**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, 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 January 31, 2007.

or

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

** **

For the transition periodfrom _______________________________________ to__________________________________________

Commission File Number: 0-8862                                                                                                                                                                                      

                                                                                                    **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's telephone number, including area code)

                                                                                                                                N/A                                                                                                                                      (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 theSecurities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.

 xYes   o   No    

            Indicate by check mark whether the registrantis a large accelerated filer, an accelerated filer, or a non-acceleratedfiler.  See definition of "accelerated filer and large acceleratedfiler" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o                                   Acceleratedfiler o                                            Non-accelerated filerx

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act).

                                                                                                                                                           oYes   xNo

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.

3,046,267as of March 15, 2007

----

 

**FIRST HARTFORD CORPORATION ANDSUBSIDARIES**

**INDEX**

| **PART I.    ** | **FINANCIALINFORMATION  **                                                | **PAGE** |
|-------------------------------------|-------------------------------------------------------------------------------------|----------|
|                                |                                                                                |     |   |
| Item 1.                             | Financial Statements                                                                |     |  |
|                                     |                                                                                |     |  |
|                                     | Condensed Consolidated  Balance Sheets -                                            |     |  |
|                                     |      January 31, 2007 (unaudited)  and April 30, 2006 (audited) |     | 3 - 4 |
|                                     |                                                                                |     |  |
|                                     | Condensed Consolidated  Statements of Operations                                    |     |  |
|                                     |      For the Three and Nine  Months                             |     |   |
|                                     |      Ended January 31, 2007 and  2006 (unaudited)               |     | 5 |
|                                     |                                                                                |     |  |
|                                     | Condensed Consolidated  Statements of Cash Flows                                    |     |  |
|                                     |      For the Nine Months                                        |     |   |
|                                     |      Ended January 31, 2007 and  2006 (unaudited)               |     | 6 - 7 |
|                                     |                                                                                |     |  |
|                                     | Notes to Condensed  Consolidated Financial Statements                               |     | 8 - 11 |
|                                     |                                                                                     |     |  |
| Item 2.                             | Management's Discussion and  Analysisof Financial Condition                         |     | 11 - 14 |
|                                     |      And Results of Operations                                  |     |  |
|                                     |                                                                                |     |  |
| Item 3.                             | Quantitative and  Qualitative Disclosures About Market Risk                         |     |  14 |
|                                     |                                                                                |     |  |
| Item 4.                             | Controls and Procedures                                                             |     | 15 |
|                                     |                                                                                |     |  |
| Item 4T                             | Controls and Procedures                                                             |     | 15 |
|                                     |                                                                                |          |  |
| **PART II**                         | **OTHER INFORMATION**                                                               |          |  |
|                                     |                                                                                |          |  |
| Item 1.                             | Legal Proceedings                                                                   |     | 16 |
|                                     |                                                                                |          |  |
| Item 1A                             | Risk Factors                                                                        |          | 16 |
|                                     |                                                                                |          |  |
| Item 2.                             | Unregistered Sales of  Equity Securities and Use of Proceeds                        |     | 16 |
|                                     |                                                                                |     |  |
| Item 3.                             | Defaults Upon Senior  Securities                                                    |     | 16 |
|                                     |                                                                                |     |  |
| Item 4.                             | Submission of Matters to a  Vote Of Security Holders                                |     | 16 |
|                                     |                                                                                |     |  |
| Item 5.                             | Other Information                                                                   |     | 16 |
|                                     |                                                                                |     |  |
| Item 6.                             | Exhibits                                                                            |     | 16-17 |
|                                     |                                                                                |     |  |
|                                     | Signatures                                                                          |     | 18 |
|                                     |                                                                                |     |  |
|                                     | Exhibits                                                                            |     | 19-24 |

(2)

----

 

