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<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2 FILE No. 69-226
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
CORDILLERA CORPORATION
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its 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 claimant directly or indirectly
holds an interest.
Cordillera Corporation, subsidiaries, and investees (See Schedule 1
attached).
Utah Gas Service Company, a wholly owned subsidiary, is engaged in
transmission, transportation, and distribution of natural gas exclusively
in the State of Utah.
Cordillera Corporation and its remaining subsidiaries are engaged primarily
in real estate investment, development, and management, and aircraft fixed
base operations in Utah and Colorado.
Investees of Cordillera Corporation (more than 10% owned) are engaged in
real estate rental and operation.
2. A brief description of the properties of claimant and each of its
subsidiary public utility companies 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 subsidiaries are organized and all transmission or
pipelines which deliver or receive electric energy or gas to the borders of
such State.
Cordillera Corporation and other subsidiaries - NONE
Utah Gas Service Company distributes natural gas in the Uintah, Grand and San
Juan Counties of Utah. The principal distribution points are Vernal, Moab and
Monticello, Utah. Gas is furnished to four industrial customers and 7,997
residential and commercial customers located
<PAGE>
page 2
in the above counties. Transmission lines are as follows:
1) San Juan County, Utah 15 miles 4" Northwest Pipe-line
to Monticello
41/2 miles 4" Northwest Pipe-line
to Rio Algom Corp.
2) Grand County, Utah 8 miles 4" Moab Station
to Moab Salt, Inc.
3) Uintah County, Utah & 9 miles 4" Northwest Pipe-
Duchesne County, Utah line to Vernal
81/2 miles 4" Vernal Station to
SF Phosphate
53 miles 8" Altonah Gas Plant
Duchesne County, Utah to
Northwest Pipeline,Uintah
County
8 miles 4" line from 8" line
(above) to Vernal
Distribution
13 miles 4" Red Wash Field to
Altonah Pipeline
3. The following information for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
(a) Number of Kwh. of electric energy sold (at retail or wholesale), and
Mcf. of natural or manufactured gas distributed at retail.
Cordillera Corporation and other subsidiaries - NONE
Utah Gas Service Company - 963,654 Mcf @14.73 Psia & 60 F
(b) Number of Kwh. of electric energy and Mcf. of natural or manufactured
gas distributed at retail outside the State in which each such company
is organized.
NONE
(C) Number of Kwh. of electric energy and Mcf. of natural or manufactured
gas sold at wholesale outside the State in which each such company is
organized, or at the State line.
NONE
<PAGE>
Page 3
(d) Number of Kwh. of electric energy and Mcf. of natural or manufactured
gas purchased outside the State in which each such company is
organized or at the State line.
NONE
4. The following information for the reporting period with respect to claimant
and each interest it holds directly or indirectly in a 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
(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(s) 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(s).
NONE
<PAGE>
Page 4
EXHIBIT A
A consolidating statement of income and surplus of the claimant and its
subsidiary companies for the last calendar year, together with a consolidating
balance sheet of claimant and its subsidiary companies as of the close of such
calendar year.
Cordillera Corporation and Subsidiaries - Schedules 2, 3 and 4
Investees - more than 10% ownership - Schedule 5
EXHIBIT B
Fiscal-Year-End Mar-31-1997
Period-Start Jan-1-1996
Period-End Dec-31-1996
Book-Value Per Book
Total-Assets 42,259,574
Total-Operating-Revenues 28,747,001
Net-Income 4,787,214
EXHIBIT C
Not Applicable
- --------------------------------------------------------------------------------
The above-named claimant has caused this statement to be duly executed on its
behalf by its authorized officer on the 26th day of February, 1997.
