This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mesabi Trust Declares Distribution

The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of fifty-seven cents ($0.57) per Unit of Beneficial Interest payable on February 20, 2014 to Mesabi Trust’s unitholders (“ Unitholders”) of record at the close of business on January 30, 2014. This compares to a distribution of forty-nine cents ($0.49) per Unit for the same period last year.

The eight cents ($0.08) per Unit increase in the current distribution for the fourth calendar quarter of 2013, as compared to the same quarter of 2012, is mostly attributable to significant positive pricing adjustments resulting from changes in pricing estimates by Northshore Mining Company ("Northshore") during the first three calendar quarters of 2013. These positive pricing adjustments were offset somewhat by a slight decrease in the average sales price per ton of iron ore pellets for the fourth calendar quarter of 2013, and a decrease in the volume of iron ore pellet shipments that was credited to Mesabi Trust for the same period, as compared to the fourth calendar quarter of 2012, respectively. The base and bonus royalties payable to Mesabi Trust (before the application of pricing adjustments by Northshore) decreased from approximately $6.71 million in the fourth calendar quarter of 2012 to approximately $5.67 million for the fourth calendar quarter of 2013.

Based on shipments of iron ore pellets during the fourth calendar quarter of 2013 reported by Northshore, Mesabi Trust expects to be credited with a base royalty of $3,666,911 during the fourth calendar quarter of 2013. Mesabi Trust also expects to be credited with a bonus royalty in the amount of $2,000,133 based on the average sales price per ton of iron ore pellets and the volume of shipments during the fourth calendar quarter of 2013. Mesabi Trust is expecting an increase in base and bonus royalty payment of $1,863,251 as a result of positive pricing adjustments due to changes in pricing estimates made in the first, second and third calendar quarters of 2013. Accordingly, the total royalty payment expected to be received on January 30, 2013 for the fourth calendar quarter of 2013 by Mesabi Trust is $7,680,038 (which includes a royalty payment of $149,744 payable to the Mesabi Land Trust).

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs