UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C.  20549

** **

## **FORM 10-Q**

(MarkOne)

 

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

** **

For the quarterly periodended July 31, 2009.

 

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

** **

For the transition periodfrom _______________________________________ to___________________________________

 

Commission File Number:_______________________________________________________________________________                  

 

 

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

 

Indicate by check mark whetherthe registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90days.

XYes   ⁪ No    

 

Indicate by check mark whetherthe registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and postedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or forsuch shorter period that the registrant was required to submit and post suchfiles).

⁪Yes   ⁪ No

 

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

 

| Large accelerated filer ⁪                                                                                 | Accelerated filer ⁪   |
|----------------------------------------------------------------------------------------------------------------------|-----------------------------|
|                                                                                                                 |                        |
| Non-accelerated filer ⁪   (Do not check if a smaller reportingcompany)      | Smaller reporting company X |

 

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

⁪Yes   X No

 

APPLICABLE ONLY TOCORPORATE ISSUERS

 

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

 

3,027,965 as of October 12,2009    

 

| 1 |
|---|

 

----

 

 

### FIRST HARTFORD CORPORATION AND SUBSIDIARIES

####  

#### INDEX

 

| PART I.
FINANCIALINFORMATION

 
PAGE
 
 

 
 
Item 1. 
FinancialStatements

 
 
 
 

 
 
 
CondensedConsolidated Balance Sheets -

 
 
 
          July31, 2009 (unaudited) and April 30, 2009 (audited) 

 
3 - 4
 
 

 
 
 
CondensedConsolidated Statements of Operations and Other 

 
 
 
          ComprehensiveIncome (Loss) for the Three Months

 
 
 
         Ended July 31, 2009 and 2008 (unaudited) 

 
5
 
 

 
 
 
CondensedConsolidated Statements of Cash Flows for the

 
 
 
          ThreeMonths Ended July 31, 2009 and 2008 (unaudited) 

 
6 - 7
 
 

 
 
 
Notesto Condensed Consolidated Financial Statements

 
8 - 13
 
 

 
 
Item 2.
Management's Discussion and Analysis of Financial Condition 

 
 
 
andResults of Operations 

 
13 - 15
 
 

 
 
Item 3.
Quantitativeand Qualitative Disclosures About Market Risk

 
15 
 
 

 
 
Item 4. 
Controls and Procedures 

 
15
 
 

 
 
**PART II**
**OTHERINFORMATION**

 
 
 
 

 
 
Item 1.
LegalProceedings

 
16
 
 

 
 
Item 1A.
RiskFactors 

 
16
 
 

 
 
Item 2.
UnregisteredSales of Equity Securities and Use of Proceeds 

 
16
 
 

 
 
Item 3. 
DefaultsUpon Senior Securities

 
16
 
 

 
 
Item 4.
Submissionof Matters to a Vote of Security Holders 

 
16
 
 

 
 
Item 5.
OtherInformation 

 
16
 
 

 
 
Item 6.
Exhibits

 
16
 
 

 
 
 
Signatures

 
17
 
 

 
 
 

 

 

 

 

 

 

 

2

 

 

 

 

 

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

 

 

 

 

**July 31, 2009**
 
** **

**April 30, 2009**

 

 

 

 

(unaudited)
 
 

(audited)

Real estate and equipment:

 

 
 
 

 

   Developed properties

 

 

$120,544,753
 
$120,518,077

 

   Equipment and tenant improvements

 

 

               1,355,812
 
                   1,355,388

 

 

121,900,565
 
121,873,465

 

 

 
 
 

   Less: accumulated depreciation and amortization

 

               9,318,620
 
                   8,622,299

 

 

 

112,581,945
 
113,251,166

 

 

 
 
 

   Property under construction

 

                 716,952
 
                     274,302

 

 

113,298,897
 
113,525,468

 

 

 
 
 

 

Cash and cash equivalents   

 

 

2,841,947
 
2,760,342

 

 

 

 
 
 

Cash and cash equivalents - restricted

 

1,466,353
 
 

870,815

 

 

 
 
 

Marketable securities  -  available for sale

 

1,513,659
 
1,146,679

 

 

 
 
 

 

Accounts and notes receivable, less allowance for doubtful accounts

 

 

 

 
 
 

