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 October 31, 2007.

 

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

** **

For the transition periodfrom ____________________ to____________________

 

Commission File Number:_____________________________________________

 

                                             **         FirstHartford Corporation **                                                  (Exact name of registrant as specified in its charter)

 

| Maine                                                            |                | 01-0185800                          |
|------------------------------------------------------------------|--------------------------|-------------------------------------|
| (State or other jurisdiction of			incorporation or organization) |                     | (I.R.S.Employer Identification No.) |
|                                                             |                     |                                |
| 149 Colonial Road    Manchester, CT               |      | 06045-1270                          |
| (Address of principal executive			offices)                       |                     | (Zip Code)                          |

                                                                                 

 

                                                             860-646-6555                                                              

 (Registrant’s telephone number, including area code)

_________________________________________________________________________

(Former name, former address and former fiscal year,if changed since last report)

           

            Indicate by check mark whether the registrant(1) has filed all reports required to be filed by Section 13 or 15(d) of 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.

X Yes   ⁪ 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 ⁪                                   Acceleratedfiler ⁪                                            Non-accelerated filerX

 

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

⁪Yes   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.

 

3,042,779 as of December12, 2007

                                                                                                                                                            

 

 

----

#  

### FIRSTHARTFORD CORPORATION AND SUBSIDARIES  

#### INDEX

 

| **PART I.** | **FINANCIALINFORMATION****PAGE**           
Item 1.

Financial Statements

 

                         

 

 

 

Condensed Consolidated  Balance Sheets –

 

 

 

October 31, 2007  (unaudited) and April 30, 2007 (audited)

3 - 4

 

 

 

 

Condensed Consolidated  Statements of Operations 

 

 

 

For the Three and Six  Months

 

 

 

Ended October 31, 2007 and  2006 (unaudited)

 5

 

 

 

 

Condensed Consolidated  Statements of Cash Flows

 

 

 

For the Three and Six  Months

 

 

 

Ended October 31, 2007 and  2006 (unaudited)

 6 - 7

 

 

 

 

 

Notes to Condensed  Consolidated Financial Statements

 8 - 13

 

 

 

Item 2.

Management’s Discussion and  Analysis of Financial Condition

 13 - 15

 

And Results of Operations

 

 

 

 

Item 3.

Quantitative and  Qualitative Disclosures About Market Risk

 15-16

 

 

 

 

Item 4.

Controls and Procedures

 16

 

 

 

 

**PART II**

**OTHER INFORMATION**

 

 

 

 

 

Item 1.

Legal Proceedings

17

 

 

 

 

Item 1A

Risk Factors

17

 

 

 

 

Item 2.

Unregistered Sales of  Equity Securities and Use of Proceeds

17

 

 

 

 

Item 3.

Defaults Upon Senior  Securities

 17

 

 

 

 

Item 4.

Submission of Matters to a  Vote Of Security Holders 

 17

 

 

 

 

Item 5.

Other Information

 17

 

 

 

 

Item 6.

Exhibits

	 17

 

 

 

 

 

Signatures

	 19

 

 

 2

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

**CONDENSED CONSOLIDATED BALANCE SHEETS**
 ASSETS
 

**October 31, 2007**

    		

**April 30, 2007**

 

(unaudited)

 

(audited)

Real estate and equipment:

 

 

 

   Developed properties

$57,826,464		

 

   $47,676,462		

   Equipment and leasehold  improvements

516,649

 

475,138

 

58,343,113

 

48,151,600

 

 

 

 

   Less: accumulated  depreciation and amortization

5,183,225

 

4,406,052

 

53,159,888		

 

43,745,548

 

 

 

 

   Property under  construction 

33,274,810

 

29,065,238

 

86,434,698

 

72,810,786

 

 

 

 

Cash and cash equivalents

1,784,134

 

2,585,076

 

 

 

Investment in marketable  securities

1,110,850

 

733,980

 

 

 

 

Accounts and reimbursement receivable,  less allowance

for doubtful accounts of  $14,000 for October 31, 2007 and April 30, 2007

2,908,135

 

1,267,603

 

 

 

 

Deposits, escrows, prepaid  and deferred expenses, net

5,392,589
 
4,212,652

 

 

 

 

Investment in affiliates

9,665		

 

9,665		

 

 

 

 

Due from related parties  and affiliates

380,727

 

375,335

 

 

 

