10-Q 1 excal10q.txt EXCALIBUR 10Q 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 ----------- For the Quarter ended AUGUST 31, 2002 Commission File Number 1-7602 EXCALIBUR INDUSTRIES ------------------------------------------------------ (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 --------------------------------------------- Address or principal executive offices Phone Number: (218) 724-4711 E-Mail Address: mhubert1@msn.com -------------- ---------------- 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 --------- 1 EXCALIBUR INDUSTRIES CONSOLIDATED BALANCE SHEET Form 10-Q Part I Unaudited For the Periods Ending: Aug. 31, May 31, 2002 2002 --------- --------- ASSETS ------ Cash, Savings Certificates, Treasury Bills $ 3,370 $ 2,752 Notes and Accounts Receivable 0 0 Other Assets 60 60 --------- --------- Total Current Assets 3,430 2,812 --------- --------- 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 $ 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) --------- --------- 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 ------------- ------------- REVENUES Interest $ 0 $ 0 ----------- ----------- 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 ----------- ----------- NET (LOSS) (6,919) (7,581) Retained Earnings Beginning of Period (61,821) (44,349) ----------- ----------- 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 -------------------------------------- President, Chief Executive Officer and Chairman of Board of Directors Date: September 10, 2002 /s/ Marguerite H. Emanual -------------------------------------- Marguerite H. Emanuel Secretary Page 7