UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

** **

** **

**FORM 10-Q**

(MarkOne)

 

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

** **

For the quarterly periodended October 31, 2008.

 

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

** **
| For the transition period from _______________________________________ to ________________________________                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
| 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 is a large accelerated filer, an accelerated filer, anon-accelerated filer, or a smaller reporting company.  See definition of “largeaccelerated filer”, “accelerated filer” and “smaller reporting company” in Rule12b-2 of the Exchange Act. (Check one):

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

 

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act). ⁪Yes   X No

 

 

APPLICABLE ONLY TOCORPORATE ISSUERS

 

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

 

3,039,967 as of December 15, 2008

 

 

 

 

 

 

FIRST HARTFORD CORPORATION AND SUBSIDIARIES

 

INDEX

 
PART I.
FINANCIALINFORMATION
 PAGE 
 
 Item 1.
FinancialStatements
  
 
  
CondensedConsolidated Balance Sheets -
  
October31, 2008 (unaudited) and April 30, 2008 (audited)
 3 - 4 
 
  
CondensedConsolidated Statements of Operations and Other 
  
ComprehensiveLoss for the Three and Six Months
  
EndedOctober 31, 2008 and 2007 (unaudited)
5  
 
  
CondensedConsolidated Statements of Cash Flows for the
  
SixMonths Ended October 31, 2008 and 2007 (unaudited) 
6 - 7 
 
  
Notesto Condensed Consolidated Financial Statements
8 - 12 
 
 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.
Controlsand 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 - 17 
 
  
Signatures
18 
 
  
Exhibits
19 - 22 
 
 
 

 

 

 

 

 

 

2 

 

 

 

 

 

FIRST HARTFORD CORPORATION AND SUBSIDIARIES

**CONDENSED CONSOLIDATED BALANCE SHEETS**

 

ASSETS

** **

 

 

 

 

 

**October 31, 2008**
   
** **

**April 30, 2008**

** **

 

 

 

 

(unaudited)
   
 

(audited)

Real estate and equipment:

 

 

 
   
 

 

 

   Developed properties

 

 

 

$87,805,227
   
 

$68,810,864

 

   Equipment and leasehold improvements

 

 

584,638
   
515,182

 

 

88,389,865
   
69,326,046

 

 

 
   
 

   Less: accumulated depreciation and amortization

 

 

7,141,186
   
 

6,208,228

 

 

 

81,248,679
   
63,117,818

 

 

 
   
 

 

   Property under construction

 

 

31,720,494
   
 

36,687,727

 

 

112,969,173
   
99,805,545

 

 

 
   
 

 

Cash and cash equivalents   

 

 

3,694,113
   
3,670,538

 

 

 

 
   
 

Marketable securities  - available for sale

 

1,052,313
   
 

1,366,240

 

 

 
   
 

 

Accounts and reimbursements receivable, less allowance for doubtful  accounts

 

 

 

 
   
 

 

 

   of $35,000 and $70,000 as of October 31, 2008 and April 30, 2008,  respectively

 

 

5,350,049
   
 

3,764,048

 

 

 

Deposits, escrows, prepaid and deferred expenses, net

 

4,961,897
   
 

4,006,189

 

 
   
 

 

Investments in affiliates

 

 

 

9,665 
   
 

9,665 

 

 

 
   
 

 

Due from related parties and affiliates

 

 

 

425,802
   
408,340

 

 

 
   
 

 

Deferred tax assets, net of valuation allowance of $1,229,000 and  $1,034,000

 

 

 

 
   
 

 

 

   as of October 31, 2008 and April 30, 2008, respectively

 

	 

1,638,000
   
1,638,000

 

 

 
   
 

 

 

 

 

 

$130,101,012
   
 

$114,668,565

 

 

 

 

 

 

 

 

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**

** **

 

 

 

 

 
   
 

 

 

 

 

 

 

**October 31, 2008**
   
** **

**April 30, 2008**

** **

Liabilities:

 

 

 

(unaudited)
   
 

(audited)

 

   Mortgages and notes payable:

 

 

 

 
   
 

 

 

   Construction loan payable

 

