UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A2
December 31, 2003
Statement by Holding Company Claiming Exemption under Rule U-3a-2 from the
provisions of the Public Utility Holding Company Act of 1935
ALASKA POWER & TELEPHONE COMPANY
--------------------------------------------------------------------------------
(Name of Company)
Alaska Power & Telephone Co.
Consolidated BS -- Page 1 of 3
December 31, 2004
Power
APC BBL GLH Total
ASSETS
Property plant and equipment:
Electric $50,784,021 $10,513,612 $17,526,762 $78,824,396
Telecommunications 0 0 0 0
Non-utility 0 0 0 0
------------ ------------ ------------ -----------
50,784,021 10,513,612 17,526,762 78,824,396
Less: accumulated depreciation (21,937,322) (2,009,138) (2,175,263) (26,121,723
------------ ------------ ------------ -----------
28,846,699 8,504,474 15,351,499 52,702,672
Utility plant under construction 2,888,823 854 0 2,889,677
------------ ------------ ------------ -----------
Total prop, plant and equipment net 31,735,522 8,505,328 15,351,499 55,592,349
Other assets:
Preliminary survey
Investments 0 0 0 0
Goodwill, net of amortization 0 0 0 0
Notes Receivable
Rate stabilization asset 0 0 2,950,455 2,950,455
Special funds - restricted 0 0 6,488,823 6,488,823
Other assets 304,243 230,107 398,101 932,452
Deferred income taxes
Intercompany (32,533) 0 (227,036) (259,569
------------ ------------ ------------ -----------
Total other assets 271,711 230,107 9,610,343 10,112,161
Current assets:
Cash 98,235 0 0 98,235
Receivables, less allowance 2,998,578 0 712,961 3,711,539
Inventory and other current assets 665,926 0 0 665,926
Income taxes recoverable 0 0 0 0
Deferred income taxes 5,089 0 0 5,089
------------ ------------ ------------ -----------
Total current assets 3,767,827 0 712,961 4,480,788
------------ ------------ ------------ -----------
Total Assets $35,775,061 $8,735,435 $25,674,802 $70,185,298
============ ============ ============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity:
Common stock $0 $0 $0 $0
Additional paid-in capital 0 0 0 0
Retained earnings 32,715,752 7,186,716 1,695,179 41,597,646
Current year earnings
------------ ------------ ------------ -----------
Total stockholders' equity 32,715,752 7,186,716 1,695,179 41,597,646
Long-term debt
CoBank debt 0 0 0 0
Goat Lake Hydro, Inc. note payable 0 0 20,268,203 20,268,203
AEA term debt
Capital Leases
Puget Sound Energy 0 0 0 0
Unsecured term debt - Tranche A 0 0 0 0
Unsecured term debt - Tranche B
------------ ------------ ------------ -----------
Total long-term debt 0 0 20,268,203 20,268,203
Other liabilities:
Deferred income taxes 2,590,093 1,540,719 2,769,681 6,900,493
Other deferred credits 307,682 0 556,740 864,422
------------ ------------ ------------ -----------
Total other liabilities 2,897,775 1,540,719 3,326,421 7,764,915
Current liabilities:
Accounts payable and accruals 161,534 8,001 0 169,535
Deferred income taxes
Current portion of long-term debt 0 0 385,000 385,000
------------ ------------ ------------ -----------
Total current liabilities 161,534 8,001 385,000 554,535
------------ ------------ ------------ -----------
Total Liabilities and
Stockholders' Equity $35,775,061 $8,735,435 $25,674,802 $70,185,298
============ ============ ============ ===========
Alaska Power & Telephone Co.
