UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (FEE REQUIRED
For the fiscal year ended: December 31, 1997
-----------------
Commission file number: 33-11309
--------
THE IDAHO COMPANY
(Exact name of registrant as specified in its charter)
Idaho 82-0410913
(State or other jurisdiction of (Internal Revenue Service Employer
incorporation or organization) Identification Number)
102 S. 17th Street, Suite 201
P. O. Box 6812
Boise, ID 83707
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (208) 344-6308
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Common Stock - without par value
- -------------------------------------------------------------------------------
(Title of Class)
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. [X] Yes [ ] No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (s. 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part II of this
Form 10-K or any amendment to this Form 10-K. [ ]
The aggregate market value of voting stock held by nonaffiliates of the
Registrant at December 31, 1997 was zero. There currently is no market for
the Company's stock.
The number of Registrant's no par value common stock outstanding at
December 31, 1997 was 1,618.
1
THE IDAHO COMPANY
TABLE OF CONTENTS
Item PART I Page
1. Business 3
2. Properties 3
3. Legal Proceedings 3
4. Submission of Matters to a Vote of Security Holders 3
PART II
5. Market for the Registrant's Common Equity and
Related Stockholder Matters 4
6. Selected Financial Data 4
7. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
8. Financial Statements and Supplementary Data 7
9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure 17
PART III
10. Directors and Executive Officers of the Registrant 18
11. Executive Compensation 19
12. Security Ownership of Certain Beneficial Owners 19
and Management
13. Certain Relationships and Related Transactions 19
PART IV
14. Exhibits, Financial Statement Schedules and 20
Reports on Form 8-K
2
PART I
Item 1. Business
The Idaho Company (the "Company") was incorporated under the laws of the State
of Idaho on November 28, 1986. The Company is a for-profit corporation
organized to promote economic growth in Idaho. The Company achieves this
objective by lending to, investing in, arranging financing for, and
consulting with new, emerging, and expanding businesses.
The Company has pursued a program of lending and equity investing, loan
placement, and management consulting to help small businesses attain greater
financial stability.
Direct loans and investments totaling $871,838 were entered into during the
year ended December 31, 1997. Lending activity resulted in the creation or
retention of 26 jobs in the State of Idaho.
On September 30, 1992, the Company was granted an exemption from the
reporting requirements of the Investment Company Act of 1940 subject to
continued compliance with sections 9, 10, 15, 16(a), 17(g), 17(i), 18, 21,
23, 35, 36, 37, and, to the extent necessary to enforce the provisions of
the Act, sections 38 through 53. In addition, the Company was exempted from
certain provisions of rule 17g-1. The exemption allows the Company to make
loans to and investments in Idaho small businesses in excess of forty percent
of the Company's assets without incurring reporting requirements under the Act.
On August 4, 1997, an office in Idaho Falls, Idaho was established. Mr. Robert
W. Barnes was hired as Vice President, Credit, to manage the office. Mr.
Barnes has 20 year credit experience including commercial, agriculture, and
government guaranteed loans. Mr. Barnes will work exclusively on credit
requests throughout Idaho; specifically, SBA 7a, 504's, Farmer Mac and
commercial loans.
Item 2. Properties
The Company leases office space at 102 S. 17th Street, Suite 201, Boise, Idaho
83702 and 381 Shoup Avenue, Suite 210, Idaho Falls, Idaho 83403.
Item 3. Legal Proceedings
There are no legal proceedings involving the Company.
Item 4. Submission Of Matters To A Vote Of Security Holders
No matters were submitted to a vote of security holders during the quarter
ended December 31, 1997.
3
PART II
Item 5. Market For The Registrant's Common Equity And Related Stockholder
Matters
There is no established public trading market for the Company's stock.
Shareholders as of December 31, 1997, numbered two.
No shareholder is entitled, as a matter of right, to purchase or subscribe for
any unissued or treasury stock of the Company, and no shareholder is entitled,
as a matter of right, to purchase or subscribe for any bonds, notes,
certificates or indebtedness, debentures, or other obligations convertible
into stock of the Company.
