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 November 30, 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: (218) 724-4711
E-Mail Address: mhubert1@msn.com
Name of each exchange
Title of each class on which registered
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Common Stock None
(Par Value $.01 per share)
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.
November 30, 2004 Common Shares 5,987,261
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EXCALIBUR INDUSTRIES CONSOLIDATED BALANCE SHEET
Form 10-Q Part I Unaudited
For the Periods Ending:
Nov. 30, 2004 Aug. 31, 2004
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ASSETS
Cash, Savings Certificates, Treasury Bills $ 1,309 $ 947
Notes and Accounts Receivable 0 0
Other Assets 0 0
Total Current Assets $ 1,309 $ 947
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 $ 113,049 $ 100,987
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LIABILITIES & SHAREHOLDERS' EQUITY
Current Liabilities $ 100 $ 100
Other Liabilities Loan from Stockholder 5,000 2,000
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 (35,835) (45,068)
Treasury Stock (105) (105)
Total Shareholders' Equity 107,949 98,887
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 113,049 $ 100,987
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The accompanying notes are an integral part of these financial statements.
These financial statements are unaudited.
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EXCALIBUR INDUSTRIES CONSOLIDATED STATEMENT
Form 10-Q Part I 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
EXPENSES
General and Administrative $ 1,375 $ 920
Professional Services 140 25,140
Property, Payroll and Other Taxes 0 0
Claim Fees 1,121 65
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NET (LOSS) (2,636) (26,125)
Retained Earnings Beginning of Period (45,068 (4,510)
RETAINED EARNINGS AT END OF PERIOD (35,835) (21,615)
Average Shares Outstanding During Period 5,986,861 5,986,861
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NET GAIN (LOSS) PER SHARE (0.0059) (0.0042)
The accompanying notes are an integral of these financial statements.
These financial statements are unaudited.
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EXCALIBUR INDUSTRIES MANAGEMENT'S DISCUSSION AND ANALYSIS
FORM 10-Q 11/30/04 PART 1 OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
ITEM 2
Material Changes in Financial Conditions
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 had no income of any kind during the fiscal quarter ending
November 30, 2004.
o Registrant experienced no material change in its financial condition for
the three months ended November 30, 2004 as compared to the same quarter
ending August 31, 2004.
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, 2004.
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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SECURITIES AND EXCHANGE COMMISSION
FORM 10Q - EXCALIBUR INDUSTRIES - NOVEMBER 30, 2004
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 inter-company
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 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 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 November 30, 2004 and
August 31, 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 11/30/04 PART 2
FORM 10-Q 2/28/01 PART 2
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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
November 30, 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: December 13, 2004 /s/ Joseph P. Hubert
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Joseph P. Hubert
President, Chief Executive Officer
and Chairman of Board of Directors
Date: December 14, 2004 /s/ Marguerite H. Emanuel
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Marguerite H. Emanuel
Secretary
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