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Previous: CONTINENTAL ASSURANCE CO SEPARATE ACCOUNT B, N-30D, 2000-02-29 |
Next: CORPORATE INVESTMENT TRUST FUND FIRST MONTHLY PAYMENT SERIE, NSAR-U, 2000-02-29 |
<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
approximately 8,900 residential and commercial
<PAGE>
page 2
customers located in the above counties. Transmission lines are as follows:
<TABLE>
<S> <C> <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 - approximately 1,000,000 Mcf @14.73
Psia & 60 F in the state of Utah, with revenue of
approximately $6,548,225 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
Total-Assets 58,947,799
Total-Operating-Revenues 35,969,495
Net-Income 5,902,167
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 29th day of February, 2000.
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>
<S> <C> <C>
Cordillera Corporation December 31, 1999 Schedule 1
and Consolidated Subsidiaries
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
<PAGE>
CORDILLERA CORPORATION December 31, 1999 Schedule 1
LIST OF AFFILIATES
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, 1999
<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 $ 49,554 $ (80,199)$ 2,137,038 $ 73,720 $ - $ - $ - $ - $ 2,180,113
Receivables: - - - -
Note receivable - current
portion 39,009 - - 442,156 - - - 435,948 45,217
Accounts receivable -
trade 185,315 811,427 986,070 7 - - - - 1,982,819
Accounts receivable -
affiliates 31,809 21,631 270 738,677 - - - 753,273 39,114
Allowance for doubtful
accounts - (10,087) (104,355) - - - - - (114,442)
Income taxes receivable 363,848 - - - - - - - 363,848
Other current assets 21,778 234,329 508,565 - - - - - 764,672
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
691,313 977,101 3,527,588 1,254,560 - - - 1,189,221 5,261,341
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
LONG-TERM NOTES RECEIVABLE:
Trade 93,836 - 1,464,828 5,171 - - - - 1,563,835
Affiliates 851,216 - - 6,221,612 - - - 6,767,124 305,704
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
945,052 - 1,464,828 6,226,783 - - - 6,767,124 1,869,539
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
INVESTMENTS:
Securities 7,819,787 - - 20,948,351 - - - - 28,768,138
Land held for investment 3,532,807 - 661,328 741,093 - - - - 4,935,228
Other - - (652,794) - - - - - (652,794)
Subsidiaries 31,139,267 - - - - - - 31,139,267 -
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
42,491,861 - 8,534 21,689,444 - - - 31,139,267 33,050,572
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
PROPERTY AND EQUIPMENT:
Utility plant in service - 14,725,454 - - - 1,053,877 - - 13,671,577
Subdivided real estate - - - 63,277 - - - - 63,277
Proved oil and gas properties
- full cost 2,240,861 - - - - - - - 2,240,861
Leasehold improvements - - 11,057,271 - 142,156 - - - 11,199,427
Other property and equipment 441,112 - 2,390,493 - - - - - 2,831,605
Less accumulated depreciation,
depletion and amortization (2,374,977) (8,176,843) (4,712,527) (1,480) 1,053,877 69,901 - - (14,281,851)
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
306,996 6,548,611 8,735,237 61,797 1,196,033 1,123,778 - - 15,724,896
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
OTHER ASSETS:
Goodwill, net of amortization 380,564 - - - - - - - 380,564
Prepaid lease costs - - 2,621,082 - - - - - 2,621,082
Other assets 4,345 1,364 33,096 1,000 - - - - 39,805
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
384,909 1,364 2,654,178 1,000 - - - - 3,041,451
----------- ----------- ----------- ----------- ---------- ---------- --- ----------- ------------
44,820,131 $ 7,527,076 $16,390,365 $29,233,584 $1,196,033 $1,123,778 $ - $39,095,612 $ 58,947,799