The Company does not intend to pay, nor obligate itself to pay, a cash
dividend or dividend in kind to its shareholders unless that payment is
consistent with capital requirements and profitability and has been approved
by the Director of the Department of Finance of the State of Idaho.
Item 6. Selected Financial Data
Year Year Year
Ended Ended Ended
1997 1996 1995
Revenues $ 178,093 $ 177,811 $ 154,123
Net income 5,384 42,629 31,070
Net income per common share 3.33 26.35 19.20
Total assets 1,387,803 1,318,166 1,101,130
4
Item 7. Management's Discussion And Analysis Of Financial Condition And
Results Of Operation.
Nearly all of The Idaho Company's assets are employed in loans to Idaho
businesses earning market rates of interest. There were two loans 30 or
more days past due in the portfolio as of December 31, 1997. The Company
created or retained an estimated 26 jobs in 1997.
The Company is financially backing a proposal to raise $10 million to form
Littlewood Capital Resources, L.P., a limited partnership which would become
licensed as a Small Business Investment Corporation (SBIC). Upon closing
Littlewood Capital Resources, L.P., all expenses incurred by the Company will
be reimbursed. The offering is in review with the Idaho Department of Finance
and is anticipated to be passed upon in the first quarter of 1998.
Summary statements of income information for the Idaho Company follows:
Year Year Year
Ended Ended Ended
1997 1996 1995
Interest income $148,415 156,048 122,582
Consulting fee income 1,341 983 4,088
Loan fees 19,831 16,636 25,378
Other income 8,506 4,144 2,075
-------- -------- --------
178,093 177,811 154,123
Operating expense 195,821 158,294 146,165
--------- --------- ---------
195,821 158,294 146,165
Accretion of excess cost
over purchase price 23,112 23,112 23,112
-------- -------- --------
Net income $ 5,384 42,629 31,070
========= ======== ========
Results Of Operations
- ---------------------
The primary sources of revenue for the Company during 1997, 1996 and 1995 were
interest earned on loans and loan fees. 1997 was a year of management
change, thus decreasing average outstanding loan balances through the third
quarter of 1997, decreasing interest earnings from 1996 to 1997. Major
expense categories in 1997 and 1996 were Littlewood Capital Resources, L.P.,
insurance, accounting, payroll, and severance.
Operations for 1997 and 1996 resulted in net income of $5,384 and $42,629,
respectively. This compares to a net income of $31,070 for 1995. During
1997, the Company had incurred expenses including severance pay, accruing
accounting expenses and expenses to start Littlewood Capital Resources, L.P.
These expenses totaled $40,667.
5
Inflation has had little impact upon the operating overhead, lending or
investing activities of the Company during 1997, 1996 and 1995. Interest
rates have remained stable as loan volumes have flattened during 1997.
No material commitments for capital equipment existed at year end 1997.
Liquidity And Capital Resources
- -------------------------------
The Company has substantially all available capital invested in loans.
Liquidity for operations and additional lending is provided through a
$300,000 unsecured line of credit, with utilization of $269,877 at year end.
Principal payments on the Company's loans receivables are applied to reducing
the line. The current portion of loans receivable, as of December 31, 1997
totalled $815,403. The Company's line of credit matures on June 20, 1998.
The line of credit is renewable. If additional funds are raised, the Company
will be able to increase net income commensurately, provided the Company
maintains its current overhead structure.
No unusual capital expenditures are anticipated at this time. The Company does
not intend to declare nor pay dividends in the foreseeable future. As such,
management anticipates that cash will be generated from operations in amounts
sufficient to allow the Company to meet its obligations as they come due.
(The remainder of this page intentionally left blank)
6
Item 8. Financial Statements And Supplementary Data
The Board of Directors
The Idaho Company:
We have audited the accompanying balance sheets of The Idaho Company (the
Company) as of December 31, 1997 and 1996, and the related statements of
income, stockholders' equity, and cash flows for each of the years in the
three-year period ended December 31, 1997. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Company as of December
31, 1997 and 1996, and the results of its operations and its cash flows for
each of the years in the three-year period ended December 31, 1997, in
conformity with generally accepted accounting principles.