**PART I.          FINANCIAL INFORMATION**

**ITEM 1.          FINANCIAL STATEMENTS**

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**ASSETS**

|                                                                                                                                                              |                              | **  January 31, 2007**                  |                   | **      	April 30, 2006** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|----------------------------------------------|------------------------|---------------------------------------------------------|
|                                                                                                                                                              |                              | (unaudited)                                  |                   | (audited)                                               |
| Real estate and    equipment:                                                                                                                                |                              |                                              |                   |                                                         |
|    Developed properties                                                                                                                            |                              | $33,565,172                                  |                   |    $33,574,457                                |
|     Equipment and leasehold    improvements                                                                                                   |                              |        421,424 |                   |         377,433      |
|                                                                                                                                                              |                              | 33,986,596                                   |                   | 33,951,890                                              |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
|  Less: accumulated    depreciation and amortization                                                                                                     |                              |   4,081,546                             |                   |   3,431,767                                        |
|                                                                                                                                                              |                              | 29,905,050                                   |                   | 30,520,123                                              |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
|  Property under    construction                                                                                                                         |                              | 15,280,930                                   |                   | 3,399,520                                               |
|                                                                                                                                                              |                              | 45,185,980                                   |                   | 33,919,643                                              |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
| Cash and cash equivalents                                                                                                                                    |                              | 5,325,633                                    |                   | 5,144,743                                               |
|                                                                                                                                                              |                              |
| Investment in marketable    securities                                                                                                                       |                              | 3,649,510                                    |                   | 2,520,014                                               |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
| Accounts and notes    receivable, less allowance	for doubtful accounts of    $14,000 and $30,000	as of January 31, 2007    and April 30, 2006, respectively. |                              | 1,350,945                                    |                   | 537,561                                                 |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
| Deposits, escrows,    prepaid and deferred expenses, net                                                                                                     | 4,108,454                    |                                         | 4,343,168              |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
| Investment in affiliates                                                                                                                                     |                              | 9,665                                        |                   | 9,665                                                   |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
| Due from related parties    and affiliates                                                                                                                   |                              | 433,217                                      |                   | 344,228                                                 |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
| Derivative instruments -    swap agreements                                                                                                                  |                              | 263,295                                      |                   | 675,292                                                 |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
| Deferred tax assets, net    of valuation allowance of $464,000                                                                                               |     1,647,000 |                                         |    1,854,000 |
|                                                                                                                                                              |                              |                                              |                   |                                                         |
|                                                                                                                                                              |                              | $61,973,699                                  |                   | $49,348,314                                             |

 

The accompanying notes are an integral part of thesecondensed consolidated financial statements

(3)

----

 

FIRST HARTFORD CORPORATION AND SUBSIDIARIES 

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(continued)**

 

 

| **LIABILITIES AND SHAREHOLDERS' DEFICIENCY**                                                                                     |
|----------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                  |  |  |   |  |
|                                                                                                                                  |  | **January 31, 2007** |   | **April 30, 2006** |
| Liabilities:                                                                                                                     |  | (unaudited) |   | (audited) |
| Mortgages and notes  payable:                                                                                                    |  |  |   |  |
|      Construction loan  payable                                                                              |  | $0 |   | $663,635 |
|      Mortgage payable                                                                                        |  | 52,970,922 |   | 40,102,741 |
|                                                                                                                                  |  | 52,970,922 |   | 40,766,376 |
|                                                                                                                                  |  |  |   |  |
| Accounts payable                                                                                                                 |  | 2,478,728 |   | 1,449,628 |
| Accrued liabilities                                                                                                              |  | 412,197 |   | 1,725,213 |
| Deferred income                                                                                                                  |  | 335,670 |   | 566,515 |
| Other liabilities                                                                                                                |  | 5,766,929 |   | 5,647,434 |
| Due to related parties and  affiliates                                                                                           |  | 71,916 |   | 67,795 |
|                                                                                                                                  |  | 62,036,362 |   | 50,222,961 |
|                                                                                                                                  |  |  |   |  |
| Minority interest                                                                                                                |  | 64,402 |   | 0 |
|                                                                                                                                  |  |  |   |  |
| Shareholders' Deficiency:                                                                                                        |  |  |   |  |
| Preferred stock, $1 par  value; $.50 cumulative and convertible;                                                                 |  |
|  authorized 4,000,000  shares; issued and outstanding - None.                                                               |  | 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                                                                                                         |  | 5,056,111 |   | 5,056,111 |
| Deficit                                                                                                                          |  | (6,469,359) |   | (7,216,965) |
|                                                                                                                                  |  | 1,885,361 |   | 1,137,755 |
| Less: 252,342 and 252,330  shares of common stock held in 	Treasury; at cost, January  31, 2007 and April 30, 2006, respectively |  | 2,012,426 |   | 2,012,402 |
|                                                                                                                                  |  | (127,065) |   | (874,647) |
|                                                                                                                                  |  |   |   |   |
|                                                                                                                                  |  | $61,973,699 |   | $49,348,314 |