=========== =========== =========== =========== ========== ========== === =========== ============
</TABLE>
<PAGE>
Cordillera Corporation Schedule 2
Consolidating Schedule, Balance Sheet Information
December 31, 1999
<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 $ 5,567,609 $1,800,562 $ 2,080,508 $ - $ - $ - $ 435,948 $ - $ 9,012,731
Trade accounts payable 22,097 415,289 821,700 398 - - - - 1,259,484
Accounts payable - affiliates 786,635 - 15,125 16 - - 753,273 - 48,503
Revenues subject to refund - - - - - - - - -
Current income taxes payable (180,334) (233,437) 429,524 81,338 - - - - 97,091
Other current liabilities 341,661 811,974 954,695 7,629 - - - - 2,115,959
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
6,537,668 2,794,388 4,301,552 89,381 - - 1,189,221 - 12,533,768
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt 10,596,611 - 4,165,259 - - - 6,767,124 - 7,994,746
Deferred income taxes 1,114,909 223,588 1,268,868 7,887,636 - - - - 10,495,001
Investment tax and other
deferred credits - 134,479 - - - - - 134,479
Regulatory obligation - 337,409 - - - - - - 337,409
Other 123,929 - 9,809 - - - - 133,738
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
11,835,449 695,476 5,443,936 7,887,636 - - 6,767,124 - 19,095,373
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
MINORITY INTERESTS - - - - - - - 871,645 871,645
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
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) 20,544,791 3,419,263 1,314,667 8,326,702 65,162 142,156 18,668,125 6,169,712 20,544,791
871,643 232,430
Current Earnings (Loss) 5,902,167 472,349 1,092,320 4,842,212 4,739 - (615,604) (7,017,746) 5,902,167
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
26,447,014 4,037,212 6,644,877 21,256,567 69,901 142,156 31,395,307 (615,604) 26,447,014
Treasury stock, at cost - - - - - - - - -
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
26,447,014 4,037,212 6,644,877 21,256,567 69,901 142,156 31,395,307 (615,604) 26,447,014
----------- ---------- ----------- ----------- ------- -------- ----------- ---------- ------------
44,820,131 $7,527,076 $16,390,365 $29,233,584 $69,901 $142,156 $39,351,652 $ 256,041 $58,947,799
=========== ========== =========== =========== ======= ======== =========== =========== ===========
</TABLE>
<PAGE>
Cordillera Corporation Schedule 2
Consolidating Income Statements
December 31, 1999
<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 12,474 $ 6,548,225 $ - $ - $ - $ - $ - $ - $ 6,560,699
Aircraft fixed base
operations - - 18,809,872 - - - - - 18,809,872
Real estate sales and
operations 248,859 - - 40,984 - - - - 289,843
Equity in income of
affiliate 227,233 - - 7,225,729 - - - - 7,452,962
Other, including
management fees 2,041,407 21,753 915,255 493,308 - - 615,604 - 2,856,119
---------- ----------- ----------- ----------- ------- --- -------- ----------- -----------
2,529,973 6,569,978 19,725,127 7,760,021 - - 615,604 - 35,969,495
---------- ----------- ----------- ----------- ------- --- -------- ----------- -----------
COSTS AND EXPENSES:
Natural gas utility
operations and oil and
gas production 35,980 3,060,035 - - - - - - 3,096,015
Aircraft fixed base
operations - - 8,905,716 - - - - - 8,905,716
Real estate sales and
operations 28,884 - - 11,140 - - - - 40,024
Salaries and wages 361,930 980,384 3,002,296 - - - - - 4,344,610
General and administrative
expenses 1,006,750 1,056,325 4,232,134 19,719 - - - 59,759 6,255,169
Interest expense 1,260,665 134,697 629,493 8,118 - - - 555,845 1,477,128
Depreciation, depletion
and amortization 71,259 456,870 825,122 240 4,739 - - - 1,358,230
---------- ----------- ----------- ----------- ------- --- -------- ----------- -----------