/s/ KPMG Peat Marwick LLP
Salt Lake City, Utah
January 16, 1998
7
THE IDAHO COMPANY
Balance Sheets
December 31,
----------------------------------------
Assets 1997 1996
------ ----------- ----------
Cash $ 64,898 15,636
Securities available-for-sale 1,865 -
Loans receivable 1,343,585 1,345,817
Less allowance for loan losses 81,464 75,706
----------- ----------
Net loans 1,262,121 1,270,111
Interest receivable 21,088 23,094
Prepaid expense 10,609 8,515
Noninterest bearing convertible note 25,000 -
Property and equipment 2,222 -
---------- ----------
$1,387,803 1,318,166
========== ==========
Liabilities and Stockholders Equity
------------------------------------
Accrued expenses $ 10,780 3,909
Payroll tax payable 5,391 2,319
Deferred fees 3,352 10,887
Note payable 269,877 184,921
------------ ----------
289,400 202,036
Excess of net assets acquired
over cost, net of accumulated
accretion of $80,891 in 1997
and $57,780 in 1996 34,668 57,779
------------ ----------
Total liabilities 324,068 259,815
Stockholders equity:
Common stock, no par value.
Authorized 500,000 shares;
1,618 shares issued and outstanding 982,825 982,825
Retained earnings 80,910 75,526
---------- ----------
Total stockholders equity 1,063,735 1,058,351
---------- ----------
$1,387,803 1,318,166
========== ==========
See accompanying notes to financial statements.
8
THE IDAHO COMPANY
Statements of Income
Years ended December 31,
--------------------------------------
1997 1996 1995
-------- ------- ------
Revenues:
Interest income $ 148,415 156,048 122,582
Loan fees 19,831 16,636 25,378
Consulting fees 1,341 983 4,088
Other income 8,506 4,144 2,075
-------- -------- --------
178,093 177,811 154,123
Expenses:
Operating expense 108,357 85,916 81,358
Payroll 86,609 72,378 64,807
Depreciation 855 - -
-------- ------- -------
195,821 158,294 146,165
Other - accretion of excess of
net assets acquired over cost 23,112 23,112 23,112
-------- ------- -------
Net income $ 5,384 42,629 31,070
======== ======= =======
Net income per share $ 3.33 26.35 19.20
======== ======= =======
Average number of shares
outstanding 1,618 1,618 1,618
======== ======= =======
See accompanying notes to financial statements.
9
THE IDAHO COMPANY
Statements of Stockholders' Equity
Total
stock-
Common stock Retained holders
Shares Amount earnings equity
------ ------ -------- ---------
Balances at
December 31, 1994 1,618 $ 983,125 1,827 984,952
Reverse stock split
fractional share payments - (23,238) - (23,238)
Common stock issuance - 22,938 - 22,938
Net income - - 31,070 31,070
------ ---------- -------- ----------
Balances at
December 31, 1995 1,618 982,825 32,897 1,015,722
Net income - - 42,629 42,629
------ ---------- -------- ----------
Balances at
December 31, 1996 1,618 982,825 75,526 1,058,351
Net income - - 5,384 5,384
------ ---------- -------- ----------
Balances at
December 31, 1997 1,618 $ 982,825 80,910 1,063,735
====== ========== ======== ==========
See accompanying notes to financial statements.