 

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

(4)

----

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

             (Unaudited)

 

|   | **Three Months Ended**   
**Nine Months Ended**
**Jan. 31, 2007**
   
**   Jan. 31, 2006**
   
**Jan. 31, 2007**
   
**Jan. 31, 2006**

Revenues:
   
          (restated)
      
       (restated)

     Rental income

$1,672,229
   
$1,332,787
   
$4,462,017
   
$4,205,009

     Construction income

1,727,157
   
0
   
1,727,157
   
0

     Service income

204,041
   
214,379
   
613,989
   
930,369

     Sale of real estate

2,327,741
   
0
   
3,798,376
   
0

     Other

183,753
   
33,284
   
335,851
   
81,966

** **

6,114,921
   
1,580,450
   
10,937,390
   
5,217,344

Operating cost and expenses:
         
     Rental expenses

   729,361
   
   620,511
   
1,985,342
   
1,975,091

     Construction expense

1,605,308
   
0
   
1,605,308
   
0

     Service expenses

71,520
   
109,621
   
291,043
   
450,174

    Cost of sales, real  estate

625,844
   
0
   
1,005,737
   
0

     Selling, general and  administrative

1,363,035
   
1,101,843
   
3,368,496
   
2,884,222

4,395,068
   
1,831,975
   
8,255,926
   
5,309,487
         
Income (loss) from  operations

1,719,853
   
(251,525)
   
2,681,464
   
(92,143)

Non-operating income  (expense):
         
     Interest expense

(429,995)
   
(464,858)
   
(1,394,552)
   
(1,431,890)

     Non recurring items

0
   
0
   
0
   
(101,500)

     Gain (loss) on  derivatives

345,676
   
(159,552)
   
(411,997)
   
(235,011)

(84,319)
   
(624,410)
   
(1,806,549) 
   
(1,768,401)
         
Income (loss) before income  taxes

1,635,534
   
(875,935)
   
874,915
   
(1,860,544)

Provision for (benefit  from) income taxes

237,042
   
23,086
   
266,621
   
(1,001,189)
         
Income (loss) before  minority interest and equity in

   unconsolidated  subsidiaries

1,398,492
   
(899,021)
   
608,294
   
(859,355)
         
Minority interest in income  of consolidated joint ventures

(64,402)
   
(200,000)
   
(64,402)
   
(250,000)

Equity in earnings (losses)  of unconsolidated subsidiaries

113,418
   
109,494
   
508,612
   
(2,299,260)
         
Net income (loss)

$1,447,508
   
($989,527)
   
$1,052,504
   
($3,408,615)
         
Net income (loss) per share - basic

0.47
   
(0.32)
   
0.34
   
(1.11)

Net income (loss per share) - diluted

0.45
   
(0.32)
   
0.33
   
(1.11)

Weighted average shares - basic

3,065,682
   
3,046,279
   
3,065,682
   
3,065,682

Weighted average shares - diluted

3,187,775
   
3,046,279
   
3,184,103
   
3,065,682

 

 

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

 

(5)
****
 

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**Nine Months Ended**

**January 31, 2007**

 

**January 31, 2006**

      (restated)  	

Cash flows from operating  activities:

 Net income (loss)

$1,052,504

($3,408,615)

Adjustments to reconcile  net income (loss) to net cash

    (used in) provided by  operating activities:

   Equity in (earnings)  losses of unconsolidated subsidiaries

(508,612)

2,299,260

   Minority interest in  income of consolidated joint ventures

64,402

250,000

   Gain on sale of real  estate

(2,792,639)

