MAXXAM Posts Its Third Quarter 2012 and First Nine Months of 2012 Unaudited Financial Information

MAXXAM Posts Its Third Quarter 2012 and First Nine Months of 2012 Unaudited Financial Information

HOUSTON--(BUSINESS WIRE)-- MAXXAM Inc. (OTCBB:MAXX) has posted its unaudited financial information for the three months and nine months ended September 30, 2012. Attached hereto is the financial information of MAXXAM Inc. described below as of September 30, 2012. This financial information has been posted through the pink sheets financial reports service at, stock symbol "MAXX," under the tab labeled "Filings and Disclosure."

The following exhibits are attached:

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

Exhibit I

(In millions of dollars)
September 30,December 31,


Current assets:
Cash and cash equivalents$10.5$24.5
Marketable securities and other short-term investments26.411.6
Deferred income taxes3.03.0
Prepaid expenses and other current assets0.60.7
Restricted cash0.1 5.1 
Total current assets40.644.9
Property and equipment, net of accumulated depreciation of $59.4
and $56.7, respectively92.595.2
Real estate inventory43.644.0
Deferred income taxes8.28.2
Deferred financing costs1.92.1
Investment in PM Texas LLC9.710.3
Other long-term assets and investments0.50.5
Restricted cash1.6 1.7 
Total assets$198.6 $206.9 
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Accounts payable$0.4$0.7
Short-term borrowings and current maturities of long-term debt3.23.2
Accrued interest0.50.5
Deferred income1.62.6
Accrued compensation and related benefits1.60.8
Other accrued liabilities6.6 6.5 
Total current liabilities13.914.3
Long-term debt, less current maturities100.8103.1
Accrued pension and other postretirement benefits17.419.5
Other noncurrent liabilities6.55.6
Losses in excess of investment in FireRock, LLC2.72.3
Losses in excess of investment in Palco Debtors- 484.2 
Total liabilities141.3 629.0 
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock0.30.3
Common stock5.25.2
Additional paid in capital225.6225.6
Accumulated equity (deficit)14.0(463.8)
Accumulated other comprehensive loss(17.5)(19.3)
Treasury stock, at cost(170.3)(170.1)
Total stockholders' equity (deficit)57.3 (422.1)
Total liabilities and stockholders' equity (deficit)$198.6 $206.9 

Exhibit II

(In millions of dollars)
Three Months Ended

September 30,

Nine Months Ended

September 30,

2012   20112012   2011
Real estate (1)$4.7$3.6$12.9$11.2
Racing -  -  -  10.8 
Total sales 4.7  3.6  12.9  22.0 
Cost and expenses:
Cost of sales and operations:
Real estate0.
Real estate inventory write-down-18.4-18.4
Selling, general and administrative expenses3.13.19.615.6
Depreciation and amortization0.
Gain related to the Palco Debtors (2)--(485.8)-
Gain on sale of interest in racing segment -  -  -  (42.9)
Total costs and expenses 4.4  23.2  (471.8) 4.2 

Operating income (loss):

Real estate1.6(18.4)4.2(18.2)
Forest Products -  -  485.8  - 

Total operating income (loss)

Other income (expense):
Equity losses from joint ventures(0.9)(0.7)(1.5)(1.3)

Investment, interest and other income (expense), net
Interest expense(2.0)(2.3)(6.0)(7.1)
Amortization of deferred financing costs(0.1)-(0.2)(0.2)
Loss on early extinguishment of debt -  -  -  (1.4)

Income (loss) from continuing operations before income taxes

Provision for income taxes -  (0.1) (0.1) (3.9)

Income (loss) from continuing operations

Discontinued operations
Income from operations of Motel Assets
(including gain on disposal of $7.4 for the nine
months ended September 30, 2011), net of tax Read Full Story

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