10
THE IDAHO COMPANY
Statements of Cash Flows
Years ended December 31,
-------------------------------------
1997 1996 1995
------- ------- ------
Increase (Decrease) in Cash
and Cash Equivalents Cash flows
from operating activities:
Net income $ 5,384 42,629 31,070
Adjustments to reconcile net
income to net cash provided by
(used in) operating activities:
Depreciation 855 - -
Accretion of excess of net
assets acquired over cost (23,112) (23,112) (23,112)
Provision of loan losses 5,758 12,070 12,998
Changes in operating assets
and liabilities:
Accounts receivable - - 275
Interest receivable 2,816 (7,322) (6,842)
Prepaid expense (2,094) 900 4,585
Accrued expenses 6,871 959 (15,044)
Payroll tax payable 3,072 752 498
Deferred fees (7,535) 10,887 -
-------- -------- --------
Net cash provided by
(used in) operating
activities (7,984) 37,763 4,428
-------- -------- --------
Cash flows from investing activities:
Maturities of interest bearing
deposits - - 36,908
Loans receivable disbursed (1,161,579) (1,344,114) (1,388,928)
Loans receivable collected 1,163,811 1,008,324 1,341,084
Purchase of office equipment (3,077) - -
Purchases of investment
securities available-for-sale (1,865) - -
Increase in noninterest bearing
convertible note (25,000) - -
--------- ---------- ---------
Net cash used in
investment activities (27,710) (335,790) (10,936)
--------- ---------- ---------
Cash flows from financing activities:
Principal payment on note
payable (184,921) (709,054) (9,577)
Proceeds from issuance of
note payable 269,877 893,975 -
Common stock fractional
share payments - - (23,238)
Proceeds from common stock
issuance - - 22,938
-------- --------- --------
Net cash provided by
(used in) financing
activities 84,956 184,921 (9,877)
-------- --------- --------
Net increase (decrease) in cash 49,262 (113,106) (16,385)
Cash at beginning of period 15,636 128,742 145,127
-------- --------- --------
Cash at end of period 64,898 15,636 128,742
======== ========= ========
Supplemental Schedule of Cash
Flow Information
Interest Paid 5,824 6,252 204
See accompanying notes to financial statements.
11
THE IDAHO COMPANY
Notes to Financial Statements
December 31, 1997 and 1996
(1) History of Company
The Idaho Company (the Company), incorporated under the laws of the state of
Idaho on November 28, 1986, is a for-profit corporation. The Company was
formed to promote economic growth and to stimulate, develop, and advance
the business prosperity of Idaho and its citizens. The Company achieves these
objectives by lending to, investing in, arranging financing for, and
consulting with new, emerging, and expanding businesses.
The Company is not obligated to pay a dividend or dividend in kind unless the
payment has been approved by the Director of the Department of Finance of the
State of Idaho and is consistent with capital requirements and profitability.
The Company is a licensed Business and Industrial Development Company (BIDCO).
As such, it is regulated by the State of Idaho Department of Finance and is
subject to periodic asset quality examinations. On September 30, 1992, the
Company was granted an exemption from registration as an investment company
under the Investment Company Act of 1940, conditioned upon satisfying certain
requirements, which have been met as of December 31, 1997.
(2) Summary of Significant Accounting Policies
(a) Securities Available-for-Sale
Securities available-for-sale consist of Class A Farmer Mac
stock. Unrealized holding gains and losses, net of tax, on
available-for-sale securities are reported as a net amount in a
separate component of stockholders' equity until realized.
(b) Loans
The Company makes commercial loans to Idaho small businesses to
stimulate economic activity through job creation. Loans are
reported at the principal amount outstanding, net of an
allowance for estimated loan losses. Accrual of interest is
discontinued when reasonable doubt exists as to collectibility.
All loans greater than 90 days delinquent are subject to
nonaccrual of interest. Interest accruals are resumed on such
loans only when they are brought fully current with respect to
principal and interest and when, in the judgment of management,
the loans are fully collectible.
The allowance for loan losses is established through a
provision for loan losses charged to expense. Loans are
charged against the allowance for loan losses when management
believes that the collectibility of the principal is unlikely.
The allowance is an amount that management believes will be
adequate to absorb possible losses on existing loans that may
become uncollectible, based on conditions existing at the
balance sheet date using evaluations of the collectibility of
loans and prior loan loss experience. The evaluations take into
consideration such factors as changes in the nature and volume
of the loan portfolio, overall portfolio quality, review of
specific problem loans, and current economic conditions that
may affect the borrower's ability to pay.
12
(b) Loans (continued)
The Company considers a loan to be impaired when the accrual of
interest has been discontinued. The amount of the impairment
is measured based on the present value of expected future cash
flows discounted at the notes effective interest rate.