Cordillera Corporation
----------------------
(Name of Claimant)
By: /S/ Ross A. Nye
---------------------------------------
Ross A. Nye, Controller
/S/Grace A. Price
- ---------------------------
Witness
Name, Title and address of officer to whom notices and correspondence concerning
this statement should be addressed to:
Ross A. Nye, Controller
Cordillera Corporation
5000 South Quebec Street, Ste 450
Denver, CO 80237
<PAGE>
<TABLE>
<CAPTION>
Cordillera Corporation December 31, 1996 Schedule 1
and Consolidated Subsidiaries
<S> <C> <C>
SILVER CLIFF LAND & South Quebec Street, Suite 450" REAL ESTATE DEVELOPMENT
CATTLE CO (CO CORP) Denver, Colorado 80237 84-0643543
COLORADO BARNS CORP 5000 South Quebec Street, Suite 450 REAL ESTATE INVESTMENT
(CO CORP) Denver, Colorado 80237 84-0570043
FIRST SURETY CORPORATION 5000 South Quebec Street, Suite 450 INVESTMENT CORPORATION
(CO CORP) Denver, Colorado 80237 84-0942103
COLORADO JETCENTER,INC. 1575 Aviation Way AIRCRAFT FIXED BASED OPER
(CO CORP) Colorado Springs, Colorado 80916 74-1887139
DENVER JETCENTER, INC. 7625 S. Peoria AIRCRAFT FIXED BASED OPER
(DELAWARE CORP) Englewood, Colorado 80112 84-0856526
SALT LAKE JETCENTER, INC. 369 N. 2370 West AIRCRAFT FIXED BASED OPER
(UTAH CORP) Salt Lake City, Utah 84116 87-0369024
FT. COLLINS-LOVELAND JETCENTER, INC. 4824 Earhart Road AIRCRAFT FIXED BASED OPER
(CO CORP) Loveland, Colorado 80538 84-1283948
JETCENTERS, INC. 7625 S. Peoria INVESTMENT CORPORATION
(CO CORP) Englewood, Colorado 80112 84-1037601
UTAH GAS SERVICE COMPANY 5000 South Quebec Street, Suite 650 NATURAL GAS SUPPLIER
(UTAH CORP) Denver, Colorado 80237 87-0229547
CORDILLERA'S VALLEY AT 5000 South Quebec Street, Suite 450 INVESTMENT CORPORATION
TELLURIDE, INC. (CO CORP) Denver, Colorado 80237 84-0988659
FIRST CITY INVESTMENT 5000 South Quebec Street, Suite 450 NOMINEE CORPORATION
CORPORATION (CO CORP) Denver, Colorado 80237 84-1147923
LAMARTINE CONSOLIDATED 5000 South Quebec Street, Suite 450 NOMINEE CORPORATION
MINES CORP. (CO CORP) Denver, Colorado 80237 84-1147927
CORDILLERA INTERNATIONAL 5000 South Quebec Street, Suite 450 INVESTMENT CORPORATION
RESOURCES, INC. (CO CORP) Denver, Colorado 80237 83-0280584
<PAGE>
CORDILLERA CORPORATION December 31, 1996 Schedule 1
LIST OF AFFILIATES
GENESEE PROPERTIES, INC. 3550 General Atomics Court REAL ESTATE RENTAL
(WYOMING CORP) San Diego, Ca 92121-1194 83-0278113
LINDBERGH PROPERTIES, INC. 3550 General Atomics Court REAL ESTATE RENTAL
(WYOMING CORP) San Diego, Ca 92121-1194 83-0278120
HOPKINS PROPERTIES, INC. 3550 General Atomics Court REAL ESTATE RENTAL
(WYOMING CORP) San Diego, Ca 92121-1194 83-0277940
SORRENTO VALLEY REAL ESTATE, INC. 3550 General Atomics Court REAL ESTATE RENTAL
(WYOMING CORP) San Diego, Ca 92121-1194 83-0278121
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Cordillera Corporation
Consolidating Schedule, Balance Sheet Information
December 31, 1996
Cordillera Utah Gas Fixed Base Other
Corporation Service Co. Operations Subsidiaries
------------------------------------------------------------
<S> <C> <C> <C> <C>
CURRENT ASSETS:
Cash $ 337,963 $ 22,836 $ 1,181,995 $ 53,556
Receivables:
Note receivable - current portion 2,048,913 500,000 - 55,496
Accounts receivable - trade (45,266) 585,362 1,639,636 455
Accounts receivable - affiliates 328,560 26,540 - 527,891
Allowance for doubtful accounts - (25,761) (65,735) -
Income taxes receivable - - - -
Other current assets 33,631 166,904 408,657 2,347
------------------------------------------------------------
2,703,801 1,275,881 3,164,553 639,745
------------------------------------------------------------
LONG-TERM NOTES RECEIVABLE:
Trade - - (2,747) 68,585
Affiliates 817,291 - - 6,671,470
------------------------------------------------------------
817,291 - (2,747) 6,740,055
------------------------------------------------------------
INVESTMENTS:
Securities 8,679,318 - - 7,314,168
Land held for investment 3,532,807 - - 741,093
Other - - 661,328 -
Subsidiaries 19,182,612 - - -
------------------------------------------------------------
31,394,737 - 661,328 8,055,261
------------------------------------------------------------
PROPERTY AND EQUIPMENT:
Utility plant in service - 12,374,385 - -
Subdivided real estate - - - 63,741
Proved oil and gas properties- full cost 2,235,087 - - -
Leasehold improvements - - 8,361,416 -
Other property and equipment 335,819 - 2,090,204 1,784
Less accumulated depreciation,
depletion and amortization (2,271,669) (6,899,837) (2,736,467) (760)
------------------------------------------------------------
299,237 5,474,548 7,715,153 64,765
------------------------------------------------------------
OTHER ASSETS:
Goodwill, net of amortization 470,052 - - -
Prepaid lease costs - - 2,017,857 -
Other assets 37,441 1,364 41,172 -
------------------------------------------------------------
507,493 1,364 2,059,029 -
------------------------------------------------------------
$ 35,722,559 $ 6,751,793 $ 13,597,316 $ 15,499,826
------------------------------------------------------------
------------------------------------------------------------
<CAPTION>
Schedule 2
Consolidating Eliminating
Dr Cr Dr Cr Consolidated
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash $ - $ - $ - $ - $ 1,596,350
Receivables: - - - -
Note receivable - current portion - - - 2,309,821 294,588
Accounts receivable - trade - - - - 2,180,187
Accounts receivable - affiliates - - - 796,871 86,120
Allowance for doubtful accounts - - - - (91,496)
Income taxes receivable - - - - -
Other current assets - - - - 611,539
----------------------------------------------------------------------------
- - - 3,106,692 4,677,288
----------------------------------------------------------------------------
LONG-TERM NOTES RECEIVABLE:
Trade - - - - 65,838
Affiliates - - - 7,109,088 379,673
----------------------------------------------------------------------------
