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Previous: FIDELITY CONTRAFUND, NSAR-B, 1999-02-26 |
Next: CORPORATE BOND TRUST SERIES 5, NSAR-U, 1999-02-26 |
<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
8,900 residential and commercial customers located
<PAGE>
Page 2
in the above counties. Transmission lines are as follows:
<TABLE>
<S> <C> <C>
1) San Juan County, Utah 15 miles 4" Northwest Pipe-line to
Monticello
4 1/2 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
8 1/2 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
</TABLE>
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 - 1,105,333 Mcf @14.73 Psia & 60 F in the
state of Utah, with revenue of $6,362,845 related to these sales.
(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 - Attachment 5
EXHIBIT B
<TABLE>
<S> <C>
Total-Assets 54,722,279
Total-Operating-Revenues 29,540,202
Net-Income 4,684,530
</TABLE>
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, 1999.
Cordillera Corporation
----------------------
(Name of Claimant)
By: /s/ Joe Maskalenko
---------------------
Joe Maskalenko, Controller
/s/Grace A. Price
- -----------------
Witness
Name, Title and address of officer to whom notices and correspondence concerning
this statement should be addressed to:
Joe Maskalenko, Controller
Cordillera Corporation
5000 South Quebec Street, Ste 450
Denver, CO 80237
<PAGE>
<TABLE>
<CAPTION>
Cordillera Corporation December 31, 1998 Schedule 1
and Consolidated Subsidiaries
<S> <C> <C>
SILVER CLIFF LAND & 5000 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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CORDILLERA CORPORATION December 31, 1998 Schedule 1
LIST OF AFFILIATES
<S> <C> <C>
GENESEE PROPERTIES, INC. P. O. Box 63 REAL ESTATE RENTAL
(WYOMING CORP) Berthoud, CO 80513 83-0278113
LINDBERGH PROPERTIES, INC. P. O. Box 63 REAL ESTATE RENTAL
(WYOMING CORP) Berthoud, CO 80513 83-0278120
HOPKINS PROPERTIES, INC. P. O. Box 63 REAL ESTATE RENTAL
(WYOMING CORP) Berthoud, CO 80513 83-0277940
SORRENTO VALLEY REAL ESTATE, INC. P. O. Box 63 REAL ESTATE RENTAL
(WYOMING CORP) Berthoud, CO 80513 83-0278121
</TABLE>
<PAGE>
Cordillera Corporation Schedule 2
Consolidating Schedule, Balance Sheet Information
December 31, 1998
<TABLE>
<CAPTION>
Cordillera Utah Gas Fixed Base Other Consolidating Eliminating
Corporation Service Co. Operations Subsidiaries Dr Cr Dr Cr Consolidated
----------- ----------- ----------- ------------ --------- ---------- --- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash $ 238,219 $ 80,156 $ 2,628,850 $ 63,925 $ -- $ -- $-- $ -- $ 3,011,150
Receivables:
Note receivable - current
portion 1,172,549 -- -- 124,071 -- -- -- 1,143,684 152,936
Accounts receivable -
trade 132,526 1,169,489 858,052 40 -- -- -- -- 2,160,107
Accounts receivable -
affiliates 73,341 24,047 -- 760,592 -- -- -- 813,014 44,966
Allowance for doubtful
accounts -- (16,838) (92,274) -- -- -- -- -- (109,112)
Income taxes receivable 617,837 -- -- -- -- -- -- -- 617,837
Other current assets 12,156 230,999 240,840 -- -- -- -- -- 483,995
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
2,246,628 1,487,853 3,635,468 948,628 -- -- -- 1,956,698 6,361,879
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
LONG-TERM NOTES RECEIVABLE:
Trade -- -- 1,050,194 22,443 -- -- -- -- 1,072,637
Affiliates 568,156 -- -- 6,580,169 -- -- -- 6,707,786 440,539
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
568,156 -- 1,050,194 6,602,612 -- -- -- 6,707,786 1,513,176
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
INVESTMENTS:
Securities 11,519,199 -- (286,927) 13,722,622 -- -- -- -- 24,954,894
Land held for investment 3,532,807 -- 661,328 741,093 -- -- -- -- 4,935,228
Other -- -- -- -- -- -- -- -- --
Subsidiaries 25,509,654 -- -- -- -- -- -- 25,509,654 --
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ----------
40,561,660 -- 374,401 14,463,715 -- -- -- 25,509,654 29,890,122
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
PROPERTY AND EQUIPMENT:
Utility plant in service -- 13,986,890 -- -- -- 1,053,877 -- -- 12,933,013
Subdivided real estate -- -- -- 63,526 -- -- -- -- 63,526
Proved oil and gas properties
- full cost 2,239,476 -- -- -- -- -- -- -- 2,239,476
Leasehold improvements -- -- 9,104,177 -- 142,156 -- -- -- 9,246,333