Impairment losses are included in the allowance for loan losses
through a provision for loan losses.
(c) Property and Equipment
Property and equipment consists of a computer carried at cost,
less accumulated depreciation of $855. The computer is being
depreciated over three years on a straight-line method.
(d) Income Taxes
The Company accounts for income taxes using the asset and
liability method, under which deferred tax assets and
deferred tax liabilities are recognized for the future tax
consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss
carryforwards. Deferred tax assets and deferred tax
liabilities are measured using enacted tax rates expected to
apply to taxable income in years in which those temporary
differences are expected to be recovered or settled. The
effect on deferred tax assets and deferred tax liabilities of
a change in tax rates is recognized in income in the period
that includes the enactment date.
(e) Excess of Net Assets Acquired Over Cost
The excess of net assets acquired over cost is accreted on a
straight-line basis over a five-year life.
(f) Income Per Share
Income per share is computed by dividing the net income by
the weighted-average number of shares outstanding during the
period.
(g) Use of Estimates
The financial statements have been prepared in conformity
with generally accepted accounting principles. In preparing
the financial statements, management is required to make
estimates and assumptions that affect the reported amounts of
assets and liabilities as of the date of the balance sheet
and revenues and expenses for the period. Actual results
could differ from those estimates.
(h) Accounting Issues not Adopted
In June 1997, the Financial Accounting Standards Board
(FASB) issued Statement No. 130, Reporting Comprehensive
Income (Statement 130). Statement 130 establishes standards
for reporting and display of comprehensive income and its
components in a full set of general purpose financial
statements. Statement 130 requires all items that are
required to be recognized
13
(h) Accounting Issues not Adopted (continued)
under accounting standards as components of comprehensive
income be reported in a financial statement that is displayed
in equal prominence with the other financial statements. It
does not require a specific format for that financial
statement, but requires that an enterprise display an amount
representing total comprehensive income for the period in
that financial statement.
Enterprises are required to classify items of other
comprehensive income by their nature in the financial
statement and display the balance of other comprehensive
income separately in the equity section of a statement of
financial position. It does not require per share amounts of
comprehensive income to be disclosed.
Statement 130 is applicable to all entities that provide a
full set of financial statements consisting of a statement of
financial position, results of operations, and cash flows.
Statement 130 is effective for both interim and annual
periods beginning after December 15, 1997. Earlier
application is permitted. Comparative financial statements
provided for earlier periods are required to be reclassified
to reflect the provisions of Statement 130.
In June 1997, the FASB issued Statement of Financial
Accounting Standards No. 131, Disclosures about Segments of
an Enterprise and Related Information (Statement 131).
Statement 131 establishes standards for the way public
business enterprises are to report information about
operating segments in annual financial statements and
requires those enterprises to report selected information
about operating segments in interim financial reports issued
to stockholders. It also establishes standards for related
disclosures about products and services, geographic areas,
and major customers. Statement 131 supersedes FASB Statement
No. 14, Financial Reporting for Segments of a Business
Enterprise (Statement 14), but retains the requirement to
report information about major customers. It amends FASB
Statement No. 94, Consolidation of All Majority-Owned
Subsidiaries, to remove the special disclosure requirements
for previously unconsolidated subsidiaries.
Statement 131 replaces the industry segment concept of
Statement 14 with a management approach concept as the basis
for identifying reportable segments. The management approach
is based on the way that management organizes the segments
within the enterprise for making operating decisions and
assessing performance. Consequently, the segments are
evident from the structure of the enterprise's internal
organization. Furthermore, the management approach
facilitates consistent descriptions of an enterprise in its
annual report and various other published information. It
focuses on financial information that an enterprise's
decision makers use to make decisions about the enterprise's
operating matters.
Statement 131 is effective for financial statements for
periods beginning after December 15, 1997. Earlier
application is encouraged. In the initial year of
application, comparative information for earlier years is to
be restated, unless it is impracticable to do so. Statement
131 need not be applied to interim financial statements in
the initial year of its application, but comparative
information for interim periods in the initial year of
application shall be reported in financial statements for
interim periods in the second year of application.