 

		Deferred tax assets, net of valuation allowance of $823,000 and
		 		 		 
  		$489,000 as of October 31, 2007 and April 30, 2007, respectively

    1,988,000

 

   1,988,000

 

$100,008,798

 

$83,983,097
 
 

 

The accompanyingnotes are an integral part of these condensed consolidated financial statements
 
3

 

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

 

**LIABILITIES AND SHAREHOLDERS’ DEFICIENCY**

 

 
        
 

 

**October 31, 2007**
   
**April 30, 2007**

Liabilities:

(unaudited)
   
(audited)

   Mortgages and notes  payable:

 
   
 

   Construction loan  payable

$23,971,218
   
$1,235,076

   Mortgages payable

62,403,716
   
69,430,384

   Notes payable

250,730
   
253,711

 

86,625,664
   
70,919,171 

 

 
   
 

Accounts payable

2,358,536
   
2,179,714

Accrued liabilities

1,062,390
   
1,013,002

Deferred income

369,375
   
483,078

Accrued cost of derivatives

154,376
   
8,665

Other liabilities

5,636,359
   
5,834,092

Due to related parties and  affiliates

72,100
   
71,853

 

96,278,800
   
80,509,575

 

 
   
 

Minority interest

6,534,661
   
4,642,377

 

 
   
 

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

	(9,068,982)
   
(7,511,149)
  Accumulated comprehensive loss
 (76,800)   
0
 

(791,062)
   
843,571

 

 
   
 

Less: Treasury stock, at  cost, 252,830 Shares

2,013,601
   
2,012,426

 

(2,804,663)
   
(1,168,855)

 

 
   
 

 

$100,008,798
   
$83,983,097

 

 

 

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
   
Six Months Ended

 

Oct. 31, 2007
      
Oct. 31, 2006
      
Oct. 31, 2007
      
Oct. 31, 2006

Revenues:

 
   
 
   
 
   
 

     Sales of real estate

$0
   
$1,470,635
   
$0
   
$1,470,635

     Rental income

2,273,880
   
1,395,787
   
4,430,478
   
2,789,788

     Service income

121,494
   
377,390
   
548,250
   
409,948

     Other

   112,485
   
    69,857
   
   279,048
   
   152,098

 

2,507,859
   
3,313,669
   
5,257,776
   
4,822,469

 

 
   
 
   
 
   
 

Operating costs and expenses:

 
   
 
   
 
   
 

     Rental expenses

1,242,112
   
643,884
   
2,381,183
   
1,255,981

     Service expenses

29,512
   
193,726
   
310,577
   
219,523

     Cost of sales, real estate

0
   
379,893
   
0
   
379,893

     Selling, general and administrative

 1,592,472
   
 1,011,276
   
 2,741,546
   
 2,005,461

 

2,864,096
   
2,228,779
   
5,433,306
   
3,860,858

 

 
   
 
   
 
   
 

Income (loss) from operations

(356,237)
   
1,084,890
   
(175,530)
   
961,611

 

 
   
 
   
 
   
 

Non-operating income (expense)

 
   
 
   
 
   
 

     Interest expense

(922,508)
   
(494,896)
   
(1,569,684)
   
(964,557)

     Other income

0
   
0
   
69,852
   
0

     Loss on derivatives

   (640,349)
   
   (668,473)
   
    (145,711)
   
    (757,673)

 

(1,562,857)
   
(1,163,369)
   
(1,645,543)
   
(1,722,230)

 

 
   
 
   
 
   
 

Loss before income taxes

(1,919,094)
   
(78,479)
   
(1,821,073)
   
(760,619)

 

 
   
 
   
 
   
 

Provision for income taxes

   56,962
   
   125,827
   
70,145
   
   29,579

 

 
   
 
   
 
   
 

Loss before minority interest and equity  in 

 
   
 
   
 
   
 

     unconsolidated subsidiaries

(1,976,056)
   
(204,306)
   
(1,891,218)
   
(790,198)

 

 
   
 
   
 
   
 

Minority interest in (income) losses of  consolidated joint 

 
   
 
   
 
   
 

     ventures	

266,048
   
0
   
(19,481)
   
0

Equity in earnings of unconsolidated  subsidiaries

134,809
   
173,135
   
352,866
   
395,194

 

 
   
 
   
 
   
 

Net loss before other comprehensive loss

(1,575,199)
   