Other property and equipment 393,687 -- 2,216,632 -- -- -- -- -- 2,610,319
Less accumulated depreciation,
depletion and amortization (2,338,658) (7,646,634) (4,014,755) (1,240) 1,053,877 65,162 -- -- (13,012,572)
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
294,505 6,340,256 7,306,054 62,286 1,196,033 1,119,039 -- -- 14,080,095
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
OTHER ASSETS:
Goodwill, net of amortization 404,472 -- -- -- -- -- -- -- 404,472
Prepaid lease costs -- -- 2,420,007 -- -- -- -- -- 2,420,007
Other assets 15,376 1,364 35,788 -- -- -- -- -- 52,528
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
419,848 1,364 2,455,795 -- -- -- -- -- 2,877,007
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
$44,090,797 $ 7,829,473 $14,821,912 $22,077,241 $1,196,033 $1,119,039 $-- $34,174,138 $54,722,279
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- -----------
</TABLE>
<PAGE>
Cordillera Corporation Schedule 2
Consolidating Schedule, Balance Sheet Information
December 31, 1998
<TABLE>
<CAPTION>
Cordillera Utah Gas Fixed Base Other Consolidating Eliminating
Corporation Service Co. Operations Subsidiaries Dr Cr Dr Cr Consolidated
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of
long-term debt $ 744,174 $ -- $ 2,333,528 $ 160,000 $ -- $ -- $ 1,143,684 $ -- $ 2,094,018
Trade accounts payable 23,824 531,535 585,996 10 -- -- -- -- 1,141,365
Accounts payable -
affiliates 842,775 -- 22,156 27,678 -- -- 813,014 -- 79,595
Revenues subject to
refund -- -- -- -- -- -- -- -- --
Current income taxes
payable 21,341 (219,093) 545,709 109,714 -- -- -- -- 457,671
Other current
liabilities 342,801 753,089 772,466 5,319 -- -- -- -- 1,873,675
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
1,974,915 1,065,531 4,259,855 302,721 -- -- 1,956,698 -- 5,646,324
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
LONG-TERM LIABILITIES
& CREDITS:
Long-term debt 16,351,829 1,877,266 3,740,416 127,618 -- -- 6,707,786 -- 15,389,343
Deferred income taxes 1,169,454 326,522 1,245,574 5,192,449 -- -- -- -- 7,933,999
Investment tax and other
deferred credits -- 149,926 -- -- -- -- -- -- 149,926
Regulatory obligation -- 345,366 -- -- -- -- -- -- 345,366
Other 121,427 -- 23,511 -- -- -- 2 -- 144,936
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
17,642,710 2,699,080 5,009,501 5,320,067 -- -- 6,707,788 -- 23,963,570
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
MINORITY INTERESTS -- -- -- -- -- -- -- 639,214 639,214
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
STOCKHOLDERS' EQUITY:
Common stock 56 145,600 3,767,000 4,099,389 -- -- 8,011,989 -- 56
Capital in excess of
par value -- -- 470,890 3,988,264 -- -- 4,459,154 -- --
Retained earnings
(deficit) 19,788,586 3,268,998 151,591 7,670,226 60,419 142,156 13,038,512 2,450,887 19,788,586
639,214 54,287
Current Earnings (Loss) 4,684,530 650,264 1,163,075 696,574 4,739 -- (705,115) (3,210,289) 4,684,530
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
24,473,172 4,064,862 5,552,556 16,454,453 65,158 142,156 25,443,754 (705,115) 24,473,172
Treasury stock, at cost -- -- -- -- -- -- -- -- --
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
24,473,172 4,064,862 5,552,556 16,454,453 65,158 142,156 25,443,754 (705,115) 24,473,172
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
$44,090,797 $7,829,473 $14,821,912 $22,077,241 $65,158 $142,156 $34,108,240 $ (65,901)$ 54,722,279
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
----------- ----------- ----------- ------------ -------- --------- ----------- ----------- ------------
</TABLE>
<PAGE>
Cordillera Corporation Schedule 2
Consolidating Income Statements
December 31, 1998
<TABLE>
<CAPTION>
Cordillera Utah Gas Fixed Base Other Consolidating Eliminating
Corporation Service Co. Operations Subsidiaries Dr Cr Dr Cr Consolidated
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ 7,981 $ 6,362,845 $ -- $ -- $ -- $ -- $ -- $ -- $ 6,370,826
Aircraft fixed base operations -- -- 17,014,337 -- -- -- -- -- 17,014,337
Real estate sales and operations 256,462 -- -- 34,679 -- -- -- -- 291,141
Equity in income of affiliate 1,147,500 -- -- 1,543,368 -- -- -- -- 2,690,868
Other, including management fees 2,457,974 64,284 822,381 533,506 -- -- 705,115 -- 3,173,030
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