0

 Depreciation

649,779

637,436

 Amortization

166,310

159,672 

 Deferred income taxes

207,000

(1,030,000)

 Amortization of unearned  stock compensation

0

121,875

 Loss on derivatives

411,997

235,011

(Increase) decrease in:

 Accounts and notes  receivables, net

(813,384)

169,997

 Deposits, escrows,  prepaid and deferred expenses

68,404

(585,736)

Increase (decrease) in:

 Accrued liabilities

(1,313,016)

(240,477)

 Deferred income

(230,845)

72,729

 Accounts payable

1,029,100

 

1,374,126

Net cash (used in) provided  by operating activities

(2,009,000)

55,278

Cash flows from investing  activities:

 Distributions from  affiliates, net

628,107

2,633,838

 Investments in marketable  securities

(1,129,496)

(18,284)

 Purchase of equipment and  leasehold improvements

(43,991)

(48,054)

 Proceeds from sale of  real estate

3,774,807

0

 Additions to developed  properties and properties under construction

(12,854,293)

(14,581,360)

 

 

Net cash used in investing  activities

(9,624,866)

(12,013,860)

 

The accompanying notesare an integral part of these consolidated financial statements

(6)

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(continued)**

**Nine Months Ended**

**January 31, 2007**

 

**January 31, 2006**

   (restated)  	

Cash flows from financing  activities:

   Minority distributions  from consolidated joint ventures

0

(250,000)

   Purchase of treasury  stock

(24)

(93,582)

   Dividend paid

(304,898)

0

Proceeds from:

 Construction loan payable

9,436,365

13,090,507

 Mortgage payable

3,009,846

213,574

Principal payments on:

 Mortgage payable

(241,665)

(215,153)

 Notes payable

0

(2,082,130)

 Advances to related  parties and affiliates, net

(84,868)

 

(113,742)

Net cash provided by  financing activities

11,814,756

 

10,549,474 

Net increase (decrease) in  cash and cash equivalents

180,890

(1,409,108)

Cash and cash equivalents,  beginning of period

5,144,743

 

2,367,434

Cash and cash equivalents,  end of period

$5,325,633

 

$958,326

**                                                              **

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

(7)
****
**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1.            Nature of Business andSignificant Accounting 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 10Q and Rule 10-01 of Regulation S-X. Accordingly, they donot include all of the information and footnotes required by generally acceptedaccounting principles for complete financial statements. In the opinion ofmanagement, all adjustments (consisting of normal recurring accruals andadjustments to previously established loss provisions) considered necessary fora fair presentation have been included. Operating results for the three andnine months ended January 31, 2007 are not necessarily indicative of theresults that may be expected for the year ending April 30, 2007. For furtherinformation, refer to the consolidated financial statements and footnotesthereto included in the Company's annual report on Form 10-K for the fiscalyear ended April 30, 2006.

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.

Certain reclassifications have been made to the priorperiod information to conform to the current period presentation.  In addition,as disclosed in Note 17 to the consolidated financial statements included inthe Company's Annual Report on Form 10K for the year ended April 30, 2006,results for the three and nine month periods ended January 31, 2006 have beenrestated to properly account for minority interest.

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 10K forthe year ended April 30, 2006, except as discussed in Note 5.

(8)
****
 

**FIRST HARTFORD CORPORATION ANDSUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

**1.            Natureof Business and Significant Accounting Policies (continued): **

Income (Loss) Per Share** **

Basic income (loss) per share is computed by dividingthe net income (loss) attributable to the common stockholders (the numerator)by the weighted average number of shares of common stock outstanding (thedenominator) during the reporting periods.  Diluted income (loss) per share iscomputed by increasing the denominator by the weighted average number ofadditional shares that could have been outstanding from securities convertibleinto common stock, such as stock options and warrants (using the "treasurystock" method).

**2.            Fair Value ofDerivative Instruments**

In the normal course of business, the Company isexposed to the effects of interest rate changes.  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. In accordancewith SFAS No. 133, "Accounting for Derivative Instruments and HedgingActivities", since the Company's interest rate swaps have not been designatedas a hedge they must be recognized as an asset or liability and adjusted tofair value through income in the current period.