(31,171)
   
(1,557,833)
   
(395,004)

 

 
   
 
   
 
   
 

Other comprehensive income, net of tax:

 
   
 
   
 
   
 

     Unrealized holding losses on  securities during the year

      (76,800)
   
              0
   
      (76,800)
   
              0

 

 
   
 
   
 
   
 

Comprehensive loss

$(1,651,999)
   
$(31,171)
   
$(1,634,633)
   
$(395,004)

 

 
   
 
   
 
   
 

Net loss per share

$(0.52)
   
$(0.01)
   
$(0.51)
   
$(0.13)

 

 
   
 
   
 
   
 

Shares used in basic per share  computation

3,046,159
   
3,046,279
   
3,046,219
   
3,083,241

 

 
   
 
   
 
   
 

 

 

 

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

 

5

 

 
**** 
**FIRST HARTFORD CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)**

**           **

 
      
 

 

 

 

 
Six Months Ended
 

October 31, 2007

**      **

October 31, 2006

 

 

 

         

Cash flows from operating  activities:

 

 

 

  Net loss

($1,557,833)

 

($395,004)

Adjustments to reconcile  net loss 

 

 

 

  to net cash used in  operating activities:

 

 

 

  Equity in earnings of  unconsolidated subsidiaries

(352,866)

 

(395,194)

  Minority interest in  income of consolidated joint ventures

19,481

 

0

  Gain on sale of property

0

 

(1,090,742)

  Depreciation

777,173

 

430,487

  Amortization

108,851

 

87,742

  Deferred income taxes

0

 

(9,000)

  Loss on derivatives

145,711

 

757,673

 

 

 

 

(Increase) decrease in:

 

 

 

  Accounts and notes receivable,  net

(1,640,532)

 

8,526

  Deposits, escrows,  prepaid and deferred expenses

(1,288,788)

 

(1,809,360)

 

 

 

 

Increase (decrease) in:

 

 

 

  Accrued liabilities

49,388

 

(1,353,818)

  Deferred income

(113,703)

 

(35,174)

  Accounts payable

     178,822

 

  2,071,391

 

 

 

 

Net cash used in operating  activities

(3,674,296)

 

(1,732,473)

 

 

 

 

Cash flows from investing  activities:

 

 

 

  Investments in affiliates

0

 

457,971

  Distributions from affiliates,  net

155,133

 

0

  (Investment in) proceeds  from sale of marketable securities

(453,670)

 

1,187,559

  Purchase of equipment and  leasehold improvements

(41,511)

 

(25,348)

  Proceeds from sale of  real estate

0

 

1,431,130

  Additions to developed  properties and properties under 

  construction

(14,359,574)

 

(9,246,361)

 

 

 

 

Net cash used in investing  activities

(14,699,622)

 

(6,195,049)

 

 

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

 

6
** 
 
 

FIRST HARTFORD CORPORATION  AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(continued)

 

Six Months Ended

 

October 31, 2007

       

October 31, 2006

 

 

 

 

Cash flows from financing  activities:

 

 

 

 

 

 

 

   Limited partners  investment in consolidated joint ventures

1,872,803

 

0

   Purchase of treasury  stock

(1,175)

 

(24)

   Dividend paid

0

 

(304,898)

 

 

 

 

Proceeds from:

 

 

 

  Construction loan payable

22,736,142

 

4,890,729

  Mortgages payable

447,820

 

2,220,598

   Notes payable

500,000

 

0

 

 

 

 

Principal payments on:

 

 

 

  Mortgage payable

(7,474,488)

 

(151,653)

  Notes payable

(502,981)

 

0

  Advances to related  parties and affiliated partnerships, net

       (5,145)

 

       (21,472)

 

 

 

 

Net cash provided by  financing activities

17,572,976

 

6,633,280

 

 

 

 

Net decrease in cash and  cash equivalents

(800,942)

 

(1,294,242)

 

 

 

 

Cash and cash equivalents,  beginning of period

2,585,076

 

5,144,743

 

 

 

 

Cash and cash equivalents,  end of period

$1,784,134

 

$3,850,501

 

 

 

 

Cash paid during the period  for interest

$1,577,943

 

$924,540

Cash paid during the period  for income taxes

$70,255

 

$132,672

**                                                              **

** **

 

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 Maine in 1909, and is engaged in the purchase, development, ownership, management and saleof real estate.

