UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  January 29, 2015

  

GREAT NORTHERN IRON ORE PROPERTIES

(Exact name of registrant as specified in its charter)

 

Minnesota	1-701	41-0788355
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
W-1290 First National Bank Building, 332 Minnesota Street, St. Paul, MN		55101
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (651) 224-2385

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 2.02   Results of Operations and Financial Condition.

 

On January 29, 2015, the Trustees of Great Northern Iron Ore Properties issued a press release announcing the 2014 annual and fourth quarter financial results, with comparative information to 2013. The full text of the press release is set forth in Exhibit 99.1 attached hereto and is incorporated into this Current Report as if fully set forth herein.

 

Item 9.01   Financial Statements and Exhibits.

 

(a)  Financial statements of businesses acquired: None

 

(b)  Pro forma financial information: None

 

(c)  Shell company transactions: None

 

(d)  Exhibits:

 

Exhibit No.		Document
99.1		Press Release dated January 29, 2015 with respect to financial results.

 

 

- - - - -

 

 

The information in this Current Report on Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information contained herein is material investor information that is not otherwise publicly available.

 

 

 

 

 

 

 

 

 

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	January 29, 2015		By	/s/  Joseph S. Micallef
				Joseph S. Micallef, President of the Trustees and    Chief Executive Officer
Date	January 29, 2015			/s/  Thomas A. Janochoski
				Thomas A. Janochoski, Vice President &    Secretary and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT REPORT ON FORM 8-K

 

EXHIBIT INDEX

 

GREAT NORTHERN IRON ORE PROPERTIES

 

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

 

 

Exhibit No.		Document
99.1		Press Release dated January 29, 2015 with respect to financial results.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99.1

 

 

Press Release dated January 29, 2015 with respect to financial results.

 

GREAT NORTHERN IRON ORE PROPERTIES
W-1290 First National Bank Building
332 Minnesota Street
Saint Paul, MN 55101-1361
(651) 224-2385
Fax (651) 224-2387
www.gniop.com

 

GNI

(CUSIP NO. 391064102)

 

FACSIMILE TRANSMISSION FACE SHEET:

 

Date:   January 29, 2015
Number of Pages (including this face sheet): 1
Message:

FOR IMMEDIATE RELEASE

 

The Trustees of Great Northern Iron Ore Properties (GNI) report the following financial information:

 

Fourth Quarter ended December 31:

 

			2014				2013
Revenues		$	2,982,091			$	4,749,200
Net Income			1,365,817				3,678,154
Basic & Diluted Earnings per Share			0.91				2.45

 

Year ended December 31:

 

			2014				2013
Revenues		$	17,960,256			$	18,951,389
Net Income			13,123,533				14,790,714
Basic & Diluted Earnings per Share			8.75				9.86

 

GNI, St. Paul, Minnesota, owns mineral and nonmineral lands on the Mesabi Iron Range of Minnesota. Income is mainly derived from royalties on iron ore minerals (principally taconite) mined from these properties that are under lease to major steel producers. As previously reported, the termination date of the Trust of Great Northern Iron Ore Properties is April 6, 2015. Accordingly, we remind certificate holders that there is remaining only one more regular quarterly distribution, which will be declared in the first quarter of 2015. While there will be some income allocated to the second quarter of 2015 (representing six days of business through April 6, 2015), it is expected that this amount will be nominal and will likely be included with the final distribution to certificate holders of record as of the termination date of the Trust, which will be made subsequent to the Trust’s termination date and upon completion of the wind-down process and final accounting. The final distribution will generally consist of the sum of the Trust’s net monies (essentially, total assets less liabilities and less properties) remaining in the hands of the Trustees (after paying and providing for all expenses and obligations incurred through the Trust’s termination and wind-down process), and the balance in the Principal Charges account, all of which are subject to the final accounting and approval of the Ramsey County District Court. Upon Trust termination, the shares will be cancelled and thereafter represent only the right to receive the final distribution. All other Trust properties will be conveyed to the reversioner upon the completion of the wind-down process without further payment or remuneration to the certificate holders. More information on the termination of the Trust is available on the Trust’s Web site at www.gniop.com or within the Trust’s Annual Report, which is also available on the Trust’s Web site or may be requested by calling the Trust office at the telephone number listed above.

 

 

/s/ Joseph S. Micallef

President of the Trustees    and Chief Executive Officer