<PAGE>
Form U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Statement by Holding Company Claiming Exemption Under
Rule U-2 from the Provisions of the Public
Utility Holding Company Act of 1935
INTERMOUNTAIN INDUSTRIES, INC.
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
FEBRUARY 22, 1999
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-2 File No. 0-8763
Statement by Holding Company Claiming Exemption Under
Rule U-3A-2 from the Provisions of the Public
Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
INTERMOUNTAIN INDUSTRIES, INC.
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
their statement claiming exemption as a holding company from the provisions of
the Public Utility Holding Company Act of 1935, and submits the following
information:
1. Name, State of organization, location and nature of business
of claimant and every subsidiary thereof, other than any exempt wholesale
generator ("EWG") or foreign utility company in which the claimant directly or
indirectly holds an interest.
(a) Intermountain Industries, Inc. ("the Company") is
incorporated under the laws of the State of Idaho, with its principal
office in Boise, Idaho. It is a holding company and neither owns nor
operates any physical properties. The Company is the owner of all of
the outstanding common stock of its subsidiaries, Intermountain Gas
Company, IGI Resources, Inc., InterWest Capital, Inc., III Exploration
Company, and III Argentina Company.
(b) Century Partners - Idaho Limited Partnership ("Century
Partners - Idaho") is a limited partnership organized under the laws of
the State of Idaho, with its principal offices in Darien, Connecticut.
It was organized primarily to hold the outstanding securities of the
Company and any successor corporation. Century Partners - Idaho has no
operations other than investing in the securities of the Company.
(c) Intermountain Gas Company ("Intermountain"),
incorporated under the laws of the State of Idaho, is a natural gas
distribution company engaged in the transmission, transportation and
sale of natural gas solely within the State of Idaho, primarily in the
Snake River Valley.
(d) IGI Resources, Inc. ("Resources"), incorporated under
the laws of the State of Idaho, arranges the purchase and
transportation of natural gas for various customers along with
providing daily dispatching, balancing, and administrative services
associated with wellhead to burner tip delivery of natural gas.
Resources has also begun providing the same type of marketing services
to
1
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customers for their electric needs. Resources operates throughout the
western United States and Canada, primarily in the Pacific Northwest
and Southwest regions.
(e) InterWest Capital, Inc. ("InterWest") was incorporated
under the laws of the State of Idaho in December 1990 for the purpose
of investing in non-energy related assets, principally in the Rocky
Mountain and Intermountain areas.
(f) III Exploration Company ("Exploration") was
incorporated under the laws of the State of Idaho in October 1992.
Exploration was formed for the purpose of exploring for and developing
natural gas and oil deposits.
(g) III Argentina Company ("Argentina") was incorporated
under the laws of the State of Idaho in October 1992. Argentina and its
subsidiary, GISA, were formed for the purpose of participating in the
privatization of certain natural gas distribution companies by the
Argentine government. On November 30, 1992, the Company filed with the
Securities and Exchange Commission the applicable certification
pursuant to Section 33(a)(2) of the Public Utility Holding Company Act
of 1935. The Company did not acquire any of the Argentine properties
and neither Argentina nor GISA have any operations or property.
2. A brief description of the properties of the claimant and its
subsidiary public utility company used for the generation, transmission, and
distribution of electric energy for sale or for the production, transmission,
and distribution of natural or manufactured gas, indicating the location of
principal generating plants, transmission lines, producing fields, gas
manufacturing plants, and electric and gas distribution facilities, including
all such properties which are outside the State in which claimant and its
subsidiary are organized and all transmission lines or pipelines which deliver
or receive electric energy or gas at the borders of such State.
(a) Claimant neither owns nor operates any physical
properties.
(b) Intermountain's properties, used for the transmission
and distribution of natural gas, are located solely within the State of
Idaho. As of December 31, 1998, such property included office
buildings, warehouses, and approximately 7,720 miles of transmission,
distribution, and service lines which connect with the transmission
system of Intermountain's pipeline supplier to 197,000 meters installed
on customer premises. In addition, Intermountain owns and operates a
liquefied natural gas ("LNG") peak-shaving plant which includes
liquefaction, storage, and regasification facilities. The facility has
a total LNG storage capacity of 6,000,000 therms which can be
regasified at a rate of 600,000 therms per day.
