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Great Northern Iron Ore Properties 10-Q 2012

Documents found in this filing:

  1. 10-Q
  2. Ex-31.1
  3. Ex-31.2
  4. Ex-32
  5. Ex-32

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

 

 

 

FORM 10-Q

 

 

 

(Mark One)

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - For the Quarterly Period Ended September 30, 2012
   
Or       
   
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - For the Transition Period From ______________ to ______________

Commission file number 1-701

 

 

 

 

 

 

 

 

GREAT NORTHERN IRON ORE PROPERTIES

(Exact name of registrant as specified in its charter)


 

 

 

Minnesota

 

41-0788355

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification Number)

 

 

 

W-1290 First National Bank Building
332 Minnesota Street
Saint Paul, Minnesota

 

55101-1361

(Address of principal executive office)

 

(Zip Code)

 

 

 

(651) 224-2385

(Registrant’s telephone number, including area code)

 

 

 

Not Applicable

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


 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted to its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Act).

 

 

 

 

Large accelerated filer      o

Accelerated filer                        x

 

Non-accelerated filer        o

Smaller reporting company        o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

 

 

Number of shares of beneficial interest outstanding on September 30, 2012:

1,500,000

 


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

September 30,
2012

 

December 31,
2011

 

 

 

(Unaudited)

 

(Note)

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

858,619

 

$

750,947

 

United States Treasury securities

 

 

9,332,633

 

 

5,108,307

 

Royalties receivable

 

 

4,907,858

 

 

7,912,289

 

Prepaid expenses

 

 

29,707

 

 

2,110

 

TOTAL CURRENT ASSETS

 

 

15,128,817

 

 

13,773,653

 

 

 

 

 

 

 

 

 

NONCURRENT ASSETS

 

 

 

 

 

 

 

United States Treasury securities

 

 

3,774,606

 

 

4,759,072

 

 

 

 

 

 

 

 

 

PROPERTIES

 

 

 

 

 

 

 

Mineral and surface lands

 

 

39,479,708

 

 

39,479,708

 

Less: Allowances for accumulated depletion and amortization

 

 

-37,723,777

 

 

-37,201,777

 

 

 

 

1,755,931

 

 

2,277,931

 

 

 

 

 

 

 

 

 

Building and equipment

 

 

316,816

 

 

316,816

 

Less: Allowances for accumulated depreciation

 

 

-237,940

 

 

-212,560

 

 

 

 

78,876

 

 

104,256

 

TOTAL PROPERTIES

 

 

1,834,807

 

 

2,382,187

 

TOTAL ASSETS

 

$

20,738,230

 

$

20,914,912

 

 

 

 

 

 

 

 

 

LIABILITIES AND BENEFICIARIES’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

219,356

 

$

128,856

 

Distributions

 

 

5,250,000

 

 

8,625,000

 

TOTAL CURRENT LIABILITIES

 

 

5,469,356

 

 

8,753,856

 

 

 

 

 

 

 

 

 

NONCURRENT LIABILITIES

 

 

 

 

 

 

 

Deferred compensation

 

 

209,600

 

 

209,600

 

Liability for pension benefits

 

 

977,590

 

 

1,642,113

 

TOTAL NONCURRENT LIABILITIES

 

 

1,187,190

 

 

1,851,713

 

TOTAL LIABILITIES

 

 

6,656,546

 

 

10,605,569

 

 

 

 

 

 

 

 

 

BENEFICIARIES’ EQUITY, including certificate holders’ equity, represented by 1,500,000 certificates (shares or units) of beneficial interest authorized and outstanding, and the reversionary interest

 

 

16,142,286

 

 

12,752,340

 

Accumulated other comprehensive loss

 

 

-2,060,602

 

 

-2,442,997

 

TOTAL BENEFICIARIES’ EQUITY

 

 

14,081,684

 

 

10,309,343

 

TOTAL LIABILITIES AND BENEFICIARIES’ EQUITY

 

$

20,738,230

 

$

20,914,912

 


Note: The balance sheet at December 31, 2011, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

See notes to condensed financial statements.