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 new mortgage rate is fixed at 6.11% andhas a 25-year amortization starting in June 2007. The mortgage will have aballoon payment on June 10, 2015.  To obtain this refinancing the Companyentered into a swap contract with the bank. 

In January 2006 a construction loan and mortgage wasconsummated with the above lender for a Police Station to be built for andleased to the City of Cranston, R.I.  The lease contains a bargain purchaseoption which will require that it be accounted for as a capital lease.  Theconstruction loan is based on the 30 day LIBOR rate plus 1.25% and effectivelyconverted to a 24 1⁄2 year self liquidating mortgage starting January 1, 2007. The Company has entered into a swap contract with the bank which effectivelyconverts the mortgage to a fixed rate of 6.41%.

The Company recognized a gain of $345,676 onderivatives in the current quarter.  The aggregate fair value of the Company'sswap contracts were in a favorable position of approximately $263,000 as ofJanuary 31, 2007 and are recorded as an asset in the accompanying condensedconsolidated balance sheet.

**3.            Investment In 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 theCompany'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 are carried at cost and are subsequently adjusted for the Company'sproportionate share of their undistributed earnings or losses, and anydistributions (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 DoverTownship, NJ.  Although the Company exercises some influence, the Company doesnot control the operating and financial policies of these partnerships and,therefore, these partnership are not consolidated.

(9)
****
 

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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

OPERATING RESULTS OF NONCONSOLIDATED 50% OWNEDSUBSIDIARIES

Three Months Ended	January 31

Nine Months Ended	January 31

Cranston Parkade, LLC

           2007

            	2006

         	2007

          	2006

Revenues

$1,067,999

$1,479,058

$3,701,663

$  3,851,743

Expenses

977,822

1,209,670

3,119,335

3,277,079

Loss on early retirement of  debt

               0

              0

              0  	

2,268,803

Net Profit (Loss)

$     90,177

$   269,388

$   582,328	

$(1,694,139)
      
Dover Parkade, LLC

Revenues

$646,733

$716,142

$1,938,255

$  1,919,962

Expenses

507,307

620,790

1,520,035

1,536,518

Loss on early retirement  debt

             0

            0

               0

3,075,163

Net Profit (Loss)

$139,426

$  95,352

$  418,220

$(2,691,719)

These investments are recorded at cost and have beensubsequently adjusted for gains, losses and distributions such that thecarrying value is less than zero.  Although the Company is not liable for theobligations of the two partnerships it has not discontinued applying the EquityMethod since the Company considers itself to be committed to providingfinancial support to the partnerships.  As of January 31, 2007 and April 30, 2006,$5,646,017 and $5,528,843, respectively, is included in other liabilities inthe consolidated balance sheets representing the carrying value of theseinvestments.

**4.            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 carry forwards.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 were 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 January 31, 2007, the Company has concluded thatit is more likely than not that the Company will realize $1,647,000 in deferredtax assets. Accordingly, the Company has recognized a deferred tax provision of$207,000 for the nine months ended January 31, 2007.

**5.            StockBased Compensation**

Effective May 1, 2006, the Company adopted theprovisions of Statement of Financial Accounting Standards No. 123R, ("SFAS123R") "Share-Based Payment," which establishes accounting forequity instruments exchanged for employee services.  Under the provisions ofSFAS No. 123R, share-based compensation cost is measured at the grant date,based on the calculated fair value of the award, and is recognized as anexpense over the employee's requisite service period (generally the vestingperiod of the equity grant).  Prior to May 1, 2006, the Company accounted forshare-based compensation to employees in accordance with Accounting PrinciplesBoard Opinion ("APB") No. 25, "Accounting for Stock Issued 

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****
 

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**5.            StockBased Compensation (continued):**

to Employees," and related interpretations.  TheCompany also followed the disclosure requirements of SFAS No. 123,"Accounting for Stock-Based Compensation", as amended by SFAS No.148, "Accounting for Stock-Based Compensation-Transition andDisclosure".  The Company elected to adopt the modified prospectivetransition method as provided by SFAS No. 123R and, accordingly, financialstatement amounts for the prior periods presented in this Form 10-Q have notbeen restated to reflect the fair value method of expensing share-basedcompensation.  Under this method of adoption, the Company has recordedcompensation cost for all share-based payments granted after the date ofadoption based on the grant date fair value estimated in accordance with theprovisions of SFAS No. 123R and for the unvested portion of all share-basedpayments previously granted that remain outstanding which were based on thegrant date fair value estimated in accordance with the original provisions ofSFAS No. 123.  The Company expenses its share-based compensation under thestraight-line method.

