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  October 31, 2009.

 

[  ]  **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 jurisdictionof incorporation ororganization)    

		(I.R.S.Employer Identification No.)
 

 
149 Colonial Road    Manchester, CT  

		06045-1270
(Address of principalexecutiveoffices)   

 (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 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. (Check one):

 

Large accelerated filer ⁪ 
Accelerated filer ⁪    Non-accelerated filer ⁪   (Do		not check if a smaller reporting company)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 January 8, 2010   

 

1

 

 

 

 

 

 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES INDEX
 

PART I.            FINANCIALINFORMATION   
PAGE
 
 
Item 1.              FinancialStatements
 
 
 
CondensedConsolidated Balance Sheets -
 
October31, 2009 (unaudited) and April 30, 2009 (audited)   
3 - 4
 
 
CondensedConsolidated Statements of Operations and Other 
 
ComprehensiveIncome (Loss) for the Three and Six Months
 
EndedOctober 31, 2009 and 2008 (unaudited)     
5 - 6 
 
 
CondensedConsolidated Statements of Cash Flows for the
 
SixMonths Ended October 31, 2009 and 2008 (unaudited) 
7 - 8
 
 
Notesto Condensed Consolidated Financial Statements    
 9 - 15
 
 
Item 2.             Management's Discussion and Analysis of Financial Condition     
 
andResults of Operations 
16 - 17
 
 
Item 3.             Quantitativeand Qualitative Disclosures About Market Risk      
17
 
 
Item 4T.           Controlsand Procedures     
18
 
 
**PART II           OTHERINFORMATION**
 
 
 
Item 1.              LegalProceedings   
19
 
 
Item 1A.          RiskFactors     
19
 
 
Item 2.             UnregisteredSales of Equity Securities and Use of Proceeds    
19
 
 
Item 3.             DefaultsUpon Senior Securities  
19
 
 
Item 4.             Submissionof Matters to a Vote of Security Holders  
19
 
 
Item 5.             OtherInformation  
19
 
 
Item 6.             Exhibits       
19
 
 
Signatures  
20
 
 
Exhibits       
21 – 24
 

 

 

 

 

 

 

 

 

	2

 

 

 

 

 

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

 

 

 

 

**October 31, 2009**
   
** **

**April 30, 2009**

** **

 

 

 

(unaudited)
   
 

(audited)

Real estate and equipment:

 

 

 
   
 

 

 

   Developed properties

 

 

 

$109,242,377
   
 

$120,518,077

 

   Equipment and tenant improvements

 

 

1,360,539
   
1,355,388

 

 

110,602,916
   
121,873,465

 

 

 
   
 

   Less: accumulated depreciation and amortization

 

 

9,824,458
   
 

8,622,299

 

 

 

100,778,458
   
113,251,166

 

 

 
   
 

   Property under construction

 

812,611
   
274,302

 

 

101,591,069
   
113,525,468

 

 

 
   
 

 

Cash and cash equivalents   

 

 

2,828,329
   
2,760,342

 

 

 

 
   
 

Cash and cash equivalents - restricted

 

1,811,949
   
 

870,815

 

 

 
   
 

Marketable securities  -  available for sale

 

1,605,639
   
1,146,679

 

 

 
   
 

 

Accounts and notes receivable, less allowance for doubtful accounts

 

 

 

 
   
 

 

 

   of $212,000 and $44,000 as of Oct. 31, 2009 and April 30, 2009,  respectively

 

 

2,234,845
   
 

1,904,671

 

 

 

Other receivables

 

14,652,040
   
 

8,298,847

 

 
   
 

 

Deposits, escrows, prepaid and deferred expenses, net

 

6,884,576
   
 

5,825,969

 

 
   
 

 

Investments in affiliates

 

 

 

9,665 
   
 

9,665 

 

 

 
   
 

 

Due from related parties and affiliates

 

 

 

452,728
   
433,135

 

 

 
   
 

Deferred tax assets, net

 

 

1,238,000
   
1,238,000

 

