MAXXAM Posts Its First Quarter 2013 Unaudited Financial Information

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MAXXAM Posts Its First Quarter 2013 Unaudited Financial Information

HOUSTON--(BUSINESS WIRE)-- MAXXAM Inc. (OTCBB:MAXX) has posted its unaudited financial information for the three months ended March 31, 2013. Attached hereto is the financial information of MAXXAM Inc. described below as of March 31, 2013. This financial information has been posted through the pink sheets financial reports service at www.otcmarkets.com, stock symbol "MAXX," under the tab labeled "Filings and Disclosure."

The follow exhibits are attached:

  • Exhibit I - Consolidated Balance Sheets
  • Exhibit II - Consolidated Statements of Operations
  • Exhibit III - Shares Outstanding Report

Exhibit I

MAXXAM INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions of dollars)
      

March 31,
2013

December 31,

2012

(unaudited)
Assets
Current assets:
Cash and cash equivalents$2.6$7.5
Marketable securities and other short-term investments32.126.9
Deferred income taxes1.11.1
Prepaid expenses and other current assets0.50.5
Restricted cash 0.1  0.1 
Total current assets36.436.1
Property and equipment, net of accumulated depreciation of $60.6
and $60.2, respectively90.291.7
Real estate inventory41.643.0
Deferred financing costs1.71.8
Investment in PM Texas LLC10.29.7
Other long-term assets and investments0.80.8
Restricted cash 1.6  1.6 
Total assets$182.5 $184.7 
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$0.7$0.8
Short-term borrowings and current maturities of long-term debt3.53.5
Accrued interest0.50.5
Deferred income1.41.5
Accrued compensation and related benefits0.90.6
Other accrued liabilities 3.9  4.0 
Total current liabilities10.910.9
Long-term debt, less current maturities98.899.7
Accrued pension19.019.2
Other noncurrent liabilities7.27.5
Losses in excess of investment in FireRock, LLC 3.0  2.9 
Total liabilities 138.9  140.2 
Commitments and contingencies
Stockholders' equity:
Preferred stock0.30.3
Common stock5.25.2
Additional paid in capital225.6225.6
Retained earnings2.33.6
Accumulated other comprehensive loss(19.2)(19.6)
Treasury stock, at cost (170.6) (170.6)
Total stockholders' equity 43.6  44.5 
Total liabilities and stockholders' equity$182.5 $184.7 
 

Exhibit II

MAXXAM INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions of dollars)

     
Three Months Ended

March 31,

20132012
Unaudited
 
Sales:
Leased properties$3.1$2.9
Lot sales--
Other real estate sales2.7-
Realty0.90.6
Other 0.2  0.2 
Total sales 6.9  3.7 
 
Cost and expenses:
Cost of sales and operations:
Leased properties--
Lot sales--
Other real estate sales2.1-
Realty0.70.4
Other--
Selling, general and administrative expenses2.83.6
Depreciation and amortization 0.9  1.0 
Total costs and expenses 6.5  5.0 
 
Operating income (loss):
Real estate1.60.6
Racing(0.2)(0.2)
Corporate (1.0) (1.7)
Total operating income (loss)0.4(1.3)
 
Other income (expense):
Equity losses from joint ventures(0.1)(0.1)
Investment, interest and other income (expense), net0.40.3
Interest expense(1.9)(2.0)
Amortization of deferred financing costs (0.1) (0.1)
Loss from operations before income taxes(1.3)(3.2)
Provision for income taxes -  - 
Net loss$(1.3)$(3.2)
       

Exhibit III

MAXXAM INC.

SHARES OUTSTANDING REPORT

 
 
March 31,

2013

December 31,

2012

 
Preferred Stock
Par value$125.00$125.00
Liquidation value$187.50$187.50
Shares authorized10,00010,000
Shares issued2,6752,675
Shares outstanding2,6642,664
 
Common Stock
Par value$125.00$125.00
Shares authorized52,00052,000
Shares issued41,85341,853
Shares outstanding18,16218,179
 
Treasury Stock
Class A Preferred Stock1111
Common Stock23,69123,674



MAXXAM Inc.
Emily Madison, (713) 975-7600

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

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