-1-


GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED STATEMENTS OF INCOME
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30

 

Nine Months Ended
September 30

 

 

 

2012

 

2011

 

2012

 

2011

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

Royalties

 

$

5,178,144

 

$

6,473,243

 

$

19,483,824

 

$

18,431,116

 

Interest and other income

 

 

45,251

 

 

21,192

 

 

98,962

 

 

84,050

 

 

 

 

5,223,395

 

 

6,494,435

 

 

19,582,786

 

 

18,515,166

 

Costs and expenses

 

 

-956,143

 

 

-838,126

 

 

-3,067,840

 

 

-2,711,297

 

NET INCOME

 

$

4,267,252

 

$

5,656,309

 

$

16,514,946

 

$

15,803,869

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

1,500,000

 

 

1,500,000

 

 

1,500,000

 

 

1,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC & DILUTED EARNINGS PER SHARE

 

$

2.84

 

$

3.77

 

$

11.01

 

$

10.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared per share

 

$

3.50

(1)

$

4.00

(2)

$

8.75

(3)

$

9.25

(4)


 

 

 

 

 

(1)

$3.50

declared
payable

9/7/2012
10/31/2012

 

 

 

 

 

 

(2)

$4.00

declared
paid

9/16/2011
10/31/2011

 

 

 

 

 

 

(3)

$2.25

declared
paid

3/9/2012
4/30/2012

 

plus

$3.00

declared
paid

6/6/2012
7/31/2012

 

plus

$3.50

declared
payable

9/7/2012
10/31/2012

 

 

 

 

 

 

(4)

$2.25

declared
paid

3/10/2011
4/29/2011

 

plus

$3.00

declared
paid

6/10/2011
7/29/2011

 

plus

$4.00

declared
paid

9/16/2011
10/31/2011

 


See notes to condensed financial statements.

GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30

 

Nine Months Ended
September 30

 

 

 

2012

 

2011

 

2012

 

2011

 

NET INCOME

 

$

4,267,252

 

$

5,656,309

 

$

16,514,946

 

$

15,803,869

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Defined benefit pension plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of prior service cost
included in net periodic pension cost

 

 

4,367

 

 

4,367

 

 

13,102

 

 

13,102

 

Amortization of net loss
included in net periodic pension cost

 

 

123,098

 

 

76,587

 

 

369,293

 

 

229,761

 

Total other comprehensive income

 

 

127,465

 

 

80,954

 

 

382,395

 

 

242,863

 

TOTAL COMPREHENSIVE INCOME

 

$

4,394,717

 

$

5,737,263

 

$

16,897,341

 

$

16,046,732

 


See notes to condensed financial statements.

-2-


GREAT NORTHERN IRON ORE PROPERTIES
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

 

 

 

 

 

 

 

 

 

 

Nine Months Ended
September 30

 

 

 

2012

 

2011

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Cash received from royalties and rents

 

$

22,559,309

 

$

17,964,950

 

Cash paid to suppliers and employees

 

 

-2,739,685

 

 

-2,386,888

 

Interest received

 

 

38,048

 

 

13,749

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

19,857,672

 

 

15,591,811

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

U.S. Treasury securities purchased

 

 

-6,900,000

 

 

-6,075,000

 

U.S. Treasury securities matured

 

 

3,650,000

 

 

4,275,000

 

Expenditures for building and equipment

 

 

0

 

 

-18,685

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

-3,250,000

 

 

-1,818,685

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Distributions paid

 

 

-16,500,000

 

 

-13,500,000

 

NET CASH USED IN FINANCING ACTIVITIES

 

 

-16,500,000

 

 

-13,500,000

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

107,672

 

 

273,126

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of year

 

 

750,947

 

 

668,310

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT SEPTEMBER 30

 

$

858,619

 

$

941,436

 

 

 

 

 

 

 

 

 

See notes to condensed financial statements.