 

 
   
 

 

Total Assets

 

 

 

 

$133,308,840
   
 

$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)**

** **

 

 

 

 

 
   
 

 

 

 

 

 

 

**October 31, 2009**
   
** **

**April 30, 2009**

** **

Liabilities:

 

 

 

(unaudited)
   
 

(audited)

 

   Mortgages and notes payable:

 

 

 

 
   
 

 

 

   Construction loans payable

 

 

 

$46,595,806
   
 

$49,092,876

 

   Mortgages payable

 

 

 

66,282,931
   
 

66,728,479

 

   Notes payable

 

 

 

238,673
   
 

241,708

 

 

113,117,410
   
116,063,063

 

 

 
   
 

 

Accounts payable

 

 

 

1,003,964
   
 

993,342

 

Other payables

 

 

 

8,498,337
   
8,884,092

 

Accrued liabilities

 

 

 

2,480,438
   
 

3,837,884

 

Deferred income

 

 

 

273,293
   
 

298,805

 

Accrued cost of derivatives

 

 

 

2,810,601
   
 

3,427,515

 

Other liabilities

 

 

 

4,904,965
   
 

5,131,497

 

Due to related parties and affiliates

 

 

 

74,700
   
 

72,000

 

Total Liabilities

 

 

 

 

133,163,708
   
 

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

 

 

 

(12,813,537)
   
 

(12,986,202)

 

	Accumulated other comprehensive loss

 

 

(313,247)
   
 

(488,228)

 

Treasury stock, at cost, 270,644 and 270,444 shares as of October 31,  2009

 

 
   
 

 

   and April 30, 2009, respectively

 

 

 

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

 

Total Company Shareholders’ Deficiency

 

 

 

 

(7,526,144)
   
 

(10,063,824)

 

Noncontrolling interests

 

 

 

 

7,671,276
   
7,369,217

 

 

 
   
 

 

Total Shareholders’ Equity (Deficiency)

 

 

 

145,132
   
 

(2,694,607)

 

 

 
   
 

 

Total Liabilities and Shareholders’ Equity (Deficiency)

 

 

 

$133,308,840
   
 

$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 COMPREHENSIVEINCOME (LOSS)**

(Unaudited)

 

**Three Months Ended**

**Six Months Ended**

 

**Oct. 31, 2009**
   
**Oct. 31, 2008**
   
**Oct. 31, 2009**

**Oct. 31, 2008**

 Operating revenues:

 
   
 
   
 

 

 

         Rental income

$3,570,040 

 

$2,639,716 
   
$6,676,412 

 

$5,035,159 

         Service income

1,145,480 

 

589,860 
   
2,740,114 

 

956,067 

         Sales of real estate

4,300,000 

 

1,029,776 
   
4,300,000 

 

1,029,776 

         Other 

58,619 

 

58,470 
   
304,806 

 

119,607 

 

9,074,139 

 

4,317,822 
   
14,021,332 

 

7,140,609 

 

 

 

 
   
 

 

 

Operating costs and expenses:

 

 

 
   
 

 

 

        Rental expenses

2,588,824 

 

1,657,065 
   
4,495,328 

 

2,924,715 

        Service expenses

626,469 

 

269,619 
   
1,529,696 

 

674,871 

        Cost of sales, real estate

3,750,828 

 

726,776 
   
3,750,828 

 

726,776 

        Selling, general and administrative

1,154,003 

 

1,074,502 
   
2,204,790 

 

2,355,088 

 

8,120,124 

 

3,727,962 
   
11,980,642 

 

6,681,450 

 

 

 

 
   
 

 

 

Income from operations

954,015 

 

589,860 
   
2,040,690 

 

459,159 

 

 

 

 
   
 

 

 

Non-operating income (expense):

 

 

 
   
 

 

 

        Interest expense

(1,676,899)

 

(1,018,963)
   
(3,204,194)

 

(1,934,501)

        Other income

197,807 

 

285,880 
   
235,317 

 

