FORM 10 - Q
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For the Quarter ended FEBRUARY 28, 2003 Commission
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EXCALIBUR INDUSTRIES
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(Exact name of registrant as specified in its charter)
UTAH 87-0292122
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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
218) 724-4711 o [email protected]
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Phone Number and E-Mail Address
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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 [ ] NO
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
February 28, 2003 Common Shares 5,986,861
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EXCALIBUR INDUSTRIES
Form 10-Q
Part I
CONSOLIDATED BALANCE SHEET
Unaudited
For the Periods Ending: Feb. 28, 2003 Nov. 30, 2002
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ASSETS
Cash, Savings Certificates, Treasury Bills $ 156 $ 1,943
Notes and Accounts Receivable -- --
Other Assets -- 60
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Total Current Assets $ 156 $ 2,003
Property, Equipment & Mineral Interests (See Note B) 111,807 111,807
Less Accumulated Depreciation (3,661) (3,661)
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Total Fixed and Other Assets $ 108,146 $ 108,146
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TOTAL ASSETS $ 108,302 $ 110,149
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LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities $ -- $ --
Other Liabilities
Loan from Stockholder $ 47,045 $ 42,810
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Common Stock 0 $.01 Par Value, Authorized 10,000,000
Shares; 5,997,361 Shares issues; 5,987,361 Outstanding 59,868 59,868
Paid-In Capital in excess of Par 83,810 83,810
Retained Earnings (74,413) (72,660)
Treasury Stock (1,051) (105)
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Total Shareholders' Equity 61,257 67,339
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 108,302 $ 110,149
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The accompanying notes are an integral
of these financial statements.
These financial statements are unaudited.
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EXCALIBUR INDUSTRIES
Form 10-Q
CONSOLIDATED STATEMENT OF INCOME, EXPENSE AND RETAINED EARNINGS
(Unaudited)
FOR THE FISCAL QUARTERS ENDED
Feb 28, 2003 Feb 28, 2002
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REVENUES
Interest $ -- $ --
Total Revenues -- --
EXPENSES
General and Administrative $ 1,613 $ 2,793
Professional Services 140 178
Property, Payroll and Other Taxes -- 2,246
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Claim Fees -- --
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TOTAL OPERATION EXPENSES 17,533 5,397
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NET (LOSS) (1,753) (5,397)
Retained Earnings Beginning of Period (72,660) (56,228)
RETAINED EARNINGS AT END OF PERIOD (74,413) (61,625)
Average Shares Outstanding During Period 5,986,861 5,987,261
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NET GAIN (LOSS) PER SHARE (.0025) (.001)
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The accompanying notes are an integral
of these financial statements.
These financial statements are unaudited.
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EXCALIBUR INDUSTRIES
FORM 10-Q 2/28/03
PART 1
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2
Material Changes in Financial Condition
o Registrant received an operational loan from Mr. Joseph P. Hubert,
President, during the quarter ending February 28, 2003.
o Resources of the corporation are extremely limited for a Corporation of its
character.
o Expenses of overseeing the Corporation's mineral properties and interests,
while maintaining corporate viability, continue.
Material Changes in Results of Operations
o Registrant had no income of any kind during the fiscal quarter ending
FEBRUARY 28, 2003.
o Registrant experienced no material change in its financial condition for the
three months ended FEBRUARY 28, 2003 as compared to the same quarter ending
NOVEMBER 30, 2002.
o Registrant pays no wages.
o Registrant has no investments in interest-bearing accounts.
o 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.
o 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.
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EXCALIBUR INDUSTRIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FORM 10-Q 2/28/03
NOTE A
o 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.
o In the opinion of Management, the foregoing financial information fairly
presents results of operations during the periods represented.
o 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
o The Company sold its real estate in Moab Utah in 1993, and in Lake County
Colorado in 2000.
o Equipment includes capitalized acquisition costs of $2,354 at February 28,
2003 and at November 30, 2002.
o 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.
o Values for purposes of this financial statement as of February 28, 2003 and
November 30, 2002.
Property and Equipment $ 2,354
Mining Equipment $ 1,347
Interest in Mining Properties $ 108,106
Accumulated Depreciation $ (3,661)
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TOTAL $ 108,146
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These financial statements are unaudited.
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EXCALIBUR INDUSTRIES
FORM 10-Q 2/28/03
OTHER INFORMATION
PART 2
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
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a None
b No reports on Form 8-K were filed during the quarter ending
February 28, 2003.
These financial statements are unaudited.
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EXCALIBUR INDUSTRIES
Form 10-Q 2/28/03
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.
EXCALIBUR INDUSTRIES
(Registrant)
Date: April 9, 2003 /s/ Joseph P. Hubert
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Joseph P. Hubert
President, Chief Executive Officer
and Chairman of Board of Directors
Date: April 9, 2003 /s/ Marguerite H. Emanuel
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Marguerite H. Emanuel
Secretary
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