Consolidated BS -- Page 2 of 3
December 31, 2004
Telecom
ATC BTT NCT Total
ASSETS
Property plant and equipment:
Electric $0 $0 $0 $0
Telecommunications 37,538,177 853,857 374,321 38,766,356
Non-utility 0 0 0 0
------------ --------- --------- ------------
37,538,177 853,857 374,321 38,766,356
Less: accumulated depreciation (21,075,364) (652,896) (252,052) (21,980,313)
------------ --------- --------- ------------
16,462,813 200,961 122,269 16,786,044
Utility plant under construction 179,677 (0) 0 179,677
------------ --------- --------- ------------
Total prop, plant and equipment net 16,642,490 200,961 122,269 16,965,720
Other assets:
Preliminary survey
Investments 0 0 0 0
Goodwill, net of amortization 8,550,741 0 0 8,550,741
Notes Receivable
Rate stabilization asset 0 0 0 0
Special funds - restricted 0 0 0 0
Other assets 69,548 0 0 69,548
Deferred income taxes
Intercompany 0 0 0
------------ --------- --------- ------------
Total other assets 8,620,290 0 0 8,620,290
Current assets:
Cash 34,809 0 0 34,809
Receivables, less allowance 1,180,922 58,250 34,363 1,273,535
Inventory and other current assets 193,230 1,220 1,690 196,140
Income taxes recoverable 0 0 0 0
Deferred income taxes 3,484 39 104 3,627
------------ --------- --------- ------------
Total current assets 1,412,445 59,508 36,157 1,508,111
------------ --------- --------- ------------
Total Assets 26,675,225 $260,470 $158,426 $27,094,121
============ ========= ========= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity:
Common stock $0 $0 $0 $0
Additional paid-in capital 0 0 0 0
Retained earnings 23,472,209 216,877 89,692 23,778,778
Current year earnings
------------ --------- --------- ------------
Total stockholders' equity 23,472,209 216,877 89,692 23,778,778
Long-term debt
CoBank debt 0 0 0 0
Goat Lake Hydro, Inc. note payable 0 0 0 0
AEA term debt 0
Capital Leases
Puget Sound Energy 0 0 0
Unsecured term debt - Tranche A 0 0 0 0
Unsecured term debt - Tranche B
------------ --------- --------- ------------
Total long-term debt 0 0 0 0
Other liabilities:
Deferred income taxes 2,827,834 35,164 63,552 2,926,550
Other deferred credits 0 0 0 0
------------ --------- --------- ------------
Total other liabilities 2,827,834 35,164 63,552 2,926,550
Current liabilities:
Accounts payable and accruals 375,181 8,428 5,183 388,792
Deferred income taxes
Current portion of long-term debt 0 0 0 0
------------ --------- --------- ------------
Total current liabilities 375,181 8,428 5,183 388,792
------------ --------- --------- ------------
Total Liabilities and
Stockholders' Equity 26,675,225 $260,470 $158,426 $27,094,121
============ ========= ========= ============
Alaska Power & Telephone Co.
Consolidated BS -- Page 3 of 3
December 31, 2004
HWI NonReg
ALD ATW Combined Total APT Total
ASSETS
Property plant and equipment:
Electric $0 $0 $0 $0 $0 $78,824,394
Telecommunications 0 1,897,883 0 1,897,883 (1) 40,664,238
Non-utility 0 0 139,141 139,141 135,055 274,196
---- ----------- ----------- ----------- ------------ -------------
0 1,897,883 139,141 2,037,024 135,054 119,762,828
Less: accumulated depreciation 0 (1,148,181) (81,859) (1,230,040) (1,273) (49,333,349)
---- ----------- ----------- ----------- ------------ -------------
0 749,703 57,282 806,984 133,781 70,429,479
Utility plant under construction 0 77,032 0 77,032 2 3,146,388
---- ----------- ----------- ----------- ------------ -------------
Total prop, plant and equipment net 0 826,735 57,282 884,017 133,783 73,575,867
Other assets:
Preliminary survey
Investments 0 0 4,203,396 4,203,396 2,994,856 7,198,252
Goodwill, net of amortization 0 0 0 0 715,662 9,266,403
Notes Receivable
Rate stabilization asset 0 0 0 0 0 2,950,455
Special funds - restricted 0 0 0 0 0 6,488,823
Other assets 0 0 2,174 2,174 1,852,049 2,856,224
Deferred income taxes
Intercompany 0 0 (7,225) (7,225) 266,794 (0)
---- ----------- ----------- ----------- ------------ -------------
Total other assets 0 0 4,198,345 4,198,345 5,829,361 28,760,157
Current assets:
Cash 0 12,765 287,977 300,742 5,817,059 6,250,844
Receivables, less allowance 0 71,778 17,514 89,292 334,752 5,409,117
Inventory and other current assets 0 388,209 4,160 392,370 212,431 1,466,867