285,880 

        (Loss) gain on derivatives

(207,652)

 

(472,650)
   
616,913 

 

(59,325)

        Equity in earnings of unconsolidated subsidiaries

285,120 

 

156,787 
   
428,095 

 

352,201 

 

(1,401,624)

 

(1,048,946)
   
(1,923,869)

 

(1,355,745)

 

 

 

 
   
 

 

 

(Loss) income before income taxes

(447,609)

 

(459,086)
   
116,821 

 

(896,586)

 

 

 

 
   
 

 

 

Provision for income taxes

44 

 

0 
   
16,761 

 

15,576 

 

 

 

 
   
 

 

 

Net (loss) income

(447,653)

 

(459,086)
   
100,060 

 

(912,162)

 

 

 

 
   
 

 

 

Net (income) loss attributable to noncontrolling  interests

(47,386)

 

232,087 
   
72,605 

 

229,667 

 

 

 

 
   
 

 

 

Net (loss) income attributable to Company before 

 

 

 
   
 

 

 

      other comprehensive loss 

(495,039)

 

(226,999)
   
172,665 

 

(682,495)

 

 

 

 
   
 

 

 

Other comprehensive loss, net of tax:

 

 

 
   
 

 

 

Unrealized holding (losses) gains on securities during  the period

(118,751)

 

(178,338)
   
174,981 

 

(372,008)

 

 

 

 
   
 

 

 

Comprehensive (loss) income

(613,790)

 

(405,337)
   
347,646 

 

(1,054,503)

 

 

 

 
   
 

 

 

Comprehensive (income) loss attributable to noncontrolling interests

(4,152)

 

89,169 
   
(130,674)

 

186,004 

  

 

 

 
   
 

 

 

Comprehensive (loss) income attributable to Company

$(617,942)

 

$(316,168)
   
$216,972 

 

$(868,499)

 

 

 

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

 

	5

 

 

 

 

 

 

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

**OTHER COMPREHENSIVEINCOME (LOSS)**

(Unaudited)

 

**Three Months Ended**

**Six Months Ended**

 

**Oct. 31, 2009**
   
**Oct. 31, 2008**

**Oct. 31, 2009**

**Oct. 31, 2008**

 

 
   
 

 

 

 

Net (loss) income per share - basic

$(0.16)
   
$(0.07)

$0.06 

 

$(0.22)

 

 
   
 

 

 

 

Net (loss) income per share - diluted

$(0.16)

 

$(0.07)

$0.06 

 

$(0.22)

 

 

 

 

 

 

 

Shares used in basic per share computation

3,028,065 

 

3,039,967 

3,028,065 

 

3,040,600 

 

 

 

 

 

 

 

Shares used in diluted per share computation

3,028,065 

 

3,039,967 

3,064,681 

 

3,040,600 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)**

** **

 

 

 
   
 

 

 

 

 

 

 
Six Months Ended
 

 

 

**October  31, 2009**
   
** **

** **

** **

**October 31,  2008**

 

 

 
   
 

 

 

         

 

Cash flows from operating  activities:

 

 
   
 

 

 

 

 

  Net income (loss)

   

 

$100,060
   
 

 

 

$(912,162)

 

Adjustments to reconcile net income (loss)  

 

 
   
 

 

 

 

 

  to net cash used in operating activities:

 

 
   
 

 

 

 

 

  Equity in earnings of unconsolidated subsidiaries

 

(428,095)
   
 

 

 

(352,201)

 

  Gain on sales of real estate

 

(549,172)
   
 

 

(303,000)

 

  Gain on sale of marketable securities

 

(235,317)
   
 

 

(285,880)

  Depreciation

 

1,222,808
   
 

 

 

932,958

  Amortization

 

148,799
   
 

 

113,664

  Deferred income taxes

-0-
   
 

-0-

 

  (Gain) loss on derivatives

 

(616,913)
   
 

 

59,325

 

 

 

 
   
 

 

 

 

(Increase) decrease in:

 

 
   