On February 11, 2004 the Company adopted a stockoption plan providing for the grant of up to 1,000,000 shares.  The Companygranted 250,000 shares to five employees, two of whom are directors.  Theoptions, which had a two year vesting period and are now fully vested, weregranted at $1.10 per share.  The right to exercise the options expires February11, 2014.  The options include a "put option" that requires theCompany to purchase the exercised shares for $1.30 in excess of the grantprice.  The cost of the deferred stock compensation of $325,000 was expensed inprior fiscal years.

During the three and nine months ended January 31,2007, no options were granted or exercised and no compensation expense has beenrecognized.  The aggregate intrinsic value of outstanding options as of January31, 2007 was approximately $325,000.

**Item 2.           ** **MANAGEMENT'S DISCUSSION AND ANALYSISOF FINANCIAL                        CONDITION AND 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 constitutes "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 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 

(11)
****
 

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

Critical Accounting Policies (continued):

requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and the disclosure of contingent assets andliabilities as of the date of the financial statements and the reported amountsof revenues and expenses for the reporting period.  Actual results could differfrom those estimates.

The discussion included in Item7 of our Annual Report on Form 10-K for the year ended April 30, 2006 under thesubheading "Critical Accounting Policies and Estimates" is stillconsidered current and applicable, and is hereby incorporated into thisQuarterly Report on Form 10-Q.

Restatement

Aspreviously reported in Note 17 to the consolidated financial statementsincluded in the Company's Annual Report on Form 10-K for the year ended April30, 2006, results for the three and nine months ended January 31, 2006 havebeen restated as follows:

Three Months Ended	January 31, 2006

Nine Months Ended	January 31, 2006

(in thousands, except per share data)

Previously	Reported

Restated

Previously	Reported

Restated

Minority Interest 

$  24

$(200)

$    (0)

   $(250)

Net Loss

   (765)

  (989)

(3,158)

  (3,408)

Net (loss) per share  basic and diluted

    (.25)

  (.32)

  (1.03)

   	(1.11)

Results ofOperations

For the three months ended January 31, 2007, the Company had a profit ofapproximately $1,447,000 compared to a loss of approximately $990,000 for thethree months ended January 31, 2006.  For the nine months ended January 31,2007, the Company had a profit of approximately $1,052,000 compared to a lossof approximately $3,408,000 and included the following items. 

Three Months

Ended 01/31/07

Three Months

Ended 01/31/06

Nine Months

Ended 01/31/07

Nine Months

Ended 01/31/06

Loss from early retirement  of debt 

(non consolidated  affiliate)

$         0

$         0

$          0

($2,671,983)

Gain (loss) on derivatives

(consolidated affiliates)

 345,676

(159,552)

    (411,997)

       (235,011)

Loss from early retirement  of debt

(consolidated affiliates)

            0

           0

              0

     (101,500)

$345,676

($159,552)

($411,997)

($3,008,494)

Less deferred income tax on  above

            0

             0

              0

    890,000

$345,676

($159,552)

($411,997)

($2,118,494)

Excludingthe net effects of the above items, the three and nine months ended January 31,2007 would show net income of approximately $1,102,000 and $1,464,000,respectively.  The three and nine month periods ended January 31, 2006 wouldshow net losses of $830,000 and $1,290,000, respectively.

