SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended November 30, 2003 Commission file Number 1-7602
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 of (I.R.S. Employer
incorporation or organization) Identification Number)
P.O. Box 3551, Duluth, MN 55803
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 218-724-4711
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E-Mail Address: mhubert1@msn.com
Securities registered pursuant to Section 12 (b) of the Act:
Title of Each Class Name of each exchange on which registered
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Common stock (Par value None
$.01 per share)
Securities registered pursuant to Section 12 (g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all 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 reports), and (2) has been subject to such filing
requirement for the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date.
November 30, 2003: Common Shares 5,987,261
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Securities and Exchange Commission - Form 10Q
Excalibur Industries - November 30,2003
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Consolidated Balance Sheets
November 30, 2003 and 2002
(Unaudited)
November 30,
2003 2002
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ASSETS
Current Assets
Cash, Savings Certificates, Treasury Bills $ 13,918 $ 39,983
Noates and Accounts Receivable 0 0
Other Assets 0 60
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Total Current Assets $ 13,918 $ 40,043
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Property, Equipment & Mineral Interests (See Note B) 111,807 111,807
Lewws Accumulated Deprectiation (3,661) (3,661)
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Total Fixed and Other Assets 108,146 108,146
TOTAL ASSETS $ 122,064 $ 148,189
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilitiesle $ 100 $ 100
Other Liabilities - Loan from stockholder 0 0
Common stock - $.01 par value,
authorized 10,000,000 shares,
issued and outstanding 5,997,361 shares 59,974 59,974
Paid-in capital in excess of par value 83,810 83,810
Retained earnings (21,615) 4,510
Treasury stock (105) (105)
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Total Stockholders' Equity 122,164 148,089
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 122,064 $ 148,189
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The accompanying notes are an integral part of these financial statements.
These financial statements are unaudited.
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Securities and Exchange Commission - Form 10-Q
Excalibur Industries - November 30, 2003
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Consolidated Statements of Operations and Changes in Retained Earnings (Deficit)
Periods Ended November 30, 2003 and 2002
(Unaudited)
November 30,
2003 2002
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REVENUES
Interest $ -- $ --
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Total Revenues -- --
EXPENSES
General and administrative 920 413
Professional Services 25,140 3,617
Property, Payroll and Other Taxes -- --
Claim Fees 65 --
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NET (LOSS) (26,125) (3,920)
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Retained Earnings Beginning of Period 4,510 (68,740)
RETAINED EARNINGS AT END OF PERIOD (21,615) (72,666)
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Average Shares Outstanding During Period 5,986,861 5,986,861
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NET GAIN (LOSS) PER SHARE $ (0.0042) $ (0.0025)
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The accompanying notes are an integral part of these financial statements.
These financial statements are unaudited.
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Securities and Exchange Commission - Form 10-Q
Excalibur Industries - November 30, 2003
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ITEM 2
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Material Changes in Financial Condition
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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
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o Registrant had no income of any kind during the fiscal quarter
ending November 30, 2003.
o Registrant experienced no material change in its financial
condition for the three months ended November 30, 2003 as compared
to the same quarter ending August 31, 2003.
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. No payments
of this kind were made during the fiscal quarter ending November
30, 2003.
o Registrant executed agreements along with check for $25,000 to
Lindquist & Vennum trust account for legal representation.
o Registrant has 44 unpatented mining claims in Wyoming for which
yearly assessments are required by the U.S. Bureau of Land
Management.
These financial statement are unaudited.
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Securities and Exchange Commission -
Form 10-Q Excalibur Industries - November 30, 2003
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Notes to Consolidated Financial Statements
(Unaudited)
Note A
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o The information in this report is unqudited 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
inter-company transactions have been eliminated from these
statements.
NOTE B
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o 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.
o Equipment includes capitalized acquisition costs of $2,354 at
August 31, 2001 and at February 28, 2001.
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 November 30,
2003 and August 31, 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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Securities and Exchange Commission - Form 10Q
Excalibur Industries - November 30,2003
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ITEM 4 Submission of Matters to a Vote of Security Holders
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a - e None
d None
ITEM 6 Exhibits and Reports on Form 8-K
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a None
b No reports on Form 8-K were filed during the quarter ended
November 30, 2003.
These financial statements are unaudited.
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Excalibur Industries - November 30,2003
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
Date December 9, 2003 By /s/ Joseph P. Hubert
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Joseph P. Hubert
President, Chief Executive Officer
and Chairman of Board of Directors
Date December 9, 2003 By /s/ Marguerite Emanual
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Marguerite Emanual
Secretary
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