 

 

   of $54,000 and $44,000 as of July 31, 2009 and April 30, 2009,  respectively

 

 

1,894,644
 
 

1,904,671

 
 
 

 

CVS related receivables

 

5,455,017
 
 

8,298,847

 

 
 
 

 

Deposits, escrows, prepaid and deferred expenses, net

 

6,053,283
 
 

5,825,969

 
   
 

Investments in affiliates

 

 

 

9,665 
 
 

9,665 

 

 
   
 

Due from related parties and affiliates

 

 

 

441,748
 
433,135

 

 
   
Deferred tax assets, net

 

 

             1,238,000
 
           1,238,000

 

 
   
 

Total Assets

 

 

 

 

$134,213,213
 
 

$136,013,591

 

 

 

 

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

3
 
 

 

 

 

 

 

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

 

 

**LIABILITIES AND SHAREHOLDERS' DEFICIENCY**

** **

 

 

 

 

 
 
 

 

 

 

 

 

 

**July 31, 2009**
 
** **

**April 30, 2009**

** **

Liabilities:

 

 

 

(unaudited)
 
 

(audited)

 

   Mortgages and notes payable:

 

 

 

 
 
 

 

 

   Construction loans payable

 

 

 

$49,689,715
 
 

$49,092,876

 

   Mortgages payable

 

 

 

66,483,813
 
 

66,728,479

 

   Notes payable

 

 

 

               240,192
 
 

              241,708

 

 

116,413,720
 
116,063,063

 

 

 
 
 

 

Accounts payable

 

 

 

939,202
 
 

993,342

 

CVS related payables

 

 

 

6,651,742
 
8,884,092

 

Accrued liabilities

 

 

 

3,582,866
 
 

3,837,884

 

Deferred income

 

 

 

440,475
 
 

298,805

 

Accrued cost of derivatives

 

 

 

2,602,950
 
 

3,427,515

 

Other liabilities

 

 

 

4,989,071
 
 

5,131,497

 

Due to related parties and affiliates

 

 

 

72,000
 
 

72,000

 

Total Liabilities

 

 

 

 

135,692,026
 
 

138,708,198

 

 

 

 

 

 
 
 

 

 

Shareholders' Deficiency:

 

 

 

 
 
 

 

 

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

 

 

 

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

 

 

-0-

 
 
-0-

 

 

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

 

 
 
 

 

 

  issued 3,298,609 shares

 

3,298,609 
 
 

3,298,609 

 

Capital in excess of par

 

 

 

2,156,111 
 
 

2,156,111 

 

Deficit

 

 

 

(12,318,498)
 
 

(12,986,202)

 

Accumulated other comprehensive loss

 

 

(194,496)
 
 

(488,228)

 

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

 
  
 

 

   and April 30, 2009, respectively

 

 

 

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

 

Total Company Shareholders’ Deficiency

 

 

 

 

(9,102,703)
 
 

(10,063,824)

 

Noncontrolling interests

 

 

 

 

               7,623,890
 
              7,369,217

 

 

 
 
 

 

Total Shareholders’ Deficiency

 

 

 

              (1,478,813)
 
 

            (2,694,607)

 

 

 
 
 

 

Total Liabilities and Shareholders’ Deficiency

 

 

 

$134,213,213
 
 

$136,013,591

 

 

 

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

4
 
 

 

 

 

 

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

**OTHER COMPREHENSIVE INCOME(LOSS)**

(Unaudited)

 

Three Months Ended

 

July 31, 2009
 
July 31, 2008

Operating  revenues:

 
 
 

     Rental income

$3,106,372
 
$2,395,443

     Service income

1,594,634
 
366,207

     Other

246,187
 
 61,137

 

4,947,193
 
2,822,787

 

 
 
 

Operating costs and expenses:

 
 
 

     Rental expenses

1,906,504
 
1,267,650

     Service expenses

903,227
 
405,252

     Selling, general and  administrative

1,050,787
 
 1,280,586

 

3,860,518
 
2,953,488

 

 
 
 

Income (loss) from operations

1,086,675
 
(130,701)

 

 
 
 

Non-operating income  (expense)

 
 
 

     Interest expense

(1,527,295)
 
(915,538)