 

 

$40,981,603
   
 

$28,374,034

 

   Mortgages payable

 

 

 

67,236,702
   
 

67,663,181

 

   Notes payable

 

 

 

244,729
   
 

247,736

 

 

 

 

 

108,463,034
   
 

96,284,951 

 

 

 

 

 

 
   
 

 

 

Accounts payable

 

 

 

9,099,148
   
 

4,558,746

 

Accrued liabilities

 

 

 

980,001
   
 

2,410,050

 

Deferred income

 

 

 

432,811
   
 

283,649

 

Accrued cost of derivatives

 

 

 

1,464,326
   
 

1,405,001

 

Other liabilities

 

 

 

5,336,702
   
 

5,590,191

 

Due to related parties and affiliates

 

 

 

72,000
   
 

71,853

 

 

 

 

 

125,848,022
   
 

110,604,441

 

 

 

 

 

 
   
 

 

 

Minority interest

 

 

 

7,986,854
   
 

6,736,060

 

 

 

 

 

 
   
 

 

 

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

 

 

 

(9,536,390)
   
 

(8,853,895)

 

Accumulated other comprehensive loss

 

 

(524,118)
   
 

(152,110)

 

 

 

 

 

(1,705,788)
   
 

(651,285)

 

 

 

 

 

 
   
 

 

 

Less: Treasury stock, at cost, 258,642 and 255,842 shares as of October  31, 2008

 

 
   
 

 

   and April 30, 2008, respectively

 

 

 

2,028,076
   
2,020,651

 

 

 

 

 

 
   
 

 

 

 

 

 

 

(3,733,864)
   
 

(2,671,936)

 

 

 

 

 

 
   
 

 

 

 

 

 

 

$130,101,012
   
 

$114,668,565

 

 

 

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

 

4

 

 

 

 

 

FIRST HARTFORDCORPORATION AND SUBSIDIARIES

**CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS AND**

**OTHER COMPREHENSIVELOSS**

(Unaudited)

 

Three Months Ended

Six Months Ended

 

Oct. 31, 2008
   
Oct. 31, 2007
   
Oct. 31, 2008
   
Oct. 31, 2007

Revenues:

 
   
 
   
 
   
 

     Sales of real estate

$1,029,776
   
$-0-
   
$1,029,776
   
$-0-

     Rental income

2,639,716
   
2,273,880
   
5,035,159
   
4,430,478

     Service income

589,860
   
121,494
   
956,067
   
548,250

     Other

   58,470
   
   112,485
   
119,607
   
   279,048

 

4,317,822
   
2,507,859
   
7,140,609
   
5,257,776

 

 
   
 
   
 
   
 

Operating costs and expenses:

 
   
 
   
 
   
 

     Rental expenses

1,657,065
   
1,242,112
   
2,924,715
   
2,381,183

     Service expenses

269,619
   
29,512
   
674,871
   
310,577

     Cost of sales, real  estate

726,776
   
-0-
   
726,776
   
-0-

     Selling, general and  administrative

1,074,502
   
1,592,472
   
 2,355,088
   
 2,741,546

 

3,727,962
   
2,864,096
   
6,681,450
   
5,433,306

 

 
   
 
   
 
   
 

Income (loss) from operations

589,860
   
(356,237)
   
459,159
   
(175,530)

 

 
   
 
   
 
   
 

Non-operating income  (expense)

 
   
 
   
 
   
 

     Interest expense

(1,018,963)
   
(922,508)
   
(1,934,501)
   
(1,569,684)

     Investment income

285,880
   
-0-
   
285,880
   
-0-

     Other income

-0-
   
-0-
   
-0-
   
69,852

     Loss on derivatives

   (472,650)
   
  (640,349)
   
    (59,325)
   
   (145,711)

 

(1,205,733)
   
(1,562,857)
   
(1,707,946)
   
(1,645,543)

 

 
   
 
   
 
   
 

Loss before income taxes

(615,873)
   
(1,919,094)
   
(1,248,787)
   
(1,821,073)

 

 
   
 
   
 
   
 

Provision for income taxes

-0-
   
   56,962
   
15,576
   
  70,145

 

