8-K

- --------------------------------------------------------------------------------



                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K



                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934




       Date of Report (date of earliest event reported): November 14, 2003



                                   MAXXAM INC.
             (Exact name of Registrant as specified in its Charter)




                                    DELAWARE
                 (State or other jurisdiction of incorporation)




                                     1-3924
                            (Commission File Number)




                                   95-2078752
                     (I.R.S. Employer Identification Number)




          5847 SAN FELIPE, SUITE 2600                         77057
                HOUSTON, TEXAS                             (Zip Code)
   (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (713) 975-7600


- --------------------------------------------------------------------------------


ITEM 12.  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

         Attached hereto as Exhibit 99.1 is a press release issued by the
Registrant on November 14, 2003 regarding its 2003 third quarter results.


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                                       MAXXAM INC.
                                                      (Registrant)


Date: November 14, 2003        By:                /s/ Bernard L. Birkel
                                  --------------------------------------------------------
                                                    Bernard L. Birkel
                                     Secretary and Senior Assistant General Counsel




                                  EXHIBIT INDEX


Exhibit 99.1: Earnings Release issued on November 14, 2003

EX-99

                                                   November 14, 2003

                                                   Media:  Josh Reiss
                                                   (713) 222-1600

                                                   Investor Relations: Ron Kurtz
                                                   (713) 267-3686




                    MAXXAM REPORTS RESULTS FOR THIRD QUARTER
                             AND NINE MONTHS OF 2003

HOUSTON, Texas (November 14, 2003) - MAXXAM Inc. (AMEX: MXM) today reported a
net loss of $6.3 million, or $0.96 per share, for the third quarter of 2003,
compared to a net loss of $7.4 million, or $1.14 per share, for the third
quarter of 2002. Net sales for the third quarter of 2003 totaled $84.2 million,
compared to $73.6 million in the same period of 2002.

For the first nine months of 2003, MAXXAM reported a net loss of $24.9 million,
or $3.81 per share, compared to a net loss of $69.4 million, or $10.64 per
share, for the same period of 2002. Net sales for the first nine months of 2003
were $227.3 million, compared to $382.3 million for the first nine months of
2002.

MAXXAM reported operating income of $8.8 million for the third quarter and $13.2
million for the first nine months of 2003, compared to operating income of $4.8
million for the third quarter and an operating loss of $15.5 million for the
first nine months of 2002.

The differences between the results for the first nine months of 2003 and 2002
are primarily attributable to the deconsolidation of Kaiser Aluminum's financial
results beginning February 12, 2002, the date Kaiser Aluminum filed for Chapter
11 reorganization.

For the first nine months of 2002, after excluding aluminum operations, MAXXAM
reported net sales of $214.8 million, operating income of $8.1 million, and a
net loss of $21.0 million, or $3.22 per share.

FOREST PRODUCTS OPERATIONS

Lumber sales increased for the third quarter of 2003 as compared to the third
quarter of 2002 primarily due to higher prices for redwood common grade lumber.
The improvement in revenues due to the increase in prices was partially offset
by an unfavorable shift in the mix of lumber from redwood to Douglas-fir.
Operating income for forest products improved as a result of the increase in
sales and due to lower selling, general and administrative expenses in 2003,
reflecting lower costs related to litigation. These improvements were offset in
part by an increase in harvesting costs.

REAL ESTATE OPERATIONS

Net sales and operating results improved for the third quarter of 2003 versus
the same period of 2002, reflecting increases in real estate sales at the
Company's Fountain Hills and Mirada development projects, as well as an increase
in revenues generated by the segment's commercial lease properties (primarily
attributable to the acquisition of the Cooper Cameron building and Motel Six
properties in the fourth quarter of 2002).

RACING OPERATIONS

The decreases in net sales and operating results for the third quarter of 2003
versus the comparable prior year period were primarily due to lower average
daily attendance at both Sam Houston Race Park and Valley Race Park on simulcast
racing days.

OTHER MATTERS

As previously announced in prior earnings statements, MAXXAM may from time to
time purchase shares of its common stock on national exchanges or in privately
negotiated transactions. In this regard, the Company has repurchased 335,300
shares of its common stock during 2003.



                                   170-111303


Company press releases may contain statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. The company cautions that any such forward-looking statements are not
guarantees of future performance and involve significant risks and
uncertainties, and that actual results may vary materially from those expressed
or implied in the forward-looking statements as a result of various factors.





                                                                              Three Months Ended              Nine Months Ended
                                                                                September 30,                   September 30,
                                                                          ---------------------------     --------------------------
                                                                             2003           2002             2003          2002*
                                                                          ------------  -------------     -----------   ------------
                                                                                                  (Unaudited)
Net sales:
    Forest products.....................................................  $      56.1   $       51.8      $    156.6    $     154.0
    Real estate.........................................................         20.4           13.7            48.7           37.8
    Racing..............................................................          7.7            8.1            22.0           23.0
                                                                          ------------  -------------     -----------   ------------
      Total, excluding aluminum.........................................         84.2           73.6           227.3          214.8
    Aluminum............................................................            -              -               -          167.5
                                                                          ------------  -------------     -----------   ------------
                                                                                 84.2           73.6           227.3          382.3
                                                                          ------------  -------------     -----------   ------------

Costs and expenses......................................................        (75.4)         (68.8)         (214.1)        (397.8)
                                                                          ------------  -------------     -----------   ------------

Operating income (loss):
    Forest products.....................................................          6.7            5.4            16.0           15.3
    Real estate.........................................................          4.9            1.9             4.3            0.7
    Racing..............................................................         (0.7)          (0.5)           (1.3)           0.2
    Corporate...........................................................         (2.1)          (2.0)           (5.8)          (8.1)
                                                                          ------------  -------------     -----------   ------------
      Total excluding aluminum..........................................          8.8            4.8            13.2            8.1
    Aluminum............................................................            -              -               -          (23.6)
                                                                          ------------  -------------     -----------   ------------
                                                                                  8.8            4.8            13.2          (15.5)
                                                                          ------------  -------------     -----------   ------------

Other income (expense):
    Investment, interest and other income (expense), net.................         3.9            2.9            19.8           10.7
    Interest expense.....................................................       (19.0)         (19.7)          (57.9)         (72.9)
                                                                          ------------  -------------     -----------   ------------
Loss before income taxes and minority interests..........................        (6.3)         (12.0)          (24.9)         (77.7)
Income tax benefit.......................................................           -            4.6               -            7.4
Minority interests.......................................................           -              -               -            0.9
                                                                          ------------  -------------     -----------   ------------
Net loss................................................................. $      (6.3)  $       (7.4)     $    (24.9)   $     (69.4)
                                                                          ============  =============     ===========   ============

Basic and diluted loss per common and common
    equivalent share..................................................... $     (0.96)  $      (1.14)     $    (3.81)   $    (10.64)
                                                                          ============  =============     ===========   ============


Net loss, excluding aluminum............................................. $      (6.3)  $       (7.4)     $    (24.9)   $     (21.0)
                                                                          ============  =============     ===========   ============

Basic and diluted loss per common and common
    equivalent share, excluding aluminum................................. $     (0.96)  $      (1.14)     $    (3.81)   $     (3.22)
                                                                          ============  =============     ===========   ============


*  Amounts shown for 2002 reflect the deconsolidation of Kaiser Aluminum as of
   February 12, 2002.