     Other income

37,510
 
-0-

     Gain on derivatives

824,565
 
413,325

     Equity in earnings of  unconsolidated subsidiaries

142,975
 
 195,414

 

 
 
 

 

(522,245)
 
(306,799)

 

 
 
 

Income (loss) before income  taxes

564,430
 
(437,500)

 

 
 
 

Provision for income taxes

16,717
 
15,576

 

 
 
 

Net income (loss)

547,713
 
(453,076)

 

 
 
 

Net loss (income)  attributable to noncontrolling interests 

119,991
 
(2,420)

 

 
 
 

Net income (loss)  attributable to Company before other comprehensive

 
 
 

    income (loss)

667,704
 
(455,496)

 

 
 
 

Other comprehensive income  (loss), net of tax:

 
 
 

     Unrealized holding gains  (losses) on securities during the period

293,732
 
(193,670)

 

 
 
 

Comprehensive income (loss)

961,436
 
(649,166)

 

 
 
 

Comprehensive (income) loss  attributable to noncontrolling interests

(126,522)
 
96,835

 
			  			 
Comprehensive income (loss)  attributable to Company

$834,914
 
$(552,331)

 

 
 
 

Net income (loss) per share -  basic

$0.22
 
$(0.15)

 

 
 
 

Net income (loss) per share -  diluted

$0.22
 
$(0.15)

 

 
 
 

Shares used in basic per  share computation

3,028,065
 
3,041,234

 

 
 
 

Shares used in diluted per  share computation

3,064,681
 
3,041,234

 

 

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

5
 
 

 

 

 

 

 

**           **

** **

**FIRST HARTFORD CORPORATION AND  SUBSIDIARIES**

** **

**CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS**

** **

**(Unaudited)**

** **

 

 

 

 

 

 

 

 

 

 
Three Months Ended
 

 

 

 

**July 31,  2009**
 
 

** **

**July 31,  2008**

** **

 

 

 
 
 

 

 

        			

 

Cash flows from operating  activities:

 

 
 
 

 

 

 

 

  Net income (loss)   

 

$547,713
 
 

 

 

$(453,076)

 

Adjustments to reconcile net income (loss)  

 

 
 
 

 

 

 

 

  to net cash used in operating activities:

 

 
 
 

 

 

 

 

  Equity in earnings of unconsolidated subsidiaries

 

(142,975)
 
 

 

 

(195,414)

 

  Gain on sale of marketable securities

 

(37,510)
 
 

 

-0-

  Depreciation

 

709,871
 
 

 

 

436,363

  Amortization

 

74,663
 
 

 

57,921

  Deferred income taxes

-0-
 
 

-0-

 

  Gain on derivatives

 

(824,565)
 
 

 

(413,325)

 

 

 

 
 
 

 

 

 

(Increase) decrease in:

 

 
 
 

 

 

 

 

  Accounts and notes receivable, net

 

2,853,857
 
 

 

 

(269,555)

 

  Deposits, escrows, prepaid and deferred expenses

 

(301,977)
 
 

 

 

(1,171,771)

 

  Cash and cash equivalents - restricted

 

(595,538)
 
 

 

(319,714)

 

 
 
 

 

 

Increase (decrease) in:

 

 
 
 

 

 

 

 

  Accrued liabilities

 

(255,018)
 
 

 

 

(1,414,643)

 

  Deferred income

 

141,670
 
 

 

 

(18,690)

 

  Accounts payable

(2,286,490)
  
1,680,686

 

 

 
   			 
 

Net cash used in operating activities

 

(116,299)
 
 

 

 

(2,081,218)

 

 

 
 
 

 

 

Cash flows from investing activities:

 

 
 
 

 

 

 

 

  Distributions from affiliates, net

549
 
 

 

 

44,994

 

  Purchase of marketable securities, net

 

(35,738)
  
 

(25,797)

 

  Purchase of equipment and tenant improvements

 

(13,974)
  
 

(21,172)

 

  Additions to developed properties and properties  under construction

 

(469,326)
  
 

(6,462,645)

Net cash used in investing activities

 

(518,489)
  
 

(6,464,620)
   
The accompanying notes are an integral part of these condensedconsolidated financial statements.

