<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 23, 2000
<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
1
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administrative services associated with wellhead to burner tip delivery of
natural gas. Resources has also begun providing the same type of marketing
services to 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, 1999, such property included office buildings,
warehouses, and approximately 9,170 miles of transmission, distribution,
and service lines which connect with the transmission system of
Intermountain's pipeline supplier to 210,000 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.
2
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(c) Neither the claimant nor its subsidiary public utility company
owns, operates or uses any generating station, transmission lines,
producing fields, or 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 - 519,515,678 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 - 213,143,070 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 23rd day of February 2000.
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.
PO Box 7608
Boise, ID 83707-1608
5
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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, 1999
(Thousands of Dollars)
(Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermountain IGI
Intermountain Gas Resources,
Industries, Inc. Company Inc.
---------------- ------------- ----------
<S> <C> <C> <C>
OPERATING REVENUES ............................... $ -- $ 130,608 $ 416,154
COST OF GAS ...................................... -- 69,289 407,859
------------- ------------- ---------
GROSS MARGIN ..................................... -- 61,319 8,295
------------- ------------- ---------
OPERATING EXPENSES:
Operation and maintenance ................... 714 29,786 5,636
Depreciation, amortization and depletion .... 964 10,191 324
General taxes ............................... -- 3,142 484
------------- ------------- ---------
1,678 43,119 6,444
------------- ------------- ---------
OPERATING INCOME ................................. (1,678) 18,200 1,851
------------- ------------- ---------
OTHER INCOME (EXPENSE), NET:
Equity in earnings of subsidiary
companies .............................. 10,769 -- --
Other, net .................................. 535 342 (166)
------------- ------------- ---------
11,304 342 (166)
------------- ------------- ---------
GROSS INCOME ..................................... 9,626 18,542 1,685
INTEREST CHARGES ................................. 724 4,305 135
------------- ------------- ---------
NET INCOME BEFORE TAXES .......................... 8,902 14,237 1,550
INCOME TAX EXPENSE (BENEFIT) ..................... (513) 5,287 670
------------- ------------- ---------
NET INCOME BEFORE MINORITY INTEREST .............. 9,415 8,950 880
MINORITY INTEREST ................................ -- -- --
------------- ------------- ---------
NET INCOME ....................................... 9,415 8,950 880
Less dividends on common stock .............. -- 7,000 --
Other comprehensive loss .................... (259) -- --
RETAINED EARNINGS -
DECEMBER 31, 1998 ........................... 87,193 46,810 7,345
------------- ------------- ---------
RETAINED EARNINGS -
DECEMBER 31, 1999 ........................... $ 96,349 $ 48,760 $ 8,225
============= ============= =========
Exhibit A
(Page 1 of 7)
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- --------------------------------------------------------------------------------
<CAPTION>
III InterWest Century Total Reclassifications
Exploration Capital, Partners Before and
Company Inc. Idaho Eliminations Eliminations Consolidated
----------- --------- --------- ------------ ----------------- ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES ........................ $ 4,501 $ 110 $ -- $ 551,373 $ (1,449) $ 549,924
COST OF GAS ............................... 2,445 -- -- 479,593 (1,339) 478,254
----------- --------- --------- ------------ ---------------- ------------
GROSS MARGIN .............................. 2,056 110 -- 71,780 (110) 71,670