2,765,468 5,688,311 17,594,761 39,217 4,739 - - 615,604 25,476,892
---------- ----------- ----------- ----------- ------- --- -------- ----------- -----------
Income (loss) before taxes
and minority interests (235,495) 881,667 2,130,366 7,720,804 (4,739) - 615,604 (615,604) 10,492,603
Earnings of consolidated
subsidiaries 6,169,712 - - - - - - (6,169,712) -
Minority Interests - - - - - - - (232,430) (232,430)
Equity in earnings of
investment in L.L.C. - - (353,367) - - - - - (353,367)
Tax (expense) benefit (32,050) (409,318) (684,679) (2,878,592) - - - - (4,004,639)
---------- ----------- ----------- ----------- ------- --- -------- ----------- -----------
NET INCOME (LOSS) 5,902,167 $ 472,349 $ 1,092,320 $ 4,842,212 $(4,739) $ - $615,604 $(7,017,746) $ 5,902,167
========== =========== =========== =========== ======= === ======== =========== ===========
</TABLE>
<PAGE>
Aircraft Fixed Base Operations Schedule 3
Consolidating Schedule, Balance Sheet Information
December 31, 1999
<TABLE>
<CAPTION>
jetCenters, Denver Salt Lake Fort-Collins Colorado Eliminating
Inc. jetCenter jetCenter jetCenter jetCenter Dr Cr Consolidated
----------- ----------- ----------- ------------ ----------- ---- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS:
Cash 58,558 $ 1,114,870 $ 128,608 $ 41,015 $ 793,987 - - $ 2,137,038
Receivables:
Note receivable -
current portion 2,929,122 - - - - - (2,929,122) -
Accounts receivable -
trade - 619,756 128,946 35,080 202,288 - - 986,070
Accounts receivable -
affiliates 77,642 11,143 - - 80 - (88,595) 270
Less allowance for
doubtful accounts - (74,109) (5,069) (4,910) (20,267) - (104,355)
Income taxes receivable - - - - - - - -
Other current assets - 314,876 53,215 33,127 107,347 - 508,565
---------- ----------- ----------- --------- ----------- --- ----------- -----------
3,065,322 1,986,536 305,700 104,312 1,083,435 - (3,017,717) 3,527,588
---------- ----------- ----------- --------- ----------- --- ----------- -----------
LONG-TERM NOTES RECEIVABLE:
Trade - - - - 1,464,828 - - 1,464,828
Affiliates - - - - - - - -
---------- ----------- ----------- --------- ----------- --- ----------- -----------
- - - - 1,464,828 - - 1,464,828
---------- ----------- ----------- --------- ----------- --- ----------- -----------
INVESTMENTS:
Securities - - - - - - - -
Land held for investment - 661,328 - - - - - 661,328
Other - - - (652,794) - - (652,794)
Subsidiaries 2,133,204 - - - - - (2,133,204) -
---------- ----------- ----------- --------- ----------- --- ----------- -----------
2,133,204 661,328 - - (652,794) - (2,133,204) 8,534
---------- ----------- ----------- --------- ----------- --- ----------- -----------
PROPERTY AND EQUIPMENT:
Utility plant in service - - - - - - - -
Subdivided real estate - - - - - - - -
Proved oil and gas
properties - full cost - - - - - - - -
Leasehold improvements - 7,858,326 2,075,267 267,785 1,189,951 - (334,058) 11,057,271
Other property and equipment 57,528 1,226,525 459,462 306,039 1,215,320 - (874,381) 2,390,493
Less accumulated depreciation,
depletion and amortization (39,629) (2,906,856) (1,156,124) (309,772) (1,508,585) - 1,208,439 (4,712,527)
---------- ----------- ----------- --------- ----------- --- ----------- -----------
17,899 6,177,995 1,378,605 264,052 896,686 - - 8,735,237
---------- ----------- ----------- --------- ----------- --- ----------- -----------
OTHER ASSETS:
Goodwill, net of amortization - - - - - - - -
Prepaid lease costs - 2,621,082 - - - - - 2,621,082
Other assets - 31,127 - 1,969 - - - 33,096
---------- ----------- ----------- --------- ----------- --- ----------- -----------
- 2,652,209 - 1,969 - - - 2,654,178