6

 

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

** **

**CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS**

(Unaudited)

 

 

**(continued)**

** **

** **

** **

 

 

**Three Months Ended**

 

 

 

**July 31,  2009**
      
** **

**July 31,  2008**

** **

 

 

 
      
 

 

 

Cash flows from financing activities:

 

 
   
 

 

 

 

** **

   Noncontrolling distributions from consolidated joint ventures

-0-
   
 

 

 

(17,677)

   Limited partners investment in consolidated joint ventures

374,664
   
 

1,498,138

   Purchase of treasury stock

(315)
   
 

(7,425)

   

 
   
 

 

Proceeds from:

 
   
 

 

 

   Construction loans payable

 

841,872
   
 

 

 

7,977,783

 

   Mortgages payable

 

-0-
   
 

 

 

-0-

 

   Notes payable

 

-0-
   
 

 

 

-0-

 

Principal payments on:

 

 
   
 

 

 

 

 

  Construction loans payable

 

(245,033)
   
 

 

-0-

 

  Mortgages payable

 

(244,666)
   
 

 

(229,258)

 

  Notes payable

 

(1,516)
      
 

(1,502)

 

  Advances to related parties and affiliates, net

 

(8,613)
      
 

(7,307)

 

 

 

 
      
 

 

 

Net cash provided by financing activities

 

716,393
      
 

9,212,752 

 

 

 

 
      
 

 

 

Net increase in cash and cash equivalents

 

81,605
   
 

 

666,914

 

 

 

 
   
 

 

 

 

 

Cash and cash equivalents, beginning of period

 

2,760,342
      
 

3,403,845

 

 

 

 
      
 

 

Cash and cash equivalents, end of period

$2,841,947
   
 

$4,070,759

 

 
   
 

 

Cash paid during the period for interest

$1,434,726
   
 

$1,068,615

 

Cash paid during the period for income taxes

$28,417
   
 

 

$10,576
               
**                                                               **

** **

 

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

	7

 

 
****
 

 

 

 

 

 

 

 

** **

**FIRST HARTFORD CORPORATION AND SUBSIDIARIES**

**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

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

Description of Business

 

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

 

Principles of Consolidation

 

The accompanying condensed consolidated financialstatements include the accounts of First Hartford Corporation, its wholly ownedsubsidiaries and other controlled subsidiaries (collectively referred to as the"Company"). The Company records minority interest for the non-owned portions ofconsolidated 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 own use (rental/future sale).  

 

Financial Statement Presentation

 

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

            

Certain amounts in the statement of cash flows for thethree months ended July 31, 2008 have been reclassified to conform to thecurrent period presentation. In addition, the Company has made certainreclassifications to prior-period amounts to conform to the current periodpresentation of noncontrolling interests as a result of adopting Statement ofFinancial Accounting Standards (SFAS) No. 160, “Noncontrolling Interests inConsolidated Financial Statements, an amendment of ARB No. 51”. 

 

 

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.

 

	8

 

 

 

 

 

 

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

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

Significant Accounting Policies

 

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

 

In December 2007, the Financial Accounting StandardsBoard (“FASB”) issued SFAS No. 141(revised 2007), “Business Combinations”,which addresses the accounting and disclosure for identifiable assets acquired,liabilities assumed, and noncontrolling interests in a business combination. InApril 2009, the FASB issued FASB Staff Position No. FAS 141(R)-1, “Accountingfor Assets Acquired and Liabilities Assumed in a Business Combination ThatArise from Contingencies”, which amended certain provisions of SFAS No. 141(R)related to the recognition, measurement, and disclosure of assets acquired andliabilities assumed in a business combination that arise from contingencies.SFAS No. 141(R) and FSP FAS 141(R)-1 became effective for the Company on May 1,2009, but did not have any impact on the Company’s Condensed ConsolidatedFinancial Statements.

 

In December 2007, the FASB issued SFAS No. 160,“Noncontrolling Interests in Consolidated Financial Statements, an amendment ofARB No. 51”, which addresses the accounting and reporting framework fornoncontrolling interests by a parent company. SFAS No. 160 also addressesdisclosure requirements to distinguish between interests of the parent andinterests of the noncontrolling owners of a subsidiary. The Company adoptedSFAS No. 160 effective May 1, 2009. The provisions of SFAS No. 160 require thatminority interest be renamednoncontrolling interests and that a company present a consolidated net incomemeasure that includes the amount attributable to such noncontrolling interestsfor all periods presented. In addition, SFAS No. 160 requires reportingnoncontrolling interests as a component of equity in the Company’s CondensedConsolidated Balance Sheets and below income tax expense in the Company’s CondensedConsolidated Statements of Operations. As required by SFAS No. 160, the Companyhas retrospectively applied the presentation to the Company’s prior yearbalances in the Condensed Consolidated Financial Statements.