 

 

 

 

 

 

 

-3-


GREAT NORTHERN IRON ORE PROPERTIES
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)

Periods of Three and Nine Months ended September 30, 2012 and September 30, 2011

Note 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods stated above are not necessarily indicative of the results that may be expected for each respective full year. For further information, refer to the financial statements and footnotes included in the Great Northern Iron Ore Properties (“Trust”) Annual Report on Form 10-K for the year ended December 31, 2011.

Note 2 – SECURITIES

United States Treasury securities are classified as “held-to-maturity” securities and are carried at cost, adjusted for accrued interest and amortization of premium or discount. The aggregate fair values listed in the table below are based on quoted prices in active markets for identical assets (Level 1). Securities recognized as current assets will mature within one year of the respective period ending date stated below. Securities recognized as noncurrent assets will mature one to three years from the respective period ending date stated below. Following is an analysis of the securities as of the periods stated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

Noncurrent

 

 

 

Sept. 30, 2012

 

Dec. 31, 2011

 

Sept. 30, 2012

 

Dec. 31, 2011

 

Aggregate fair value

 

$

9,323,581

 

$

5,094,703

 

$

3,764,826

 

$

4,755,809

 

Gross unrealized holding gains

 

 

-6,748

 

 

-4,929

 

 

-912

 

 

-12,995

 

Gross unrealized holding losses

 

 

42

 

 

857

 

 

838

 

 

1,192

 

Amortized cost basis

 

 

9,316,875

 

 

5,090,631

 

 

3,764,752

 

 

4,744,006

 

Accrued interest

 

 

15,758

 

 

17,676

 

 

9,854

 

 

15,066

 

Amounts shown on balance sheets

 

$

9,332,633

 

$

5,108,307

 

$

3,774,606

 

$

4,759,072

 

-4-


Note 3 – PENSION PLAN

A summary of the components of net periodic pension cost is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
Sept. 30

 

Nine Months Ended
Sept. 30

 

 

 

2012

 

2011

 

2012

 

2011

 

Service cost

 

$

76,699

 

$

69,911

 

$

230,099

 

$

209,735

 

Interest cost

 

 

80,549

 

 

79,965

 

 

241,648

 

 

239,895

 

Expected return on assets

 

 

-112,117

 

 

-108,397

 

 

-336,352

 

 

-325,193

 

Amortization of net loss

 

 

123,098

 

 

76,587

 

 

369,293

 

 

229,761

 

Amortization of prior service cost

 

 

4,367

 

 

4,367

 

 

13,102

 

 

13,102

 

Net periodic pension cost

 

$

172,596

 

$

122,433

 

$

517,790

 

$

367,300

 

The plan’s annual actuarial valuation was performed as of the plan’s fiscal year-end March 31. The actuarially recommended contribution to the pension plan for 2012 was $799,918, which contribution was made on August 3, 2012.

Note 4 – BENEFICIARIES’ EQUITY

Pursuant to the Court Order of November 29, 1982, the Trustees were directed to create and maintain an account designated as “Principal Charges.” This account constitutes a first and prior lien of certificate holders on any property transferable to the reversioner and reflects an allocation of beneficiaries’ equity between the certificate holders and the reversioner. This account is neither an asset nor a liability of the Trust. Rather, this account maintains and represents a balance which will be payable to the certificate holders of record from the reversioner at the end of the Trust. The balance in this account consists of attorneys’ fees and expenses of counsel for adverse parties pursuant to the Court Order in connection with litigation commenced in 1972 relating to the Trustees’ powers and duties under the Trust Agreement and the costs of homes and surface lands acquired in accordance with provisions of a lease with U.S. Steel Corporation, net of an allowance to amortize the cost of the land based on actual shipments of taconite and net of a credit for disposition of tangible assets. Following is an analysis of this account as of September 30, 2012:

 

 

 

 

 

Attorneys’ fees and expenses

 

$

1,024,834

 

Costs of surface lands

 

 

6,606,815

 

Cumulative shipment credits

 

 

-2,367,288

 

Cumulative asset disposition credits

 

 

-372,124

 

 

 

 

 

 

Principal Charges account balance

 

$

4,892,237

 

Upon termination of the Trust, the Trustees shall either sell tangible assets or obtain a loan with tangible assets as security to provide monies for distribution to the certificate holders in the amount of the Principal Charges account balance.