- - - 7,109,088 445,511
----------------------------------------------------------------------------
INVESTMENTS:
Securities - - - - 15,993,486
Land held for investment - - - - 4,273,900
Other - - - - 661,328
Subsidiaries - - - 19,182,612 -
----------------------------------------------------------------------------
- - - 19,182,612 20,928,714
----------------------------------------------------------------------------
PROPERTY AND EQUIPMENT:
Utility plant in service - 1,053,877 - - 11,320,508
Subdivided real estate - - - - 63,741
Proved oil and gas properties- full cost - - - - 2,235,087
Leasehold improvements 142,156 - - - 8,503,572
Other property and equipment - - - - 2,427,807
Less accumulated depreciation, -
depletion and amortization 1,053,877 55,684 - - (10,910,540)
----------------------------------------------------------------------------
1,196,033 1,109,561 - - 13,640,175
----------------------------------------------------------------------------
OTHER ASSETS:
Goodwill, net of amortization - - - - 470,052
Prepaid lease costs - - - - 2,017,857
Other assets - - - - 79,977
----------------------------------------------------------------------------
- - - - 2,567,886
----------------------------------------------------------------------------
$ 1,196,033 $ 1,109,561 $ - $ 29,398,392 $ 42,259,574
----------------------------------------------------------------------------
----------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Cordillera Corporation
Consolidating Schedule, Balance Sheet Information
December 31, 1996
Cordillera Utah Gas Fixed Base Other
Corporation Service Co. Operations Subsidiaries
------------------------------------------------------------
<S> <C> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of long-term debt $ 580,365 $ 7,695 $ 3,153,444 $ 140,000
Trade accounts payable 92,157 784,026 600,119 -
Accounts payable - affiliates 636,650 - 48,480 57,697
Revenues subject to refund 315,230 101,172 - -
Current income taxes payable (719,940) 223,137 11,376 153,675
Other current liabilities 103,868 688,802 585,616 3,897
------------------------------------------------------------
1,008,330 1,804,832 4,399,035 355,269
------------------------------------------------------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt 19,255,425 721,991 4,215,479 437,618
Deferred income taxes 1,426,849 112,120 932,735 2,802,296
Investment tax and other deferred credits - 181,690 - -
Regulatory obligation - 361,729 - -
Other 123,528 - 1,472 -
------------------------------------------------------------
20,805,802 1,377,530 5,149,686 3,239,914
------------------------------------------------------------
MINORITY INTERESTS - - - -
------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stock 810,500 145,600 3,767,000 4,099,388
Capital in excess of par value 1,407,501 - 661,328 3,988,264
Retained earnings (deficit) 14,239,677 2,765,868 (1,285,148) 2,204,879
Current Earnings (Loss) 4,787,213 657,963 905,415 1,612,112
------------------------------------------------------------
21,244,891 3,569,431 4,048,595 11,904,643
Treasury stock, at cost (7,336,464) - - -
------------------------------------------------------------
13,908,427 3,569,431 4,048,595 11,904,643
------------------------------------------------------------
$ 35,722,559 $ 6,751,793 $ 13,597,316 $ 15,499,826
------------------------------------------------------------
------------------------------------------------------------
<CAPTION>
Schedule 2
Consolidating Eliminating
Dr Cr Dr Cr Consolidated
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT LIABIILITIES:
Current portion of long-term debt $ - $ - $ 2,309,821 $ - $ 1,571,683
Trade accounts payable - - - - 1,476,302
Accounts payable - affiliates - - 643,853 - 98,974
Revenues subject to refund - - 153,018 - 263,384
Current income taxes payable - - - - (331,752)
Other current liabilities - - - - 1,382,183
---------------------------------------------------------------------------
- - 3,106,692 - 4,460,774
---------------------------------------------------------------------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt - - 7,109,088 - 17,521,425
Deferred income taxes - - - - 5,274,000
Investment tax and other deferred credits - - - - 181,690
Regulatory obligation - - - - 361,729
Other - - - - 125,000
---------------------------------------------------------------------------
- - 7,109,088 - 23,463,844
---------------------------------------------------------------------------
MINORITY INTERESTS - - - 426,529 426,529
---------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stock - - 8,011,988 - 810,500
Capital in excess of par value - - 4,649,592 - 1,407,501
Retained earnings (deficit) 50,945 142,156 6,521,031 3,099,559 14,239,677
426,529 71,191
Current Earnings (Loss) 4,739 - (604,109) (3,774,859) 4,787,214
---------------------------------------------------------------------------
55,684 142,456 19,005,031 (604,109) 21,244,891
Treasury stock, at cost - - - - (7,336,464)
---------------------------------------------------------------------------
55,684 142,156 19,005,031 (604,109) 13,908,427
---------------------------------------------------------------------------
$ 55,684 $ 142,456 $ 29,220,811 $ (177,580) $ 42,259,574
---------------------------------------------------------------------------
----------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Cordillera Corporation
Consolidating Income Statements
December 31, 1996
Cordillera Utah Gas Fixed Base Other
Corporation Service Co. Operations Subsidiaries
------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ 12,060 $ 5,367,441 $ - $ -
Aircraft fixed base operations - - 15,715,024 -
Real estate sales and operations 270,980 - - 44,866
Equity in income of affiliate - - - 2,082,000
Other, including management fees 4,532,467 65,673 728,872 531,727
------------------------------------------------------------
