SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OR
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended February 29, 2004 Commission File Number 1-7602
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
Registrant's telephone number, including area code: 218-724-4711
E-Mail Address: [email protected]
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Securities registered pursuant to Section 12 (b) of the Act: None
Title of each class registered Name of each exchange on which
- ---------------------------------------- -------------------------------
Common Stock (Par Value $.01 per share) None
Securities registered pursuant to Section 12 (g) of the Act: None
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.
February 29, 2004 Common Shares 5,987,261
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Form 10-Q Part I
EXCALIBUR INDUSTRIES
CONSOLIDATED BALANCE SHEET
Unaudited
For the Periods Ending:
Feb. 29, Nov. 30,
2004 2003
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ASSETS
Cash, Savings Certificates, Treasury Bills $ 11,526 $ 13,918
Notes and Accounts Receivable 0 0
Other Assets 0 0
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Total Current Assets $ 11,526 $ 13,918
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Property, Equipment & Mineral Interests (See Note B) 111,807 111,807
Loss Accumulated Depreciation (3,661) (3,661)
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Total Fixed and Other Assets 108,146 108,146
TOTAL ASSETS $ 119,672 $ 122,064
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LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities $ 100 $ 100
Other Liabilities - Loan from Stockholder 0 0
Common Stock 0 $.01 Par Value, Authorized 10,000,000)
Shares, 5,997,361 Shares issued; 5,987,361 Outstanding $ 59,974 $ 59,974
Paid-In Capital in excess of Par 83,810 83,810
Retained Earnings (24,117) (21,615)
Treasury Stock (105) (105)
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Total Shareholders' Equity 119,772 122,164
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 119,772 $ 122,064
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The accompanying notes are an integral of these financial statements.
These financial statements are unaudited.
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Form 10-Q Part I
EXCALIBUR INDUSTRIES
CONSOLIDATED STATEMENT
OF INCOME, EXPENSE AND
RETAINED EARNINGS (DEFICIT)
PERIODS ENDED NOVEMBER 30
2004 2003
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REVENUES
- --------
Interest $ 0 $ 0
Total Revenues 0 0
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EXPENSES
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General and Administrative 835 920
Professional Services 1,557 25,140
Property, Payroll and Other Taxes 0 0
Claim Fees 0 65
NET (LOSS) (2,392) (26,125)
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Retained Earnings Beginning of Period (21,615) (4,510)
RETAINED EARNINGS AT END OF PERIOD (24,117) (21,615)
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Average Shares Outstanding During Period 5,986,861 5,986,861
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NET GAIN (LOSS) PER SHARE (0.0043) (0.0042)
=========== ===========
The accompanying notes are an integral of theses financial statements.
These financial statements are unaudited.
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EXCALIBUR INDUSTRIES
FORM 10-Q 02/29/04 PART I
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 2
Material Changes in Financial Conditions
- 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 February 29, 2004.
- Registrant experienced no material change in its financial
condition for the three months ended February 29, 2004 as compared
to the same quarter ending November 30, 2003.
- 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 February
29, 2004.
- Registrant executed agreements along with check for $25,000 to
Lindquist & Vennum trust account for legal representation.
- 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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SECURITIES AND EXCHANGE COMMISSION
FORM 10Q - EXCALIBUR INDUSTRIES - FEBRUARY 29, 2004
NOTES TO CONSOLIDATED FINANCIAL
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
inter-company 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, and in Ouray County, Colorado in
2003.
- 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 February 29,
2004 and November 30, 2003:
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.
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EXCALIBUR INDUSTRIES OTHER INFORMATION
FORM 10-Q 02/29/04 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 8-K
- -----
a None
b No reports on Form 8-K were filed during the quarter ending February
29, 2004
These financial statements are unaudited.
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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.
EXCALIBUR INDUSTRIES
(Registrant)
/s/ Joseph P. Hubert
Date: March 10, 2004 ------------------------------------
Joseph P. Hubert
President, Chief Executive Officer
And Chairman of Board of Directors
/s/ Marguerite H. Emanuel
Date: March 10, 2004 ------------------------------------
Marguerite H. Emanuel
Secretary
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