---------- ----------- ----------- --------- ----------- --- ----------- -----------
$5,216,425 $11,478,068 $ 1,684,305 $ 370,333 $ 2,792,155 $ - $(5,150,921) $16,390,365
========== =========== =========== ========= =========== === =========== ===========
</TABLE>
<PAGE>
Aircraft Fixed Base Operations Schedule 3
Consolidating Schedule, Balance Sheet Information
December 31, 1999
<TABLE>
<CAPTION>
jetCenters, Denver Salt Lake Fort-Collins Colorado Eliminating
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 $ - $ 1,870,048 $ 2,338,414 $ 647,393 $ 153,775 $(2,929,122) $ - $ 2,080,508
Trade accounts payable 2,570 471,036 214,036 27,294 106,764 - - 821,700
Accounts payable - affiliates 14,894 415 61,312 26,799 300 (88,595) - 15,125
Revenues subject to refund - - - - - - - -
Income taxes payable 6,797 358,520 (98,002) (45,832) 208,041 - - 429,524
Other current liabilities 50,498 638,465 77,741 37,685 150,306 - - 954,695
----------- ----------- ----------- ----------- ---------- ----------- --- -----------
74,759 3,338,484 2,593,501 693,339 619,186 (3,017,717) - 4,301,552
----------- ----------- ----------- ----------- ---------- ----------- --- -----------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt 545,512 3,113,665 268,959 76,184 160,939 - - 4,165,259
Deferred income taxes (158) 1,323,413 (18,152) 299 (36,534) - - 1,268,868
Investment tax and other
deferred credits - - - - - - -
Regulatory obligation - - - - - - - -
Other - 9,809 - - - - - 9,809
----------- ----------- ----------- ----------- ---------- ----------- --- -----------
545,354 4,446,887 250,807 76,483 124,405 - - 5,443,936
----------- ----------- ----------- ----------- ---------- ----------- --- -----------
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) (488,960) (1,280,917) (1,335,913) (323,302) 1,803,627 2,940,132 - 1,314,667
Current Earnings (Loss) 897,382 1,132,624 (172,205) (76,287) 194,937 (884,131) - 1,092,320
----------- ----------- ----------- ----------- ---------- ----------- --- -----------
4,596,312 3,692,697 (1,160,003) (399,489) 2,048,564 (2,133,204) - 6,644,877
Treasury stock, at cost - - - - - - - -
----------- ----------- ----------- ----------- ---------- ----------- --- -----------
4,596,312 3,692,697 (1,160,003) (399,489) 2,048,564 (2,133,204) - 6,644,877
----------- ----------- ----------- ----------- ---------- ----------- --- -----------
$ 5,216,425 $11,478,068 $ 1,684,305 $ 370,333 $2,792,155 $(5,150,921) $ - $16,390,365
=========== =========== =========== =========== ========== =========== === ===========
</TABLE>
<PAGE>
Aircraft Fixed Base Operations Schedule 3
Consolidating Income Statement
For the year ended December 31, 1999
<TABLE>
<CAPTION>
jetCenters, Denver Salt Lake Fort-Collins Colorado Eliminating
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 - 11,231,245 2,335,578 1,016,004 4,227,045 - - 18,809,872
Real estate sales and
operations - - - - - - - -
Equity in income of affiliate - - - - - - - -
Other, including management
fees 648,701 137,915 33,649 23,152 71,838 - - 915,255
--------- ----------- ---------- ---------- ---------- --- --------- -----------
648,701 11,369,160 2,369,227 1,039,156 4,298,883 - - 19,725,127
--------- ----------- ---------- ---------- ---------- --- --------- -----------
COSTS AND EXPENSES:
Natural gas utility operations
and oil and gas production - - - - - - - -
Aircraft fixed base operations - 5,363,720 1,374,426 517,143 1,650,427 - - 8,905,716
Real estate sales and
operations - - - - - - - -
Salaries and wages 345,679 1,216,156 422,387 221,940 796,134 - - 3,002,296
General and administrative
expenses 208,916 2,457,712 467,739 281,877 815,890 - - 4,232,134
Interest expense 62,383 203,363 242,837 69,665 51,245 - - 629,493