4,815,507 5,433,114 16,443,896 2,658,593
------------------------------------------------------------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production 16,640 2,255,835 - -
Aircraft fixed base operations - - 7,809,256
Real estate sales and operations 25,272 - - 17,609
Salaries and wages 349,388 789,193 2,403,322 -
General and administrative expenses 838,859 873,734 3,862,164 16,883
Interest expense 1,611,256 137,991 769,590 62,013
Depreciation, depletion
and amortization 57,693 345,481 640,421 240
------------------------------------------------------------
2,899,108 4,402,234 15,484,753 96,745
------------------------------------------------------------
Income (loss) before taxes
and minority interests 1,916,399 1,030,880 959,143 2,561,848
Earnings of consolidated subsidiaries 3,099,559 - - -
Minority interests - - - -
Tax (expense) benefit (228,745) (372,917) (53,728) (949,736)
------------------------------------------------------------
NET INCOME (LOSS) $ 4,787,213 $ 657,963 $ 905,415 $ 1,612,112
------------------------------------------------------------
------------------------------------------------------------
<CAPTION>
Schedule 2
Consolidating Eliminating
Dr Cr Dr Cr Consolidated
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ - $ - $ - $ - $ 5,379,501
Aircraft fixed base operations - - - - 15,715,024
Real estate sales and operations - - - - 315,846
Equity in income of affiliate - - - - 2,082,000
Other, including management fees - - 604,109 - 5,254,630
----------------------------------------------------------------------------
- - 604,109 - 28,747,001
----------------------------------------------------------------------------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production - - - - 2,272,475
Aircraft fixed base operations - - - - 7,809,256
Real estate sales and operations - - - - 42,881
Salaries and wages - - - - 3,541,903
General and administrative expenses - - - 39,839 5,551,801
Interest expense - - - 564,271 2,016,579
Depreciation, depletion
and amortization 4,739 - - - 1,048,574
----------------------------------------------------------------------------
4,739 - - 604,109 22,283,470
----------------------------------------------------------------------------
Income (loss) before taxes (4,739) - 604,109 (604,109) 6,463,531
and minority interests - - - - -
Earnings of consolidated subsidiaries - - - (3,099,559) -
Minority interests - - - (71,191) (71,191)
Tax (expense) benefit - - - - (1,605,126)
----------------------------------------------------------------------------
NET INCOME (LOSS) $ (4,739) $ - $ 604,109 $ (3,774,859) $ 4,787,214
----------------------------------------------------------------------------
----------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Aircraft Fixed Base Operations
Consolidating Schedule, Balance Sheet Information
December 31, 1996
Denver Salt Lake Fort-Collins Colorado
jetCenters, Inc. jetCenter jetCenter jetCenter jetCenter
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash $ 13,986 $ 408,689 $ 211,950 $ 39,182 $ 508,188
Receivables: -
Note receivable - current portion 2,599,771 - - - -
Accounts receivable - trade - 728,513 273,955 87,911 549,257
Accounts receivable - affiliates 69,496 14,429 3,229 618 -
Less allowance for doubtful accounts - (35,997) (8,402) (1,749) (19,587)
Income taxes receivable - - - - -
Other current assets 1,460 714,887 75,734 26,526 90,050
-----------------------------------------------------------------------------
2,684,713 1,830,521 556,466 152,488 1,127,908
-----------------------------------------------------------------------------
LONG-TERM NOTES RECEIVABLE:
Trade - - - - (2,747)
Affiliates - - - - -
-----------------------------------------------------------------------------
- - - - (2,747)
-----------------------------------------------------------------------------
INVESTMENTS:
Securities - - - - -
Land held for investment - - - - -
Other - 661,328 - - -
Subsidiaries 2,021,535 - - - -
-----------------------------------------------------------------------------
2,021,535 661,328 - - -
-----------------------------------------------------------------------------
PROPERTY AND EQUIPMENT:
Utility plant in service - - - - -
Subdivided real estate - - - - -
Proved oil and gas properties- full cost - - - - -
Leasehold improvements - 6,004,383 1,484,646 156,749 1,049,696
Other property and equipment 75,256 924,961 462,748 132,191 1,398,098
Less accumulated depreciation,
depletion and amortization (41,792) (2,083,108) (909,578) (72,142) (866,955)
-----------------------------------------------------------------------------
33,464 4,846,236 1,037,816 216,798 1,580,839
-----------------------------------------------------------------------------
OTHER ASSETS:
Goodwill, net of amortization - - - - -
Prepaid lease costs - 2,017,857 - - -
Other assets - 38,001 - 3,171 -
-----------------------------------------------------------------------------
- 2,055,858 - 3,171 -
-----------------------------------------------------------------------------
$4,739,712 $9,393,943 $1,594,282 $372,457 $2,706,000
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
<CAPTION>
Schedule 3
Eliminating
Dr Cr Consolidated
---------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS:
Cash - - $ 1,181,995
Receivables:
Note receivable - current portion - (2,599,771) -
Accounts receivable - trade - - 1,639,636
Accounts receivable - affiliates - (87,772) -
Less allowance for doubtful accounts - - (65,735)
Income taxes receivable - - -
Other current assets - (500,000) 408,657
---------------------------------------------
- (3,187,543) 3,164,553
---------------------------------------------
LONG-TERM NOTES RECEIVABLE:
Trade - - (2,747)
Affiliates - - -
---------------------------------------------
- - (2,747)
---------------------------------------------
INVESTMENTS:
Securities - - -
Land held for investment - - -
