MAXXAM Posts Its 2012 Audited Financial Statements
MAXXAM Posts Its 2012 Audited Financial Statements
HOUSTON--(BUSINESS WIRE)-- MAXXAM Inc. (OTCBB:MAXX) has posted its audited financial statements for the year ended December 31, 2012. Attached hereto are the financial statements described below of the Company as of December 31, 2012, together with certain other information. These financial statements, the related notes and other miscellaneous information have 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 Income
Exhibit III - Consolidated Statements of Cash Flows
Exhibit IV - Consolidated Statements Of Changes In Stockholders' Equity (Deficit)
Exhibit V - Shares Outstanding Report
Exhibit VI - Miscellaneous Information
Exhibit I | ||||||||
MAXXAM INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(In millions of dollars) | ||||||||
December 31, 2012 | December 31, 2011 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 7.5 | $ | 24.5 | ||||
Marketable securities and other short-term investments | 26.9 | 11.6 | ||||||
Deferred income taxes | 1.1 | 3.0 | ||||||
Prepaid expenses and other current assets | 0.5 | 0.7 | ||||||
Restricted cash | 0.1 | 5.1 | ||||||
Total current assets | 36.1 | 44.9 | ||||||
Property and equipment, net of accumulated depreciation of $60.2 and $56.7, respectively | 91.7 | 95.2 | ||||||
Real estate inventory | 43.0 | 44.0 | ||||||
Deferred income taxes | - | 8.2 | ||||||
Deferred financing costs | 1.8 | 2.1 | ||||||
Investment in PM Texas LLC | 9.7 | 10.3 | ||||||
Other long-term assets and investments | 0.8 | 0.5 | ||||||
Restricted cash | 1.6 | 1.7 | ||||||
Total assets | $ | 184.7 | $ | 206.9 | ||||
Liabilities and Stockholders' Equity (Deficit) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 0.8 | $ | 0.7 | ||||
Short-term borrowings and current maturities of long-term debt | 3.5 | 3.2 | ||||||
Accrued interest | 0.5 | 0.5 | ||||||
Deferred income | 1.5 | 2.6 | ||||||
Accrued compensation and related benefits | 0.6 | 0.8 | ||||||
Other accrued liabilities | 4.0 | 6.5 | ||||||
Total current liabilities | 10.9 | 14.3 | ||||||
Long-term debt, less current maturities | 99.7 | 103.1 | ||||||
Accrued pension | 19.2 | 19.5 | ||||||
Other noncurrent liabilities | 7.5 | 5.6 | ||||||
Losses in excess of investment in FireRock, LLC | 2.9 | 2.3 | ||||||
Losses in excess of investment in Palco Debtors | - | 484.2 | ||||||
Total liabilities | 140.2 | 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) | 3.6 | (463.8 | ) | |||||
Accumulated other comprehensive loss | (19.6 | ) | (19.3 | ) | ||||
Treasury stock, at cost | (170.6 | ) | (170.1 | ) | ||||
Total stockholders' equity (deficit) | 44.5 | (422.1 | ) | |||||
Total liabilities and stockholders' equity (deficit) | $ | 184.7 | $ | 206.9 | ||||
Exhibit II | ||||||||||
MAXXAM INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(In millions of dollars) | ||||||||||
Years Ended December 31, | ||||||||||
2012 | 2011 | |||||||||
Sales: | ||||||||||
Real estate | $ | 17.5 | $ | 15.6 | ||||||
Racing | - | 10.8 | ||||||||
Total sales | 17.5 | 26.4 | ||||||||
Cost and expenses: | ||||||||||
Cost of sales and operations: | ||||||||||
Real estate | 2.7 | 0.4 | ||||||||
Real estate inventory write-down | - | 19.5 | ||||||||
Racing | - | 7.4 | ||||||||
Selling, general and administrative expenses | 12.3 | 17.7 | ||||||||
Depreciation and amortization | 3.5 | 4.7 | ||||||||
Reversal of net investment in the Palco Debtors | (485.8 | ) | - | |||||||
Gain on sale of interest in racing operations, net of expenses | - | (41.1 | ) | |||||||
Reversal of retiree medical benefits liabilities | - | (3.9 | ) | |||||||
Reversal of net investment in Palmas Country Club, Inc. | - | (32.7 | ) | |||||||
Total costs and expenses | (467.3 | ) | (28.0 | ) | ||||||