 

In March 2008, the FASB issued SFAS No. 161,“Disclosures about Derivative Instruments and Hedging Activities, an amendmentof FASB Statement No. 133”, which requires enhanced disclosures for derivativeand hedging activities. SFAS No. 161 became effective for the Company on May 1,2009, but did not have any impact on the Company’s Condensed ConsolidatedFinancial Statements.

 

In May 2009, the FASB issued SFAS No. 165, “SubsequentEvents”, which sets forth general standards of accounting for and disclosure ofevents that occur after the balance sheet date but before financial statementsare issued or are available to be issued.  The Company adopted SFAS No.165 for the quarter ended July 31, 2009 and has evaluated and assessed allevents occurring subsequent to July 31, 2009 through October 19, 2009, thefiling date of the Company’s Form 10-Q. 

 

 In April 2009, the FASB issued FASB StaffPosition No. SFAS 107-1 and APB No. 28-1, “Interim Disclosures about Fair Valueof Financial Instruments” (“FSP FAS 107-1 and APB 28-1”), which requiresquarterly disclosure of information about the fair value of financialinstruments within the scope of FASB Statement No. 107, “Disclosures about FairValue of Financial Instruments.” The Company adopted FSP FAS 107-1 and APB 28-1effective May 1, 2009. See Note 5 for required disclosures.

 

 

 

 

	9

 

 

 

 

 

 

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

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

Net Income (Loss) Per Common Share

 

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

** **

**2.         Fair Value of DerivativeInstruments**

** **

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

 

The Company recognized a gain of $824,565 onderivatives during the quarter ended July 31, 2009.  The aggregate fair valueof the Company's swap contracts were in an unfavorable position of $(2,602,950)as of July 31, 2009 and are recorded as a liability in the accompanyingcondensed consolidated balance sheet.

 

**3.         Investment in Affiliated Partnerships**

 

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

 

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

 

 

 

 

 

 

 

 

 

 

 

	10

 

 

 

 

 

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

 

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

 

OPERATING RESULTS OFNONCONSOLIDATED 50% OWNED SUBSIDIARIES

 

 

Three Months Ended

July 31

 

2009
   
2008

Cranston Parkade, LLC

 
   
 

      Revenues

$1,245,828
   
$1,312,327

      Expenses

  1,014,774
   
  1,064,070

Net Profit 

$   231,054
   
$   248,257

Dover Parkade, LLC

 
   
 

     Revenues

$   559,956
   
  $ 652,367

     Expenses

     506,160
   
     507,186

Net Profit 

$     53,796
   
  $ 145,181

** **

These investments are recorded at cost and have beensubsequently adjusted for gains, losses and distributions such that thecarrying value is less than zero.  Although the Company is not liable for theobligations of the two partnerships it had not discontinued applying the EquityMethod since the Company considered itself to be committed to providingfinancial support to the partnerships.  As of July 31, 2009 and April 30, 2009,$4,914,233 and $5,056,659, respectively, is included in other liabilities inthe condensed consolidated balance sheets representing the carrying value ofthese investments.

 

**4.        ****Income Taxes**

 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is no longer subjectto U.S. federal tax examinations for years before May 1, 2006. Statejurisdictions could remain subject to examination for longer periods. 

 

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

 

In assessing the need for a valuation allowance, theCompany estimates future taxable income, considering the feasibility of ongoingtax planning strategies and the realizability of tax loss carryforwards.Valuation allowances related to deferred tax assets can be impacted by thechanges to tax laws, changes to statutory tax rates and future taxable income levels. In theevent the Company were to determine that it would not be able to realize all ora portion of its deferred tax assets in the future, it would reduce suchamounts through a charge to income in the period in which that determination ismade. Conversely, if the Company were to determine that it would be able torealize its deferred tax assets in the future in excess of the net carryingamounts, it would decrease the recorded valuation allowance through an increaseto income in the period in which that determination is made.