3,869,917 6,427,129 17,836,718 2,111,553 -- -- 705,115 -- 29,540,202
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production 36,627 2,946,104 -- -- -- -- -- -- 2,982,731
Aircraft fixed base operations -- -- 7,586,871 -- -- -- -- -- 7,586,871
Real estate sales and operations 31,131 -- -- 13,672 -- -- -- -- 44,803
Salaries and wages 357,759 947,924 2,766,059 -- -- -- -- -- 4,071,742
General and administrative
expenses 1,422,063 968,086 3,863,587 17,799 -- -- -- 59,759 6,211,776
Interest expense 1,419,398 137,556 688,007 31,580 -- -- -- 645,356 1,631,185
Depreciation, depletion
and amortization 68,094 416,931 737,052 240 4,739 -- -- -- 1,227,056
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
3,335,072 5,416,601 15,641,576 63,291 4,739 -- -- 705,115 23,756,164
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
Income (loss) before taxes
and minority interests 534,845 1,010,528 2,195,142 2,048,262 (4,739) -- 705,115 (705,115) 5,784,038
Earnings of consolidated
subsidiaries 2,450,887 -- -- -- -- -- -- (2,450,887) --
Minority Interests -- -- -- -- -- -- -- (54,287) (54,287)
Equity in earnings of
investment in L.L.C (311,927) (311,927)
Tax (expense) benefit 1,698,798 (360,264) (720,140) (1,351,688) -- -- -- -- (733,294)
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
NET INCOME (LOSS) $ 4,684,530 $ 650,264 $ 1,163,075 $ 696,574 $(4,739) $ -- $705,115 $(3,210,289) $ 4,684,530
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
----------- ----------- ----------- ------------ -------- ---- -------- ----------- -----------
</TABLE>
<PAGE>
Aircraft Fixed Base Operations Schedule 3
Consolidating Schedule, Balance Sheet Information
December 31, 1998
<TABLE>
<CAPTION>
Denver Salt Lake Fort-Collins Colorado Eliminating
jetCenters, Inc. jetCenter jetCenter jetCenter jetCenter Dr Cr Consolidated
---------------- --------- --------- ------------ ----------- ---- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 55,312 $ 1,662,878 $ 133,405 $ 62,846 $ 714,409 -- -- $ 2,628,850
Receivables:
Note receivable - current
portion 2,552,205 -- -- -- -- -- (2,552,205) --
Accounts receivable -
trade -- 490,598 141,136 45,742 180,576 -- -- 858,052
Accounts receivable -
affiliates 64,502 24,128 4,000 -- -- -- (92,630) --
Less allowance for
doubtful accounts -- (68,256) (5,069) (3,820) (15,129) -- (92,274)
Income taxes receivable -- -- -- -- -- -- -- --
Other current assets (66) 124,521 32,593 11,276 72,516 -- 240,840
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
2,671,953 2,233,869 306,065 116,044 952,372 -- (2,644,835) 3,635,468
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
LONG-TERM NOTES RECEIVABLE:
Trade -- -- -- -- 1,050,194 -- -- 1,050,194
Affiliates -- -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
-- -- -- -- 1,050,194 -- -- 1,050,194
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
INVESTMENTS:
Securities -- -- -- -- -- -- -- --
Land held for investment -- 661,328 -- -- -- -- -- 661,328
Other -- -- -- (286,927) -- -- (286,927)
Subsidiaries 1,954,073 -- -- -- -- -- (1,954,073) --
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
1,954,073 661,328 -- -- (286,927) -- (1,954,073) 374,401
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
PROPERTY AND EQUIPMENT:
Utility plant in service -- -- -- -- -- -- -- --
Subdivided real estate -- -- -- -- -- -- -- --
Proved oil and gas properties
- full cost -- -- -- -- -- -- -- --
Leasehold improvements -- 6,454,979 1,556,641 236,456 1,190,159 -- (334,058) 9,104,177
Other property and equipment 87,199 1,059,329 443,670 302,339 1,198,476 -- (874,381) 2,216,632
Less accumulated depreciation,
depletion and amortization (58,492) (2,607,765) (1,022,070) (237,858) (1,297,009) -- 1,208,439 (4,014,755)
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
28,707 4,906,543 978,241 300,937 1,091,626 -- -- 7,306,054
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
OTHER ASSETS:
Goodwill, net of amortization -- -- -- -- -- -- -- --
Prepaid lease costs -- 2,420,007 -- -- -- -- -- 2,420,007
Other assets -- 33,418 -- 2,370 -- -- -- 35,788
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
-- 2,453,425 -- 2,370 -- -- -- 2,455,795
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
$ 4,654,733 $10,255,165 $ 1,284,306 $ 419,351 $ 2,807,265 $-- $(4,598,908) $ 14,821,912