Operating income (loss): | ||||||||||
Real estate | 5.1 | 17.0 | ||||||||
Racing | (0.8 | ) | 39.3 | |||||||
Corporate | (5.3 | ) | (1.9 | ) | ||||||
Forest Products | 485.8 | - | ||||||||
Total operating income (loss) | 484.8 | 54.4 | ||||||||
Other income (expense): | ||||||||||
Equity losses from joint ventures | (1.7 | ) | (2.1 | ) | ||||||
Investment, interest and other income (expense), net | 1.3 | 1.6 | ||||||||
Interest expense | (8.0 | ) | (9.0 | ) | ||||||
Amortization of deferred financing costs | (0.3 | ) | (0.2 | ) | ||||||
Loss on early extinguishment of debt | - | (1.4 | ) | |||||||
Income from continuing operations before income taxes | 476.1 | 43.3 | ||||||||
Provision for income taxes | (8.7 | ) | (3.8 | ) | ||||||
Income from continuing operations | 467.4 | 39.5 | ||||||||
Discontinued operations | ||||||||||
Income from operations of Motel Assets | - | 7.9 | ||||||||
Net income | $ | 467.4 | $ | 47.4 | ||||||
Exhibit III | ||||||||
MAXXAM INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(In millions of dollars) | ||||||||
Years Ended December 31, | ||||||||
2012 | 2011 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 467.4 | $ | 47.4 | ||||
Adjustments to reconcile net income to net cash used for operating activities: | ||||||||
Reversal of net investment in the Palco Debtors | (485.8 | ) | - | |||||
Reversal of net investment in Palmas Country Club, Inc. | - | (32.7 | ) | |||||
Depreciation and amortization | 3.5 | 4.7 | ||||||
Non-cash stock-based compensation expense | - | 0.5 | ||||||
Reversal of retiree medical benefits liabilities | - | (3.9 | ) | |||||
Gain on sale of assets | - | (0.4 | ) | |||||
Gain on sale of interest in racing operations | - | (42.9 | ) | |||||
Gain on sale of Motel Assets | - | (7.4 | ) | |||||
Real estate inventory write-down | - | 19.5 | ||||||
Net (gains) losses from investments | - | 0.2 | ||||||
Amortization of deferred financing costs | 0.3 | 0.2 | ||||||
Loss on early extinguishment of debt | - | 1.4 | ||||||
Equity losses from joint ventures | 1.7 | 2.1 | ||||||
Deferred taxes | 11.0 | 3.6 | ||||||
Other | - | (2.8 | ) | |||||
Increase (decrease) in cash resulting from changes in: | ||||||||
Receivables | - | (0.9 | ) | |||||
Real estate inventory | 1.0 | 0.5 | ||||||
Prepaid expenses and other assets | 0.2 | (0.1 | ) | |||||
Accounts payable | 0.1 | (1.1 | ) | |||||
Deferred revenue related to mineral lease | 2.8 | - | ||||||
Other accrued liabilities | (2.8 | ) | (2.8 | ) | ||||
Long-term assets and long-term liabilities | (2.7 | ) | (1.4 | ) | ||||
Other | (0.5 | ) | (0.3 | ) | ||||
Net cash used for operating activities | (3.8 | ) | (16.6 | ) | ||||
Cash flows from investing activities: | ||||||||
Proceeds from sale of interest in racing operations | - | 56.0 | ||||||
Proceeds from sale of Motel Assets, net | - | 5.5 | ||||||
Sales of marketable securities and other investments | 0.5 | 8.2 | ||||||
Purchases of marketable securities and other investments | (14.7 | ) | (11.3 | ) | ||||
Net decrease (increase) in restricted cash | 5.1 | (0.1 | ) | |||||
Investment in joint ventures | (0.5 | ) | (1.1 | ) | ||||
Decrease in cash due to deconsolidation of racing operations | - | (1.3 | ) | |||||
Capital expenditures | - | - | ||||||
Net cash (used for) provided by investing activities | (9.6 | ) | 55.9 | |||||
Cash flows from financing activities: | ||||||||
Principal payments on long-term debt | (3.1 | ) | (2.9 | ) | ||||
Payoff of EN Facility | - | (2.6 | ) | |||||
Payoff of EN II Loan | - | (12.8 | ) | |||||
Treasury stock purchases | (0.5 | ) | - | |||||
Net cash used for financing activities | (3.6 | ) | (18.3 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (17.0 | ) | 21.0 | |||||
Cash and cash equivalents at beginning of the year | ||||||||
