DATE: December 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
FORM 10-Q
for the quarter ended November 30, 2002
By: /s/ Marguerite H. Emanuel
- -----------------------------
Marguerite H. Emanuel
Administrator
LETTER GRANTING HARDSHIP EXEMPTION
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
March 7, 2000
Linda K. Budd
Excalibur Industries
5323 Fossil Ridge Dr.
Ft. Collins, CO 80525-3839
Re: Excalibur Industries
Incoming Letter dated February 4, 2000
Dear Ms. Budd:
This letter is to inform you that your written request for a continuing hardship
exemption, as provided in Rule 202 of Regulation S-T, has been
[X] Granted [ ] Denied
for filings made on or before August 31, 2000, except Form 10-K's and 1933 Act
Filings. Please include the following notation at the top of your document, "In
accordance with Rule 202 of Regulation S-T, this (specify document) is being
filed in paper pursuant to a continuing hardship exemption" and also include a
copy of this letter.
Sincerely,
By: /s/ Katie C. Nix
- --------------------
Katie C. Nix
Office of EDGAR & Information Analysis
THIS 10-Q IS FILED ON PAPER IN ACCORDANCE WITH RULE 202 OF THE REGULATION S-T
PURSUANT TO A CONTINUING HARDSHIP EXEMPTION.
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 - Q
For the Quarter ended NOVEMBER 30, 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]
- --------------------------------------------------------------------------------
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.
November 30, 2002: Common Shares 5,986,861
Page 1
EXCALIBUR INDUSTRIES CONSOLIDATED BALANCE SHEET
Unaudited
For the Periods Ending:
Nov. 30, 2002 Aug. 31, 2002
------------- -------------
ASSETS
Cash, Savings Certificates, Treasury Bills $ 1,943 $ 3,370
Notes and Accounts Receivable 0 0
Other Assets 60 60
--------- ---------
Total Current Assets 2,003 3,430
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
--------- ---------
TOTAL ASSETS $ 110,691 $ 111,576
========= =========
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities $ 0 $ 100
Other Liabilities Loan from Stockholder $ 42,810 $ 36,000
--------- ---------
Common Stock 0 $.01 Par Value, Authorized 10,000,000 59,868 59,974
Shares; 5,997,361 Shares issues; 5,987,361 Outstanding
Paid-In Capital in excess of Par 83,810 83,810
Retained Earnings (72,660) (68,740)
Treasury Stock (105) (105)
--------- ---------
Total Shareholders' Equity 67,776 74,944
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 110,691 $ 111,576
========= =========
The accompanying notes are an integral part
of these financial statements.
These financial statements are unaudited.
Page 2
EXCALIBUR INDUSTRIES CONSOLIDATED STATEMENT
OF INCOME, EXPENSE AND RETAINED EARNINGS
FOR THE FISCAL QUARTERS ENDED
Nov. 30, 2002 Nov. 30, 2001
------------- -------------
Unaudited
REVENUES
Interest $ 0 $ 0
Total Revenues 100 0
EXPENSES
General and Administrative $ 413 $ 1,320
Professional Services 3,617 2,936
Property, Payroll and Other Taxes 0 0
Claim Fees 0 0
----------- -----------
NET (LOSS) (3,920) (4,298)
Retained Earnings Beginning of Period (68,740) (51,930)
RETAINED EARNINGS AT END OF PERIOD (72,660) (56,228)
Average Shares Outstanding During Period 5,986,861 5,987,361
----------- -----------
NET GAIN (LOSS) PER SHARE (.0025) (.001)
The accompanying notes are an integral
of these financial statements.
These financial statements are unaudited.
Page 3
EXCALIBUR INDUSTRIES MANAGEMENT'S DISCUSSION AND ANALYSIS
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 November 30, 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 income of $100.00 (option monies) during the fiscal
quarter ending NOVEMBER 30, 2002.
Registrant experienced no material change in its financial condition
for the three months ended NOVEMBER 30, 2002 as compared to the same
quarter ending AUGUST 31, 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.
Registrant has 44 unpatented mining claims in Wyoming for which yearly
assessment fees are required by the U. S. Bureau of Land Management.
Page 4
EXCALIBUR INDUSTRIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FORM 10-Q 11/30/02
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 November
30, 2002 and at August 31, 2002.
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 November 30, 2002
and August 31, 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.
Page 5
EXCALIBUR INDUSTRIES
OTHER INFORMATION
ITEM 4 Submission of Matters to a Vote of Security Holders
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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 November 30,
2002.
Page 6
EXCALIBUR INDUSTRIES
--------------------
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.
EXCALIBUR INDUSTRIES
(Registrant)
/s/ Joseph P. Hubert
----------------------------------------
Joseph P. Hubert
President, Chief Executive Officer
and Chairman of Board of Directors
/s/ Marguerite H. Emanuel
----------------------------------------
Marguerite H. Emanuel
Secretary
Page 7