----------- --------- --------- ------------ ---------------- ------------
OPERATING EXPENSES:
Operation and maintenance ............... 2,067 87 -- 38,290 (110) 38,180
Depreciation, amortization and depletion. 935 -- -- 12,414 -- 12,414
General taxes ........................... -- -- -- 3,626 -- 3,626
----------- --------- --------- ------------ ---------------- ------------
3,002 87 -- 54,330 (110) 54,220
----------- --------- --------- ------------ ---------------- ------------
OPERATING INCOME .......................... (946) 23 -- 17,450 -- 17,450
----------- --------- --------- ------------ ---------------- ------------
OTHER INCOME (EXPENSE), NET:
Equity in earnings of subsidiary
companies .......................... -- -- 6,884 17,653 (17,653) --
Other, net .............................. (1,563) 6 5 (841) (538) (1,379)
----------- --------- --------- ------------ ---------------- ------------
(1,563) 6 6,889 16,812 (18,191) (1,379)
----------- --------- --------- ------------ ---------------- ------------
GROSS INCOME .............................. (2,509) 29 6,889 34,262 (18,191) 16,071
INTEREST CHARGES .......................... 547 -- 5 5,716 (538) 5,178
----------- --------- --------- ------------ ---------------- ------------
NET INCOME BEFORE TAXES ................... (3,056) 29 6,884 28,546 (17,653) 10,893
INCOME TAX EXPENSE (BENEFIT) .............. (3,567) 11 -- 1,888 -- 1,888
----------- --------- --------- ------------ ---------------- ------------
NET INCOME BEFORE MINORITY INTEREST ....... 511 18 6,884 26,658 (17,653) 9,005
MINORITY INTEREST ......................... 410 -- -- 410 -- 410
----------- --------- --------- ------------ ---------------- ------------
NET INCOME ................................ 921 18 6,884 27,068 (17,653) 9,415
Less dividends on common stock .......... -- -- -- 7,000 (7,000) --
Other comprehensive loss ................ -- -- -- (259) -- (259)
RETAINED EARNINGS -
DECEMBER 31, 1998 ....................... 2,249 13 62,117 205,727 (107,086) 98,641
----------- --------- --------- ------------ ---------------- ------------
RETAINED EARNINGS -
DECEMBER 31, 1999 ....................... $ 3,170 $ 31 $ 69,001 $ 225,536 $ (117,739) $ 107,797
=========== ========= ========= ============ ================ ============
</TABLE>
Exhibit A
(Page 2 of 7)
<PAGE>
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
CONSOLIDATING BALANCE SHEET - ASSETS
DECEMBER 31, 1999
(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 .................................... $ -- $ 274,009 $ --
Less accumulated depreciation ................. -- 133,510 --
------------- ------------- ---------
-- 140,499 --
------------- ------------- ---------
Non-utility property ............................. -- 11 2,161
Less accumulated depreciation & depletion ... -- 11 1,073
------------- ------------- ---------
-- -- 1,088
------------- ------------- ---------
INVESTMENTS AND OTHER ASSETS:
Investment in affiliates ......................... 97,820 -- --
Other ............................................ 273 230 40
------------- ------------- ---------
98,093 230 40
------------- ------------- ---------
CURRENT ASSETS:
Cash and temporary cash investments .............. 350 638 3,878
Restricted cash held in margin accounts .......... -- -- 442
Notes receivable from affiliates ................. 9,750 -- --
Accounts receivable, less reserves ............... 16 12,452 58,157
Accounts receivable from affiliates .............. 2,239 61 3,068
Cost of gas delivered but unbilled ............... -- 3,978 --
Natural gas in storage ........................... -- 2,761 6,955
Materials and supplies ........................... -- 1,347 --
Prepayments ...................................... -- 412 202
Other current assets ............................. 15 -- 2,022
------------- ------------- ---------
12,370 21,649 74,724
------------- ------------- ---------
INVESTMENT IN EXCESS OF BOOK
VALUE OF ASSETS ACQUIRED,
less amortization of $14,535 .................. 2,695 -- --
------------- ------------- ---------
DEFERRED CHARGES:
Unamortized debt expense ......................... -- 1,373 --
Deferred gas costs ............................... -- 14,303 --