Other - - 661,328
Subsidiaries - (2,021,535) -
---------------------------------------------
- (2,021,535) 661,328
---------------------------------------------
PROPERTY AND EQUIPMENT:
Utility plant in service - - -
Subdivided real estate - - -
Proved oil and gas properties- full cost - - -
Leasehold improvements - (334,058) 8,361,416
Other property and equipment - (903,050) 2,090,204
Less accumulated depreciation,
depletion and amortization - 1,237,108 (2,736,467)
---------------------------------------------
- - 7,715,153
---------------------------------------------
OTHER ASSETS:
Goodwill, net of amortization - - -
Prepaid lease costs - - 2,017,857
Other assets - - 41,172
---------------------------------------------
- - 2,059,029
---------------------------------------------
$ - $ (5,209,078) $ 13,597,316
---------------------------------------------
---------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Aircraft Fixed Base Operations
Consolidating Schedule, Balance Sheet Information
December 31, 1996
Denver Salt Lake Fort-Collins Colorado
jetCenters, Inc. jetCenter jetCenter jetCenter jetCenter
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of long-term debt $ 2,129,586 $ 1,340,597 $ 2,047,235 $ 563,814 $ 171,983
Trade accounts payable 4,759 203,424 167,424 39,323 185,189
Accounts payable - affiliates 56,920 5,207 55,660 16,665 1,800
Revenues subject to refund - - - - -
Income taxes payable (1,425) 48,992 (42,248) (32,629) 38,686
Other current liabilities 40,190 297,194 96,571 28,413 123,248
-----------------------------------------------------------------------------
2,230,030 1,895,414 2,324,642 615,586 520,906
-----------------------------------------------------------------------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt - 3,500,000 44,100 - 671,379
Deferred income taxes (549) 939,542 10,117 8,273 (24,648)
Investment tax and other deferred credits - - - - -
Regulatory obligation - - - - -
Other - 1,472 - - -
-----------------------------------------------------------------------------
(549) 4,441,014 54,217 8,273 646,731
-----------------------------------------------------------------------------
MINORITY INTERESTS - - - - -
-----------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stock 3,717,000 100 25,000 100 50,000
Capital in excess of par value 661,328 4,031,328 323,115 - -
Retained earnings (deficit) (2,612,306) (1,930,843) (1,039,363) (136,626) 1,326,915
Current Earnings (Loss) 744,209 956,930 (93,329) (114,876) 161,448
-----------------------------------------------------------------------------
2,510,231 3,057,515 (784,577) (251,402) 1,538,363
Treasury stock, at cost - - - - -
-----------------------------------------------------------------------------
2,510,231 3,057,515 (784,577) (251,402) 1,538,363
-----------------------------------------------------------------------------
$4,739,712 $9,393,943 $1,594,282 $372,457 $2,706,000
- - - - -
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
<CAPTION>
Schedule 3
Eliminating
Dr Cr Consolidated
---------------------------------------------
<S> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of long-term debt $(3,099,771) $ - $ 3,153,444
Trade accounts payable - - 600,119
Accounts payable - affiliates (87,772) - 48,480
Revenues subject to refund - - -
Income taxes payable - - 11,376
Other current liabilities - - 585,616
---------------------------------------------
(3,187,543) - 4,399,035
---------------------------------------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt - - 4,215,479
Deferred income taxes - - 932,735
Investment tax and other deferred credits - - -
Regulatory obligation - - -
Other - - 1,472
---------------------------------------------
- - 5,149,686
---------------------------------------------
MINORITY INTERESTS - - -
---------------------------------------------
STOCKHOLDERS' EQUITY:
Common stock (25,200) - 3,767,000
Capital in excess of par value (4,354,443) - 661,328
Retained earnings (deficit) - 3,107,075 (1,285,148)
Current Earnings (Loss) - (748,967) 905,415
---------------------------------------------
(4,379,643) 2,358,108 4,048,595
Treasury stock, at cost - - -
---------------------------------------------
(4,379,643) 2,358,108 4,048,595
---------------------------------------------
$(7,567,186) $2,358,108 $13,597,316
---------------------------------------------
---------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Aircraft Fixed Base Operations
Consolidating Income Statement
For the year ended December 31, 1996
Denver Salt Lake Fort-Collins Colorado
jetCenters, Inc. jetCenter jetCenter jetCenter jetCenter
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ - $ - $ - $ - $ -
Aircraft fixed base operations - 7,971,900 2,601,134 830,034 4,311,956
Real estate sales and operations - - - - -
Equity in income of affiliate - - - - -
Other, including management fees 678,938 32,554 10,000 (590) 7,970
----------------------------------------------------------------------------
678,938 8,004,454 2,611,134 829,444 4,319,926
----------------------------------------------------------------------------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production - - - - -
Aircraft fixed base operations - 4,231,122 1,416,417 472,675 1,689,042
Real estate sales and operations - - - - -
Salaries and wages 306,162 733,999 370,911 205,338 786,912
General and administrative expenses 152,840 1,543,277 653,804 216,641 1,295,602
Interest expense 217,229 203,405 210,924 50,713 87,319
Depreciation, depletion -
and amortization 10,254 296,085 101,104 26,133 206,845
----------------------------------------------------------------------------
686,485 7,007,888 2,753,160 971,500 4,065,720
----------------------------------------------------------------------------
Income (loss) before taxes
and minority interests (7,547) 996,566 (142,026) (142,056) 254,206
Earnings of consolidated subsidiaries 748,967 - - - -
