DATE: SEPTEMBER 10, 2002
TO: SECURITIES & EXCHANGE COMMISSION
500 NORTH CAPITOL
WASHINGTON DC 20549
FROM: Marguerite H. Emanuel, Administrator
RE: FILE NUMBER 1-7602
________________________________________________________________________________
In accordance with the provision of Section 13 or 15(d) of the Securities
Exchange Act, I enclose the original and seven (7) copies of FORM 10-Q for the
quarter ended AUGUST 31, 2002
________________________________________________________________________________
THIS 10-Q IS FILED ON PAPER IN ACCORDANCE WITH RULE 202 OF THE REGULATION S-T
PURSUANT TO A CONTINUING HARDSHIP EXEMPTION.
/s/ Marguerite H. Emanuel
- --------------------------
Marguerite H. Emanuel
Administrator
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - Q
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For the Quarter ended AUGUST 31, 2002 Commission File Number 1-7602
EXCALIBUR INDUSTRIES
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(Exact name of registrant as specified in its charter)
UTAH 87-0292122
- -------------------------------- ---------------------
State or other jurisdiction IRS Employer
of incorporation or organization Identification Number
Post Office Box 3551, Duluth, Minnesota 55803
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Address or principal executive offices
Phone Number: (218) 724-4711 E-Mail Address: [email protected]
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Indicate by check mark whether the registrant (1) has filed 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 report); and, (2) has been subject to such filing
requirements for the past 90 days. YES [ X ] NO [ ]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
August 31, 2002: Common Shares 5,987,261
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1
EXCALIBUR INDUSTRIES CONSOLIDATED BALANCE SHEET
Form 10-Q Part I Unaudited
For the Periods Ending:
Aug. 31, May 31,
2002 2002
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ASSETS
- ------
Cash, Savings Certificates, Treasury Bills $ 3,370 $ 2,752
Notes and Accounts Receivable 0 0
Other Assets 60 60
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Total Current Assets 3,430 2,812
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Property, Equipment & Mineral Interests (See Note B) 111,807 111,807
Less Accumulated Depreciation (3,661) (3,661)
Total Fixed and Other Assets $ 108,146 $ 108,146
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TOTAL ASSETS $ 111,576 $ 110,958
========= =========
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities $ 100 $ 100
Other Liabilities Loan from Stockholder $ 36,000 $ 29,000
Common Stock 0 $.01 Par Value, Authorized
10,000,000 Shares; 5,997,361 Shares issued;
5,987,361 Outstanding Shares 59,974 59,974
Paid-In Capital in excess of Par 83,810 83,810
Retained Earnings (68,740) (61,821
Treasury Stock (105) (105)
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Total Shareholders' Equity 74,944 81,858
========= =========
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 111,576 $ 110,958
========= =========
The accompanying notes are an integral
of these financial statements.
These financial statements are unaudited.
2
EXCALIBUR INDUSTRIES CONSOLIDATED STATEMENT
Form 10-Q
Part I OF INCOME, EXPENSE AND RETAINED EARNINGS
(Unaudited)
FOR THE FISCAL QUARTERS ENDED
Aug. 31, 2002 Aug. 31, 2001
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REVENUES
Interest $ 0 $ 0
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Total Revenues 0 0
=========== ===========
EXPENSES
General and Administrative $ 1,283 $ 2,440
Professional Services 595 600
Property, Payroll and Other Taxes 100 0
Claim Fees 4,441 4,491
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NET (LOSS) (6,919) (7,581)
Retained Earnings Beginning of Period (61,821) (44,349)
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RETAINED EARNINGS AT END OF PERIOD (68,740) (51,930)
=========== ===========
Average Shares Outstanding During Period 5,987,261 5,987,361
=========== ===========
NET GAIN (LOSS) PER SHARE (.0023) (.0022)
=========== ===========
The accompanying notes are an integral
of these financial statements.
These financial statements are unaudited.
3
EXCALIBUR INDUSTRIES MANAGEMENT'S DISCUSSION AND ANALYSIS
FORM 10-Q 8/31/02
PART 1 OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2
Material Changes in Financial Condition
- ---------------------------------------
Registrant received an operational loan from Mr. Joseph P. Hubert,
President, during the quarter ending August 31, 2002.
Resources of the corporation are extremely limited for a Corporation of
its character.
Expenses of overseeing the Corporation's mineral properties and
interests, while maintaining corporate viability, continue.
Material Changes in Results of Operations
- -----------------------------------------
Registrant had no income of any kind during the fiscal quarter ending
AUGUST 31, 2002.
Registrant experienced no material change in its financial condition
for the three months ended AUGUST 31, 2002 as compared to the same quarter
ending February 28, 2002.
Registrant pays no wages.
Registrant has no investments in interest-bearing accounts.
Payment for professional services varies with the timing of services
rendered and is primarily paid to accountants for preparation of tax returns and
the Annual 10-K report. No payments of this kind were made during the fiscal
quarter ending August 31, 2002.
Registrant has 44 unpatented mining claims in Wyoming for which yearly
assessment fees are required by the U. S. Bureau of Land Management.
These financial statements are unaudited.
4
EXCALIBUR INDUSTRIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FORM 10-Q 8/31/02
PART 1
NOTE A
The information in this report is unaudited and includes the
consolidated financial information of Excalibur Industries and its wholly owned
subsidiary, Mountain West Mines, Inc.
In the opinion of Management, the foregoing financial information
fairly presents results of operations during the periods represented.
In the opinion of Management, all material adjustments have been
recorded to arrive at the amounts reported, and all significant intercompany
transactions have been eliminated from these statements.
NOTE B
The Company sold its real estate in Moab Utah in 1993, and in Lake
County Colorado in 2000.
Equipment includes capitalized acquisition costs of $2,354 at August
31, 2001 and at February 28, 2001.
Excalibur and its subsidiary, Mountain West Mines, Inc., have acquired
various mining properties, leaseholds, patented claims, and mineral rights
interests. These assets are carried at their cost of acquisition unless, in the
judgment of the Directors, a lesser amount is felt to be more appropriate
because of a permanent decline in value. The Board of Directors has determined
that a more realistic value should be placed on the books for financial
reporting and has elected to reduce the reporting value for financial statement
purposes to $108,106.
Values for purposes of this financial statement as of August 31, 2002
and February 28, 2002.
Property and Equipment $ 2,354
Mining Equipment $ 1,347
Interest in Mining Properties $ 108,106
Accumulated Depreciation $ (3,661)
TOTAL $ 108,146
These financial statements are unaudited.
5
EXCALIBUR INDUSTRIES
OTHER INFORMATION
FORM 10-Q 8/31/02
PART 2
FORM 10-Q 2/28/01 PART 2
ITEM 4 Submission of Matters to a Vote of Security Holders
a-c None
d None
ITEM 6 Exhibits and Reports on Form S-K
a None
b No reports on Form 8-K were filed during the quarter ending August 31, 2002.
These financial statements are unaudited.
6
EXCALIBUR INDUSTRIES
Form 10-Q
Part II
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.
Registrant: EXCALIBUR INDUSTRIES
Date: September 10, 2002 By /s/ Joseph P. Hubert
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President, Chief Executive Officer
and Chairman of Board of Directors
Date: September 10, 2002 /s/ Marguerite H. Emanual
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Marguerite H. Emanuel
Secretary
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