Deferred unfunded future income .................. -- -- --
tax expense ................................... -- 153 --
Deferred tax credits ............................. 5,023 -- --
Other ............................................ 2,797 4 298
------------- ------------- ---------
7,820 15,833 298
------------- ------------- ---------
$ 120,978 $ 178,211 $ 76,150
============= ============= =========
Exhibit A
(Page 3 of 7)
<PAGE>
- -------------------------------------------------------------------------------
<CAPTION>
III InterWest Century Total Reclassifications
Exploration Capital, Partners Before and
Company Inc. Idaho Eliminations Eliminations Consolidated
----------- ----------- --------- ------------ ----------------- ------------
<S> <C> <C> <C> <C> <C> <C>
PROPERTY, PLANT, AND EQUIPMENT:
Utility plant ........................... $ -- $ -- $ -- $ 274,009 $ -- $ 274,009
Less accumulated depreciation ........ -- -- -- 133,510 -- 133,510
----------- ----------- --------- ------------ ---------------- ------------
-- -- -- 140,499 -- 140,499
----------- ----------- --------- ------------ ---------------- ------------
Non-utility property .................... 52,826 -- -- 54,998 -- 54,998
Less accumulated depreciation &
depletion ......................... 14,068 -- -- 15,152 -- 15,152
----------- ----------- --------- ------------ ---------------- ------------
38,758 -- -- 39,846 -- 39,846
----------- ----------- --------- ------------ ---------------- ------------
INVESTMENTS AND OTHER ASSETS:
Investment in affiliates ................ -- -- 72,873 170,693 (170,693) --
Other ................................... 2,371 3,362 -- 6,276 -- 6,276
----------- ----------- --------- ------------ ---------------- ------------
2,371 3,362 72,873 176,969 (170,693) 6,276
----------- ----------- --------- ------------ ---------------- ------------
CURRENT ASSETS:
Cash and temporary cash investments ..... 1,974 99 3 6,942 -- 6,942
Restricted cash held in margin accounts . -- -- -- 442 -- 442
Notes receivable from affiliates ........ -- -- -- 9,750 (9,750) --
Accounts receivable, less reserves ...... 1,204 40 85 71,954 -- 71,954
Accounts receivable from affiliates ..... 148 39 -- 5,555 (5,555) --
Cost of gas delivered but unbilled ...... -- -- -- 3,978 -- 3,978
Natural gas in storage .................. -- -- -- 9,716 -- 9,716
Materials and supplies .................. 1,392 -- -- 2,739 -- 2,739
Prepayments ............................. 314 -- -- 928 -- 928
Other current assets .................... -- -- -- 2,037 -- 2,037
----------- ----------- --------- ------------ ---------------- ------------
5,032 178 88 114,041 (15,305) 98,736
----------- ----------- --------- ------------ ---------------- ------------
INVESTMENT IN EXCESS OF BOOK
VALUE OF ASSETS ACQUIRED,
less amortization of $14,535 ......... -- -- -- 2,695 -- 2,695
----------- ----------- --------- ------------ ---------------- ------------
DEFERRED CHARGES:
Unamortized debt expense ................ -- -- -- 1,373 -- 1,373
Deferred gas costs ...................... -- -- -- 14,303 -- 14,303
Deferred unfunded future income
tax expense .......................... -- -- -- 153 -- 153
Deferred tax credits .................... -- -- -- 5,023 -- 5,023
Other ................................... 8,132 -- -- 11,231 -- 11,231
----------- ----------- --------- ------------ ---------------- ------------
8,132 -- -- 32,083 -- 32,083
----------- ----------- --------- ------------ ---------------- ------------
$ 54,293 $ 3,540 $ 72,961 $ 506,133 $ (185,998) $ 320,135
=========== =========== ========= ============ ================ ============
</TABLE>
Exhibit A
(Page 4 of 7)
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CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
CONSOLIDATING BALANCE SHEET - CAPITALIZATION AND LIABILITIES
DECEMBER 31, 1999
(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 ................................ 96,349 48,760 8,225
------------- ------------- ---------
98,321 65,082 8,226
Long-term debt ................................... 16,725 65,000 --
------------- ------------- ---------
115,046 130,082 8,226