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
----------- ----------- ----------- ---------- ----------- --- ----------- ------------
</TABLE>
<PAGE>
Aircraft Fixed Base Operations Schedule 3
Consolidating Schedule, Balance Sheet Information
December 31, 1998
<TABLE>
<CAPTION>
Denver Salt Lake Fort-Collins Colorado Eliminating
jetCenters, Inc. jetCenter jetCenter jetCenter jetCenter Dr Cr Consolidated
---------------- --------- --------- ------------ ----------- ----------- ---- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of
long-term debt $ 873,595 $ 1,232,945 $ 2,023,575 $ 582,393 $ 173,225 $(2,552,205) $ -- $ 2,333,528
Trade accounts payable 1,781 312,063 72,772 15,550 183,830 -- -- 585,996
Accounts payable -
affiliates 22,773 -- 50,464 37,549 4,000 (92,630) -- 22,156
Revenues subject to refund -- -- -- -- -- -- -- --
Income taxes payable (1,831) 415,177 (28,083) 2,948 157,498 -- -- 545,709
Other current liabilities 60,132 470,088 79,717 33,940 128,589 -- -- 772,466
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
956,450 2,430,273 2,198,445 672,380 647,142 (2,644,835) -- 4,259,855
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt -- 3,266,807 83,382 68,766 321,461 -- -- 3,740,416
Deferred income taxes (647) 1,269,501 (9,722) 1,407 (14,965) -- -- 1,245,574
Investment tax and other
deferred credits -- -- -- -- -- -- -- --
Regulatory obligation -- -- -- -- -- -- -- --
Other -- 23,511 -- -- -- -- -- 23,511
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
(647) 4,559,819 73,660 70,173 306,496 -- -- 5,009,501
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
MINORITY INTERESTS -- -- -- -- -- -- -- --
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
STOCKHOLDERS' EQUITY:
Common stock 3,717,000 100 25,000 100 50,000 (25,200) -- 3,767,000
Capital in excess of
par value 470,890 3,840,890 323,115 -- -- (4,164,005) -- 470,890
Retained earnings
(deficit) (1,423,796) (1,596,213) (1,252,814) (327,740) 1,575,388 3,176,766 -- 151,591
Current Earnings (Loss) 934,836 1,020,296 (83,100) 4,438 228,239 (941,634) -- 1,163,075
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
3,698,930 3,265,073 (987,799) (323,202) 1,853,627 (1,954,073) -- 5,552,556
Treasury stock, at cost -- -- -- -- -- -- -- --
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
3,698,930 3,265,073 (987,799) (323,202) 1,853,627 (1,954,073) -- 5,552,556
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
$ 4,654,733 $10,255,165 $ 1,284,306 $ 419,351 $ 2,807,265 $(4,598,908) $ -- $ 14,821,912
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
------------- ----------- ----------- ---------- ----------- ----------- ---- ------------
</TABLE>
<PAGE>
Aircraft Fixed Base Operations Schedule 3
Consolidating Income Statement
For the year ended December 31, 1998
<TABLE>
<CAPTION>
Denver Salt Lake Fort-Collins Colorado Eliminating
jetCenters, Inc. jetCenter jetCenter jetCenter jetCenter Dr Cr Consolidated
---------------- --------- --------- ------------ ---------- ---- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Natural gas utility operations
and oil and gas production $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Aircraft fixed base operations -- 9,794,781 2,324,880 1,035,702 3,858,974 -- -- 17,014,337
Real estate sales and operations -- -- -- -- -- -- -- --
Equity in income of affiliate -- -- -- -- -- -- -- --
Other, including management fees 656,724 75,937 34,844 13,026 41,850 -- -- 822,381
------------- ---------- ---------- ---------- ---------- ---- --------- ------------
656,724 9,870,718 2,359,724 1,048,728 3,900,824 -- -- 17,836,718
------------- ---------- ---------- ---------- ---------- ---- --------- ------------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production -- -- -- -- -- -- -- --
Aircraft fixed base operations -- 4,395,151 1,272,940 487,835 1,430,945 -- -- 7,586,871
Real estate sales and operations -- -- -- -- -- -- -- --
Salaries and wages 329,562 1,072,197 399,869 220,607 743,824 -- -- 2,766,059
General and administrative
expenses 207,733 2,216,732 487,234 223,969 727,919 -- -- 3,863,587
Interest expense 117,985 212,473 221,522 66,718 69,309 -- -- 688,007
Depreciation, depletion
and amortization 10,454 309,733 104,572 52,141 260,152 -- -- 737,052
------------- ---------- ---------- ---------- ---------- ---- --------- ------------