14
(3) Loans Receivable
The Company's loan portfolio is diversified among a variety of industry
classifications as follows:
December 31,
1997 1996
Retail $ 316,568 172,398
Manufacturing 17,998 80,017
Agriculture 368,433 518,494
Food processing 37,200 60,287
Distribution 5,600 36,000
Construction 425,244 230,588
Transportation 39,638 41,594
Finance 21,272 29,553
Contractors - 31,703
Medical 62,533 93,961
Hospitality 19,010 41,071
Natural resources 3,379 10,151
Trade 26,710 -
---------- ----------
$1,343,585 1,345,817
========== ==========
Loans within the portfolio have maturities ranging from one to five
years as of December 31, 1997 and 1996. The largest loan to an
individual customer at December 31, 1997 is $371,517.
(4) Allowance for Loan Loss
Allowance for loan loss activity is summarized as follows:
Years ended December 31,
---------------------------------------
1997 1996 1995
------- ------ ------
Balances, beginning of period $ 75,706 63,636 50,638
Provision for loan losses 5,758 12,070 12,998
Write-offs - - -
---------- ---------- ---------
Balances, end of period $ 81,464 75,706 63,636
========== ========== =========
(5) Note Payable
At December 31, 1997, the Company had a revolving credit line with a
Bank that provided for unsecured borrowings up to $300,000 which will
expire June 20, 1998. The credit line bears interest of 1 1/2 percent
over the Wall Street Journal Prime interest rate.
15
(6) Income Taxes
No provision has been made in the financial statements for income
taxes because of utilization of net operating losses.
The tax effects of temporary differences that give rise to
significant portions of the deferred tax assets are presented below:
December 31,
-------------------------
1997 1996
------- -------
Deferred tax assets:
Allowance for loan losses $ 34,215 31,796
Net operating loss
carryforward 171,232 162,060
Total deferred
tax assets 205,447 193,856
Less valuation allowance (205,447) (193,856)
--------- ---------
Net deferred
tax asset $ - -
========= =========
The net change in the total valuation allowance for the years ended
December 31, 1997 and 1996, was an increase of $11,591 and $38,620,
respectively.
For income tax return purposes, the Company has available, net
operating loss carryforwards of $407,692, which expire between 2002
and 2012.
(7) Commitments and Contingencies
The Company had funds committed for loans and unfunded lines of
credit as of December 31, 1997 of $416,473.
Certain facilities are leased under various short-term operating
leases. Rental expense was $10,085, $7,875, and $7,875 in 1997,
1996, and 1995, respectively.
16
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
None.
(The remainder of this page intentionally left blank)
17
Item 10. Directors And Executive Officers Of The Registrant
It is expected that the number of directors serving on the board will continue
to be fewer than the total number permitted.
Principal Occupation During Director Term
Director the Past Five Years Since Expires Age
Grant R. Caldwell Retired certified public 1994 1999 73
accountant and managing
partner, KMG Main Hurdman,
Salt Lake City, UT.
Director, Zions Bancorporation,
Salt Lake City, UT
Wayne Mittleider Past Executive Director, Idaho 1994 1999 50
Housing Agency, Boise, ID
Charles M. Rice Director, Polysi, Inc., 1996 1999 72
Idaho Falls, ID
Diane Rigby Vice President, The Idaho 1994 1998 32
Company. Past Manager, Analytical
Support & Safekeepikng, Zions First
National Bank
John P. Rigby Database Administrator, Idaho 1994 1999 40
Power Company, Boise, ID
William F. Rigby Chairman and CEO, Bank of 1994 2000 67
Eastern Idaho, Idaho Falls, ID.
Chairman of the Board and
President, The Idaho Company,
Boise, ID
Dan G. Simkins President and Chief Operating 1994 1998 57
Officer, Bank of Eastern Idaho,
Idaho Falls, ID
Fred T. Thompson, Retired partner and manager, 1994 2000 66
Jr. GPOD of Idaho (potato dealer),
Shelley, ID
18
Item 11. Executive Compensation.