 
   
 
   
 
   
 

Loss before minority interest  and equity in 

 
   
 
   
 
   
 

     unconsolidated  subsidiaries

(615,873)
   
(1,976,056)
   
(1,264,363)
   
(1,891,218)

 

 
   
 
   
 
   
 

Minority interest in (income)  losses of consolidated 

 
   
 
   
 
   
 

     joint ventures 

232,087
   
266,048
   
229,667
   
(19,481)

Equity in earnings of  unconsolidated subsidiaries

156,787
   
134,809
   
352,201
   
 352,866

 

 
   
 
   
 
   
 

Net loss before other  comprehensive loss

(226,999)
   
(1,575,199)
   
(682,495)
   
(1,557,833)

 

 
   
 
   
 
   
 

Other comprehensive loss, net  of tax:

 
   
 
   
 
   
 

     Unrealized holding  losses on securities during the period

 (178,338)
   
(76,800)
   
(372,008)
   
(76,800)

 

 
   
 
   
 
   
 

Comprehensive loss

$(405,337)
   
$(1,651,999)
   
$(1,054,503)
   
$(1,634,633)

 

 
   
 
   
 
   
 

Net loss per share - basic

$(0.07)
   
$(0.52)
   
$(0.22)
   
$(0.51)

 

 
   
 
   
 
   
 

Net loss per share - diluted

$(0.07)
   
$(0.52)
   
$(0.22)
   
$(0.51)

 

 
   
 
   
 
   
 

Shares used in basic per  share computation

3,039,967
   
3,046,159
   
3,040,600
   
3,046,219

 

 
   
 
   
 
   
 

Shares used in diluted per  share computation

3,039,967
   
3,046,159
   
3,040,600
   
3,046,219

 

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)**

** **

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

**October  31, 2008**
   
** **

**October  31, 2007**

** **

 

 

 
   
 

         

 

Cash flows from operating  activities:

 

 
   
 

 

 

  Net loss  

 

$(682,495)
   
 

$(1,557,833)

 

Adjustments to reconcile net loss  

 

 
   
 

 

 

  to net cash used in operating activities:

 

 
   
 

 

 

  Equity in earnings of unconsolidated subsidiaries

 

(352,201)
   
 

(352,866)

 

  Minority interest in (losses) income of  consolidated joint ventures

 

(229,667)
   
 

19,481

 

  Gain on sale of property

 

(303,000)
   
-0-

 

  Gain on sale of securities

 

(285,880)
   
-0-

  Depreciation

 

932,958
   
 

777,173

  Amortization

 

113,664
   
 

108,851

 

  Loss on derivatives

 

59,325
   
 

145,711

 

 

 

 
   
 

 

(Increase) decrease in:

 

 
   
 

 

 

  Accounts and reimbursements receivable, net

 

(1,586,001)
   
 

(1,640,532)

 

  Deposits, escrows, prepaid and deferred expenses

 

(1,069,372)
   
 

(1,288,788)

 

 

 

 
   
 

 

Increase (decrease) in:

 

 
   
 

 

 

  Accrued liabilities

 

(1,430,049)
   
 

49,388

 

  Deferred income

 

149,162
   
 

(113,703)

 

  Accounts payable

 

4,540,402
   
 

178,822

 

 

 
         
 

Net cash used in operating activities

 

(143,154)
   
 

(3,674,296)

 

 

 
   
 

 

Cash flows from investing activities:

 

 
   
 

 

 

  Distributions from affiliates, net

 

98,711
   
 

155,133

 

  Investment in marketable securities

 

227,799
   
 

(453,670)

 

  Purchase of equipment and leasehold improvements

 

(69,456)
   
 

(41,511)

 

  Proceeds from sale of real estate 

 

972,444
   
 

-0-

 

  Additions to developed properties and properties  under construction

 

(14,696,574)
   
 

(14,359,574)

Net cash used in investing activities

 

(13,467,076)
   
 

(14,699,622)
 
 

 

 

 

 

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)**

** **

** **

** **

 

 

**Six Months Ended**

 

 

 

**October 31, 2008**
   
 