(c) Neither the claimant nor its subsidiary public utility
company owns, operates or uses any generating station, transmission
lines, producing fields, or
2
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electric or gas distribution facilities outside the State in which it
is organized, nor any transmission lines or pipelines which deliver or
receive electric energy or gas at the borders of any such State.
3. The following information for the last fiscal year with
respect to claimant and its subsidiary public utility company:
(a) Number of kWh of electric energy sold (at retail or
wholesale) and therms of natural or manufactured gas distributed at
retail:
Electric Sales - None
Natural Gas Distributed or Transported - 507,350,949
Therms
(b) Number of kWh of electric energy and therms of natural
or manufactured gas distributed at retail outside the State in which
each such company is organized:
None
(c) Number kWh of electric energy and therms of natural or
manufactured gas sold at wholesale outside the State in which each such
company is organized or at the State line.
None
(d) Number of kWh of electric energy and therms of natural
or manufactured gas purchased outside the State in which each such
company is organized or at the State line.
Electric energy purchased - None
Natural gas purchased - 207,064,010 Therms
4. The following information for the reporting period with
respect to claimant and each interest it holds directly or indirectly in an
EWG or a foreign utility company, stating monetary amounts in United States
dollars:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy for sale
or for the distribution at retail of natural or manufactured gas.
None
3
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(b) Name of each system company that holds an interest in
such EWG or foreign utility company; and description of the interest
held.
None
(c) Type and amount of capital invested, directly or
indirectly, by the holding company claiming exemption; any direct or
indirect guarantee of the security of the EWG or foreign utility
company by the holding company claiming exemption; and any debt or
other financial obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption or another system
company, other than the EWG or foreign utility company.
None
(d) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
None
(e) Identify any service, sales or construction contract
between the EWG or foreign utility company and a system company, and
describe the services to be rendered or goods sold and fees or revenues
under such agreement.
None
EXHIBIT A
A consolidating statement of income and retained earnings of the
claimant and its subsidiary companies for the last calendar year, together with
a consolidating balance sheet of the claimant and its subsidiary companies as of
the close of such calendar year are attached.
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign
utility company to associate companies in the holding-company system.
None
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The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 22nd day of February 1999.
INTERMOUNTAIN INDUSTRIES, INC.
Attest: By /s/ Jeffrey K. Lebens
---------------------------------
Jeffrey K. Lebens
Vice President, Treasurer, and
Chief Financial Officer
/s/ James E. Simmerman
- -----------------------
James E. Simmerman
Assistant Corporate Secretary
CENTURY PARTNERS - IDAHO
LIMITED PARTNERSHIP
Attest: By /s/ Richard Hokin
---------------------------------
Richard Hokin
General Partner
/s/ Mark R. Gelfeld
- --------------------
Mark R. Gelfeld
Controller
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Jeffrey K. Lebens
Vice President, Treasurer, and
Chief Financial Officer
Intermountain Industries, Inc.
P. O. Box 7608
Boise, ID 83707
5
<PAGE>
EXHIBIT A
(PAGES 1 THROUGH 7)
<PAGE>
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
(Thousands of Dollars)
(Unaudited)
- -------------------------------------------------------------------------------------------------------------
Intermountain IGI
Intermountain Gas Resources,
Industries, Inc. Company Inc.
