FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
(Mark One)
[X] THREE MONTHS REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Three months period ended August 31, 2004
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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 (IRS Employer
of incorporation or organization) Identification No.)
Post Office Box 3551, Duluth, Minnesota 55803
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(Address of principal executive office)
(218) 724-4711
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(Registrant's telephone number, including area code)
mhubert1@msn.com
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Email Address
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
requirements for the past 90 days. Yes [X] No [ ]
The number of shares outstanding of each of Issuer's classes of common equity as
of August 31, 2004.
Common Shares 5,986,261
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Title of Class Number of Shares
Transitional Small Business Disclosure Format Yes [ ] No [X]
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EXCALIBUR INDUSTRIES
Form 10-Q Part I
CONSOLIDATED BALANCE SHEET
Unaudited
For the Periods Ending:
Aug. 31, 2004 May 31, 2004
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ASSETS
Cash, Savings Certificates, Treasury Bills $ 947 $ 11,045
Notes and Accounts Receivable 0 0
Other Assets 0 60
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Total Current Assets $ 947 $ 11,105
Property, Equipment & Mineral Interests (See Note B) 103,701 103,701
Less Accumulated Depreciation (3,661) (3,661)
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Total Fixed and Other Assets $ 100,040 $ 100,040
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TOTAL ASSETS $ 100,987 $ 111,145
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LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities $ 100 $ 1,363
Other Liabilities
Loan from Stockholder 2,000 0
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Common Stock 0 $.01 Par Value, Authorized 10,000,000
Shares; 5,997,361 Shares issues; 5,987,361 Outstanding 59,974 59,974
Paid-In Capital in excess of Par 83,810 83,810
Retained Earnings (45,068) (33,897)
Treasury Stock (105) (105)
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Total Shareholders' Equity 98,887 109,782
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 100,987 $ 111,145
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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
Part I
CONSOLIDATED STATEMENT OF INCOME, EXPENSE
AND RETAINED EARNINGS
FOR THE FISCAL QUARTERS ENDED
Aug. 31, 2004 Aug. 31, 2003
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(Unaudited)
REVENUES
Interest $ 0 $ 0
Total Revenues 2,000 98,340
Cash 947 391
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EXPENSES
Loan Repayment $ 0 $ 49,852
General and Administrative $ 2,138 $ 1,923
Professional Services 4,217 2,432
Property, Payroll and Other Taxes 1,363 100
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Claim Fees 4,400 4,441
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NET (LOSS) (11,171) (39,983)
Retained Earnings Beginning of Period (33,897 (85,134)
RETAINED EARNINGS AT END OF PERIOD (45,068) (45,151)
Average Shares Outstanding During Period 5,987,261 5,987,261
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NET GAIN (LOSS) PER SHARE (0.007) (.0011)
The accompanying notes are an integral of these financial statements.
These financial statements are unaudited.
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EXCALIBUR INDUSTRIES
FORM 10-Q 8/31/04 PART 1
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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.
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EXCALIBUR INDUSTRIES
FORM 10-Q 8/31/04 PART 1
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. Y Equipment includes capitalized
acquisition costs of $2,354 at February 28, 2003 and at November
30, 2002. Y The Company sold its Red Mountain Colorado patented
mining claims in June 2003. Y 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.
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EXCALIBUR INDUSTRIES
OTHER INFORMATION
FORM 10-Q 8/31/04 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
August 31, 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)
Date: September 9, 2004 /s/ Joseph P. Hubert
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Joseph P. Hubert
President, Chief Executive Officer
and Chairman of Board of Directors
Date: September 9, 2004 /s/ Marguerite H. Emanuel
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Marguerite H. Emanuel
Secretary
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