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 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions of dollars)

         
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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