---------------- ------------- ----------
<S> <C> <C> <C>
OPERATING REVENUES ............................... $ -- $122,011 $320,893
COST OF GAS ...................................... -- 64,088 314,373
-------- -------- --------
GROSS MARGIN ..................................... -- 57,923 6,520
-------- -------- --------
OPERATING EXPENSES:
Operation and maintenance ................... 481 28,101 4,413
Depreciation, amortization and depletion .... 964 9,355 130
General taxes ............................... -- 3,002 327
-------- -------- --------
1,445 40,458 4,870
-------- -------- --------
OPERATING INCOME ................................. (1,445) 17,465 1,650
-------- -------- --------
OTHER INCOME (EXPENSE), NET:
Equity in earnings of subsidiary
companies .............................. 10,303 -- --
Other, net .................................. 514 58 71
-------- -------- --------
10,817 58 71
-------- -------- --------
GROSS INCOME ..................................... 9,372 17,523 1,721
INTEREST CHARGES ................................. 588 3,752 113
-------- -------- --------
NET INCOME BEFORE TAXES .......................... 8,784 13,771 1,608
INCOME TAX EXPENSE (BENEFIT) ..................... (316) 5,646 684
-------- -------- --------
NET INCOME ....................................... 9,100 8,125 924
Less dividends on common stock .............. -- 6,000 --
RETAINED EARNINGS -
DECEMBER 31, 1997 ........................... 78,093 44,685 6,421
-------- -------- --------
RETAINED EARNINGS -
DECEMBER 31, 1998 ........................... $ 87,193 $ 46,810 $ 7,345
-------- -------- --------
-------- -------- --------
</TABLE>
Exhibit A
(Page 1 of 7)
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III InterWest Century Total Reclasifications
Exploration Capital, Partners Before and
Company Inc. Idaho Eliminations Eliminations Consolidated
------- --- ---- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES .......................... $ 1,701 $ 163 $ -- $ 444,768 $ (1,508) $ 443,260
COST OF GAS ................................. 564 -- -- 379,025 (1,356) 377,669
--------- --------- --------- --------- --------- ---------
GROSS MARGIN ................................ 1,137 163 -- 65,743 (152) 65,591
--------- --------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance .............. 668 120 -- 33,783 (152) 33,631
Depreciation, amortization and depletion 424 23 -- 10,896 -- 10,896
General taxes .......................... -- -- -- 3,329 -- 3,329
--------- --------- --------- --------- --------- ---------
1,092 143 -- 48,008 (152) 47,856
--------- --------- --------- --------- --------- ---------
OPERATING INCOME ............................ 45 20 -- 17,735 -- 17,735
--------- --------- --------- --------- --------- ---------
OTHER INCOME (EXPENSE), NET:
Equity in earnings of subsidiary
companies ......................... -- -- 6,653 16,956 (16,956) --
Other, net ............................. (1,701) 1 3 (1,054) (337) (1,391)
--------- --------- --------- --------- --------- ---------
(1,701) 1 6,656 15,902 (17,293) (1,391)
--------- --------- --------- --------- --------- ---------
GROSS INCOME ................................ (1,656) 21 6,656 33,637 (17,293) 16,344
INTEREST CHARGES ............................ 296 9 5 4,763 (337) 4,426
--------- --------- --------- --------- --------- ---------
NET INCOME BEFORE TAXES ..................... (1,952) 12 6,651 28,874 (16,956) 11,918
INCOME TAX EXPENSE (BENEFIT) ................ (3,198) 5 -- 2,821 -- 2,821
--------- --------- --------- --------- --------- ---------
NET INCOME .................................. 1,246 7 6,651 26,053 (16,956) 9,097
Less dividends on common stock ......... -- -- -- 6,000 (6,000) --
RETAINED EARNINGS -
DECEMBER 31, 1997 ...................... 1,003 6 55,466 185,674 (96,130) 89,544
--------- --------- --------- --------- --------- ---------
RETAINED EARNINGS -
DECEMBER 31, 1998 ...................... $ 2,249 $ 13 $ 62,117 $ 205,727 $(107,086) $ 98,641
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
</TABLE>
Exhibit A
(Page 2 of 7)
<PAGE>
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1998
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Intermountain IGI
Intermountain Gas Resources,
Industries, Inc. Company Inc.
---------------- ------- ----
<S> <C> <C> <C>
PROPERTY, PLANT, AND EQUIPMENT:
Utility plant ................................ $ -- $256,555 $ --
Less accumulated depreciation ............. -- 123,837 --
-------- -------- --------
-- 132,718 --
-------- -------- --------
Non-utility property ......................... -- 12 1,913
Less accumulated depreciation & depletion . -- 12 748
-------- -------- --------
-- -- 1,165
-------- -------- --------
INVESTMENTS AND OTHER ASSETS:
Investment in affiliates ..................... 83,085 -- --
