MAXXAM Posts Its First Quarter 2013 Unaudited Financial Information
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 | ||||||||||||
March 31, | December 31, 2012 | |||||||||||
(unaudited) | ||||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 2.6 | $ | 7.5 | ||||||||
Marketable securities and other short-term investments | 32.1 | 26.9 | ||||||||||
Deferred income taxes | 1.1 | 1.1 | ||||||||||
Prepaid expenses and other current assets | 0.5 | 0.5 | ||||||||||
Restricted cash | 0.1 | 0.1 | ||||||||||
Total current assets | 36.4 | 36.1 | ||||||||||
Property and equipment, net of accumulated depreciation of $60.6 | ||||||||||||
and $60.2, respectively | 90.2 | 91.7 | ||||||||||
Real estate inventory | 41.6 | 43.0 | ||||||||||
Deferred financing costs | 1.7 | 1.8 | ||||||||||
Investment in PM Texas LLC | 10.2 | 9.7 | ||||||||||
Other long-term assets and investments | 0.8 | 0.8 | ||||||||||
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 debt | 3.5 | 3.5 | ||||||||||
Accrued interest | 0.5 | 0.5 | ||||||||||
Deferred income | 1.4 | 1.5 | ||||||||||
Accrued compensation and related benefits | 0.9 | 0.6 | ||||||||||
Other accrued liabilities | 3.9 | 4.0 | ||||||||||
Total current liabilities | 10.9 | 10.9 | ||||||||||
Long-term debt, less current maturities | 98.8 | 99.7 | ||||||||||
Accrued pension | 19.0 | 19.2 | ||||||||||
Other noncurrent liabilities | 7.2 | 7.5 | ||||||||||
Losses in excess of investment in FireRock, LLC | 3.0 | 2.9 | ||||||||||
Total liabilities | 138.9 | 140.2 | ||||||||||
Commitments and contingencies | ||||||||||||
Stockholders' equity: | ||||||||||||
Preferred stock | 0.3 | 0.3 | ||||||||||
Common stock | 5.2 | 5.2 | ||||||||||
Additional paid in capital | 225.6 | 225.6 | ||||||||||
Retained earnings | 2.3 | 3.6 | ||||||||||
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 | |||||||||||
Three Months Ended March 31, | |||||||||||
2013 | 2012 | ||||||||||
Unaudited | |||||||||||
Sales: | |||||||||||
Leased properties | $ | 3.1 | $ | 2.9 | |||||||
Lot sales | - | - | |||||||||
Other real estate sales | 2.7 | - | |||||||||
Realty | 0.9 | 0.6 | |||||||||
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 sales | 2.1 | - | |||||||||
Realty | 0.7 | 0.4 | |||||||||
Other | - | - | |||||||||
Selling, general and administrative expenses | 2.8 | 3.6 | |||||||||
Depreciation and amortization | 0.9 | 1.0 | |||||||||
Total costs and expenses | 6.5 | 5.0 | |||||||||
Operating income (loss): | |||||||||||
Real estate | 1.6 | 0.6 | |||||||||
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), net | 0.4 | 0.3 | |||||||||
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 authorized | 10,000 | 10,000 | |||||||||
Shares issued | 2,675 | 2,675 | |||||||||
Shares outstanding | 2,664 | 2,664 | |||||||||
Common Stock | |||||||||||
Par value | $ | 125.00 | $ | 125.00 | |||||||
Shares authorized | 52,000 | 52,000 | |||||||||
Shares issued | 41,853 | 41,853 | |||||||||
Shares outstanding | 18,162 | 18,179 | |||||||||
Treasury Stock | |||||||||||
Class A Preferred Stock | 11 | 11 | |||||||||
Common Stock | 23,691 | 23,674 | |||||||||
MAXXAM Inc.
Emily Madison, (713) 975-7600
KEYWORDS: United States North America Texas
INDUSTRY KEYWORDS:
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