Depreciation, depletion -
and amortization 9,355 338,153 141,030 72,314 264,270 - - 825,122
--------- ----------- ---------- ---------- ---------- --- --------- -----------
626,333 9,579,104 2,648,419 1,162,939 3,577,966 - - 17,594,761
--------- ----------- ---------- ---------- ---------- --- --------- -----------
Income (loss) before taxes
and minority interests 22,368 1,790,056 (279,192) (123,783) 720,917 - - 2,130,366
Earnings of consolidated
subsidiaries 884,131 - - - - (884,131) -
Equity in earnings of
investment in L.L.C. - - - - (353,367) - - (353,367)
Tax (expense) benefit (9,117) (657,432) 106,987 47,496 (172,613) - - (684,679)
--------- ----------- ---------- ---------- ---------- --- --------- -----------
NET INCOME (LOSS) $ 897,382 $ 1,132,624 $ (172,205) $ (76,287) $ 194,937 $ - $(884,131) $ 1,092,320
========= =========== ========== ========== ========== === ========= ===========
</TABLE>
<PAGE>
Small Subsidiaries
Consolidating Schedule, Balance Sheet Information
December 31, 1999
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 17,970 24,239 24,842 5,656 1,013 - - 73,720
Receivables: - -
Note receivable -
current portion 6,208 - 435,948 - - - - 442,156
Accounts receivable -
trade 7 - - - - - 7
Accounts receivable -
affiliates - - 8,791 133,564 596,322 - - 738,677
Less allowance for
doubtful accounts - - - - - - - -
Other current assets - - - - - - - -
-------- -------- --------- --------- ---------- --- --- -----------
Total current assets 24,185 24,239 469,581 139,220 597,335 - - 1,254,560
-------- -------- --------- --------- ---------- --- --- -----------
LONG-TERM NOTES RECEIVABLE:
Trade 5,171 - - - - - - 5,171
Officers - - - - - - - -
Affiliates - - 2,523,333 3,698,279 - - 6,221,612
-------- -------- --------- --------- ---------- --- --- -----------
5,171 - - 2,523,333 3,698,279 - - 6,226,783
-------- -------- --------- --------- ---------- --- --- -----------
INVESTMENTS:
Investments in other securities - - - - 20,948,351 - - 20,948,351
Land held for investment 741,093 - - - - - - 741,093
Other - - - - - - - -
Subsidiaries - - - - - - - -
-------- -------- --------- --------- ---------- --- --- -----------
741,093 - - - 20,948,351 - - 21,689,444
-------- -------- --------- --------- ---------- --- --- -----------
PROPERTY AND EQUIPMENT:
Utility plant in service - - - - - - - -
Proved oil and gas properties -
full cost - - - - - - - -
Leasehold improvements - - - - - - - -
Other property and equipment 63,277 - - - - - - 63,277
Less accumulated depreciation, -
depletion and amortization (1,480) - - - - - - (1,480)
-------- -------- --------- --------- ---------- --- --- -----------
61,797 - - - - - - 61,797
-------- -------- --------- --------- ---------- --- --- -----------
OTHER ASSETS:
Goodwill, net of amortization - - - - - - - -
Other assets 1,000 - - - - - - 1,000
-------- -------- --------- --------- ---------- --- --- -----------
1,000 - - - - - - 1,000
-------- -------- --------- --------- ---------- --- --- -----------
833,246 24,239 469,581 2,662,553 25,243,965 - - 29,233,584
======== ======= ========= ========= ========== === === ===========
</TABLE>
<PAGE>
Small Subsidiaries
Consolidating Schedule, Balance Sheet Information
December 31, 1999
Schedule 4
<TABLE>
<CAPTION>
Cordillera's
LIABILITIES AND Silver Cliff 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 - - - - - - - -
Trade accounts payable 398 - - - - - - 398
Accounts payable - affiliates 16 - - - - - - 16
Revenues subject to refund - - - - - - - -
Income taxes payable 59,920 - - 21,418 - - - 81,338
Other current liabilities 3,734 3,895 - - - - - 7,629
-------- -------- ---------- --------- ---------- --- --- -----------