665,734 8,206,286 2,486,137 1,051,270 3,232,149 -- -- 15,641,576
------------- ---------- ---------- ---------- ---------- ---- --------- ------------
Income (loss) before taxes
and minority interests (9,010) 1,664,432 (126,413) (2,542) 668,675 -- 2,195,142
Earnings of consolidated
subsidiaries 941,634 -- -- -- -- -- (941,634) --
Equity in earnings of
investment in L.L.C -- -- -- -- (311,927) -- -- (311,927)
Tax (expense) benefit 2,212 (644,136) 43,313 6,980 (128,509) -- -- (720,140)
------------- ---------- ---------- ---------- ---------- ---- --------- ------------
NET INCOME (LOSS) $ 934,836 $1,020,296 $ (83,100) $ 4,438 $ 228,239 $ -- $(941,634) $ 1,163,075
------------- ---------- ---------- ---------- ---------- ---- --------- ------------
------------- ---------- ---------- ---------- ---------- ---- ---------- ------------
</TABLE>
<PAGE>
Small Subsidiaries
Consolidating Schedule, Balance Sheet Information
December 31, 1998
Schedule 4
<TABLE>
<CAPTION>
Cordillera's
Silver Cliff Colorado First Surety Valley at Cordillera Eliminating Consolidated
ASSETS Land & Cattle Barns Corp Corporation Telluride Int'l Resource Dr Cr Balance
------------- ---------- ------------ ------------ -------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 21,419 24,180 7,323 9,760 1,243 -- -- 63,925
Receivables: -- --
Note receivable - current
portion 13,982 -- 100,089 10,000 -- -- -- 124,071
Accounts receivable -
trade 40 -- -- -- -- -- 40
Accounts receivable -
affiliates -- 36,182 246,330 478,080 -- -- 760,592
Less allowance for
doubtful accounts -- -- -- -- -- -- -- --
Other current assets -- -- -- -- -- -- -- --
----------- -------- --------- ---------- ---------- --- --- ----------
Total current assets 35,441 24,180 143,594 266,090 479,323 -- -- 948,628
----------- -------- --------- ---------- ---------- --- --- ----------
LONG-TERM NOTES RECEIVABLE:
Trade 22,443 -- -- -- -- -- -- 22,443
Officers -- -- -- -- -- -- -- --
Affiliates -- -- 335,859 2,546,031 3,698,279 -- -- 6,580,169
----------- -------- --------- ---------- ---------- --- --- ----------
22,443 -- 335,859 2,546,031 3,698,279 -- -- 6,602,612
----------- -------- --------- ---------- ---------- --- --- ----------
INVESTMENTS:
Investments in other securities -- -- -- -- 13,722,622 -- -- 13,722,622
Land held for investment 741,093 -- -- -- -- -- -- 741,093
Other -- -- -- -- -- -- -- --
Subsidiaries -- -- -- -- -- -- -- --
----------- -------- --------- ---------- ---------- --- --- ----------
741,093 -- -- -- 13,722,622 -- -- 14,463,715
----------- -------- --------- ---------- ---------- --- --- ----------
PROPERTY AND EQUIPMENT:
Utility plant in service -- -- -- -- -- -- -- --
Proved oil and gas properties
- full cost -- -- -- -- -- -- -- --
Leasehold improvements -- -- -- -- -- -- -- --
Other property and equipment 63,526 -- -- -- -- -- -- 63,526
Less accumulated depreciation,
depletion and amortization (1,240) -- -- -- -- -- -- (1,240)
----------- -------- --------- ---------- ---------- --- --- ----------
62,286 -- -- -- -- -- -- 62,286
----------- -------- --------- ---------- ---------- --- --- ----------
OTHER ASSETS:
Goodwill, net of amortization -- -- -- -- -- -- -- --
Other assets -- -- -- -- -- -- -- --
----------- -------- --------- ---------- ---------- --- --- ----------
-- -- -- -- -- -- -- --
----------- -------- --------- ---------- ---------- --- --- ----------
861,263 24,180 479,453 2,812,121 17,900,224 -- -- 22,077,241
----------- -------- --------- ---------- ---------- --- --- ----------
----------- -------- --------- ---------- ---------- --- --- ----------
</TABLE>
<PAGE>
Small Subsidiaries
Consolidating Schedule, Balance Sheet Information
December 31, 1998
Schedule 4
<TABLE>
<CAPTION>
Cordillera's
LIABILITIES AND Silvercliff Colorado First Surety Valley at Cordillera Eliminating Consolidated
STOCKHOLDERS' EQUITY Land & Cattle Barns Corp Corporation Telluride Int'l Resource Dr Cr Balance
------------- ---------- ------------ ------------ -------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT LIABILITIES:
Current portion of
long-term debt -- -- -- 160,000 -- -- -- 160,000
Trade accounts payable 10 -- -- -- -- -- -- 10
Accounts payable -
affiliates -- -- -- 27,678 -- -- -- 27,678
Revenues subject to
refund -- -- -- -- -- -- -- --