 

Principlesof Consolidation

 

The accompanying condensed consolidated financialstatements include the accounts of First Hartford Corporation, its wholly ownedsubsidiaries and other controlled subsidiaries (collectively referred to as the“Company”).  The Company records minority interest for the non-owned portionsof consolidated subsidiaries.  All significant intercompany transactions andaccounts have been eliminated in the consolidated financial statements,including construction revenues and costs of development for the Company’s ownuse (rental/future sale).  

 

FinancialStatement Presentation

 

The accompanying unaudited condensed consolidatedfinancial statements have been prepared in accordance with generally acceptedaccounting principles for interim financial information and with theinstructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, theydo not include all of the information and footnotes required by generallyaccepted accounting principles for complete financial statements. In theopinion of management, all adjustments (consisting of normal recurring accrualsand adjustments to previously established loss provisions) considered necessaryfor a fair presentation have been included. Operating results for the three andsix months ended October 31, 2007 are not necessarily indicative of the resultsthat may be expected for the year ending April 30, 2008. 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, 2007.

 

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

 

Estimates

 

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamount of assets and liabilities, and the disclosure of contingent assets 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, 2007, except as discussed in Note 4.

 

 

 

8
** **
 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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

LossPer Common 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 construction loan is based on the 30day LIBOR rate plus 1.25% and effectively converts to a 24 1⁄2 year selfliquidating mortgage starting January 1, 2007.  The Company has entered into aswap contract with the bank which effectively converts the mortgage to a rateof 6.41%.

 

The Company recognized a loss of $640,349 onderivatives in the current quarter. The aggregate fair value of the Company’sswap contracts were in an unfavorable position of $154,376 as of October 31,2007 and are recorded as a liability in the accompanying condensed consolidatedbalance 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 ofcapital are applied as a reduction of the cost of the investments.  Investmentsin entities in which the Company has a 20-50% interest but does not  control arecarried at cost and are subsequently adjusted for the Company’s proportionateshare of their undistributed earnings or losses, and any distributions (EquityMethod).

 

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 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

October 31
   
Six Months Ended

October 31

 

2007
   
2006
   
2007
   
2006

Cranston Parkade, LLC

 
   
 
   
 
   
 

Revenues

$1,210,909
   
$1,306,244
   
$2,431,084
   
$ 2,633,664

Expenses

  1,032,109
   
  1,089,825
   
  2,026,010
   
  2,141,513

Net Profit

$   178,800
   
$   216,419
   
$   405,074
   
$   492,151

 

 
   
 
   
 
   
 

Dover Parkade, LLC

 
   
 
   
 
   
 

Revenues

$627,957
   
$631,330
   
$1,278,421
   
$1,291,552

Expenses

  502,406
   
  502,375
   
     977,948
   
  1,012,728

Net Profit 

$125,551
   
$128,955
   
$   300,473
   
$   278,824

** **

Theseinvestments are recorded at cost and have been subsequently adjusted for gains,losses and distributions such that the carrying value is less than zero. Although the Company is not liable for the obligations of the two partnershipsit has not discontinued applying the Equity Method since the Company considersitself to be committed to providing financial support to the partnerships.  Asof October 31, 2007 and April 30, 2007, $5,561,522 and $5,759,255,respectively, is included in other liabilities in the consolidated balancesheets representing the carrying value of these investments.

 

**4.        Major Financing Transaction**

** **

On August 23,2007 the Company purchased 56 acres in Edinburg, TX for $6,774,960. Thisproperty plus an additional 70 acres purchased March 6, 2007 (as reported onForm 8-K dated March 8, 2007) will be part of a multi-use shopping center to beknow as The Shoppes at Rio Grande Valley. The proceeds of this financing paidoff the previous financing on the 56 acres. The project is scheduled to bebuilt in phases, 2007 to 2010, and could contain up to 1,000,000 square feet ofretail and other space. 

 

This project isbeing funded by a construction and permanent mortgage loan from Protective LifeInsurance Company.  The loan will be in two phases.

 

Phase I       $44,080,000

Note A       $36,300,000

Note B       $7,780,000            

Interest Rate: 6.125% per annum

ConstructionTerm: Through 12/31/08

Amortization:  

              Note A:  Amortizingon a 25 year schedule after conversion to permanent loan.

