bythe Company as a prelude to its annual meeting on January 22, 2004, were falseand/or misleading in certain respects and also omitted certain material 

information. As a result thereof, the plaintiff seeks to void the shareholder votes taken atthe January 22, 2004 shareholder meeting of the Company and have a new voteordered based upon revised proxy material which would be required to be issuedby the Company.  The shareholder votes taken at the annual meeting were tore-elect the Board of Directors, which had been serving the Company, and toapprove the Employee Stock Option Plan.

Additionally,on February 27, 2005, Mr. Kaplan filed another suit against the Company in thesame court as Civil Action No.  05 10320 NMG (United States District Court forthe District of Massachusetts) making essentially the same claims as the firstsuit with regard to the Company's 2005 annual meeting.  The shareholder votefor the February 24, 2005 meeting was to re-elect the Board of Directors, whichhad been serving the Company and a proposal brought forth by Mr. Kaplan torequire the Company to have 80% independent directors.    The proposal wasdefeated 1,860,706 to 662,672.  

OnJuly 12, 2005 the District Court Judge approved a request by the Company toconsolidate the cases.

OnSeptember 15, 2005 Mr. Kaplan filed another suit styled as Civil Action No.05-144-B-H (United States District Court of Maine) Richard E. Kaplan -Plaintiff v. First Hartford Corporation and Neil Ellis Defendants, again makingthe same claims as his prior suits.  Mr. Kaplan is now asking for the followingrelief:

            1)   entera judgment dissolving FHC and appointing a receiver to (a) preserve the assetsand business of FHC pending its liquidation, (b) rescind transactions in whichFHC assets were diverted to Ellis and his related entities, (c) recover fromEllis and his related entities all damages to which FHC is entitled on accountof their wrongdoing, and (d) liquidate and wind-up the business of FHC in suchmanner and over such time as is determined to be in the best interests of itsshareholders, and

            2)   appointa receiver pendente lite to preserve the corporate assets of FHC and to carryon the business of FHC until a full hearing can be held.

 

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**PART II                     OTHERINFORMATION - (continued)**

**Item 1.                        LEGALPROCEEDINGS - (continued)**

Alternatively,Kaplan requests pursuant to 13-C M.R.S.A. §§ 1430 & 1434, that the Courtenter an order providing for the purchase at fair value by Ellis and/or FHC ofKaplan's shares (and the shares of other shareholders who desire to sell), orfor the appointment of one or more independent receivers or directors with fullaccess to FHC corporate and financial records to make recommendationsconcerning the preservation of the value of FHC and its affairs in light of theself-dealing of Ellis and his other illegal, oppressive, and fraudulent acts,and 

therecovery on behalf of FHC of assets diverted to Ellis and his related entitiesand damages sustained by FHC on account of the wrongdoing of Ellis and hisrelated entities, and such other relief as the Court may deem appropriate. Kaplan further requests that he be awarded his costs and attorneys feesincurred in the bringing of this action.

TheCompany believes strongly that information in its proxy materials was neitherfalse nor misleading, the allegations against Mr. Ellis are without anyfoundation and that the lawsuit is without merit.  It is the intention of theCompany to counter claim and sue for legal fees and any other consequentialdamages.

The Company is not aware of anyother material legal proceedings which would need to be cited herein.

**Item 1A.                   RISKFACTORS**

Allphases of the real estate business are inherently speculative and intenselycompetitive with many enterprises, both large and small, engaged in businessessimilar to the Company's throughout the United States.  The success of theCompany, to a large extent, depends upon factors which may be beyond thecontrol of management.  Some of these factors are variable construction costs,the mortgage market, real estate taxes, income tax laws, governmentregulations, the commercial rental market and the economy.  The ability of theCompany to meet its debt service obligations and to operate profitably is alsodependent on its ability to attract tenants and to compete successfully withthe numerous other commercial properties available to prospective tenants.  Theability to attract tenants is dependent upon the changing character of theareas in which the Company's properties are located, the rate of new constructionin those areas and the extent of present and future competition in thoseareas.  The Company's holdings have become less diversified both geographicallyand in use and types of occupancy.

TheCompany's assets are concentrated mostly in the Northeast which creates ageographic diversification risk.  The Company presently has properties fromSouthern New Jersey to Maine.

Thereal estate business does not experience "backlogs" as that term is generallyunderstood, nor is it seasonal.

Tothe Company's knowledge, its real estate business is not dependent upon asingle customer but there is a dependency on supermarkets for strip malls.  TheCompany has Stop & Shop, Price Rite and Big Y as such tenants.

**Item 2.            UNREGISTERED SALES OF EQUITYSECURITIES AND USE OF PROCEEDS**

(a)               Not Applicable.

(b)               Not Applicable.

(c)               On September 22, 2005, the Companypurchased 36,892 shares of  its common stock at $2.50 per share.

** **

 

 

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**PART II                     OTHERINFORMATION - (continued)**

**Item 3.                        DEFAULTSUPON SENIOR SECURITIES**

(a)               Not Applicable.

(b)               Not Applicable.  The Company hasnot declared any dividends.