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****
**Item 2.           **           **MANAGEMENT'S DISCUSSION AND ANALYSISOF FINANCIAL**

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

Results ofOperations (continued):

Duringthe three months ended January 31, 2007 the Company recorded an additional saledue to rental and construction achievements on 20,000 SF of the Bangor ParkadeShopping Center.  For the three and nine months such sales amounted to$2,327,741 and $3,798,376 respectively.  Costs for the periods were $625,844and $1,005,737 respectively.  There is approximately 4,200 SF left to rent bySeptember, which is the conclusion of the earn-out period related to the sale.

Other highlights in theConsolidated Statement of Operations for the three and nine months endedJanuary 31, 2007 and 2006:
-  Rental income has increased	due to additional stores opening and paying rent in the North Adams Shopping	Center.
-  Construction income resulting	from a construction contract of approximately $9,300,000 for renovations of	a 204 unit apartment complex in Rockland, Mass.
-  Service income (mainly fee	income from the Company's CVS Pharmacy business) is down in excess of	$300,000 for the nine months ended January 31, 2007 but is expected to	increase in the near term.
-  Increase in other revenues in	the three and nine month period is mainly due to interest on invested cash. 
-  Selling general and	administrative for the three and nine months ended January 31, 2007 and 2006	were burdened with legal costs related to two suits.

      1.     The Company is the Plaintiffin a lawsuit in Texas against Simon Property Group claiming tortiousinterference with contract and/or prospective contracts.  The suit seeksdamages and concerns a shopping center that the Company is going to build inEdinburg, Texas.  The legal costs were $333,000 all of which were incurred inthe three months ended January 31, 2007.

2.    The Company continues to be adefendant in a dissident shareholder suit (Kaplan lawsuit).  For the three andnine months ended January 31, 2007, the Company incurred legal costs for thissuit of $109,000 and $454,000, respectively, compared to approximately $110,000and $205,000, respectively, for the three and nine months ended January 31,2006.

**CapitalResources and Liquidity**

The Company is completing construction of the PoliceStation in Cranston, RI, which will be available for occupancy in April of thisyear.  Rent will start at that time plus the partnership will receive a paymentof $1,500,000 six months thereafter.  The Company expects that those funds willhave to be used to cover construction costs in excess of estimates.

Of the cash and marketable securities on hand,approximately $1,400,000 has been drawn from the lender on the above propertyand will be used to pay the remaining construction costs.

On March 6, 2007 the Company purchased a 70 acre parcelof property in Edinburg, Texas for $10,260,000.  This property, plus anadditional 40 acres which are under option to be purchased during 2007, will beused for a new multi-use shopping center to be known as The Shoppes at RioGrande Valley. The project, scheduled to be built in phases during 2007-2010,could contain up to 1,000,000 square feet of retail space.

** **(13)
****
**Item 2.           **           **MANAGEMENT'S DISCUSSION AND ANALYSISOF FINANCIAL**

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

Capital Resources and Liquidity(continued):

A loan of $7,100,000 wasprovided by UBS Real Estate Securities, Inc. to purchase the land with interestcalculated at 30 day LIBOR plus 3.5%.  The balance of the purchase price waspaid from cash on hand.

The Company has adequate cashinvestments and available credit to complete its current construction projects.

Long Term ObligationSchedule as of January 31, 2007:

Contractual Obligations

Total

Less Than	One Year

1-3 Years

3-5 Years

More Than	5 Years

Long Term Debt

$52,970,922

$    686,268

$1,943,504

$2,121,331

$48,219,819

Purchase Obligations

    3,446,000

   3,446,000

                0

               0

                  0

Tenant Allowance

         76,000

        76,000

                0

               0

                  0

Total

$56,492,922

$ 4,208,268

$1,943,504

$2,121,331

$48,219,819

Although we are wary of thepossibilities of rising interest rates, problems with major tenants, and majorconstruction cost overruns, we feel our liquidity and capital resources arepresently adequate to meet our needs.

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

As described below, interestrate risk related to its notes payable and long-term debt is the primary sourceof financial market risk to the Company.

Qualitative

InterestRate Risk: Changes in interest rates can potentially impact the Company'sprofitability and its ability to realize assets and satisfy liabilities. Interest rate risk is present primarily in the Company's borrowings, some ofwhich have variable interest rates.  The Company limits its exposure with theuse of interest rate swaps.  To mitigate the exposure to unexpected changes ininterest rates, interest rate swaps are used primarily to fix rates in order tohedge against rate movements on some of the Company's debt.