  Note B: Interest only

Call Date: 3years after conversion        

Guarantors:     FirstHartford Corporation and Neil Ellis, individually.                      Completionof construction and guaranteed repayment of construction loan.

LeasingRequirement:  In order to convert to a permanent loan, must demonstrate debtservice coverage of 1.0.

 

 

10
****
 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

**4.        Major Financing Transaction (continued):**

 

Building Size: 416,412 SF.

 

Principal reductions on Note B will be made from thereimbursements contemplated from various City of Edinburg programs

**           **

Phase II      $9,120,000

Interest Rate: 6.125%

Construction: Through 12/31/08

Amortization: 25years after conversion

Call Date: 3years after conversion but no later than Phase I

Guarantors: Sameas Phase I

 

Phase II was underwritten only to cover cost of land and certain landdevelopment costs at this time.  The amount of the loan will berenegotiated when there are adequate signed leases to provide additional fundsto build Phase II.

 

Protective LifeInsurance Company will, in addition to the 6.125% interest, receive 50% of the"free" cash flow, as defined, as interest. In the event the project is sold or refinanced, theywill receive 50% of the excess cash.

                            

**5.        Income Taxes**

 

The Company has adopted the provisions of FASBInterpretation No. 48, “Accounting for Uncertainty in Income Taxes – anInterpretation of FASB Statement No. 109”, or FIN 48, on May 1, 2007. TheCompany did not have any unrecognized tax benefits and there was no effect onthe financial condition or results of operations as a result of implementingFIN 48.

 

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, 2004. Statejurisdictions could remain subject to examination for longer periods. TheCompany does have one issue with the Internal Revenue Service which it believesis not an uncertain tax position. The Service contends that a 75% ownedsubsidiary should be treated as a C Corp., although the Service has notsupplied the Company with any documentation to support their determination. TheCompany treats it as a partnership. If the Service prevails, the net operatingloss carry forward of the Company will be reduced by approximately $587,000.

 

The Company’s policy is to recognize interest andpenalties accrued on any unrecognized tax benefits as a component of income taxexpense. As of the date of adoption of FIN 48, we did not have any accruedinterest or penalties associated with any unrecognized tax benefits, nor wasany interest expense recognized during the quarter.

 

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 assetscan be impacted by changes to tax laws, changes to statutory tax rates andfuture taxable income levels. In the event the Company were to determine thatit would not be able to realize all or a portion of its deferred tax assets inthe future, it would reduce the netcarrying amount by increasing the recorded valuation allowance through a chargeto income in the period 

 

11
****
 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

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

 

in which that determination is made. Conversely, ifthe Company were to determine that it would be able to realize its deferred taxassets in the future in excess of the net carrying amounts, it would decreasethe recorded valuation allowance through an increase to income in the period inwhich that determination is made.

 

As of October 31, 2007, the Company has concluded thatit is more likely than not that the Company will realize $1,988,000 in deferredtax assets. 

 

**6.         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).  The Company expenses its share-based compensationunder the straight-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 was $325,000 and wasexpensed in prior fiscal years.  

 

During the six months ended October 31, 2007, nooptions were granted or exercised and no compensation expense has beenrecognized.  The aggregate intrinsic value of outstanding options as of July31, 2007 was approximately $325,000.

 

**7.         RecentAccounting Pronouncements**

 

In September 2006, the FASB issued SFAS No. 157, “FairValue Measurements,” SFAS No. 157 defines fair value, establishes a frameworkfor measuring fair value in GAAP and expands disclosures about fair valuemeasurements. SFAS No. 157 applies under other accounting pronouncements thatrequire or permit fair value measurements, the FASB having previously concludedin those accounting pronouncements that fair value is the relevant measurementattribute. Although SFAS No. 157 does not require any new fair valuemeasurements, its application may, for some entities, change current practicesrelated to the definition of fair value, the methods used to measure fair valueand the expanded disclosures about fair value measurements. SFAS No. 157 iseffective for fiscal years beginning after November 15, 2007 but the FASB haspartially delayed the effective date for one year for certain fair valuemeasurements when those measurements are used for financial statement itemsthat are not measured at fair value on a recurring basis. The Company iscurrently evaluating the impact that the adoption of SFAS No. 157 may have andhas not yet determined its impact on the financial statements.       