**October 31, 2007**

** **

 

 

 
   
 

 

 

Cash flows from financing activities:

 

 
   
 

 

 

   Minority distributions from consolidated joint ventures

(17,677)
   
-0-

 

   Limited partners investment in consolidated joint ventures

 

1,498,138

 

 

1,872,803

 

   Purchase of treasury stock

(7,425)

 

 

(1,175)

   

 

 

 

Proceeds from:

 

 

 

 

   Construction loan payable

 

13,463,356

 

 

 

22,736,142

 

   Mortgages payable

 

50,000

 

 

 

447,820

 

   Notes payable

 

-0-

 

 

 

500,000

 

Principal payments on:

 

 

 

 

 

 

 

  Construction loan payable

 

(855,787)

 

 

 

-0-

 

  Mortgages payable

 

(476,478)

 

 

(7,474,488)

 

  Notes payable

 

(3,007)

 

 

 

(502,981)

 

  Advances to related parties and affiliates partnerships, net

 

(17,315)

 

 

 

(5,145)

 

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

13,633,805

 

 

 

17,572,976 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

23,575

 

 

 

(800,942)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

3,670,538

 

 

 

2,585,076

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$3,694,113

 

 

 

$1,784,134

 

 

 

 

 

 

 

 

 

Cash paid during the period for interest

$1,544,371

 

 

 

$1,577,943

 

Cash paid during the period for income taxes

$10,576

 

 

 

$70,255

 

 

 

 

 

 

 

 

 

 

 

 

**                                                              **

** **

 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 Businessand Significant Accounting Policies:**

 

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 andsix months ended October 31, 2008 are not necessarily indicative of the resultsthat may be expected for the year ending April 30, 2009.  For furtherinformation, refer to the consolidated financial statements and footnotesthereto included in the Company's annual reporton Form 10-K for the fiscal year ended April 30, 2008.

 

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, 2008, except as discussed in Note 5.

 

 

 

8

 

 

 

 

 

FIRST HARTFORDCORPORATION AND SUBSIDIARIES

**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

 

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

Income (Loss) Per 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 "treasury stock"  method).

** **

**2.         Fair Value of DerivativeInstruments**

** **

In the normal course of business,the Company is exposed to the effects of interest rate changes.  To mitigatethe exposure to unexpected changes in interest rates, derivatives are usedprimarily to hedge against rate movements on some of the Company's related debt. In accordance with SFAS No. 133, "Accounting for Derivative Instruments and HedgingActivities", since the Company's interest rate swaps have notbeen designated as a hedge they must be recognized as an asset or liability andadjusted to fair value through income in the current period.

 

The Company recognized a loss of $472,650 and $59,325 duringthe three and six months ended October 31, 2008, respectively. The aggregatefair value of the Company's swap contracts were in an unfavorable position of $(1,464,326)as of October 31, 2008 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.

 

 

 

 

 

 

 

 

 

 9 

 

 

 

 

 

FIRST HARTFORDCORPORATION AND SUBSIDIARIES

**NOTES TO CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS**

 

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

 

OPERATING RESULTS OFNONCONSOLIDATED 50% OWNED SUBSIDIARIES

 

 

Three Months Ended

October 31

Six Months Ended

October 31

 

2008
   
2007
   
2008
   
2007

Cranston Parkade, LLC

 
   
 
   
 
   
 

      Revenues

$1,173,747
   
$1,210,909
   
$2,486,074
   
$2,431,084

      Expenses

  1,014,943
   
  1,032,109
   
  2,079,013
   
  2,026,010

Net Profit 

$   158,804
   
$   178,800
   
$   407,061
   
$   405,074

Dover Parkade, LLC

 
   
 
   
 
   
 

     Revenues

  $ 657,690
   
$627,957
   
$1,310,057
   
$1,278,421

     Expenses

     508,957
   
  502,406
   
  1,016,143
   
     977,948

Net Profit 

  $ 148,733
   
$125,551
   
$   293,914
   
$   300,473

** **

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 October 31, 2008 and April 30,2008, $5,261,865 and $5,515,353, respectively, is included in other liabilitiesin the consolidated balance sheets representing the carrying value of theseinvestments.