------------- ------------- ---------
PARTNERS' CAPITAL ..................................... -- -- --
------------- ------------- ---------
MINORITY INTEREST ..................................... -- -- --
------------- ------------- ---------
CURRENT LIABILITIES:
Long-term debt due within one year ............... -- -- --
Notes payable to affiliates ...................... -- -- 5,000
Accounts payable ................................. 776 15,845 61,817
Accounts payable to affiliates ................... 39 4,579 713
Interest ......................................... 7 1,231 --
General taxes .................................... -- 3,079 13
Income taxes ..................................... 378 456 (131)
Other current liabilities ........................ -- 766 684
------------- ------------- ---------
1,200 25,956 68,096
------------- ------------- ---------
DEFERRED CREDITS:
Deferred income taxes ............................ (54) 6,930 (172)
Unamortized investment tax credits ............... -- 5,148 --
Regulatory liability - deferred income taxes ..... -- 3,624 --
Customer advances for construction ............... -- 2,333 --
Other ............................................ 4,786 4,138 --
------------- ------------- ---------
4,732 22,173 (172)
------------- ------------- ---------
$ 120,978 $ 178,211 $ 76,150
============= ============= =========
Exhibit A
(Page 5 of 7)
<PAGE>
- -------------------------------------------------------------------------------
<CAPTION>
III InterWest Century Total Reclassifications
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 .............. 10,260 3,500 -- 28,569 (28,569) --
Treasury stock, at cost .............. -- -- -- (1,493) 1,493 --
Retained earnings .................... 3,170 31 -- 156,535 (156,535) --
----------- ----------- --------- ------------ ---------------- ------------
20,980 3,532 -- 196,141 (196,141) --
Long-term debt ....................... 11,009 -- -- 92,734 -- 92,734
----------- ----------- --------- ------------ ---------------- ------------
31,989 3,532 -- 288,875 (196,141) 92,734
----------- ----------- --------- ------------ ---------------- ------------
PARTNERS' CAPITAL ...................... -- -- 72,866 72,866 (938) 71,928
----------- ----------- --------- ------------ ---------------- ------------
MINORITY INTEREST ...................... 15,173 -- -- 15,173 26,386 41,559
----------- ----------- --------- ------------ ---------------- ------------
CURRENT LIABILITIES:
Long-term debt due within one year ... -- -- -- -- -- --
Notes payable to affiliates .......... 4,750 -- -- 9,750 (9,750) --
Accounts payable ..................... 1,532 4 95 80,069 -- 80,069
Accounts payable to affiliates ....... 224 -- -- 5,555 (5,555) --
Interest ............................. -- -- -- 1,238 -- 1,238
General taxes ........................ 164 -- -- 3,256 -- 3,256
Income taxes ......................... (321) (30) -- 352 -- 352
Other current liabilities ............ -- -- -- 1,450 -- 1,450
----------- ----------- --------- ------------ ---------------- ------------
6,349 (26) 95 101,670 (15,305) 86,365
----------- ----------- --------- ------------ ---------------- ------------
DEFERRED CREDITS:
Deferred income taxes ................ 782 34 -- 7,520 -- 7,520
Unamortized investment tax credits ... -- -- -- 5,148 -- 5,148
Regulatory liability - deferred -- -- -- 3,624 -- 3,624
income taxes ......................
Customer advances for construction ... -- -- -- 2,333 -- 2,333
Other ................................ -- -- -- 8,924 -- 8,924
----------- ----------- --------- ------------ ---------------- ------------
782 34 -- 27,549 -- 27,549
----------- ----------- --------- ------------ ---------------- ------------
$ 54,293 $ 3,540 $ 72,961 $ 506,133 $ (185,998) $ 320,135
=========== =========== ========= ============ ================ ============
</TABLE>
Exhibit A
(Page 6 of 7)
<PAGE>
CENTURY PARTNERS - IDAHO LIMITED PARTNERSHIP
NOTES TO CONSOLIDATING FINANCIAL STATEMENTS
DECEMBER 31, 1999
- -------------------------------------------------------------------------------
1. Minority shareholders hold 26.9% of the Company's outstanding common stock.
Exhibit A
(Page 7 of 7)