64,068 3,895 - 21,418 - - - 89,381
-------- -------- ---------- --------- ---------- --- --- -----------
LONG-TERM LIABILITIES & CREDITS:
Long-term debt - - - - - - - -
Accrual for construction
liability - - - - - - - -
Other long-term liabilities - - - - - - - -
Deferred income taxes 74,100 - - - 7,813,536 - - 7,887,636
Investment tax and other
deferred credits - - - - - - - -
-------- -------- ---------- --------- ---------- --- --- -----------
74,100 - - - 7,813,536 - - 7,887,636
-------- -------- ---------- --------- ---------- --- --- -----------
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) 400,017 9,638 (2,238,099) 1,652,850 8,502,296 - - 8,326,702
Current earnings (loss) (5,040) 10,696 19,727 168,285 4,648,544 - - 4,842,212
-------- -------- ---------- --------- ---------- --- --- -----------
695,078 20,344 469,581 2,641,135 17,430,429 - - 21,256,567
Less treasury stock, at cost - - - - - - - -
-------- -------- ---------- --------- ---------- --- --- -----------
Total stockholders' equity 695,078 20,344 469,581 2,641,135 17,430,429 - - 21,256,567
-------- -------- ---------- --------- ---------- --- --- -----------
833,246 24,239 469,581 2,662,553 25,243,965 - - 29,233,584
======== ======== ========== ========= ========== === === ===========
</TABLE>
<PAGE>
Small Subsidiaries
Consolidating income Statement
December 31, 1999
Schedule 4
<TABLE>
<CAPTION>
Cordillera's
Silver Cliff 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 9,107 31,877 - - - - - 40,984
Equity in income of affiliate - - - - 7,225,729 - - 7,225,729
Other, including loan
guarantee and
management fees 1,539 - 37,395 266,132 188,242 - - 493,308
-------- -------- ---------- --------- ---------- --- --- -----------
10,646 31,877 37,395 266,132 7,413,971 - - 7,760,021
-------- -------- ---------- --------- ---------- --- --- -----------
COSTS AND EXPENSES:
Oil and gas production and
natural gas utility
operations - - - - - - - -
Fixed base operations - - - - - - - -
Real estate sales and
operations 250 10,890 - - - - - 11,140
Administrative and general
expenses 15,774 3,895 25 - 25 - - 19,719
Interest expense - - - 8,118 - - - 8,118
Depreciation, depletion and
amortization 240 - - - - - - 240
-------- -------- ---------- --------- ---------- --- --- -----------
16,264 14,785 25 8,118 25 - - 39,217
-------- -------- ---------- --------- ---------- --- --- -----------
Income (loss) before taxes
and minority interests (5,618) 17,092 37,370 258,014 7,413,946 - - 7,720,804
Minority interests - - - - - - - -
Tax (expense) benefit 578 (6,396) (17,643) (89,729) (2,765,402) - - (2,878,592)
-------- -------- ---------- --------- ---------- --- --- -----------
NET INCOME (LOSS) (5,040) 10,696 19,727 168,285 4,648,544 - - 4,842,212
======== ======== ========== ========= ========== === === ===========
</TABLE>
<PAGE>
GENESEE PROPERTIES, INC. Attachment 5
Balance Sheet
December 31
ASSETS
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Current Assets:
Cash $ 59,208 $ 81,718
Income taxes receivable 61,203 10,396
Accrued interest - affiliates - 14,122
Current portion of notes receivable - 614,000
Deferred income tax asset - 128,383
------------ ------------
Total current assets 120,411 848,619
------------ ------------
Property, at cost
Land 9,800,000 9,800,000
Buildings 25,303,035 26,097,460
Less accumulated depreciation (15,996,728) (15,256,232)
------------ ------------
Net property 19,106,307 20,641,228
------------ ------------
Other assets:
Notes receivable 785,000 825,000
Investments 3,720,146 3,710,150
Net loan costs 32,983 25,000
------------ ------------
4,538,129 4,560,150
------------ ------------
Total assets $ 23,764,847 $ 26,049,997