 

As of July 31, 2009, the Company has concluded that itis more likely than not that the Company will realize $1,238,000 in deferredtax assets. 

 

	11

 

 

 

 

 

 

 

 
FIRST HARTFORD CORPORATIONAND SUBSIDIARIES
**NOTES TO CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS**

 

**5.         FairValue Measurements**

 

The Company adopted SFAS No. 157, “Fair ValueMeasurements” on May 1, 2008 for its financial assets and liabilities which aremeasured at fair value on a recurring basis. Additionally, during the quarterended July 31, 2009, in accordance with the provisions of FASB Staff PositionNo. 157-2, “Effective Date of FASB Statement No. 157” (“FSP 157-2”) the Companynow applies SFAS No. 157 to financial and nonfinancial assets and liabilities.FSP 157-2 delayed the effective date of SFAS 157 for nonfinancial assets andliabilities, except for certain items that are recognized or disclosed at fairvalue in the financial statements on a recurring basis. In accordance with SFAS157, the Company has categorized its assets and liabilities that are measuredat fair value into a three-level fair value hierarchy as set forth below. Ifthe inputs used to measure fair value fall within different levels of thehierarchy, the categorization is based on the lowest level input that issignificant to the fair value measurement. The three levels of the hierarchyare defined as follows:

 

•     Level 1 - Quoted prices in activemarkets that are unadjusted and accessible at the measurement date foridentical, unrestricted assets or liabilities;

 

•     Level 2 - Quoted prices foridentical assets and liabilities in markets that are not active, quoted pricesfor similar assets and liabilities in active markets or financial instrumentsfor which significant observable inputs are available, either directly orindirectly such as interest rates and yield curves that are observable atcommonly quoted intervals; and 

 

•      Level 3 - Prices or valuationsthat require inputs that are unobservable.

 

*Items Measured at Fair Value on a Recurring Basis*

 

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

 

 
		       
		 

**Fair Value Measurements**
		    
 

Level 1

Level 2

Level 3
		 
Available  for sale securities

$1,513,659 

    $             -0-

    $   -0-
		 
Interest  rate swap agreements (negative fair value)

                   -0-

   (2,602,950)

         -0-
		 
      Total

$1,513,659 

 $(2,602,950)

    $   -0-

 

*Other Financial Assets and Liabilities*

 

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

 

**6.         Subsequent Events:**

                                                                                                                                                         

On August 4, 2009, the Company sold a shopping centerunder development in Bangor, Maine. The Company received $4,300,000 and paidoff the construction loan of approximately $3,400,000. The Company made a smallmarginal profit on the transaction.

 

12

 

 

 

 

 

 
FIRST HARTFORDCORPORATION AND SUBSIDIARIES
**NOTES TO CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS**

** **

**7.         Recent AccountingPronouncements**

** **

In June 2009,the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)”,which amends FASB Interpretation No. 46 (revised December 2003) to address theelimination of the concept of a qualifying special purpose entity. SFAS No. 167also replaces the quantitative-based risks and rewards calculation fordetermining which enterprise has a controlling financial interest in a variableinterest entity with an approach focused on identifying which enterprise hasthe power to direct the activities of a variable interest entity and theobligation to absorb losses of the entity or the right to receive benefits fromthe entity. Additionally, SFAS No. 167 provides more timely and usefulinformation about an enterprise’s involvement with a variable interest entity.SFAS No. 167 will become effective for the Company during the first quarter offiscal year 2011. The Company is currently evaluating the impact of thisstandard on its Consolidated Financial Statements. 

 

In June 2009,the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification TMand the Hierarchy of Generally Accepted Accounting Principles, a replacement ofFASB Statement No. 162”, which establishes the FASB Accounting StandardsCodification as the source of authoritative accounting principles recognized bythe FASB to be applied in the preparation of financial statements in conformitywith generally accepted accounting principles. SFAS No. 168 explicitlyrecognizes rules and interpretive releases of the Securities and ExchangeCommission (“SEC”) under federal securities laws as authoritative GAAP for SECregistrants. SFAS No. 168 will become effective for the Company during thesecond quarter of 2009 and will require the Company to update all existing GAAPreferences to the new codification references for all future filings. 