Quantitative

** **

Maturing less than one year

Maturing greater		than one year

Revolving line of credit  and Long-term debt

         Amount

$686,268

    $52,968,528

          Weighted average  interest rate

          5.92%

          5.85%

** **

Included in the above isvariable rate long-term debt of $11,337,886 and $10,085,528 for which theCompany has a Swap Agreement with its bank, which fixes the interest rate at6.11% and 6.41%, respectively.

** **

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** **
** Item 4.                       CONTROLSAND PROCEDURES**

**Disclosure Controls andProcedures**

Pursuantto Rule 13a-15(b) of the Exchange Act, the Company has evaluated the operatingeffectiveness of our disclosure controls and procedures as of January 31,2007.  This was done under the supervision and with the participation ofmanagement.  Based on this evaluation, the Company concluded that because ofpossible weaknesses in our internal controls over financial reporting, ourdisclosure controls on procedures as defined in Rule 13a-15(e) may not beeffective enough to qualify under the new guidelines.  The Company does notmaintain effective controls over the financial reporting process to ensure theaccurate preparation and review of its consolidated financial statements. The2005 restatement and audit adjustments recorded in 2006 are indicative of alack of effective controls over the application of generally acceptedaccounting principles commensurate with the Company's financial reportingrequirements. Further, the Company does not have effective controls over theprocess for identifying and accumulating all required supporting information toensure the completeness and accuracy of its consolidated financial statements.Management intends to engage in remediation efforts to address the materialweaknesses identified in our disclosure controls and procedures and to improveand strengthen our overall control environment. Notwithstanding weaknesses inour internal control over financial reporting as of January 31, 2007, webelieve that the consolidated financial statements contained in this reportpresent fairly our financial condition, results of our operations and cashflows for the fiscal years covered thereby in all material respects inaccordance with accounting principles generally accepted in the United States. 

**Internal Control overFinancial Reporting**

Therehave not been any changes in the Company's internal control over financialreporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under theExchange Act) during the period to which this report relates that havematerially affected, or are reasonably likely to materially affect, theCompany's internal control over financial reporting.

**Item4T.          CONTROLS AND PROCEDURES**

**NotApplicable**

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****
 

**FIRST HARTFORDCORPORATION AND SUBSIDIARIES**

**PART II         OTHER INFORMATION**

**Item 1.              LEGALPROCEEDINGS**

There have not been anymaterial developments in the legal proceedings we described in our AnnualReport on Form 10-K for the year ended April 30, 2006.  The court inMassachusetts has not ruled on attorney's fees and expenses and the Company isnot sure whether the court is still considering the matter or not.  A trial onthe Maine Shareholder Lawsuit was recently concluded and we are now awaitingfor the court's decision.

**Item 1A.         RISKFACTORS**

The discussion included inItem 1A of our Annual Report on Form 10-K for the year ended April 30, 2006under the heading "Risk Factors" is still considered current andapplicable, and is hereby incorporated into this Quarterly Report on Form10-Q.  

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

(a)               Not Applicable.

(b)               Not Applicable.

(c)               Not Applicable.

**Item 3.            DEFAULTSUPON SENIOR SECURITIES**

(a)               Not Applicable.

(b)               Not Applicable.  

**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**

**                       **None

**Item 6.            EXHIBITS**

                        a)         Exhibits:

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

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

 

 (16)
****
 

**FIRST HARTFORDCORPORATION AND SUBSIDIARIES**

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

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.

 

 

 

 

 

 

 

                                                                                                        (17)
****
 

**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.

 
      **First Hartford  Corporation**      (Registrant)      /s/ Neil H. Ellis              	March 22, 2007   
______________________________

                       Date
   Neil H. Ellis - President  and 
 
   Chief Executive Officer   
 
   /s/ Stuart I. Greenwald              	March 22, 2007   
______________________________

                       Date
   Stuart I. Greenwald -  Treasurer 	and Chief Financial Officer      
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