============ ============
</TABLE>
(Continued)
<PAGE>
GENESEE PROPERTIES, INC. Attachment 5
Balance Sheet
(Continued)
December 31
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
1999 1998
----------- -----------
<S> <C> <C>
Current liabilities:
Accounts payable $ 16,771 $ 8,801
Accrued interest payable 21,032 38,653
Other accrued liabilities 684 692
----------- -----------
Total current liabilities 38,487 48,146
----------- -----------
Long-term debt 4,000,000 8,000,000
----------- -----------
Other liabilities and deferred credits:
Security deposits 339,320 339,320
Deferred income taxes 1,119,735 1,175,195
----------- -----------
Total other liabilities and deferred credits 1,459,055 1,514,515
----------- -----------
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 10,261,205 8,481,236
----------- -----------
Total stockholders' equity 18,267,305 16,487,336
----------- -----------
Total liabilities and stockholders' equity $23,764,847 $26,049,997
=========== ===========
</TABLE>
<PAGE>
GENESEE PROPERTIES, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
----------- -----------
<S> <C> <C>
Revenues:
Rental income $ 5,079,130 $ 5,088,140
Interest income 93,757 106,750
----------- -----------
Total revenue 5,172,887 5,194,890
----------- -----------
Expenses:
Support easements 104,446 102,398
Consulting expense 400,000 400,000
Interest expense 426,624 739,083
Depreciation and amortization 1,204,908 1,290,048
Miscellaneous expenses 142,116 118,073
----------- -----------
Total expense 2,278,094 2,649,602
----------- -----------
Income before income taxes 2,894,793 2,545,288
Provision for income taxes (1,114,824) (963,289)
----------- -----------
Net income $ 1,779,969 $ 1,581,999
=========== ===========
</TABLE>
<PAGE>
HOPKINS PROPERTIES, INC. Attachment 5
Balance Sheet
December 31
ASSETS
<TABLE>
<CAPTION>
1999 1998
----------- -----------
<S> <C> <C>
Current Assets:
Cash $ 216,241 $ 157,038
Income taxes receivable 630 157
----------- -----------
Total current assets 216,871 157,195
----------- -----------
Investments in affiliates 9,352,000 9,352,000
----------- -----------
Property and equipment, at cost:
Land 200,000 200,000
Buildings 516,873 652,021
Less accumulated depreciation (326,760) (381,150)
----------- -----------
Net property 390,113 470,871
----------- -----------
Other assets 41 52
----------- -----------
Total assets $ 9,959,025 $ 9,980,118
=========== ===========
</TABLE>
(Continued)
<PAGE>
HOPKINS PROPERTIES, INC. Attachment 5
Balance Sheet
(Continued)
December 31
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Current liabilities:
Income taxes payable $ - $ -
------------ ------------
Total current liabilities - -
------------ ------------
Other liabilities and deferred credits:
Security deposits 7,777 7,777
Deferred income taxes 1,813 8,924
------------ ------------
Total other liabilities and deferred credits 9,590 16,701
------------ ------------
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 (101,665) (87,683)
------------ ------------
Total stockholders' equity 9,949,435 9,963,417
------------ ------------
Total liabilities and stockholders' equity $ 9,959,025 $ 9,980,118
============ ============
</TABLE>
<PAGE>
HOPKINS PROPERTIES, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
--------- ---------
<S> <C> <C>
Revenues:
Rental income $ 100,112 $ 116,624
--------- ---------
Expenses:
Consulting expense 90,000 90,000
Accounting expense 2,900 2,900
Depreciation and amortization 24,612 31,048
Miscellaneous expenses 35 34
--------- ---------
Total expense 117,547 123,982
--------- ---------
Loss before income taxes (17,435) (7,358)
Provision for income taxes 3,453 337
--------- ---------