Minority interests - - - - -
Tax (expense) benefit 2,789 (39,636) 48,697 27,180 (92,758)
----------------------------------------------------------------------------
NET INCOME (LOSS) $744,209 $ 956,930 $ (93,329) $ (114,876) $ 161,448
----------------------------------------------------------------------------
----------------------------------------------------------------------------
<CAPTION>
Eliminating
Dr Cr Consolidated
---------------------------------------------
<S> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ - $ - $ -
Aircraft fixed base operations - - 15,715,024
Real estate sales and operations - - -
Equity in income of affiliate - - -
Other, including management fees - - 728,872
---------------------------------------------
- - 16,443,896
---------------------------------------------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production - - -
Aircraft fixed base operations - - 7,809,256
Real estate sales and operations - - -
Salaries and wages - - 2,403,322
General and administrative expenses- - 3,862,164
Interest expense - - 769,590
Depreciation, depletion
and amortization - - 640,421
---------------------------------------------
- - 15,484,753
---------------------------------------------
Income (loss) before taxes
and minority interests - - 959,143
Earnings of consolidated subsidiaries- (748,967) -
Minority interests - - -
Tax (expense) benefit - - (53,728)
---------------------------------------------
NET INCOME (LOSS) $ - $ (748,967) $ 905,415
---------------------------------------------
---------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Small Subsidiaries
Consolidating Schedule, Balance Sheet Information
December 31, 1996
Cordillera's
Silver Cliff Colorado First Surety Valley at Cordillera
Land & Cattle Barns Corp Corporation Telluride Int'l Resource
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash $ 30,368 $ 14,696 $ 4,366 $ 2,151 $ 1,975
Receivables:
Note receivable - current portion 15,261 - 30,235 10,000 -
Accounts receivable - trade 455 - - - -
Accounts receivable - affiliates - 38,044 248,252 241,595
Less allowance for doubtful accounts - - - - -
Income taxes receivable - - - - -
Other current assets 2,347 - - - -
-----------------------------------------------------------------------------
Total current assets 48,431 14,696 72,645 260,403 243,570
-----------------------------------------------------------------------------
LONG-TERM NOTES RECEIVABLE:
Trade 68,585 - - - -
Affiliates - - 407,161 2,566,030 3,698,279
-----------------------------------------------------------------------------
68,585 - 407,161 2,566,030 3,698,279
-----------------------------------------------------------------------------
INVESTMENTS:
Securities - - - - 7,314,168
Land held for investment 741,093 - - - -
Other - - - - -
Subsidiaries - - - - -
-----------------------------------------------------------------------------
741,093 - - - 7,314,168
-----------------------------------------------------------------------------
PROPERTY AND EQUIPMENT:
Utility plant in service - - - - -
Subdivided real estate 63,741 - - - -
Proved oil and gas properties- full cost - - - - -
Leasehold improvements - - - - -
Other property and equipment 1,784 - - - -
Less accumulated depreciation,
depletion and amortization (760) - - - -
-----------------------------------------------------------------------------
64,765 - - - -
-----------------------------------------------------------------------------
OTHER ASSETS:
Goodwill, net of amortization - - - - -
Prepaid lease costs - - - - -
Other assets - - - - -
-----------------------------------------------------------------------------
- - - - -
-----------------------------------------------------------------------------
$ 922,874 $ 14,696 $ 479,806 $ 2,826,433 $ 11,256,017
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
<CAPTION>
Schedule 4
Eliminating
Dr Cr Consolidated
--------------------------------------------
<S> <C> <C> <C>
CURRENT ASSETS:
Cash $ - $ - $ 53,556
Receivables: - -
Note receivable - current portion - - 55,496
Accounts receivable - trade - - 455
Accounts receivable - affiliates - - 527,891
Less allowance for doubtful accounts - - -
Income taxes receivable - - -
Other current assets - - 2,347
--------------------------------------------
Total current assets - - 639,745
--------------------------------------------
LONG-TERM NOTES RECEIVABLE:
Trade - - 68,585
Affiliates - - 6,671,470
--------------------------------------------
- - 6,740,055
--------------------------------------------
INVESTMENTS:
Securities - - 7,314,168
Land held for investment - - 741,093
Other - - -
Subsidiaries - - -
--------------------------------------------
- - 8,055,261
--------------------------------------------
PROPERTY AND EQUIPMENT:
Utility plant in service - - -
Subdivided real estate - - 63,741
Proved oil and gas properties- full cost - - -
Leasehold improvements - - -
Other property and equipment - - 1,784
Less accumulated depreciation, -
depletion and amortization - - (760)
--------------------------------------------
- - 64,765
--------------------------------------------
OTHER ASSETS:
Goodwill, net of amortization - - -
Prepaid lease costs - - -
Other assets - - -
--------------------------------------------
- - -
--------------------------------------------
$ - $ - $15,499,826
--------------------------------------------
--------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Small Subsidiaries
Consolidating Schedule, Balance Sheet Information
December 31, 1996
Cordillera's
Silvercliff Colorado First Surety Valley at Cordillera
Land & Cattle Barns Corp Corporation Telluride Int'l Resource
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of long-term debt $ - $ - $ - $ 140,000 $ -
Trade accounts payable - - - - -
Accounts payable - affiliates 2,199 - - 55,498 -
Revenues subject to refund - - - - -