 

**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, 2005. 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 taxableincome levels. In the event the Company were to determine that it would not beable to realize all or a portion of its deferred tax assets in the future, it wouldreduce such amounts through a charge to income in the period in which thatdetermination is made. Conversely, if the Company were to determine that itwould be able to realize its deferred tax assets in the future in excess of thenet carrying amounts, it would decrease the recorded valuation allowancethrough an increase to income in the period in which that determination ismade.

 

As of October 31, 2008, the Company has concluded thatit is more likely than not that the Company will realize $1,638,000 in deferredtax assets. 

 

10 
 

 

 

 

 

 

 

FIRST HARTFORDCORPORATION AND 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. Non-recurring fair valuemeasurements of nonfinancial assets and liabilities, is effective for fiscalyears beginning after November 15, 2008. The Company has determined thefinancial assets and liabilities subject to SFAS No. 157 are marketablesecurities and interest rate swap agreements (derivatives).

 

            *FairValue Hierarchy*

 

SFASNo. 157 specifies a hierarchy of valuation techniques based upon whether theinputs to those valuation  techniques reflect assumptions other marketparticipants would use based upon market data obtained from independentsources (also referred to as observable inputs).  In accordance with SFAS No.157, the following summarizes the fairvalue hierarchy:

 

• 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.

 

In certain cases, the inputs used to measure fairvalue may fall into different levels of the fair value hierarchy. In suchcases, the level in the fair value hierarchy within which the fair valuemeasurement in its entirety falls has been determined based on the lowest levelinput that is significant to the fair value measurement in its entirety.  TheCompany’s assessment of the significance of a particular input to the fairvalue measurement in its entirety requires judgment, and considers factors specific tothe asset or liability.

 

*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 and Counterpartyusing relevant mid-market data inputs and based on the assumption of no unusualmarket conditions or forced liquidation.

 

**                        **

**Fair Value Measurements**

 

Level 1

Level 2

Level 3

Available  for sale securities

$1,052,313

    $            -0-

    $   -0-

Interest  rate swap agreements (negative fair value)

                   -0-

   (1,464,326)

         -0-

      Total

$1,052,313

 $(1,464,326)

    $   -0-

 
 
 
11
 

 

 

 

 

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

** **

**5.         FairValue Measurements (continued):**

 

In February 2007, the FASB issued SFAS No. 159, “TheFair Value Option for Financial Assets and Financial Liabilities - Including anAmendment of FASB Statement No. 115” which permits entities to choose tomeasure eligible items at fair value at specified election dates and reportunrealized gains and losses on items, for which the fair value option has beenelected, in earnings at each subsequent reporting date. SFAS No. 159 waseffective for the Company’s fiscal years beginning May 1, 2008. The adoption ofSFAS No. 159 in fiscal 2009 did not have an impact on the Company’s condensedconsolidated results of operations or financial position, as the Company hasnot elected the fair value option for any of its eligible financial assets orliabilities.

 

**6.         RecentAccounting Pronouncements**

** **

In December 2007, the FASB issued SFAS No. 141(revised 2007), “Business Combinations” (SFAS 141(R)), whichreplaces SFAS No. 141, “Business Combinations.” SFAS 141(R) retains the underlying  concepts of SFAS 141 in that allbusiness combinations are still required to be accounted for at fair valueunder the acquisition method of accountingbut SFAS 141(R) changed the method of applying the acquisition method ina number of significant aspects. Acquisition costs will generally be expensedas incurred; non-controlling interestswill be valued at fair value at the acquisition date; in-process research anddevelopment will be recorded atfair value as an indefinite-lived intangible asset at the acquisition date;restructuring costs associatedwith a business combination will generally be expensed subsequent to theacquisition date; and changes indeferred tax asset valuation allowances and income tax uncertainties after theacquisition date generally will affect incometax expense. SFAS 141(R) is effective on a prospective basis for all business combinationsfor which the acquisition date is on or after the beginning of the first annualperiod subsequent to December 15, 2008, withthe exception of the accounting for valuation allowances on deferred taxes and acquiredtax contingencies. SFAS 141(R) amends SFAS 109 such that adjustments made tovaluation allowances on deferredtaxes and acquired tax contingencies associated with acquisitions that closedprior to the effective date of SFAS 141 (R) would also applythe provisions of SFAS 141(R). Early adoption is not permitted.