Income taxes recoverable 0 0 0 0 10,000 10,000
Deferred income taxes 0 727 0 727 116,056 125,499
---- ----------- ----------- ----------- ------------ -------------
Total current assets 0 473,479 309,651 783,130 6,490,298 13,262,327
---- ----------- ----------- ----------- ------------ -------------
Total Assets $0 $1,300,214 $4,565,277 $5,865,492 $12,453,443 $115,598,351
==== =========== =========== =========== ============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity:
Common stock $0 $0 $0 $0 $1,376,232 $1,376,232
Additional paid-in capital 0 0 0 0 6,956,217 6,956,217
Retained earnings 0 1,221,997 4,463,211 5,685,208 (61,815,492) 9,246,141
Current year earnings
---- ----------- ----------- ----------- ------------ -------------
Total stockholders' equity 0 1,221,997 4,463,211 5,685,208 (53,483,042) 17,578,591
Long-term debt
CoBank debt 0 0 0 0 52,738,148 52,738,148
Goat Lake Hydro, Inc. note payable 0 0 0 0 0 20,268,203
AEA term debt
Capital Leases
Puget Sound Energy 0 0 0 0 3,074,382 3,074,382
Unsecured term debt - Tranche A 0 0 0 0 10,895,131 10,895,131
Unsecured term debt - Tranche B
---- ----------- ----------- ----------- ------------ -------------
Total long-term debt 0 0 0 0 66,707,661 86,975,864
Other liabilities:
Deferred income taxes 0 73,884 0 73,884 (4,383,032) 5,517,895
Other deferred credits 0 0 0 0 69,507 933,929
---- ----------- ----------- ----------- ------------ -------------
Total other liabilities 0 73,884 0 73,884 (4,313,525) 6,451,824
Current liabilities:
Accounts payable and accruals 0 4,333 102,065 106,399 1,453,612 2,118,338
Deferred income taxes
Current portion of long-term debt 0 0 0 0 2,088,734 2,473,734
---- ----------- ----------- ----------- ------------ -------------
Total current liabilities 0 4,333 102,065 106,399 3,542,347 4,592,072
---- ----------- ----------- ----------- ------------ -------------
Total Liabilities and
Stockholders' Equity $0 $1,300,214 $4,565,277 $5,865,491 $12,453,441 $115,598,351
==== =========== =========== =========== ============ =============
Alaska Power & Telephone Co.
Consolidated IS
For the Twelve Months Ending December 31, 2004
Page 1 of 3
Power
APC BBL GLH Total
REVENUE
Gross Revenue $14,340,681 $24,000 $0 14,364,681
Less: Cost of Goods Sold 5,394,349 (1,511,019) (1,536,436) 2,346,894
------------ ----------- ------------ -----------
Net Revenue 8,946,332 1,535,019 1,536,436 12,017,786
OPERATING EXPENSE
Labor 1,872,549 69,444 109,247 2,051,240
Fringe 929,716 35,852 56,413 1,021,981
Corporate Allocations 437,539 20,569 30,278 488,386
Direct Costs 696,887 27,085 60,175 784,146
Operating Taxes 56,423 1,100 14,431 71,954
Pole Rental/(Income) (151,026) 0 0 (151,026)
Property Insurance 167,039 31,548 112,224 310,811
Property Lease 79,633 181,815 9,900 271,348
Regulatory Commission Exp 53,736 0 8,388 62,124
Uncollectable Accounts 29,028 0 0 29,028
Vehicle Expense 86,161 3,947 10,155 100,263
Less: Capitalized G&A (694,781) (533) (26,614) (721,927)
------------ ----------- ------------ -----------
Total Operating Expense 3,562,905 370,827 384,598 4,318,329
Depreciation Expense 1,974,682 266,420 372,931 2,614,033
Rate Stabilization 0 0 (513,155) (513,155)
------------ ----------- ------------ -----------
Operating Income 3,408,746 897,772 1,292,062 5,598,579
Gain / (Loss) on Investment 0 0 0 0
Gain on Extinguishment of Debt 0 0 0 0
Miscellaneous 0 0 0 0
Reorganizational Expense 0 0 0 0
------------ ----------- ------------ -----------
Net Other Income (Expense) 0 0 0 0
------------ ----------- ------------ -----------
Net Income before Int and Tax 3,408,746 897,772 1,292,062 5,398,559
Interest Income 0 0 210,781 210,781
Interest Expense 0 0 (1,281,054) (1,281,054)
------------ ----------- ------------ -----------
Net Interest Inc / (Expense) 0 0 (1,070,273) (1,070,273)
------------ ----------- ------------ -----------
Net Income before Tax 3,408,746 897,772 221,789 4,528,306
Provision for Income Tax 1,349,863 355,518 87,828 1,793,209
------------ ----------- ------------ -----------
Net Income / (Loss) 2,058,883 542,254 133,961 2,735,097
============ =========== ============ ===========
Alaska Power & Telephone Co.