 

 

 

 

 

  Accounts, notes and other receivables, net

 

1,316,633
   
 

 

 

(1,586,001)

 

  Deposits, escrows, prepaid and deferred expenses

 

(1,207,406)
   
 

 

 

(1,069,372)

 

  Cash and cash equivalents – restricted

 

(941,134)
   
 

 

(443,199)

 

 
   
 

 

 

Increase (decrease) in:

 

 
   
 

 

 

 

 

  Accrued liabilities

 

832,903
   
 

 

 

(1,430,049)

 

  Deferred income

 

(25,512)
   
 

 

149,162

 

  Accounts and other payables

(375,133)
   
 

 

4,540,402

 

 

 
   
 

 

 

 

Net cash used in operating activities

 

(757,479)
   
 

 

 

(586,353)

 

 

 
   
 

 

 

Cash flows from investing activities:

 

 
   
 

 

 

 

 

  Distributions from affiliates, net

201,562
   
 

 

 

98,711

 

  (Purchase of) proceeds from sale of marketable  securities, net

 

(48,662)
   
 

 

227,799

 

  Purchase of equipment and tenant improvements

 

(25,800)
   
 

 

 

(69,456)

 

  Proceeds from sale of real estate, net of closing  costs

 

3,750,343
   
 

 

972,444

   Additions to developed properties and properties under construction

 

(463,780)
   
 

 

(14,696,574)

Net cash provided by (used in) investing activities

 

3,413,663
   
 

 

 

(13,467,076)

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidatedfinancial statements.

	7

 

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

** **

**CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS**

(Unaudited)

 

 

**(continued)**

** **

** **

** **

 

 

**Six Months Ended**

 

 

 

**October  31, 2009**
      
** **

**October  31, 2008**

 

 

 
      
 

 

 

Cash flows from financing activities:

 

 

 

 
   
 

 

 

  Noncontrolling distributions from consolidated joint ventures

-0-

 

 
   
 

(17,677)

   Limited partners investment in consolidated joint ventures

374,664

 
   
1,498,138

   Purchase of treasury stock

(315)

 
   
(7,425)

   

 

 
   
 

Proceeds from:

 

 
   
 

 

   Construction loans payable

 

1,125,537

 

 
   
 

13,463,356

 

   Mortgages payable

 

-0-

 

 
   
50,000

 

   Notes payable

 

-0-

 

 
   
 

-0-

 

Principal payments on:

 

 

 

 
   
 

 

 

  Construction loans payable

 

(3,622,607)

 

 
   
(855,787)

 

  Mortgages payable

 

(445,548)

 

 
   
(476,478)

 

  Notes payable

 

(3,035)

 

 
   
 

(3,007)

 

  Advances to related parties and affiliates, net

 

(16,893)

 

 
   
 

(17,315)

 

 

 

 

 
   
 

 

 

Net cash (used in) provided by financing activities

 

(2,588,197)

 

 
   
 

13,633,805 

 

 

 

 

 
   
 

 

 

Net increase (decrease) in cash and cash equivalents

 

67,987

 

 
   
(419,624)

 

 

 

 

 
   
 

 

 

Cash and cash equivalents, beginning of period

 

2,760,342

 

 
   
 

3,403,845

 

 

 

 

 
   
 

 

Cash and cash equivalents, end of period

$2,828,329

 
   
$2,984,221

 

 

 
   
 

Cash paid during the period  for interest

$3,032,328

 
   
$1,544,371

 

Cash paid during the period for income taxes

$28,461

 

 
   
$10,576

 

 

 
   
 

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 ofconsolidated subsidiaries.  All significant intercompany transactions andaccounts have been eliminated in the condensed consolidated financialstatements, including construction revenues and costs of development for theCompany'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 andsix months ended October 31, 2009 are not necessarily indicative of the resultsthat 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.