Current income taxes payable 137,488 - - 16,187 -
Other current liabilities 1,769 2,128 - - -
------------------------------------------------------------------------------
141,456 2,128 - 211,685 -
------------------------------------------------------------------------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt - - - 437,618 -
Deferred income taxes 74,481 - - - 2,727,815
Investment tax and other deferred credits - - - - -
Regulatory obligation - - - - -
Other - - - - -
------------------------------------------------------------------------------
74,481 - - 437,618 2,727,815
------------------------------------------------------------------------------
MINORITY INTERESTS - - - - -
------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY:
Common stock 100 10 10 100 4,099,168
Capital in excess of par value 300,000 - 2,687,943 819,900 180,421
Retained earnings (deficit) 391,476 5,908 (2,239,521) 1,222,172 2,824,844
Current Earnings (Loss) 15,361 6,650 31,374 134,958 1,423,769
------------------------------------------------------------------------------
706,937 12,568 479,806 2,177,130 8,528,202
Treasury stock, at cost - - - - -
------------------------------------------------------------------------------
706,937 12,568 479,806 2,177,130 8,528,202
------------------------------------------------------------------------------
$ 922,874 $ 14,696 $ 479,806 $ 2,826,433 $ 11,256,017
------------------------------------------------------------------------------
------------------------------------------------------------------------------
<CAPTION>
Schedule 4
Eliminating
Dr Cr Consolidated
-------------------------------------------
<S> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of long-term debt $ - $ - $ 140,000
Trade accounts payable - - -
Accounts payable - affiliates - - 57,697
Revenues subject to refund - - -
Current income taxes payable - - 153,675
Other current liabilities - - 3,897
-------------------------------------------
- - 355,269
-------------------------------------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt - - 437,618
Deferred income taxes - - 2,802,296
Investment tax and other deferred credits - - -
Regulatory obligation - - -
Other - - -
-------------------------------------------
- - 3,239,914
-------------------------------------------
MINORITY INTERESTS - - -
-------------------------------------------
STOCKHOLDERS' EQUITY:
Common stock - - 4,099,388
Capital in excess of par value - - 3,988,264
Retained earnings (deficit) - - 2,204,879
Current Earnings (Loss) - - 1,612,112
-------------------------------------------
- - 11,904,643
Treasury stock, at cost - - -
-------------------------------------------
- - 11,904,643
-------------------------------------------
$ - $ - $15,499,826
-------------------------------------------
-------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Small Subsidiaries
Consolidating Income Statement
For the year ended December 31, 1996
Cordillera's
Silvercliff Colorado First Surety Valley at Cordillera
Land & Cattle Barns Corp Corporation Telluride Int'l Resource
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ - $ - $ - $ - $ -
Aircraft fixed base operations - - - - -
Real estate sales and operations 23,400 21,466 - - -
Equity in income of affiliate - - - - 2,082,000
Other, including management fees 19,858 - 51,216 271,895 188,758
---------------------------------------------------------------------------
43,258 21,466 51,216 271,895 2,270,758
---------------------------------------------------------------------------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production - - - - -
Aircraft fixed base operations - - - - -
Real estate sales and operations 6,652 10,957 - - -
General and Administrative expenses 16,490 343 - 25 25
Interest expense - - - 62,013 -
Depreciation, depletion and
amortization 240 - - - -
---------------------------------------------------------------------------
23,382 11,300 - 62,038 25
---------------------------------------------------------------------------
Income (loss) before taxes
and minority interests 19,876 10,166 51,216 209,857 2,270,733
Earnings of consolidated subsidiaries - - - - -
Minority interests - - - - -
Tax (expense) benefit (4,515) (3,516) (19,842) (74,899) (846,964)
---------------------------------------------------------------------------
NET INCOME (LOSS) $ 15,361 $ 6,650 $ 31,374 $ 134,958 $ 1,423,769
---------------------------------------------------------------------------
---------------------------------------------------------------------------
<CAPTION>
Schedule 4
Eliminating
Dr Cr Consolidated
-------------------------------------------
<S> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ - $ - $ -
Aircraft fixed base operations - - -
Real estate sales and operations - - 44,866
Equity in income of affiliate - - 2,082,000
Other, including management fees - - 531,727
-------------------------------------------
- - 2,658,593
-------------------------------------------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production - - -
Aircraft fixed base operations - - -
Real estate sales and operations - - 17,609
General and Administrative expenses - - 16,883
Interest expense - - 62,013
Depreciation, depletion and
amortization - - 240
-------------------------------------------
- - 96,745
-------------------------------------------
Income (loss) before taxes
and minority interests - - 2,561,848
Earnings of consolidated subsidiaries - - -
Minority interests - - -
Tax (expense) benefit - - (949,736)
-------------------------------------------
NET INCOME (LOSS) $ - $ - $ 1,612,112
-------------------------------------------
-------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule 5
Real Estate Companies
Balance Sheet
Assets
December 31, 1996
Genesee Hopkins Lindbergh Sorrento Valley
Properties, Inc. Properties, Inc. Properties, Inc. Real Estate, Inc.