 

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

**CONDITION AND RESULTS OF OPERATIONS**

 

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

 

The following discussionand certain other sections of this Report on Form 10-Q contain statementsreflecting the Company'sviews about its future performance and constitutes "forward-looking statements" under the PrivateSecurities Litigation Reform Act of 1995.  These views may involve risks anduncertainties that are difficult to predict and may cause the Company's actual results to differmaterially from the results discussed in such forward-looking statements. Readers should consider how various factors including changes in generaleconomic conditions, cost of materials, interest rates and availability offunds, and the nature of competition and relationships with key customers mayaffect the Company'sperformance.  The Company undertakes no obligation to update publicly anyforward-looking statements, whether as a result of new information, futureevents or other.
	 Critical Accounting Policies
 

The discussion and analysis offinancial condition and results of operations is based upon the condensedconsolidated financial statements contained in Item 1 in this QuarterlyReport.  The condensed consolidated financial statements include the accountsof the Company and its controlled affiliates.  The preparation of financialstatements in conformity with accounting principles generally accepted in theUnited States of America requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and the disclosureof contingent assets and liabilities as of the date of the financial statementsand the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates.

 

 

13

 

 

 

 

 

 

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

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

 

The discussion included in Item 7 of our Annual Report on Form10-K for the year ended April 30, 2009 under the subheading "CriticalAccounting Policies and Estimates" is still considered current andapplicable, and is hereby incorporated into this Quarterly Report on Form 10-Q.

 

Resultsof Operations:

 

Rentalincome increased approximately $711,000 for the three month period ended July31, 2009 compared to the period ended July 31, 2008.  The stores opened afterJuly 31, 2008 in the Edinburg, Texas Shopping Center amounted to approximately$550,000 of this increase.

 

Service income increased approximately $1,228,000over the three month period ended July 31, 2008.  Fees from CVS Pharmacy amounted to approximately$1,140,000 of this increase.  Although the amount of fees being earned has grown impressively,the increase is a result of comparing a very active period to one in which theCompany underperformed.

 

Otherrevenue increased approximately $185,000 over the three month period ended July31, 2008. Approximately $211,000 of other revenue recognized during the currentquarter was a result of a governmental award related to sales  tax revenuegenerated by the Edinburg, Texas Shopping Center.

 

Rentalexpense increased $639,000 during the current period of which $326,000 is aresult of the Edinburg, Texas Shopping Center which didn't have any rentalexpenses during the period ended July 31, 2008. Rental expenses for theRockland Housing project increased approximately $167,000 over the period endedJuly 31, 2008 which includes a $61,000 increase for depreciation and a $106,000increase for repairs and other rental expenses.  The balance of the increase isspread throughout the other properties and are basically recovered bypass-through charges that are billed as additional rents. Losses from Rockland are eliminated against the noncontrolling interest of the Limited Partner(99.99%). 

 

Theincrease in service cost of $498,000 is directly related to the increase in serviceincome.

 

Thedecrease in selling, general and administrative expenses is a result of areduction of professional and legal fees in connection with the Kaplan lawsuit.

 

In thecurrent period, $699,000 was charged to interest expense from the Edinburg, Texas Shopping center.  Although approximately $286,000 of this interest isattributable to construction loans for additional phases of an expansion of theshopping center, the interest is being expensed due to the current low level ofconstruction activity which is attributable to the economic downturn.

 

CapitalResources and Liquidity

 

TheCompany ended the period with approximately $2,842,000 of unrestricted cash andcash equivalents. The unrestricted cash and cash equivalents includesapproximately $2,185,000 belonging to less than wholly-owned consolidatedpartnerships (CP Associates $1,348,000, and Rockland Place LP $837,000). Fundsreceived from CVS Pharmacy which are to be paid out in connection with CVSdevelopment projects amounted to approximately $1,466,000 and is included inrestricted cash and cash equivalents.

** **

14

 

 

 

 

 

 

Aspreviously disclosed, Gibbs College which leases 60,000 SF from CP Associateshas announced they are closing the Gibbs Schools on December 31, 2009. However, the lease is in effect through 2018 and is secured by Career Education(symbol CECO on the NASDAQ).  It is their obligation to replace the occupant orcontinue paying the rent under the lease.  The mortgage has a balloon paymentdue in 2015.  The members of CP Associates, LLC have earmarked marketablesecurities with a balance of $1,180,000 as of July 31, 2009 to refit thebuilding for new tenants at the appropriate time. Since the investment markethad deteriorated, additional funds have been accumulated in money marketaccounts for this purpose.