           	

These accompanying unaudited interim condensedconsolidated financial statements recognize the effects of all subsequentevents that provide additional evidence about conditions that existed atOctober 31, 2009, including the estimates inherent in the process of preparingfinancial statements. We have evaluated such subsequent events through January 13,2010, which is the date the accompanying unaudited interim condensedconsolidated financial statements were issued. 

 

Certain amounts in the statement of cash flows for thesix months ended October 31, 2008 have been reclassified to conform to the currentperiod 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. 

 

 

 

 

 

 

9

 

 

 

 

 

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

 
**1.         Nature of Business andSignificant Accounting Policies (continued):**
 

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.

 

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 the Company’sconsolidated financial statements have been changed to refer to the appropriateASC 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.

 

 

 

 

10

 

 

 

 

 

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

 
**1.         Nature of Business andSignificant Accounting Policies (continued):**
 

Significant Accounting Policies (continued):

 

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.  

 

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).

** **

**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 loss on derivatives of$207,652 for the quarter ended October 31, 2009 and a gain on derivatives forthe six month period ended October 31, 2009 of $616,913.  The aggregate fairvalue of the Company's swap contracts were in an unfavorable position of $2,810,601as of October 31, 2009 and are recorded as a liability in the accompanyingcondensed consolidated balance sheet.

 

**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 in Cranston/BVTAssociates LP which owns a shopping center in Cranston, RI. The Company alsohas a 50% interest in Dover Parkade, LLC which owns a shopping center in Dover Township, NJ.  Although the Company exercises some influence, the Company does notcontrol the operating and financial policies of these partnerships and,therefore, these partnerships are not consolidated.

 

11

 

 

 

 

 

 

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

** **

**3.         Investment in Affiliated Partnerships (continued):**

 

OPERATING RESULTS OFNONCONSOLIDATED 50% OWNED SUBSIDIARIES

 

 

Three Months Ended

October 31

Six Months Ended

October 31

 
 
 
2009

  
2008

  
2009

  
2008

Cranston Parkade, LLC
 
 

  
 

  
 

  
 

      Revenues

$
1,157,809

 
$
1,173,747

 
$
2,403,637

 
$
2,486,074

      Expenses
 
  1,003,649

  
  1,014,943

  
  2,018,423

  
  2,079,013

Net Profit 

$
   154,160

 
$
   158,804

 
$
   385,214

 
$
   407,061

Dover Parkade, LLC
 
 

  
 

  
 

  
 

     Revenues

$
   559,195

 
$
   657,690

 
$
1,119,151

 
$
1,310,057

     Expenses
 
     545,142

  
     508,957

  
  1,051,302

  
  1,016,143

Net Profit 

$
     14,053

 
$
   148,733

 
$
     67,849

 
$
   293,914

 

  

  

  

** **

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 the obligationsof the two partnerships it had not discontinued applying the Equity Methodsince the Company considered itself to be committed to providing financialsupport to the partnerships.  As of October 31, 2009 and April 30, 2009,	$4,830,127 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, 2006. 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 allowances related to deferred tax assets can be impacted by changesto tax laws, changes to statutory tax rates and future taxableincome levels. In the event the Company were to determine that it would not beable to realize all or a portion of its deferred tax assets in the future, itwould reduce such amounts through a charge to income in the period in whichthat determination is made. Conversely, if the Company were to determine thatit would be able to realize its deferred tax assets in the future in excess ofthe 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 October 31, 2009, the Company has concluded thatit is more likely than not that the Company will realize $1,238,000 in deferredtax assets. 

 

 

12

 

 

 

 

 

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

 

**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

$1,605,639

    $            -0-

    $   -0-

Interest  rate swap agreements (negative fair value)

                  -0-

   (2,810,601)

         -0-

      Total

$1,605,639

 $(2,810,601)

    $   -0-

 

*Other Financial Assets and Liabilities*

 

Financial assets with carrying values approximatingfair value include cash and cash equivalents, accounts and notes receivable,and CVS related receivables. Financial liabilities with carrying valuesapproximating fair value include accounts payable, accrued liabilities, CVSrelated payables and long-term debt. The carrying value of these financial assetsand liabilities approximates fair value due to their short maturities or due totheir interest rates approximating current market rates for long-term debt.

