FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended January 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 159D0 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to___________
Commission File No. 0-9558
INTERMOUNTAIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
NV 84-0817164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P. O. Box 14100, Reno, NV 89507
(address of principal executive offices) (zip code)
Registrant's telephone number, including area code (702) 851-4310
Not Applicable
Former name, former address, former fiscal year, if changed
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
13,700,000 shares of Common Stock, $.01 par value at January 31,
1996
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
BALANCE SHEETS (Unaudited)
_________________________________________________________________
<CAPTION>
April 30, January 31,
ASSETS: 1995 1996
<S> <C> <C>
Current asset - Cash 43,546 39,950
Mineral Properties 73,781 73,781
-------- --------
Total Assets 117,327 113,731
======== ========
LIABILITIES AND EQUITIES:
Current liabilities 3,914
--------
Stockholders' equity:
Common stock, par value $.01 per share.
Authorized 25,000,000 shares; issued
and outstanding 13,700,000 shares 137,000 137,000
Additional paid-in capital 1,351,318 1,351,318
Accumulated deficit (1,374,905) (1,374,587)
----------- -----------
Net stockholders' equity 113,413 113,731
----------- -----------
Total Liabilities and Equities 117,327 113,731
=========== ===========
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF OPERATIONS (Unaudited)
_________________________________________________________________
<CAPTION>
Three Months Ended Nine Months Ended
January 31, January 31,
1995 1996 1995 1996
<S> <C> <C> <C> <C>
Revenues:
Mineral royalties 13,856 4,548 17,095 51,447
------- ------ ------ ------
Expenses:
Unallocated exploration
expenses and rentals 500 4,140 4,318
General and
administrative 3,645 16,433 9,519 44,399
Franchise tax 804 2,412
------- ------ ------ ------
Total expenses 4,145 17,237 13,659 51,129
------- ------ ------ ------
Net earnings (loss) 9,711 (12,689) 3,436 318
======= ====== ====== ======
<FN>
Net earnings (loss) per
share is less than $.005
per share in each period
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
<TABLE>
INTERMOUNTAIN RESOURCES, INC.
STATEMENTS OF CASH FLOWS (Unaudited)
_________________________________________________________________
<CAPTION>
Nine Months Ended
January 31,
1995 1996
<S> <C> <C>
Cash provided by (used in) operating
activities:
Net earnings 3,436 318
Reduction in current liabilities (1,000) (3,914)
------- -------
Net cash provided by (used in) operations 2,436 (3,596)
Cash at beginning of period 9,688 43,546
------- -------
Cash at end of period 12,124 39,950
======= =======
<FN>
See accompanying notes to unaudited financial statements.
</TABLE>
<PAGE>
INTERMOUNTAIN RESOURCES, INC.
Notes To Unaudited Financial Statements
January 31, 1996
_________________________________________________________________
1. The financial statements as of January 31, 1996 are unaudited
but, in the opinion of management, reflect all adjustments
necessary for a fair presentation. The preparation of financial
statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual amounts may differ
from those estimates.
2. The Company has a substantial investment in mineral properties.
The existence of mineral reserves in commercial quantities on those
properties has not been determined except for the Sonrisa claims.
Recovery of the investment is dependent on the discovery of
minerals in commercial quantities.
3. As disclosed in the April 30, 1994 and 1995 Forms 10-K, the U.
S. Forest Service has determined a release of hazardous substances
covered under the Comprehensive Environmental Response,
Compensation, and Liability Act occurred at Siskon Mine, a property
which the Company once had under option. The Company has received
no communication regarding this matter since the filing of the
April 30, 1995 Form 10-K.
4. Reference is made to the Company's annual financial statements
for the year ended April 30, 1995 for a description of its
accounting policies which have continued without change. Also,
refer to the footnotes to those financial statements for additional
details of the Company's financial condition and results of
operations. The details in those notes have not changed except as
a result of normal transactions in the interim.
MANAGEMENT ANALYSIS AND DISCUSSION OF FINANCIAL STATEMENTS
Production royalty credits for the three months and nine months
ended January 31, 1995 were $14,000 and $63,000 respectively as
compared to $5,000 and $51,000 for the same periods in 1995.
However, except for $17,095 the 1995 amounts were applied against
advance minimum royalties previously received and recognized as
revenue. Production royalties are dependent on both production
quantities and the price of metals. Neither factor is subject to
the control of the Company. The Lessee of the claims has announced
suspension of production at the Baltic Pit and commencement of
operations at the Lamont Pit. Although the Lessee has provided no
information with respect to its production plans, management expects
production royalties will decline.
Unallocated exploration and rental expenses were comparable
and general and administrative expenses increased by $13,000 and
$34,000 for the quarter and nine month periods ended in 1996
principally due to salary and related payroll taxes. Franchise
taxes measured by income of $2,400 were recorded during the period.
<PAGE>
PART II - OTHER INFORMATION
Item #6 Exhibits and Reports on Form 8-K
a. Exhibits
Exhibit 27. Financial Data Schedule
b. Reports on Form 8-K
None
SIGNATURE
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 29, 1996 INTERMOUNTAIN RESOURCES, INC.
(a Nevada corporation)
/s/L. W. Watson
L. W. Watson, President,
Treasurer, and principal
accounting officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-END> JAN-31-1996
<CASH> 39,950
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 39,950
<PP&E> 73,781
<DEPRECIATION> 0
<TOTAL-ASSETS> 113,731
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 137,000
0
0
<OTHER-SE> (23,269)
<TOTAL-LIABILITY-AND-EQUITY> 113,731
<SALES> 0
<TOTAL-REVENUES> 51,447
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,730
<INCOME-TAX> 2,412
<INCOME-CONTINUING> 318
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 318
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