Other ........................................ 95 255 40
-------- -------- --------
83,180 255 40
-------- -------- --------
CURRENT ASSETS:
Cash and temporary cash investments .......... 2,255 1,503 2,696
Restricted cash held in margin accounts ...... -- -- 3,400
Notes receivable from affiliates ............. 3,000 -- --
Accounts receivable, less reserves ........... -- 12,170 43,285
Accounts receivable from affiliates .......... 1,052 58 2,005
Cost of gas delivered but unbilled ........... -- 4,196 --
Natural gas in storage ....................... -- 7,184 11,366
Materials and supplies ....................... -- 1,639 --
Prepayments .................................. -- 453 35
Other current assets ......................... 10 1,763 356
-------- -------- --------
6,317 28,966 63,143
-------- -------- --------
INVESTMENT IN EXCESS OF BOOK
VALUE OF ASSETS ACQUIRED,
less amortization of $13,572 .............. 3,658 -- --
-------- -------- --------
DEFERRED CHARGES:
Unamortized debt expense ..................... 33 1,447 --
Deferred gas costs ........................... -- 8,110 --
Deferred unfunded future income -- -- --
tax expense ............................... -- 395 --
Deferred tax credits ......................... 2,794 -- --
Other ........................................ 2,503 -- --
-------- -------- --------
5,330 9,952 --
-------- -------- --------
$ 98,485 $171,891 $ 64,348
-------- -------- --------
-------- -------- --------
</TABLE>
Exhibit A
(Page 3 of 7)
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
III InterWest Century Total Reclasifications
Exploration Capital, Partners Before and
Company Inc. Idaho Eliminations Eliminations Consolidated
------- ---- ----- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT, AND EQUIPMENT: ................... $ -- $ -- $ -- $ 256,555 $ -- $ 256,555
Utility plant ................................ -- -- -- 123,837 -- 123,837
--------- --------- --------- --------- --------- ---------
Less accumulated depreciation ............. -- -- -- 132,718 -- 132,718
--------- --------- --------- --------- --------- ---------
Non-utility property ......................... 8,592 -- -- 10,517 -- 10,517
Less accumulated depreciation & depletion . 1,110 -- -- 1,870 -- 1,870
--------- --------- --------- --------- --------- ---------
7,482 -- -- 8,647 -- 8,647
--------- --------- --------- --------- --------- ---------
INVESTMENTS AND OTHER ASSETS:
Investment in affiliates ..................... -- -- 65,989 149,074 (149,074) --
Other ........................................ 2,828 2,571 -- 5,789 -- 5,789
--------- --------- --------- --------- --------- ---------
2,828 2,571 65,989 154,863 (149,074) 5,789
--------- --------- --------- --------- --------- ---------
CURRENT ASSETS:
Cash and temporary cash investments ......... 86 99 6 6,645 -- 6,645
Restricted cash held in margin accounts ...... -- -- -- 3,400 -- 3,400
Notes receivable from affiliates ............. -- -- -- 3,000 (3,000) --
Accounts receivable, less reserves ........... 119 105 79 55,758 -- 55,758
Accounts receivable from affiliates .......... -- 26 -- 3,141 (3,141) --
Cost of gas delivered but unbilled ........... -- -- -- 4,196 -- 4,196
Natural gas in storage ....................... -- -- -- 18,550 -- 18,550
Materials and supplies ....................... -- -- -- 1,639 -- 1,639
Prepayments .................................. 173 -- -- 661 -- 661
Other current assets ......................... 27 -- -- 2,156 -- 2,156
--------- --------- --------- --------- --------- ---------
405 230 85 99,146 (6,141) 93,005
--------- --------- --------- --------- --------- ---------
INVESTMENT IN EXCESS OF BOOK
VALUE OF ASSETS ACQUIRED,
less amortization of $13,572 .............. -- -- -- 3,658 -- 3,658
--------- --------- --------- --------- --------- ---------
DEFERRED CHARGES:
Unamortized debt expense ..................... -- -- -- 1,480 -- 1,480
Deferred gas costs ........................... -- -- -- 8,110 -- 8,110
Deferred unfunded future income
tax expense ............................... -- -- -- 395 -- 395
Deferred tax credits ......................... -- -- -- 2,794 -- 2,794
Other ........................................ -- -- -- 2,503 -- 2,503
--------- --------- --------- --------- --------- ---------
-- -- -- 15,282 -- 15,282
--------- --------- --------- --------- --------- ---------
$ 10,715 $ 2,801 $ 66,074 $ 414,314 $(155,215) $ 259,099
--------- --------- --------- --------- --------- ---------
--------- --------- --------- --------- --------- ---------
</TABLE>
Exhibit A
(Page 4 of 7)
<PAGE>
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
CONSOLIDATING BALANCE SHEET - CAPITALIZATION AND LIABILITIES
DECEMBER 31, 1998
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Intermountain IGI
Intermountain Gas Resources,
Industries, Inc. Company Inc.