 

**6.         Subsequent Events:**

** **

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.

 

 

 

 

 

 

 

13

 

 

 

 

 

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

 

**6.         Subsequent Events(continued):**

                                                                                                                                                         

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 millionfor the 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 recording ofa 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 450 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.      *Reasonable 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.

 

The Company has concluded that (a) 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 falls into the class of *ReasonablyPossible*and should not be recorded as a liability at October 31, 2009.Interest on the 145,719 shares falls into the class of *Probable.* As aresult of the Court’s ruling, the Company has accrued simple interest at 5.77%from September 15, 2005 to October 31, 2009 in the amount of $150,922, which isnet of dividends paid during the period of $14,572. The Company has recordedthe $709,651 obligation to redeem Richard Kaplan’s shares as a reduction ofcapital in excess of par, which will be reclassified to treasury shares uponCompany receipt of the shares.  The Company has recorded $150,922 ofinterest expense during the quarter ended October 31, 2009, which representsthe amount of pre-judgment interest the Company will be required to pay inconnection with the Court’s most recent ruling.  If the Court finds that RichardKaplan owns more than 145,719 shares, this liability will be increased for theobligation to redeem additional shares and pay additional interest. 

 

 

14

 

 

 

 

 

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

** **

**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 October 31, 2009.  Payment ofthe remaining receivable of $7,769,050 depends on the amount of and timing ofthe issuance of the public infrastructure bonds.  Since the receivable isfor 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 thesixth months ended October 31, 2009.  

**                                                                                                                                               **

**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 mostsignificantly impact the VIE’s economic performance and (2) has the obligationto absorb losses of the VIE or the right to receive benefits from the VIE thatcould potentially be significant to the VIE. Also, the guidance requires anongoing reconsideration of the primary beneficiary and amends the events thattrigger a reassessment of whether an entity is a VIE. Enhanced disclosures arealso required to provide information about an enterprise’s involvement in aVIE. This guidance shall be effective as of the beginning of the Company’sfirst annual reporting period that begins after November 15, 2009, for interimperiods within that first annual reporting period and for interim and annualreporting periods thereafter. Earlier application is prohibited. The Company iscurrently evaluating the impact of this new guidance.

 

 

 

 

 

 

 

15

 

 

 

 

 

 

**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 ofreal estate during the three and six month periods ended October 31, 2009 were solelyfrom the sale of the Company’s leasehold interests in and improvements made to TriangleCenter in Bangor, Maine.  The sale of real estate in the three and six monthsperiod ended October 31, 2008 were solely from the sale of an outparcel inEdinburg, Texas.

 

Increasesin rental income are almost exclusively from stores which opened in Edinburg, Texas subsequent to October 31, 2008.

 

Duringthe three and six month periods ended October 31, 2009, service incomeincreased by approximately $556,000 and $1,784,000 from the three and six monthperiods ended October 31, 2008.  This increase was almost exclusively from ourCVS Pharmacy business.

 

Increasesin rental expenses are almost exclusively from the shopping center in Edinburg, Texas, which had minimal expenses for the periods ended October 31, 2008.  Thelargest increases specifically related to real estate taxes and depreciation. Due to the current low level of construction, the Company has been expensingall the real estate taxes, including those related to parcels that arecurrently not being worked on.

 

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

 

 

 

16

 

 

 

 

 

 

**Item 2.**           	**MANAGEMENT****'****S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION	                         AND RESULTS OF OPERATIONS (continued):
 

Resultsof Operations (continued):

 

For the three and six month periods ended October 31,2009, $711,000 and $1,409,000, respectively, was charged to interest expense onconstruction loans related to the Edinburg, Texas shopping center.Approximately $301,000 and $587,000 of interest during these periods isattributable to interest on construction loans for additional phases of constructionpertaining to expansion of the shopping center. The interest is currently beingexpensed due to the current low level of construction activity which isattributable to the current challenge of securing tenants. In addition,interest expense for the three and six months ended October 31, 2009 includes $150,922for pre-judgment interest relating to the Kaplan matter.