 

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

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

 

CapitalResources and Liquidity (continued):

 

TheCompany has been instructed by the United States District Court – District ofMaine to buy back the minority shareholder interest held by Richard Kaplan. The Judge has set a value of approximately $2.9 million.  The parties are notin agreement over terms of payment.  The Court has assigned a Special Masterwhich recommended terms that are agreeable to the Company but objected to byRichard Kaplan requiring the court to issue a future Special Ruling.

 

Thefollowing schedule outlines our long term obligation at April 30, 2009 (doesnot include Kaplan Buyout or any contract for the benefit of CVS):

 

 

Contractual Obligations

Total

Less Than

1 year

1-3 years

3-5 years

More Than 

5 years

 

 

 

 

 

 

Long-Term  Debt

112,806,146

976,486

36,086,270

3,133,036

72,610,354

 

 

 

 

 

 

Short-Term  Debt

3,607,574

3,607,574

 

 

 

 

 

 

 

 

 

Purchase  Obligations

  80,000

   80,000

 

 

 

 

 

 

 

 

 

Total  

116,493,720

4,664,060

36,086,270

3,133,036

72,610,354

 

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

 

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

 

**Item 4T.                      	CONTROLS AND PROCEDURES**

 

Evaluation of Disclosure Controls and Procedures 

 

We maintain “disclosure controls andprocedures,” as such term is defined in Rule 13a-15(e) under the SecuritiesExchange Act of 1934 (the “Exchange Act”), that are designed to ensure thatinformation required to be disclosed in our Exchange Act reports is recorded,processed, summarized and reported within the time periods specified in theSecurities and Exchange Commission rules and forms, and that such informationis accumulated and communicated to our management, including our President andTreasurer, as appropriate, to allow timely decisions regarding requireddisclosure. We conducted an evaluation (the “Evaluation”), under thesupervision and with the participation of our President and Treasurer, of theeffectiveness of the design and operation of our disclosure controls andprocedures (“Disclosure Controls”) as of the end of the period covered by thisreport pursuant to Rule 13a-15b of the Exchange Act. Based on this Evaluation,our President and Treasurer concluded that because of weaknesses in our controlenvironment, our Disclosure Controls were not fully effective as of the end ofthe period covered by this report. Notwithstanding weaknesses in our controlenvironment, as of July 31, 2009, we believe that the condensed consolidatedfinancial statements contained in this report present fairly the Company’sfinancial condition, results of operations and cash flows for the periodspresented.

 

Changes in Internal Control Over FinancialReporting

 

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

 

15

 

 

 

 

 

 

PARTII           OTHER INFORMATION

 

**Item 1.             LEGAL PROCEEDINGS**

 

Therehave not been any material developments in the legal proceedings we describedin our Annual Report on Form 10-K for the year ended April 30, 2009, except forthe issuance of a recommendation (Kaplan Suit) by the court appointed SpecialMaster as to terms of payment which are agreeable to the Company but objectedto by Richard Kaplan requiring the court to issue a future Special Ruling.

 

**Item 1A.           RISK FACTORS**

 

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

 

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

**                        **None

 

**Item 3.             DEFAULTS UPON SENIOR SECURITIES**

 

                        None

 

**Item 4.             SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS**

 

                        None

 

**Item 5.             OTHER INFORMATION**

** **

None

**Item 6.             EXHIBITS**

 

a)         Exhibits:

 

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

 

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

 

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

 

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

	16

 

 

 

 

 

 

 

 

 

 
SIGNATURES
 

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

 

 
First Hartford Corporation

 
(Registrant)

 
 

 
/s/ Neil H. Ellis

		          October 19, 2009          
______________________________

 Date
Neil H. Ellis B President and 

 
Chief Executive Officer

 
 

 
/s/ Stuart I. Greenwald

		          October 19, 2009          
______________________________

		Date
Stuart I. Greenwald B Treasurer 

 
and Chief Financial Officer

 

 
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