Income taxes payable 85,000 738 -- 23,976 -- -- -- 109,714
Other current
liabilities 2,025 3,294 -- -- -- -- -- 5,319
----------- -------- ---------- ---------- ------------- --- --- ----------
87,035 4,032 -- 211,654 -- -- -- 302,721
----------- -------- ---------- ---------- ------------- --- --- ----------
LONG-TERM LIABILITIES
& CREDITS:
Long-term debt -- -- -- 127,618 -- -- -- 127,618
Accrual for construction
liability -- -- -- -- -- -- -- --
Other long-term
liabilities -- -- -- -- -- -- -- --
Deferred income taxes 74,110 -- -- -- 5,118,339 -- -- 5,192,449
Investment tax and
other deferred credits -- -- -- -- -- -- -- --
----------- -------- ---------- ---------- ------------- --- --- ----------
74,110 -- -- 127,618 5,118,339 -- -- 5,320,067
----------- -------- ---------- ---------- ------------- --- --- ----------
MINORITY INTERESTS -- -- -- -- -- -- -- --
----------- -------- ---------- ---------- ------------- --- --- ----------
STOCKHOLDERS' EQUITY:
Common stock 101 10 10 100 4,099,168 -- -- 4,099,389
Capital in excess of
par value 300,000 -- 2,687,943 819,900 180,421 -- -- 3,988,264
Retained earnings
(deficit) 405,062 12,173 (1,663,890) 1,500,321 7,416,560 -- -- 7,670,226
Prior period adjustment -- -- -- -- -- -- -- --
Current earnings (loss) (5,045) 7,965 (544,610) 152,528 1,085,736 -- -- 696,574
----------- -------- ---------- ---------- ------------- --- --- ----------
700,118 20,148 479,453 2,472,849 12,781,885 -- -- 16,454,453
Less treasury stock,
at cost -- -- -- -- -- -- -- --
----------- -------- ---------- ---------- ------------- --- --- ----------
Total stockholders'
equity 700,118 20,148 479,453 2,472,849 12,781,885 -- -- 16,454,453
----------- -------- ---------- ---------- ------------- --- --- ----------
861,263 24,180 479,453 2,812,121 17,900,224 -- -- 22,077,241
----------- -------- ---------- ---------- ------------- --- --- ----------
----------- -------- ---------- ---------- ------------- --- --- ----------
</TABLE>
<PAGE>
Small Subsidiaries
Consolidating income Statement
December 31, 1998
Schedule 4
<TABLE>
<CAPTION>
Cordillera's
Silvercliff Colorado First Surety Valley at Cordillera Eliminating Consolidated
Land & Cattle Barns Corp Corporation Telluride Int'l Resource Dr Cr Balance
------------- ---------- ------------ ------------ -------------- ------ ----- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REVENUES:
Oil and gas production and
natural gas utility operations -- -- -- -- -- -- -- $ --
Fixed base operations sales -- -- -- -- -- -- -- --
Real estate sales and operations 8,000 26,679 -- -- -- -- -- 34,679
Equity in income of affiliate -- -- -- -- 1,543,368 -- -- 1,543,368
Other, including loan guarantee
and management fees 5,055 -- 71,736 268,472 188,243 -- -- 533,506
--------- -------- ---------- ---------- -------------- ---- ---- -----------
13,055 26,679 71,736 268,472 1,731,611 -- -- 2,111,553
--------- -------- ---------- ---------- -------------- ---- ---- -----------
COSTS AND EXPENSES:
Oil and gas production and natural
gas utility operations -- -- -- -- -- -- -- --
Fixed base operations -- -- -- -- -- -- -- --
Real estate sales and operations 2,050 11,622 -- -- -- -- -- 13,672
Administrative and general expenses 14,379 3,369 -- 25 26 -- -- 17,799
Interest expense -- -- -- 31,580 -- -- -- 31,580
Depreciation, depletion and
amortization 240 -- -- -- -- -- -- 240
--------- -------- ---------- ---------- -------------- ---- ---- -----------
16,669 14,991 -- 31,605 26 -- -- 63,291
--------- -------- ---------- ---------- -------------- ---- ---- -----------
Income (loss) before taxes
and minority interests (3,614) 11,688 71,736 236,867 1,731,585 -- -- 2,048,262
Minority interests -- -- -- -- -- -- -- --
Tax (expense) benefit (1,431) (3,723) (616,346) (84,339) (645,849) -- -- (1,351,688)
--------- -------- ---------- ---------- -------------- ---- ---- -----------
NET INCOME (LOSS) (5,045) 7,965 (544,610) 152,528 1,085,736 -- -- 696,574
--------- -------- ---------- ---------- -------------- ---- ---- -----------
--------- -------- ---------- ---------- -------------- ---- ---- -----------
</TABLE>
<PAGE>
GENESEE PROPERTIES, INC. Attachment 5
Balance Sheet
December 31
ASSETS
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
Current Assets:
Cash $ 81,718 $ 47,829
Income taxes receivable 10,396 19,037