 

CapitalResources and Liquidity

 

TheCompany ended the period with approximately $2,828,000 of unrestricted cash andcash equivalents. Unrestricted cash and cash equivalents includes approximately$2,141,000 belonging to less than wholly-owned consolidated partnerships (CPAssociates $1,272,000, and Rockland Place LP $869,000). Funds received from CVSPharmacy which are to be paid out in connection with CVS development projectsamounted to approximately $1,812,000 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).  The Company has recently learned that CareerEducation has announced that Sanford Brown College (another subsidiary ofCareer Education) will open in the Gibbs facility. The members of CPAssociates, LLC have earmarked cash and marketable securities with a balance ofapproximately $1,375,000 as of October 31, 2009 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 accumulated fund 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, Subsequent Events.

 

Thefollowing schedule outlines our long-term obligations at October 31, 2009 (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

$112,887,410

$1,097,869

$36,219,825

$3,222,582

$72,347,134

 

 

 

 

 

 

Short-Term  Debt

230,000

230,000

 

 

 

 

 

 

 

 

 

Stock Repurchase (including  accrued interest)

860,573

860,573

 

 

 

 

 

 

 

 

 

Purchase  Obligations

98,000

98,000

 

 

 

 

 

 

 

 

 

Total  

$114,075,983

$2,286,442

$36,219,825

$3,222,582

$72,347,134

 

 

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

 

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

17

 

 

 

 

 

 

**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 that informationrequired to be disclosed in our Exchange Act reports is recorded, processed,summarized and reported within the time periods specified in the Securities andExchange Commission rules and forms, and that such information is accumulatedand communicated to our management, including our President and Treasurer, asappropriate, to allow timely decisions regarding required disclosure. Weconducted an evaluation (the “Evaluation”), under the supervision and with theparticipation of our President and Treasurer, of the effectiveness of thedesign and operation of our disclosure controls and procedures (“DisclosureControls”) as of the end of the period covered by this report pursuant to Rule13a-15b of the Exchange Act. Based on this Evaluation, our President andTreasurer concluded that because of weaknesses in our control environment, ourDisclosure Controls were not fully effective as of the end of the periodcovered by this report. Notwithstanding weaknesses in our control environment,as of October 31, 2009, we believe that the condensed consolidated financialstatements contained in this report present fairly the Company’s financialcondition, results of operations and cash flows for the periods presented.

 

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.

 

18

 

 

 

 

 

 

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. The Courtalso appointed the Special Master to determine the number of shares Kaplanowns. 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.             SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS**

 

(a)   The annual meeting of The Companywas held on November 10, 2009.

 

(b)   Elected as Directors:       NeilH. Ellis, David Harding and Stuart Greenwald

(c) 

Director

Votes For

Votes Withheld

Abstention

Ellis

2,253,689

454,922

None

Harding

2,115,286

493,335

None

Greenwald

2,253,689

454,922

None

 

 

 

 

**Item 5.             OTHER INFORMATION**

** **

None

**Item 6.             EXHIBITS**

 

a)         Exhibits:

 

Exhibit 31.1      Certificationof Chief Executive Officer, pursuant to Rule 13a-14(c) under the SecuritiesExchange Act of 1934.

 

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

 

Exhibit 32.1      Certificationof Chief Executive Officer, pursuant to 18 U.S.C. Section 1350.

 

Exhibit 32.2      Certificationof Chief Financial Officer, pursuant to 18 U.S.C. Section 1350.
	19

 

 

 
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
January 13, 2010
		______________________________
Date
Neil H. Ellis B President and 
 
Chief Executive Officer
 
 
 
/s/ Stuart I. Greenwald
January 13, 2010
		______________________________
Date
Stuart I. Greenwald B Treasurer 
 
and Chief Financial Officer
 

 
   ** |
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