 

In December 2007, the FASB issued Financial AccountingStandards No. 160, “Non-controlling Interests in Consolidated FinancialStatements – an amendment of ARB No. 51.” This statement is effective forfiscal years, and interim periods within those fiscal years, beginning on orafter December 15, 2008, with earlier adoption prohibited. This statementrequires the recognition of a non-controlling interest (minority interest) as equity in the consolidated financial statements and separate from the parent’sequity. The amount of net income attributable to the non-controlling interestwill be included in consolidated net income on the face of the income statement.It also amends certain of ARB No. 51’s consolidation procedures for consistencywith the requirements of SFAS 141(R). This statement also includes expandeddisclosure requirements regarding the interests of the parent and itsnon-controlling interest. Theimpact to the Company of SFAS No. 160 is currently being evaluated and has notyet been determined.

 

In March 2008, the FASB issued SFAS No. 161,“Disclosures about Derivative Instruments and Hedging Activities,” whichchanges the disclosure requirements for derivative instruments and hedgingactivities. SFAS No. 161 requires enhanced disclosures about (a) how and why anentity uses derivative instruments, (b) how derivative instruments and relatedhedged items are accounted for under SFAS No. 133, “Accounting for DerivativeInstruments and Hedging Activities” and its related interpretations, and (c)how derivative instruments and related hedged items affect an entity’sfinancial position, financial performance, and cash flows. This statement’sdisclosure requirements are effective for fiscal years and interim periodsbeginning after November 15, 2008.  The impact to the Company of SFAS No. 161is currently being evaluated and has not yet been determined.

 

 

12

 

 

 

 

 

 

 

 

 

**FIRSTHARTFORD CORPORATION AND SUBSIDIARIES**

 

**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 A"orward-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 of financial condition andresults of operations is based upon the condensed consolidated financialstatements contained in Item 1 in this Quarterly Report.  The condensedconsolidated financial statements include the accounts of the Company and itscontrolled affiliates.  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 reportedamounts of 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.

** **

Thediscussion included in Item 7 of our Annual Report on Form 10-K for the yearended April 30, 2008 under the subheading "Critical Accounting Policiesand Estimates" is still considered current and applicable, and is herebyincorporated into this Quarterly Report on Form 10-Q.

 

Resultsof Operations

 

Therewas a single parcel of real estate sold during the six month period endedOctober 31, 2008 which consisted of an out-parcel from our shopping center inEdinburg, Texas.  The transaction closed on October 15, 2008 and consisted of adeveloped lot sold to a local bank.  There were no sales of real estate for thethree and six month period ended October 31, 2007.

 

Rentalincome for the three and six month periods ended October 31, 2008 increasedapproximately $366,000 and $605,000, respectively.  Approximately $95,000 and$213,000 of the increases were derived from Rockland Apartments.  The majorityof the remaining increase was due to the initial rental income (approximately$185,000) from Edinburg, Texas.  Service income increased approximately $468,000and $408,000 for the three and six month periods ended October 31, 2008.  Feesfrom our CVS Pharmacy's business increased in excess of $300,000 withmanagement fees from a new housing project (not owned at this time) making upthe remaining balance.

 

Operatingcosts and expenses increased approximately $864,000 and $1,248,000 for thethree and six month periods ended October 31, 2008, respectively.  Theincreases were primarily due to the cost of an out-parcel sold for approximately$726,000.  Increases in rental expense and service cost are in line withincreases in revenues for those items.

 
 
 

13
 

 

 

 

 

 

 

FIRST HARTFORDCORPORATION AND SUBSIDIARIES
 

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

 

Selling,general and administrative costs have decreased approximately $518,000 and$386,000 for the three and six months ended October 31, 2008, respectively.  Thiswas a result of incurring in excess of $700,000 of legal costs during the threemonths ended October 31, 2007 in connection with the Simon Properties lawsuit. This litigation was successfully resolved during March 2008.