Net loss $ (13,982) $ (7,021)
========= =========
</TABLE>
<PAGE>
LINDBERGH PROPERTIES, INC. Attachment 5
Balance Sheet
December 31
<TABLE>
<CAPTION>
1999 1998
---------- ----------
<S> <C> <C>
Current Assets:
Cash $ 21,274 $ 15,102
Income taxes receivable 2,180 3,668
---------- ----------
Total current assets 23,454 18,770
---------- ----------
Property, at cost:
Land 2,010,991 2,010,991
---------- ----------
Total assets $2,034,445 $2,029,761
========== ==========
Current Liabilities:
Income taxes payable $ - $ -
---------- ----------
Total current liabilities - -
---------- ----------
Long term debt 1,785,000 1,825,000
---------- ----------
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 198,345 153,661
---------- ----------
Total stockholders' equity 249,445 204,761
---------- ----------
Total liabilities and stockholders' equity $2,034,445 $2,029,761
========== ==========
</TABLE>
<PAGE>
LINDBERGH PROPERTIES, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
--------- ---------
<S> <C> <C>
Revenues:
Rental income $ 165,519 $ 162,273
--------- ---------
Expenses:
Consulting expense 10,000 10,000
Accounting expense 2,800 2,800
Interest expense 81,789 83,606
Miscellaneous expenses 35 34
--------- ---------
Total expense 94,624 96,440
--------- ---------
Income before income taxes 70,895 65,833
Provision for income taxes (26,211) (24,034)
--------- ---------
Net income $ 44,684 $ 41,799
========= =========
</TABLE>
<PAGE>
SORRENTO VALLEY REAL ESTATE, INC. Attachment 5
Balance Sheet
December 31
ASSETS
<TABLE>
<CAPTION>
1999 1998
----------- -----------
<S> <C> <C>
Current Assets:
Cash $ 201,587 $ 170,592
Income taxes receivable 233 243
----------- -----------
Total current assets 201,820 170,835
----------- -----------
Property, at cost:
Buildings 806,822 806,822
Less accumulated depreciation (510,076) (471,656)
----------- -----------
Net property 296,746 335,166
----------- -----------
Other assets:
Note receivable 1,000,000 1,000,000
Other 65 65
----------- -----------
1,000,065 1,000,065
----------- -----------
Total assets $ 1,498,631 $ 1,506,066
=========== ===========
</TABLE>
(Continued)
<PAGE>
SORRENTO VALLEY REAL ESTATE, INC. Attachment 5
Balance Sheet
(Continued)
December 31
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
1999 1998
---------- ----------
<S> <C> <C>
Current liabilities:
Income taxes payable $ - $ -
---------- ----------
Total current liabilities - -
---------- ----------
Other liabilities and deferred credits:
Security deposits 19,569 19,569
Deferred income taxes 11,514 13,938
---------- ----------
Total other liabilities and deferred credits 31,083 33,507
---------- ----------
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 19,448 24,459
---------- ----------
Total stockholders' equity 1,467,548 1,472,559
---------- ----------
Total liabilities and stockholders' equity $1,498,631 $1,506,066
========== ==========
</TABLE>
<PAGE>
SORRENTO VALLEY REAL ESTATE, INC. Attachment 5
Statement of Operations
For the years ended December 31, 1999 and 1998
<TABLE>
<CAPTION>
1999 1998
--------- ---------
<S> <C> <C>
Revenues:
Rental income $ 215,979 $ 211,744
Interest income 45,300 45,300
--------- ---------
Total revenue 261,279 257,044
--------- ---------
Expenses:
Support easements 61,073 59,875
Consulting expense 160,000 160,000
Accounting expense 2,700 2,700
Depreciation and amortization 38,420 38,420
Miscellaneous expenses 35 35
--------- ---------
Total expense 262,228 261,030
--------- ---------
Loss before income taxes (949) (3,986)
Provision for income taxes (4,062) (2,058)
--------- ---------
Net loss $ (5,011) $ (6,044)
========= =========
</TABLE>
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