DATE: SEPTEMBER 10, 2003
TO: SECURITIES & EXCHANGE COMMISSION
500 NORTH CAPITOL
WASHINGTON DC 20549
FROM: Marguerite H. Emanuel, Administrator
RE: FILE NUMBER 1-7602
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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, 2003
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
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Marguerite H. Emanuel, Administrator
Excalibur Industries
THIS 10-Q IS FILED ON PAPER IN ACCORDANCE WITH RULE 202 OF THE REGULATION S-T
PURSUANT TO A CONTINUING HARDSHIP EXEMPTION.
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FORM 10 - Q
For the Quarter ended AUGUST 31, 2003 Commission File Number 1-7602
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EXCALIBUR INDUSTRIES
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(Exact name of registrant as specified in its charter)
State or other jurisdiction
of incorporation or organization: UTAH
IRS Employer Identification Number: 87-0292122
Address or principal executive offices; Post Office Box 3551
Duluth, Minnesota 55803
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, 2003 Common Shares 5,986,261
Page 1
Part I - Financial Information
Form 10-Q
EXCALIBUR INDUSTRIES
CONSOLIDATED BALANCE SHEET
Unaudited
For the Periods Ending:
Aug. 31, 2003 May 31, 2003
------------- ------------
ASSETS
Cash, Savings Certificates, Treasury Bills $ 39,983 $ 391
Notes and Accounts Receivable 0 0
Other Assets 60 60
--------- ---------
Total Current Assets $ 40,043 $ 451
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 $ 148,189 $ 110,597
LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities $ 100 $ 100
Other Liabilities
Loan from Stockholder 0 $ 49,952
--------- ---------
Common Stock 0 $.01 Par Value, Authorized 10,000,000
Shares; 5,997,361 Shares issues; 5,987,361 Outstanding 59,974 59,974
Paid-In Capital in excess of Par 83,810 83,810
Retained Earnings (21,838) (85,134)
Treasury Stock (105) (105)
--------- ---------
Total Shareholders' Equity 148,089 58,545
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 148,189 $ 108,597
The accompanying notes are an integral
of these financial statements.
These financial statements are unaudited.
Page 2
Form 10-Q
EXCALIBUR INDUSTRIES
CONSOLIDATED STATEMENT OF INCOME, EXPENSE
AND RETAINED EARNINGS
Unaudited
FOR THE FISCAL QUARTERS ENDED
Aug. 31, 2003 Aug. 31, 2002
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REVENUES
Interest $ 0 $ 0
Total Revenues 98,340 0
Cash 391
----------- -----------
EXPENSES
Loan Repayment $ 49,852
General and Administrative $ 1,923 $ 1,283
Professional Services 2,432 595
Property, Payroll and Other Taxes 100 100
----------- -----------
Claim Fees 4,441 4,441
----------- -----------
NET (LOSS) 39,983 (6,919)
Retained Earnings Beginning of Period (85,134 (61,821)
RETAINED EARNINGS AT END OF PERIOD (21,838) (68,740)
Average Shares Outstanding During Period 5,987,261 5,987,261
----------- -----------
NET GAIN (LOSS) PER SHARE (.0011) (.0023)
The accompanying notes are an integral
of these financial statements.
These financial statements are unaudited.
Page 3
.
FORM 10-Q
EXCALIBUR INDUSTRIES
AUGUST 31, 2003
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
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ITEM 2
Material Changes in Financial Condition
o Registrant paid in full the operational loans received from Mr.
Joseph P. Hubert, President.
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 sold patented mining claims in Colorado for $98,340.00.
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.
Page 4
FORM 10-Q
EXCALIBUR INDUSTRIES
AUGUST 31, 2003
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 The Company sold its Red Mountain Colorado patented mining claims in June
2003.
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)
TOTAL $ 108,146
These financial statements are unaudited.
Page 5
FORM 10-Q
EXCALIBUR INDUSTRIES
AUGUST 31, 2003
PART 2. 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
August 31, 2003.
These financial statements are unaudited.
Page 6
FORM 10-Q
EXCALIBUR INDUSTRIES
AUGUST 31, 2003
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: September 12, 2003 /s/ Joseph P. Hubert
------------------------------------
Joseph P. Hubert
President, Chief Executive Officer
and Chairman of Board of Directors
Date: September 12, 2003 /s/ Marguerite H. Emanuel
------------------------------------
Marguerite H. Emanuel
Secretary
Page 7