Canal Capital Corp (COWPP)

Canal Capital Corp incorporated in the state of Delaware in 1964, commenced business operations through a predecessor in 1936. The Company is engaged in two distinct businesses: real estate and stockyard operations. Canal's real estate properties located in five Midwest states are mainly associated with its current and former agribusiness related operations. Each property is adjacent to a stockyards operation and consists, for the most part, of an Exchange Building, land and structures leased to third parties as well as vacant land available for development or resale. As a result of an August 1, 1999 asset purchase agreement, Canal now operates two central public stockyards located in St. Joseph, Missouri and Sioux Falls, South Dakota. The Company's stockyards provide all services and facilities required to operate an independent market for the sale of livestock, including veterinary facilities, auction arenas, auctioneers, weigh masters and scales, feed and bedding, and security personnel. In addition, the stockyards provide other services including pure bred and other specialty sales for producer organizations. The Company's principal real estate operating revenues are derived from rental income from its Exchange Buildings, lease income from land and structures leased to different commercial and retail enterprises and proceeds from the sale of real estate properties. During fiscal 2003, Canal sold approximately 26 acres of land located in two states for $0.4 million generating operating income of $0.2 million. The principal stockyard revenues are derived from a per head charge imposed on all livestock and the sale of feed and bedding.