 

In February 2007, the FASB issued SFAS No. 159, “TheFair Value Option for Financial Assets and Financial Liabilities.” SFAS No. 159creates a “fair value option” under which an entity may elect to record certainfinancial assets or liabilities at fair value upon their initial recognition.The Company would recognize subsequent changes in fair value in earnings asthose changes occur. The Company 

would make the election of the fair value option on acontract-by contract basis, supported by the concurrent documentation or apreexisting documented policy. SFAS No. 159 requires an entity to separatelydisclose the fair value of these items on the balance sheet or in the footnotesto the financial 

 

12
****FIRST HARTFORD CORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

 

**7.         RecentAccounting Pronouncements (continued):**

 

statements and to provide information that would allowthe financials statement user to understand the impact on earnings from changesin the fair value. SFAS No. 159 is effective for the Company beginning with the fiscal year ending April 30, 2009. TheCompany is currently evaluating the impact that the adoption of SFAS No. 159may have and has not yet determined its impact on the financial statements.         

** **

**Item 2.           MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND                        RESULTSOF 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 requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and the disclosure of contingent assets and liabilities as of thedate of the financial statements and the reported amounts of revenues andexpenses for the reporting period.  Actual results could differ from thoseestimates.

** **

The discussion included in Item7 of our Annual Report on Form 10-K for the year ended April 30, 2007 under thesubheading "Critical Accounting Policies and Estimates" is stillconsidered current and applicable, and is hereby incorporated into thisQuarterly Report on Form 10-Q.

 
Results of Operations
 

There were no sales of real estatefor the three and six month periods ended October 31, 2007.  During the threemonths ended October 31, 2006 the Company completed and closed on a sale of a 7,000square foot store in Bangor, Maine resulting in net proceeds of $1,431,130 anda gain of $1,090,742.  Subsequent to October 31, 2007, the Company completedthe sale of the remaining approximately 4,200 SF.  The final sale of the Bangor property resulted in net proceeds of approximately $736,000 and will be reported inthe three months ending January 2008.

 

Rental income increasedapproximately $878,000 and $1,641,000 for the three and six months endedOctober 31, 2007.  Of the above amounts approximately $472,000 and $973,000 forthe three and six months was from the addition of Rockland Apartments, LLC. The Cranston Police Department paid 

 

13
****
 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES
** **

**Item 2.              MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND                           RESULTSOF OPERATIONS (continued)**

 
Results of Operations (continued):
 

$266,000 and $443,000 for therespective 2007 periods.  The majority of the balance is from new tenants inthe North Adams Shopping Center.  Rental expenses reflect a correspondingincrease for these items.  

 

On June 1, 2007 the CranstonPolice Department took possession and commenced rental payments on a building ownedby C.P. Associates (a 50% owned consolidated subsidiary of the Company).  Ouroriginal understanding of the lease was that the required treatment was goingto be a capital lease (treated as a sale).  A more careful reading andcomprehension of the lease resulted in treatment as an operating lease underSFAS 13.

 

Service income is mainlycomprised of fees from CVS Pharmacy.  For the three months ended October 31,2007 nothing was earned from CVS.

** **

Other items in service income aremainly management and other fees charged to the Lubbock Shopping Center, 98.01%owned by an entity owned by the President of the Company and Scitico Gardens,100% owned by the President of the Company.

 

Increases in selling general andadministrative cost are the result of our lawsuit against Simon PropertiesGroup.  The Company has incurred in excess of $700,000 in legal costs on thismatter, mostly in the three month period ended October 31, 2007.

 

In North Adams, Massachusetts thearrangement with the lender dictates that until the property has income toqualify for the permanent mortgage, the “free” cash flow, as defined, will bepaid to the lender in lieu of interest. For the three and six month periodsended October 31, 2007 in connection with this mortgage approximately $191,000and $331,000 was recorded as interest expense. Nothing was earned or paid forthe three month period ended October 31, 2006.

 

The remaining increase ininterest expense is mainly a result of mortgage interest on the Cranston PoliceStation.

 

Loss on derivatives only speak tothe volatility of financial markets and not to anything the Company is doing atthis time.

 

Other income of $69,852 was dueto a distribution received from a refinancing of the Hartford Lubbock LimitedPartnership.

 

Capital Resources and Liquidity

 

As reported in Form 8-K, the Company closed a constructionloan of $53,200,000 on its project in Edinburg, Texas on August 23, 2007.

