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 www.otcmarkets.com, 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 | |||||||||||||||
MAXXAM INC. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||
(In millions of dollars) | |||||||||||||||
September 30, | December 31, | ||||||||||||||
2012 | 2011 | ||||||||||||||
Unaudited | |||||||||||||||
Assets | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 10.5 | $ | 24.5 | |||||||||||
Marketable securities and other short-term investments | 26.4 | 11.6 | |||||||||||||
Deferred income taxes | 3.0 | 3.0 | |||||||||||||
Prepaid expenses and other current assets | 0.6 | 0.7 | |||||||||||||
Restricted cash | 0.1 | 5.1 | |||||||||||||
Total current assets | 40.6 | 44.9 | |||||||||||||
Property and equipment, net of accumulated depreciation of $59.4 | |||||||||||||||
and $56.7, respectively | 92.5 | 95.2 | |||||||||||||
Real estate inventory | 43.6 | 44.0 | |||||||||||||
Deferred income taxes | 8.2 | 8.2 | |||||||||||||
Deferred financing costs | 1.9 | 2.1 | |||||||||||||
Investment in PM Texas LLC | 9.7 | 10.3 | |||||||||||||
Other long-term assets and investments | 0.5 | 0.5 | |||||||||||||
Restricted cash | 1.6 | 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 debt | 3.2 | 3.2 | |||||||||||||
Accrued interest | 0.5 | 0.5 | |||||||||||||
Deferred income | 1.6 | 2.6 | |||||||||||||
Accrued compensation and related benefits | 1.6 | 0.8 | |||||||||||||
Other accrued liabilities | 6.6 | 6.5 | |||||||||||||
Total current liabilities | 13.9 | 14.3 | |||||||||||||
Long-term debt, less current maturities | 100.8 | 103.1 | |||||||||||||
Accrued pension and other postretirement benefits | 17.4 | 19.5 | |||||||||||||
Other noncurrent liabilities | 6.5 | 5.6 | |||||||||||||
Losses in excess of investment in FireRock, LLC | 2.7 | 2.3 | |||||||||||||
Losses in excess of investment in Palco Debtors | - | 484.2 | |||||||||||||
Total liabilities | 141.3 | 629.0 | |||||||||||||
Commitments and contingencies | |||||||||||||||
Stockholders' equity (deficit): | |||||||||||||||
Preferred stock | 0.3 | 0.3 | |||||||||||||
Common stock | 5.2 | 5.2 | |||||||||||||
Additional paid in capital | 225.6 | 225.6 | |||||||||||||
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 | |||||||||||||||||||||||||||
MAXXAM INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||
(In millions of dollars) | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
Unaudited | Unaudited | ||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||
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 estate | 0.5 | 0.7 | 1.7 | 2.4 | |||||||||||||||||||||||
Real estate inventory write-down | - | 18.4 | - | 18.4 | |||||||||||||||||||||||
Racing | - | - | - | 7.3 | |||||||||||||||||||||||
Selling, general and administrative expenses | 3.1 | 3.1 | 9.6 | 15.6 | |||||||||||||||||||||||
Depreciation and amortization | 0.8 | 1.0 | 2.7 | 3.4 | |||||||||||||||||||||||
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 estate | 1.6 | (18.4 | ) | 4.2 | (18.2 | ) | |||||||||||||||||||||
Racing | (0.1 | ) | - | (0.5 | ) | 41.9 | |||||||||||||||||||||
Corporate | (1.2 | ) | (1.2 | ) | (4.8 | ) | (5.9 | ) | |||||||||||||||||||
Forest Products | - | - | 485.8 | - | |||||||||||||||||||||||
Total operating income (loss) | 0.3 | (19.6 | ) | 484.7 | 17.8 | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||
Equity losses from joint ventures | (0.9 | ) | (0.7 | ) | (1.5 | ) | (1.3 | ) | |||||||||||||||||||
Investment, interest and other income (expense), net | 0.2 | 0.4 | 0.9 | 1.7 | |||||||||||||||||||||||
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 | (2.5 | ) | (22.2 | ) | 477.9 | 9.5 | |||||||||||||||||||||
Provision for income taxes | - | (0.1 | ) | (0.1 | ) | (3.9 | ) | ||||||||||||||||||||
Income (loss) from continuing operations | (2.5 | ) | (22.3 | ) | 477.8 | 5.6 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||