---------------- ------- ----
<S> <C> <C> <C>
CAPITALIZATION:
Common stock ............................... $ 3,865 $ 1,513 $ 1
Note receivable from shareholder ........... (400) -- --
Premium on common stock .................... -- 14,809 --
Treasury stock, at cost .................... (1,493) -- --
Retained earnings .......................... 87,193 46,810 7,345
--------- --------- ---------
89,165 63,132 7,346
Long-term debt ............................. 3,000 62,500 --
--------- --------- ---------
92,165 125,632 7,346
--------- --------- ---------
PARTNERS' CAPITAL ............................... -- -- --
--------- --------- ---------
MINORITY INTEREST ............................... -- -- --
--------- --------- ---------
CURRENT LIABILITIES:
Long-term debt due within one year ......... 3,000 -- --
Notes payable to affiliates ................ -- -- 3,000
Accounts payable ........................... 208 14,021 53,294
Accounts payable to affiliates ............. -- 2,576 468
Interest ................................... 105 1,307 --
General taxes .............................. -- 2,889 11
Income taxes ............................... (280) 3,502 314
--------- --------- ---------
3,033 24,295 57,087
--------- --------- ---------
DEFERRED CREDITS:
Deferred income taxes ...................... (36) 6,521 (85)
Unamortized investment tax credits ......... -- 4,835 --
Regulatory liability - deferred income taxes -- 3,924 --
Customer advances for construction ......... -- 2,367 --
Other ...................................... 3,323 4,317 --
--------- --------- ---------
3,287 21,964 (85)
--------- --------- ---------
$ 98,485 $ 171,891 $ 64,348
--------- --------- ---------
--------- --------- ---------
</TABLE>
Exhibit A
(Page 5 of 7)
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
III InterWest Century Total Reclasifications
Exploration Capital, Partners Before and
Company Inc. Idaho Eliminations Eliminations Consolidated
------- ---- ----- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION:
Common stock ............................... $ 7,550 $ 1 $ -- $ 12,930 $ (12,930) $ --
Note receivable from shareholder ........... -- -- -- (400) 400 --
Premium on common stock .................... -- 2,794 -- 17,603 (17,603) --
Treasury stock, at cost .................... -- -- -- (1,493) 1,493 --
Retained earnings .......................... 2,249 13 -- 143,610 (143,610) --
--------- ------- ------- ----------- ----------- ---------
9,799 2,808 -- 172,250 (172,250) --
Long-term debt ............................. -- -- -- 65,500 -- 65,500
--------- ------- ------- ----------- ----------- ---------
9,799 2,808 -- 237,750 (172,250) 65,500
--------- ------- ------- ----------- ----------- ---------
PARTNERS' CAPITAL ............................... -- -- 65,982 65,982 (679) 65,303
--------- ------- ------- ----------- ----------- ---------
MINORITY INTEREST ............................... -- -- -- -- 23,855 23,855
--------- ------- ------- ----------- ----------- ---------
CURRENT LIABILITIES:
Long-term debt due within one year ......... -- -- -- 3,000 -- 3,000
Notes payable to affiliates ................ -- -- -- 3,000 (3,000) --
Accounts payable ........................... 750 -- 92 68,365 -- 68,365
Accounts payable to affiliates ............. 97 -- -- 3,141 (3,141) --
Interest ................................... -- -- -- 1,412 -- 1,412
General taxes .............................. 15 -- -- 2,915 -- 2,915
Income taxes ............................... (436) (21) -- 3,079 -- 3,079
--------- ------- ------- ----------- ----------- ---------
426 (21) 92 84,912 (6,141) 78,771
--------- ------- ------- ----------- ----------- ---------
DEFERRED CREDITS:
Deferred income taxes ...................... 490 14 -- 6,904 -- 6,904
Unamortized investment tax credits ......... -- -- -- 4,835 -- 4,835
Regulatory liability - deferred income taxes -- -- -- 3,924 -- 3,924
Customer advances for construction ......... -- -- -- 2,367 -- 2,367
Other ...................................... -- -- -- 7,640 -- 7,640
--------- ------- ------- ----------- ----------- ---------
490 14 -- 25,670 -- 25,670
--------- ------- ------- ----------- ----------- ---------
$ 10,715 $ 2,801 $66,074 $ 414,314 $ (155,215) $ 259,099
--------- ------- ------- ----------- ----------- ---------
--------- ------- ------- ----------- ----------- ---------
</TABLE>
Exhibit A
(Page 6 of 7)
<PAGE>
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
DECEMBER 31, 1998
- -------------------------------------------------------------------------------
1. Minority shareholders hold 26.9% of the Company's outstanding common stock.
Exhibit A
(Page 7 of 7)