 

On November 8, 2007, the Company closedon a construction loan from Citizens Bank for up to $4,750,000 to build ashopping center in Bangor, Maine to include a ground lease for a super marketand the construction of an 8,000 SF retail building. 

 

14
****FIRST HARTFORD CORPORATION AND SUBSIDIARIES
** **

**Item 2.              MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND                           RESULTSOF OPERATIONS (continued)**

 

Capital Resources and Liquidity (continued):

 

Both of the above loans requiredand received the guaranty of Neil H. Ellis and Elizabeth S. Ellis.

 

Although the Company presently hasadequate cash and lines of credit for its needs, there are unknowns including:

 
- The two financings above are     occurring simultaneous with the collapse and related fall-out of the sub     prime market.  The effect, if any, on the Company for future financings     are unknown.

 
- The possible purchase of the     shares of a dissident shareholder, as referenced in Part II Item 1 of this     document, is unknown as to quantity or price.  We are well aware that a     purchase in excess of the value of the shares negatively impacts the     remaining shareholders.

 

Long Term ObligationSchedule as of  October 31, 2007:

 

Contractual Obligations

Total

Less than 1 year

1-3 years

3-5 years

More than 5 years

 

 

 

 

 

 

Long-Term Debt

$82,100,731

$965,167

$15,379,844

$2,647,608

$63,108,112

 

 

 

 

 

 

Short-Term Debt

4,524,933

4,524,933

 

 

 

 

 

 

 

 

 

Purchase Obligations

4,325,000

4,325,000

 

 

 

 

 

 

 

 

 

Tenant Allowance

859,000

859,000

 

 

 

 

 

 

 

 

 

Total

$91,809,664

$10,674,100

$15,379,844

$2,647,608

$63,108,112

 

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's profitabilityand its ability to realize assets and satisfy liabilities.  Interest rate riskis present primarily in the Company's borrowings, some of which have variableinterest rates.  The Company limits its exposure with the use of interest rateswaps.  To mitigate the exposure tounexpected changes in interest rates, interest rate swaps are used primarily tofix rates in  order to hedge against rate movements on some of the Company'sdebt.

 

 

15
****
 
FIRST HARTFORD CORPORATION AND SUBSIDIARIES
 

**Item 3.            QUANTITATIVE AND QUALITATIVEDISCLOSURES ABOUT MARKET RISK (continued)**

 

** **

Maturing less 	than one year

Maturing greaterthan one year

Revolving line of credit  and Long-term debt

 

 

          Amount

$5,490,100

$81,135,564

          Weighted average  interest rate

7.17%

5.63%

** **

 

Included in the above isvariable rate debt of $11,272,074 and $9,969,752 for which the Company has aSwap Agreement with its bank, which effectively fixes the interest rate at6.11% and 6.41%, respectively.

** **

**Item 4             CONTROLSAND PROCEDURES**

 

**Disclosure Controls andProcedures**

 

Pursuantto Rule 13a-15(b) of the Exchange Act, the Company has reevaluated theoperating effectiveness of our disclosure controls and procedures as of October31, 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 2007 and 2006 are indicativeof a lack 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 has engaged in remediation efforts to address the material weaknessesidentified in our disclosure controls and procedures and to improve andstrengthen our overall control environment, but because of new projects morework is necessary.  Notwithstanding weaknesses in our internal control overfinancial reporting as of October 31, 2007, we believe that the condensed consolidatedfinancial statements contained in this report present fairly our financialcondition, the results of our operations and cash flows for the periods coveredthereby in all material respects in accordance with accounting principlesgenerally 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.

 

16

 

**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, 2007.

 

**Item 1A.          RISKFACTORS**

 

The discussion included inItem 1A of our Annual Report on Form 10-K for the year ended April 30, 2007under 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.

 

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

 

 

17
****
 

**FIRST HARTFORDCORPORATION AND SUBSIDIARIES**

 

PART II          OTHER INFORMATION (continued):

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18
****
 

  
SIGNATURES
 

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

 

                                                                                 
 
FirstHartford Corporation
 
(Registrant)
 
  
 
  
December 20, 2007 
/s/Neil H. Ellis
         Date 
NeilH. Ellis – President and 
 
Chief Executive Officer
 
 
 
  
December 20, 2007 
/s/ Stuart I. Greenwald
          Date
StuartI. Greenwald – Treasurer 
 
and Chief Financial Officer

 

 

 

 

 

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