William F. Rigby, Chairman of the Board, President and CEO was paid no annual
salary in 1997. Diane Rigby, Vice President and director was paid $45,000
annual salary in 1997. Robert W. Barnes, Vice President, was paid $30,000
annual salary in 1997. All other directors, including those serving in officer
capacities, serve without compensation.
Item 12. Security Ownership Of Certain Beneficial Owners And Management.
The following directors hold all shares issued and outstanding as of December
31, 1997.
Shares of Percent of
Common Stock Outstanding
Name of Beneficial Owner Owned
- -----------------------------------------------------------------------------
William F. Rigby 1,078 67%
P. O. Box 1487
Idaho Falls, ID 83403
Fred T. Thompson, Jr. 540 33%
2390 Stroke Drive
Lake Havasu City, AZ 98607
Aggregate Shares: 1,618 100%
Item 13. Certain Relationships And Related Transactions.
None.
19
PART IV
Item 14. Exhibits, Financial Statement Schedules, And Reports On Form 8-K.
(a) The following documents are part of this report and appear on the pages
indicated:
(1) Financial Statements;
Independent Auditors' Report . . . 7
Balance Sheets - December 31, 1997 and 1996 . . . 8
Statements of Operations -
Years ended December 31, 1997, 1996 and 1995 . . . 9
Statements of Stockholders' Equity -
Years ended December 31, 1997, 1996 and 1995 . . .10
Statements of Cash Flows -
Years ended December 31, 1997, 1996 and 1995 . . .11
Notes to Financial Statements . . .12
(2) Financial Statement Schedules:
Schedules are omitted because the information is either not required,
not applicable, or is included in the accompanying financial
statements.
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the quarter ended
December 31, 1997.
20
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be executed on its
behalf by the undersigned, thereunto duly authorized.
(Registrant) The Idaho Company
-------------------
By (Signature and Title) _____________________________
/s/ Diane Rigby
Vice President
Date: 03-15-98
Supplemental information to be furnished with reports filed pursuant to Section
15(d) of the Act by registrants which have not registered securities pursuant
to Section 12 of the Act: None.
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
By (Signature and Title) ________________________________ Date: 03-16-98
/s/ John Rigby, Secretary/Treasurer
03/19/98 By _________________________________
/s/Grant R. Caldwell, Director
03/20/98 By _________________________________
/s/Wayne Mittleider, Director
(date) By _________________________________
Charles M. Rice, Director
03/15/98 By _________________________________
/s/Diane Rigby, Vice President & Director
03/16/98 By _________________________________
/s/John Rigby, Secretary/Treasurer; Director
03/18/98 By _________________________________
/s/William F. Rigby, Chairman of the Board,
President & Director
(date) By _________________________________
Dan G. Simkins, Director
03/19/98 By _________________________________
/s/Fred T. Thompson, Jr., Director
21
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE IDAHO
COMPANY'S BALANCE SHEET AT DECEMBER 31, 1997, AND STATEMENT OF INCOME FOR THE
TWELVE MONTHS ENDED DECEMBER 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<CASH> 64898
<SECURITIES> 1865
<RECEIVABLES> 1364673
<ALLOWANCES> 81464
<INVENTORY> 0
<CURRENT-ASSETS> 913863
<PP&E> 19734
<DEPRECIATION> 17512
<TOTAL-ASSETS> 1387803
<CURRENT-LIABILITIES> 289401
<BONDS> 0
0
0
<COMMON> 982825
<OTHER-SE> 80909
<TOTAL-LIABILITY-AND-EQUITY> 1387803
<SALES> 0
<TOTAL-REVENUES> 201203
<CGS> 0
<TOTAL-COSTS> 195820
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 5758
<INTEREST-EXPENSE> 5824
<INCOME-PRETAX> 5384
<INCOME-TAX> 0
<INCOME-CONTINUING> 5384
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5384
<EPS-PRIMARY> 3.33
<EPS-DILUTED> 3.33
</TABLE>