-5-


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Periods of Three and Nine Months ended September 30, 2012 and September 30, 2011

The Trust owns interest in 12,033 acres on the Mesabi Iron Range Formation in northeastern Minnesota, most of which are under lease to major iron ore producing companies. Due to the Trustees’ election pursuant to Section 646 of the Tax Reform Act of 1986, as amended, commencing with year 1989 the Trust is not subject to federal and Minnesota corporate income taxes. The Trust is now a grantor trust. Shares of beneficial interest in the Trust are traded on the New York Stock Exchange under the ticker symbol “GNI” (CUSIP No. 391064102).

The terms of the Great Northern Iron Ore Properties Trust Agreement, created December 7, 1906, state that the Trust shall continue for twenty years after the death of the last survivor of eighteen persons named in the Trust Agreement. The last survivor of these eighteen persons died on April 6, 1995. Accordingly, the Trust terminates twenty years from April 6, 1995, that being April 6, 2015.

At the end of the Trust on April 6, 2015, the certificates of beneficial interest (shares) in the Trust will cease to trade on the New York Stock Exchange and thereafter will represent only the right to receive certain distributions payable to the certificate holders of record at the time of the termination of the Trust. Upon termination, the Trust is obligated to distribute ratably to these certificate holders the net monies remaining in the hands of the Trustees (after paying and providing for all expenses and obligations of the Trust), plus the balance in the Principal Charges account (this account is explained in the Trust’s Annual Report sent to all certificate holders every year). All other Trust property (most notably the Trust’s mineral properties and the active leases) must be conveyed and transferred to the reversioner (currently Glacier Park Company, a wholly owned subsidiary of ConocoPhillips Company) under the terms of the Trust Agreement.

We have previously provided information in our various Securities and Exchange Commission filings, including our Annual Report, about the final distribution payable to the certificate holders upon the Trust’s termination. The exact final distribution, though not determinable at this time, will generally consist of the sum of the Trust’s net monies (essentially, total assets less liabilities and properties) and the balance in the Principal Charges account, less any and all expenses and obligations of the Trust upon termination. To offer a hypothetical example, without factoring in any expenses and obligations of the Trust upon its termination, and using the financial statement values as of December 31, 2011, the net monies were approximately $7,927,000 and the Principal Charges account balance was approximately $4,962,000, resulting in a final distribution payable of approximately $12,889,000, or about $8.59 per share. After payment of this final distribution, the certificates of beneficial interest (shares) would be cancelled and have no further value. It is important to note, however, that the actual net monies on hand and the Principal Charges account balance will most likely fluctuate during the ensuing years and will not be “final” until after the termination and wind-down of the Trust. The Trust offers this example to further inform investors about the conceptual nature of the final distribution and does not imply or guarantee a specific known final distribution amount.

-6-



Results of Operations:

Royalties increased $1,052,708 for the nine months ended September 30, 2012, as compared to the same period in 2011, due mainly to greater year-to-date taconite production from Trust lands. Royalties decreased $1,295,099 during the three months ended September 30, 2012, as compared to the same period in 2011, due mainly to reduced quarterly taconite production from Trust lands and a lower overall average earned royalty rate caused by a reduction in the producer price indices.

Interest and other income increased $14,912 and $24,059 during the nine months and three months ended September 30, 2012, respectively, as compared to the same periods in 2011, due mainly to additional gravel and timber revenues received.

Costs and expenses increased $356,543 and $118,017 during the nine months and three months ended September 30, 2012, respectively, as compared to the same periods in 2011, due mainly to higher pension expense pertaining to the defined benefit pension plan primarily caused by a reduction in the discount rate, and additional amortization of surface lands that were acquired in prior years.