 

Interestexpense increased $96,000 and $365,000 for the three and six months endedOctober 31, 2008.  The increase in the current three month period was a resultof interest being expensed in connection with the portion of the Edinburg shopping center placed in service in October 2008.  The balance for the six monthperiod was due to Rockland, North Adams and the Police Station as previouslyexplained in the Company’s July 31, 2008 10-Q filing.

 

Minorityinterest is a result of the loss from Rockland Apartments being charged to theLimited Partners (owners of a 99.99% interest).  

 

CapitalResources and Liquidity

 

OnNovember 8, 2007, the Company closed on a construction loan from Citizens Bankfor up to $4,750,000 to build a shopping center in Bangor, Maine to include aground lease for a supermarket and the construction of an 8,000 SF retailbuilding.

 

We haverecently been advised by the supermarket customer that they will not go forwardand build the supermarket (for at least six months).  They are however, payingthe rent on the ground lease.  The Company has completed the land developmentwork but will not build the additional 8,000 SF retail building unless the supermarketis built.

 

Despitethe current tightening of credit by financial institutions, the Company hasadequate cash and borrowing arrangements to meet our current obligations. However, banks may not be funding construction or mortgage loans for sometime.  At this time, we cannot estimate when that will change.

 

Although we are wary of the possibilities of risinginterest rates, problems with major tenants, and major construction costoverruns, we feel our liquidity and capital resources are presently adequate tomeet our needs.  The potential purchase of the shares of a dissidentshareholder, as discussed in Part II, Item 1 of this document is unknown as to thequantity or price.  We are well aware that a purchase in excess of the value ofthe shares would negatively impact the remaining shareholders and would depleteour cash position.

 

 

 

14

 

 

 

 

 

FIRST HARTFORDCORPORATION AND SUBSIDIARIES
 

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

 

CapitalResource and Liquidity (continued):

 

Contractual Obligations

Total

Less than 1 year

1-3 years

3-5 years

More than 5 years

 

 

 

 

 

 

Long-Term Debt

$105,821,525

$1,115,724

$34,002,337

$3,020,566

$67,682,898

 

 

 

 

 

 

Short-Term Debt

2,641,509

2,641,509

 

 

 

 

 

 

 

 

 

Purchase Obligations

704,000

704,000

 

 

 

 

 

 

 

 

 

Tenant Allowance

1,338,000

1,338,000

 

 

 

 

 

 

 

 

 

Total

$110,505,034

$5,799,233

$34,002,337

$3,020,566

$67,682,898

 

 

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

 

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

** **

**Item 4.            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 October 31, 2008, 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 theExchange Act) during the period covered by this report, that materiallyaffected, or are reasonably likely to materially affect, the Company’s internalcontrol over financial reporting.

 

 
  
15

 

 

 

 

 

**FIRST HARTFORD CORPORATION ANDSUBSIDIARIES**

 

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, 2008.

 

**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**

 

(a)               Not Applicable.

 

(b)               Not Applicable.

 

(c)               Not Applicable.

** **

**Item 3.             DEFAULTS UPON SENIOR SECURITIES**

 

(a)               Not Applicable.

 

(b)               Not Applicable.  

 

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

 

(a)               Not Applicable.

 

(b)               Not Applicable.

 

(c)               Not Applicable

 

(d)               Not Applicable

 

**Item 5.             OTHER INFORMATION**

** **

None

 

 

 

 

 

 

 

 

 

 16

 

 

**FIRST HARTFORD CORPORATION ANDSUBSIDIARIES**

 

 

 

 

** **

PARTII           OTHER INFORMATION (continued):

** **

**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 Officers, pursuant to 18 U.S.C. Section 1350.
 

 

 

 

 

 

17

 

 

 

 

 

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

		December 19, 2008
 
Date 
Neil H. Ellis B President and 
  
Chief Executive Officer
  
 

		December 19, 2008
 
/s/ Stuart I. Greenwald

Date   
Stuart I. Greenwald B Treasurer 
  
and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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