UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2003

 

Commission File No. 1-12248

 

KAISER GROUP HOLDINGS, INC.

(successor issuer to Kaiser Group International, Inc.)

(Exact name of registrant as specified in its charter)

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).  Yes o No ý

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  Yes ý No o

 

The Plan of Reorganization of Kaiser Group International, Inc. under Chapter 11 of the Bankruptcy Code became effective on December 18, 2000.  The Plan provides, among other things, that holders of shares of common stock of Kaiser Group International, Inc. received shares of common stock of Kaiser Group Holdings, Inc. and that holders of specified outstanding debt obligations and other specified claimants received cash and shares of preferred stock and common stock of Kaiser Group Holdings, Inc., all in accordance with the terms set forth in the Plan. The initial distribution of securities occurred as of April 17, 2001.

 

As of November 11, 2003, there were 1,594,162 shares of Kaiser Group Holdings, Inc. Common Stock, par value $0.01 per share, outstanding.

 

 

KAISER GROUP HOLDINGS, INC.

 

INDEX TO FORM 10-Q

 

Part I - Financial Information
Item 1. Financial Statements:
		Consolidated Balance Sheets - September 30, 2003 and December 31, 2002
		Consolidated Statements of Operations and Comprehensive Income Three and Nine Months Ended September 30, 2003 and 2002
		Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2003 and 2002
		Notes to Consolidated Financial Statements
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 3. Quantitative and Qualitative Disclosures About Market Risk
	Item 4. Controls and Procedures
Part II - Other Information
	Item 1. Legal Proceedings
	Item 2. Changes in Securities and Use of Proceeds
	Item 3. Defaults Upon Senior Securities
	Item 4. Submission of Matters to a Vote of Security Holders
	Item 5. Other Information
	Item 6. Exhibits and Reports on Form 8-K
Signatures

 

2

 

KAISER GROUP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

 

 

		September 30, 2003			December 31, 2002
		(unaudited)
ASSETS
Current Assets
Cash and cash equivalents		$	12,208		$	17,413
Restricted cash and cash equivalents		9,431			18,679
Prepaid expenses and other current assets		1,167			2,404
Net assets of discontinued operations		6,000			6,000
Total Current Assets		28,806			44,496
Other Assets
Investments in and advances to affiliates		49,445			45,663
Notes receivable		5,894			5,894
Other long-term assets		185			142
		55,524			51,699
Total Assets		$	84,330		$	96,195
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable		$	511		$	922
Post retirement benefit plan obligation		6,983			7,193
Other accrued expenses		5,450			6,501
Preferred stock dividend payable		—			654
Interest payable on preferred stock		484			—
Deferred tax liability		7,647			6,538
Income taxes payable		1,217			640
Total Current Liabilities		22,292			22,448
Long Term Liabilities
Mandatorily redeemable preferred stock		41,419			—
Commitments and Contingencies
Preferred stock, par value $.01 per share		—			55,942
Common stock, par value $.01 per share:
Authorized—3,000,000 shares
Issued and outstanding—1,594,162 and 1,590,062 shares at September 30, 2003 and December 31, 2002, respectively		16			16
Capital in excess of par		8,481			8,606
Retained earnings		12,085			9,215
Accumulated other comprehensive income (loss)		37			(32		)
Total Shareholders’ Equity		20,619			17,805
Total Liabilities and Shareholders’ Equity		$	84,330		$	96,195

 

See notes to consolidated financial statements.

 

3

 

KAISER GROUP HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share amounts)

 

		For the Three Months Ended September 30,						For the Nine Months Ended September, 30
		2003			2002			2003			2002
Gross Revenue		$	—		$	—		$	—		$	—
Subcontract and direct material costs		—			—			—			—
Service Revenue		—			—			—			—
Operating Expenses
Administrative expenses		2,094			1,735			4,987			7,004
Operating Loss		(2,094		)	(1,735		)	(4,987		)	(7,004		)
Other Income
Equity income in earnings of affiliate, net of amortization of $881 for each of the three months ended September 30, 2003 and 2002 and $2,643 for each of the nine months ended September 30, 2003 and 2002		4,150			3,678			12,782			10,704
Gain on sale of securities		—			—			—			106
Gain on sale of investment		—			3,371			—