Maxxam Inc. (OTCBB: MAXX) Reports its 1Q11 Results


On June 14, 2011, Maxxam Inc. (OTCBB: MAXX) reported its first fiscal quarter 2011 results for the three months ended March 31, 2011.

Revenue of $13.9 million has been posted for the first fiscal quarter, down 15.76% year over year from $16.5 million in the same quarter last year. For the quarter, Real Estate Revenue stands at $4 million & Racing Revenue stands at $9.9 million.

During the quarter, net loss for the quarter narrowed 83% to $0.8 million or $15.38 per share, from net loss of $4.7 million in the same quarter a year earlier.

At the end of the quarter, the total current assets & current liabilities of the company stand at $25.6 million & $118.9 million respectively. Cash & cash equivalents of the company stands at $9.4 million and Marketable securities and other short-term investments stands at $5.7 million for the quarter ending March 31, 2011.

The Stock is currently trading at $625. The 52 week range of the stock is $810.50 – $625.00.

MAXXAM Inc. conducts its operations, through its subsidiaries, which operate in two industries: residential and commercial real estate investment and development, through MAXXAM Property Company (MPC) and other wholly owned subsidiaries of the Company, as well as joint ventures, and racing operations, through Sam Houston Race Park, Ltd. (SHRP), a limited partnership wholly owned by the Company.

 

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