At their meeting held on September 7, 2012, the Trustees declared a distribution of $3.50 per share, amounting to $5,250,000 payable October 31, 2012, to certificate holders of record at the close of business on September 28, 2012. The Trustees have now declared three quarterly distributions in 2012. The first, in the amount of $2.25 per share, was paid on April 30, 2012, to certificate holders of record on March 30, 2012; the second, in the amount of $3.00 per share, was paid on July 31, 2012, to certificate holders of record on June 29, 2012; and the third, that being the current distribution. The first, second and third quarter 2011 distributions were $2.25, $3.00 and $4.00 per share, respectively. The Trustees intend to continue quarterly distributions and set the record date as of the last business day of each quarter. The next distribution will be paid in late January 2013 to certificate holders of record on December 31, 2012.

A mining agreement dated January 1, 1959, with U.S. Steel Corporation provides that one-half of annual earned royalty income, after satisfaction of minimum royalty payments, shall be applied, in lieu of royalty payments, to reimburse the lessee for a portion of its cost of acquisition of surface lands overlying the leased mineral deposits, which surface lands are then conveyed to the Trustees. There are surface lands yet to be purchased, the costs of which are yet unknown and will not be known until the actual purchases are made.

Liquidity:

In the interest of preservation of principal of Court-approved reserves and guided by the restrictive provisions of Section 646 of the Tax Reform Act of 1986, as amended, monies are invested primarily in U.S. Treasury securities with maturity dates not to exceed three years and, along with cash flows from operations, are deemed adequate to meet currently foreseeable liquidity needs.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
- None

-7-



Item 4. Controls and Procedures

As of the end of the period covered by this report, the Trust conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, of the Trust’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934 (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Trust’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Trust in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. There was no change in the Trust’s internal control over financial reporting during the Trust’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings
- None

Item 1A. Risk Factors
There are no material changes from the risk factors previously disclosed in the Trust’s December 31, 2011 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
- None

Item 3. Defaults Upon Senior Securities
- None

Item 4. Mine Safety Disclosures
- Not applicable

Item 5. Other Information
- None

-8-



 

 

 

Item 6. Exhibits

 

Exhibit No.

 

Document

- 31.1

 

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

- 31.2

 

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

- 32

 

Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not filed)

 

 

 

- 101.INS

 

XBRL Instance Document (Interactive Data File)

 

 

 

- 101.SCH

 

XBRL Taxonomy Extension Schema Document (Interactive Data File)

 

 

 

- 101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document (Interactive Data File)

 

 

 

- 101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document (Interactive Data File)

 

 

 

- 101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document (Interactive Data File)

 

 

 

- 101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document (Interactive Data File)

-9-


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

GREAT NORTHERN IRON ORE PROPERTIES

 

 

 

 

 

(Registrant)

 

 

 

 

 

 

 

Date

October 24, 2012

 

By

/s/ Joseph S. Micallef

 

 

 

 

 

Joseph S. Micallef, Chief Executive Officer,

 

 

 

 

 

Trustee and President of the Trustees

 

 

 

 

 

(principal executive officer)

 

 

 

 

 

 

 

Date

October 24, 2012

 

By

/s/ Thomas A. Janochoski

 

 

 

 

 

Thomas A. Janochoski, Chief Financial Officer,

 

 

 

 

 

Vice President & Secretary

 

 

 

 

 

(principal financial and accounting officer)

 

 

 

 

 

 

 

-10-


QUARTERLY REPORT ON FORM 10-Q

EXHIBIT INDEX

QUARTER ENDED: SEPTEMBER 30, 2012

GREAT NORTHERN IRON ORE PROPERTIES

W-1290 First National Bank Building
332 Minnesota Street
Saint Paul, Minnesota 55101-1361

 

 

 

Exhibit No.

 

Document

31.1

 

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

31.2

 

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002

 

 

 

32

 

Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not filed)

 

 

 

101.INS

 

XBRL Instance Document (Interactive Data File)

 

 

 

101.SCH

 

XBRL Taxonomy Extension Schema Document (Interactive Data File)

 

 

 

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document (Interactive Data File)

 

 

 

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document (Interactive Data File)

 

 

 

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document (Interactive Data File)

 

 

 

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document (Interactive Data File)



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