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current Assets:
Cash $ 100,206 $ 149,817 $ 9,494 $ 119,337
Taxes receivable 35,883 - - -
Accrued interest 10,650 - - -
Accrued interest - affiliates 14,122 - - -
Current portion of note receivable 170,868 - - -
Deferred income tax asset 190,000 - - -
---------------------------------------------------------------------------
Total current assets 521,729 149,817 9,494 119,337
---------------------------------------------------------------------------
Property, at cost
Land 9,800,000 200,000 2,010,991 -
Buildings 26,097,460 652,021 - 806,822
Less accumulated depreciation (12,770,760) (319,054) - (394,816)
---------------------------------------------------------------------------
Net property 23,126,700 532,967 2,010,991 412,006
---------------------------------------------------------------------------
Other assets:
Notes receivable 2,499,913 - - 1,000,000
Investments 3,615,542 9,352,000 - -
Net loan costs 118,284 - - -
Other - 55 - 68
---------------------------------------------------------------------------
6,233,739 9,352,055 - 1,000,068
---------------------------------------------------------------------------
Total assets 29,882,168 10,034,839 2,020,485 1,531,411
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule 5
Real Estate Companies
Balance Sheet
Liabilities And Stockholders' Equity
December 31, 1996
Genesee Hopkins Lindbergh Sorrento Valley
Properties, Inc. Properties, Inc. Properties, Inc. Real Estate, Inc.
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Current liabilities:
Accounts payable $ 6,217 - - -
Accrued interest payable 72,987 - - -
Income taxes payable 33,753 33,614 1,395 4,377
Other accrued liabilities 3,826 - - -
---------------------------------------------------------------------------
Total current liabilities 116,783 33,614 1,395 4,377
---------------------------------------------------------------------------
Long-term debt 15,050,000 - 1,895,000 -
---------------------------------------------------------------------------
Other liabilities and deferred credits:
Security deposits 339,320 7,777 - 19,569
Deferred income taxes 833,134 10,227 - 21,145
---------------------------------------------------------------------------
Total other liabilities and 1,172,454 18,004 - 40,714
deferred credits ---------------------------------------------------------------------------
Stockholders' equity:
Preferred Stock 7,955,000 10,000,000 - 1,397,000
Common Stock 22,100 22,100 22,100 22,100
Capital in excess of par value 29,000 29,000 29,000 29,000
Retained Earnings 5,536,831 (67,879) 72,990 38,220
---------------------------------------------------------------------------
Total stockholders' equity 13,542,931 9,983,221 124,090 1,486,320
---------------------------------------------------------------------------
Total liabilities and stockholders' equity 29,882,168 10,034,839 2,020,485 1,531,411
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule 5
Real Estate Companies
Statement of Operations
December 31, 1996
Genesee Hopkins Lindbergh Sorrento Valley
Properties, Inc. Properties, Inc. Properties, Inc Real Estate, Inc.
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Revenues:
Rental Income $ 4,890,562 $ 112,096 $ 155,972 $ 203,522
Interest Income 234,383 - - 45,424
Other - 636,400 - -
----------------------------------------------------------------------------
Total revenues 5,124,945 748,496 155,972 248,946
----------------------------------------------------------------------------
Expenses:
Support easement 98,422 - - 57,550
Consulting expense 400,000 90,000 10,000 160,000
Accounting expense - 2,755 2,755 2,565
Interest expense 1,270,217 - 87,439 -
Depreciation and amortization 1,313,708 31,048 - 38,420
Miscellaneous expenses 94,804 35 35 36
----------------------------------------------------------------------------
Total expense 3,177,151 123,838 100,229 258,571
----------------------------------------------------------------------------
Income before income taxes 1,947,794 624,658 55,743 (9,625)
Provision for income taxes (667,590) (62,835) (20,753) 336
----------------------------------------------------------------------------
Net income (loss) 1,280,204 561,823 34,990 (9,289)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
</TABLE>
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