**Item 4.                        SUBMISSIONOF MATTERS TO A VOTE OF SECURITY HOLDERS**

(a)               Not Applicable.

(b)               Not Applicable.

(c)               Not Applicable

(d)               Not Applicable

**Item 5.                        OTHERINFORMATION**

                                    **CODEOF ETHICS APPLICABLE TO SENIOR EXECUTIVES**

On September 20, 2005, the Board of Directors of FirstHartford Corporation adopted this Code of Ethics Applicable to SeniorExecutives as contemplated by the Sarbanes-Oxley Act of 2002.  It iscritical to the success of the Company and in the best interests of itsstockholders that its employees conduct themselves honestly andethically.  In particular, each senior executive of the Company, includingthe President and Chief Executive Officer, the Vice President-Finance, theTreasurer and the Controller ("Senior Executives"), are required toobserve the highest standards of ethical business conduct, including strictadherence to this Code of Ethics Applicable to Senior Executives (this"Code").  Accordingly, each Senior Executive must comply withthe letter and spirit of the following:
- Each Senior Executive will act     at all times honestly and ethically, including the ethical handling of     actual or apparent conflicts of interest between personal and professional     relationships. 
- Each Senior Executive must     ensure that all reasonable and necessary steps within his or her areas of     responsibility are taken to provide full, fair, accurate, timely and     understandable disclosure in reports and documents that the Company files     with or submits to the Securities and Exchange Commission or state     regulators, and in all other regulatory filings.  In addition, Senior     Executives must provide full, fair, accurate, and understandable     information whenever communicating with the Company's stockholders or the general     public.
- Each Senior Executive must take     all reasonable measures to protect the confidentiality of non-public     information about the Company, its business, operations and customers     obtained or created in connection with such Senior Executive Officer's     activities and to prevent the unauthorized disclosure of any such     information, unless required by law, regulation or legal or regulatory     process.  
- All Senior Executives must conduct Company business in     compliance with all applicable federal, state, foreign and local laws,     rules and regulations.

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**PART II          OTHER INFORMATION - (continued)**

**Item 5.                        OTHERINFORMATION - (continued)**

**CODE OF ETHICSAPPLICABLE TO SENIOR EXECUTIVES**
- Senior Executives shall not     directly or indirectly take any action to fraudulently influence, coerce,     manipulate or mislead the Company's independent public auditors for the     purposes of rendering the financial statements of the Company misleading.
- It is each Senior Executive's     responsibility to notify promptly the General Counsel regarding any actual     or potential violation of this Code and/or any applicable securities or     other laws, rules or regulations by any Senior Executive.  Senior     Executives may choose to remain anonymous in reporting any possible     violation of this Code.  All Senior Executives are responsible for     ensuring that their own conduct complies with this Code.   
- Anyone who violates the     provisions of this Code by engaging in unethical conduct, failing to     report conduct potentially violative of this Code or refusing to participate     in any investigation of such conduct, will be subject to disciplinary     actions, up to and including termination of service with the     Company.  Violations of this Code may also constitute violations of     law and may result in civil or criminal penalties for a Senior Executive     or the Company.
- The Board of Directors of the     Company shall be responsible for the administration of this Code and shall     have the sole authority to amend this Code or grant waivers of its     provisions.  Waivers will be disclosed as required by the Securities     Exchange Act of 1934 and the rules thereunder.   

**ACKNOWLEDGEMENT**

The undersigned Senior Executive hereby acknowledge that the Executive has     received a copy of the Company's code of Ethics Applicable to Senior     Executives and that he or she has read and understood this Code in its     entirety and agrees to abide by it.  The Senior Executive further     acknowledges that it is his or her responsibility to seek clarification     from the Company's General Counsel if any application of the Code to a     particular circumstance is not clear.  The Senior Executive     acknowledges that the Senior Executives' continued service with the     Company requires the Senior Executive to fully adhere to this Code and     that failure to do so can result in disciplinary action up to and     including termination of the Senior Executive's employment by the Company.

 

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**PART II          OTHER INFORMATION - (continued)**

**Item 6.                        EXHIBITS**

                        a)         Exhibits:

Exhibit 31.1       Certification of ChiefExecutive Officer, pursuant to Rule 13a-14(c) under the Securities Exchange Actof 1934.

Exhibit 31.2       Certification ofChief Financial Officer, pursuant to Rule 13a-14(c) under the SecuritiesExchange Act of 1934.

Exhibit 32.1       Certification ofChief Executive Officer, pursuant to 18 U.S.C. Section 1350.

Exhibit 32.2       Certification ofChief Financial Officers, pursuant to 18 U.S.C. Section 1350.

 

 

 

 

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**SIGNATURES**

Pursuant to the requirements of the Securities ExchangeAct of 1934, the Registrant has duly caused this report to be signed on itsbehalf by the undersigned thereunto duly authorized.

 

 
  FirstHartford Corporation            (Registrant)   December 19, 2005                               			/s/ Neil H. Ellis                           			                   			 DateNeilH. Ellis - President and  Chief Executive Officer   December 19, 2005                                			/s/ Stuart I. Greenwald                  			                     			DateStuartI. Greenwald - Treasurer  and Chief Financial Officer
 

 

 

 

 

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