Accrued interest - affiliates 14,122 14,122
Current portion of notes receivable 614,000 --
Deferred income tax asset 128,383 260,000
------------ ------------
Total current assets 848,619 340,988
------------ ------------
Property, at cost
Land 9,800,000 9,800,000
Buildings 26,097,460 26,097,460
Less accumulated depreciation (15,256,232) (14,013,496)
------------ ------------
Net property 20,641,228 21,883,964
------------ ------------
Other assets:
Notes receivable 825,000 1,479,000
Investments 3,710,150 3,726,625
Net loan costs 25,000 72,312
------------ ------------
4,560,150 5,277,937
------------ ------------
Total assets $ 26,049,997 $ 27,502,889
------------ ------------
------------ ------------
</TABLE>
(Continued)
<PAGE>
GENESEE PROPERTIES, INC. Attachment 5
Balance Sheet
(Continued)
December 31
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
1998 1997
------------ ------------
<S> <C> <C>
Current liabilities:
Accounts payable $ 8,801 $ 6,963
Accrued interest payable 38,653 59,200
Other accrued liabilities 692 3,805
------------ ------------
Total current liabilities 48,146 69,968
------------ ------------
Long-term debt 8,000,000 11,100,000
------------ ------------
Other liabilities and deferred credits:
Security deposits 339,320 339,320
Deferred income taxes 1,175,195 1,088,264
------------ ------------
Total other liabilities and deferred credits 1,514,515 1,427,584
------------ ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock 7,955,000 7,955,000
Common stock 22,100 22,100
Capital in excess of par value 29,000 29,000
Retained earnings 8,481,236 6,899,237
------------ ------------
Total stockholders' equity 16,487,336 14,905,337
------------ ------------
Total liabilities and stockholders' equity $ 26,049,997 $ 27,502,889
------------ ------------
------------ ------------
</TABLE>
<PAGE>
GENESEE PROPERTIES, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
Revenues:
Rental income $5,088,140 $4,988,372
Interest income 106,750 264,828
---------- ----------
Total revenue 5,194,890 5,253,200
---------- ----------
Expenses:
Support easements 102,398 100,390
Consulting expense 400,000 400,000
Interest expense 739,083 1,107,296
Depreciation and amortization 1,290,048 1,313,708
Miscellaneous expenses 118,073 107,759
---------- ----------
Total expense 2,649,602 3,029,153
---------- ----------
Income before income taxes 2,545,288 2,224,047
Provision for income taxes (963,289) (861,640)
---------- ----------
Net income $1,581,999 $1,362,407
---------- ----------
---------- ----------
</TABLE>
<PAGE>
HOPKINS PROPERTIES, INC. Attachment 5
Balance Sheet
December 31
ASSETS
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
Current Assets:
Cash $ 157,038 $ 134,997
Income taxes receivable 157 2,050
---------- ----------
Total current assets 157,195 137,047
---------- ----------
Investments in affiliates 9,352,000 9,352,000
---------- ----------
Property and equipment, at cost:
Land 200,000 200,000
Buildings 652,021 652,021
Less accumulated depreciation (381,150) (350,102)
---------- ----------
Net property 470,871 501,919
---------- ----------
Other assets 52 55
---------- ----------
Total assets $9,980,118 $9,991,021
---------- ----------
---------- ----------
</TABLE>
(Continued)
<PAGE>
HOPKINS PROPERTIES, INC. Attachment 5
Balance Sheet
(Continued)
December 31
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
1998 1997
----------- -----------
<S> <C> <C>
Current liabilities:
Income taxes payable $ - $ 89
----------- -----------
Total current liabilities - 89
----------- -----------
Other liabilities and deferred credits:
Security deposits 7,777 7,777
Deferred income taxes 8,924 12,717
----------- -----------
Total other liabilities and deferred credits 16,701 20,494
----------- -----------
Commitments and contingencies
Stockholders' equity:
Preferred stock 10,000,000 10,000,000
Common stock 22,100 22,100
Capital in excess of par value 29,000 29,000
Accumulated deficit (87,683) (80,662)
----------- -----------
Total stockholders' equity 9,963,417 9,970,438
----------- -----------
Total liabilities and stockholders' equity $ 9,980,118 $ 9,991,021
----------- -----------
----------- -----------
</TABLE>
<PAGE>
HOPKINS PROPERTIES, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
-------- ---------
<S> <C> <C>
Revenues:
Rental income $116,624 $114,337
-------- --------
Expenses:
Consulting expense 90,000 90,000
Accounting expense 2,900 2,700
Depreciation and amortization 31,048 31,048
Miscellaneous expenses 34 35
-------- --------
Total expense 123,982 123,783
-------- --------
Loss before income taxes (7,358) (9,446)
Provision for income taxes 337 (3,337)
-------- --------
Net loss $ (7,021) $(12,783)
-------- --------
-------- --------
</TABLE>
<PAGE>
LINDBERGH PROPERTIES, INC. Attachment 5
Balance Sheet
December 31
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
Current Assets:
Cash $ 15,102 $15,463
Income taxes receivable 3,668 1,563
---------- ----------
Total current assets 18,770 17,026
---------- ----------
Property, at cost:
Land 2,010,991 2,010,991
---------- ----------
Total assets $2,029,761 $2,028,017
---------- ----------
---------- ----------
Current Liabilities:
Income taxes payable - $ 55
---------- ----------
Total current liabilities - 55
---------- ----------
Long term debt 1,825,000 1,865,000
---------- ----------
Commitments and contingencies
Stockholders' equity:
Preferred stock - -
Common stock 22,100 22,100
Capital in excess of par value 29,000 29,000
Retained earnings 153,661 111,862
---------- ----------
Total stockholders' equity 204,761 162,962
---------- ----------
Total liabilities and stockholders' equity $2,029,761 $2,028,017
---------- ----------
---------- ----------
</TABLE>
<PAGE>
LINDBERGH PROPERTIES, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
-------- --------
<S> <C> <C>
Revenues:
Rental income $162,273 $159,091
-------- --------
Expenses:
Consulting expense 10,000 10,000
Accounting expense 2,800 2,500
Interest expense 83,606 85,210
Miscellaneous expenses 34 35
-------- --------
Total expense 96,440 97,745
-------- --------
Income before income taxes 65,833 61,346
Provision for income taxes (24,034) (22,474)
-------- --------
Net income $ 41,799 $ 38,872
-------- --------
-------- --------
</TABLE>
<PAGE>
SORRENTO VALLEY REAL ESTATE, INC. Attachment 5
Balance Sheet
December 31
ASSETS
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
Current Assets:
Cash $ 170,592 $ 141,815
Income taxes receivable 243 -
---------- ----------
Total current assets 170,835 141,815
---------- ----------
Property, at cost:
Buildings 806,822 806,822
Less accumulated depreciation (471,656) (433,236)
---------- ----------
Net property 335,166 373,586
---------- ----------
Other assets:
Note receivable 1,000,000 1,000,000
Other 65 68
---------- ----------
1,000,065 1,000,068
---------- ----------
Total assets $1,506,066 $1,515,469
---------- ----------
---------- ----------
</TABLE>
(Continued)
<PAGE>
SORRENTO VALLEY REAL ESTATE, INC. Attachment 5
Balance Sheet
(Continued)
December 31
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
1998 1997
---------- ----------
<S> <C> <C>
Current liabilities:
Income taxes payable - $ 142
---------- ----------
Total current liabilities - 142
---------- ----------
Other liabilities and deferred credits:
Security deposits 19,569 19,569
Deferred income taxes 13,938 17,155
---------- ----------
Total other liabilities and deferred credits 33,507 36,724
---------- ----------
Commitments
Stockholders' equity:
Preferred stock 1,397,000 1,397,000
Common stock 22,100 22,100
Capital in excess of par value 29,000 29,000
Retained earnings 24,459 30,503
---------- ----------
Total stockholders' equity 1,472,559 1,478,603
---------- ----------
Total liabilities and stockholders' equity $1,506,066 $1,515,469
---------- ----------
---------- ----------
</TABLE>
<PAGE>
SORRENTO VALLEY REAL ESTATE, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
---------- --------
<S> <C> <C>
Revenues:
Rental income $211,744 $207,592
Interest income 45,300 45,300
---------- --------
Total revenue 257,044 252,892
---------- --------
Expenses:
Support easements 59,875 58,701
Consulting expense 160,000 160,000
Accounting expense 2,700 2,500
Depreciation and amortization 38,420 38,420
Miscellaneous expenses 35 35
---------- --------
Total expense 261,030 259,656
---------- --------
Loss before income taxes (3,986) (6,764)
Provision for income taxes (2,058) (953)
---------- --------
Net loss $ (6,044) $(7,717)
---------- ---------
---------- ---------
</TABLE>
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