Consolidated IS
For the Twelve Months Ending December 31, 2004
Page 2 of 3
Telecom
ATC BTT NCT Total
REVENUE
Gross Revenue $15,222,231 $362,222 $298,860 15,883,313
Less: Cost of Goods Sold 0 0 0 0
------------ --------- --------- ----------
Net Revenue 15,222,231 362,222 298,860 15,883,313
OPERATING EXPENSE
Labor 2,889,469 72,390 63,115 3,024,975
Fringe 1,494,581 37,721 32,784 1,565,086
Corporate Allocations 483,724 34,275 30,121 548,121
Direct Costs 3,812,390 78,512 22,959 3,913,861
Operating Taxes 72,963 1,238 1,062 75,263
Pole Rental/(Income) 146,511 0 11,028 157,539
Property Insurance 178,895 4,284 3,048 186,227
Property Lease 144,239 836 1,200 146,275
Regulatory Commission Exp 0 0 0 0
Uncollectable Accounts 0 0 0 0
Vehicle Expense 68,548 1,581 937 71,066
Less: Capitalized G&A 0 0 0 0
------------ --------- --------- ----------
Total Operating Expense 9,291,320 230,837 166,255 9,688,412
Depreciation Expense 2,857,608 57,978 28,379 2,943,965
Rate Stabilization 0 0 0 0
------------ --------- --------- ----------
Operating Income 3,073,303 73,407 104,226 3,250,936
Gain / (Loss) on Investment 0 0 0 0
Gain on Extinguishment of Debt 0 0 0 0
Miscellaneous 0 0 0 0
Reorganizational Expense 0 0 0 0
------------ --------- --------- ----------
Net Other Income (Expense) 0 0 0 0
------------ --------- --------- ----------
Net Income before Int and Tax 3,073,303 73,407 104,226 3,250,936
Interest Income 0 0 0 0
Interest Expense 0 0 0 0
------------ --------- --------- ----------
Net Interest Inc / (Expense) 0 0 0 0
------------ --------- --------- ----------
Net Income before Tax 3,073,303 73,407 104,226 3,250,936
Provision for Income Tax 1,217,028 29,069 43,272 1,289,369
------------ --------- --------- ----------
Net Income / (Loss) 1,856,275 44,338 60,954 1,961,567
============ ========= ========= ==========
Alaska Power & Telephone Co.
Consolidated IS
For the Twelve Months Ending December 31, 2004
Page 3 of 3
NonReg Cons
ALD ATW HWI Total APT Total
REVENUE
Gross Revenue $511,421 $1,108,390 $491,011 2,110,822 $2,651 32,361,467
Less: Cost of Goods Sold 497,495 272,023 67,711 837,229 0 3,184,124
--------- ----------- --------- ---------- ----------- -----------
Net Revenue 13,926 836,367 423,300 1,273,593 2,651 29,177,343
OPERATING EXPENSE
Labor 18,571 216,827 330,965 566,363 1 5,642,579
Fringe 17,355 114,663 140,660 272,678 0 2,859,746
Corporate Allocations 16,915 58,790 11,962 87,667 0 1,124,173
Direct Costs 2,677 232,048 214,868 449,594 (124,755) 5,022,846
Operating Taxes 0 0 0 0 0 147,217
Pole Rental/(Income) 0 0 0 0 0 6,513
Property Insurance 1,344 9,120 0 10,464 0 507,502
Property Lease 0 42,660 0 42,660 0 460,283
Regulatory Commission Exp 0 0 0 0 0 62,124
Uncollectable Accounts 0 (6,660) 0 (6,660) 0 22,368
Vehicle Expense 0 0 0 0 0 171,329
Less: Capitalized G&A 0 0 0 0 0 (721,927)
--------- ----------- --------- ---------- ----------- -----------
Total Operating Expense 56,862 667,448 698,456 1,422,766 (124,755) 15,304,753
Depreciation Expense 0 176,231 28,160 204,391 321,002 6,083,390
Rate Stabilization 0 0 0 0 0 (513,154)
--------- ----------- --------- ---------- ----------- -----------
Operating Income (42,936) (7,313) (303,315) (353,564) (193.597) 8,302,354
Gain / (Loss) on Investment 0 0 93,195 93,195 290,676 383,871
Gain on Extinguishment of Debt 0 0 0 0 318,068 318,068
Miscellaneous 0 0 124 124 43,933 44,057
Reorganizational Expense 0 0 0 0 (227,078) (227,078)
--------- ----------- --------- ---------- ----------- -----------
Net Other Income (Expense) 0 0 93,319 93,319 425,599 518,918
--------- ----------- --------- ---------- ----------- -----------
Net Income before Int and Tax (42,936) (7,313) (209,996) (260,245) 232,002 8,821,272
Interest Income 0 0 1,227 1,227 77,000 289,008
Interest Expense 0 0 0 0 (3,855,410) (5,136,468)
--------- ----------- --------- ---------- ----------- -----------
Net Interest Inc / (Expense) 0 0 1,227 1,227 (3,978,430) (4,847,460)
--------- ----------- --------- ---------- ----------- -----------
Net Income before Tax (42,936) (7,313) (208,770) (259,019) (3,746,428) 3,973,812
Provision for Income Tax (17,003) (2,896) 0 (19,899) (1,489,050) 1,573,629
--------- ----------- --------- ---------- ----------- -----------
Net Income / (Loss) (25,933) (4,417) (208,770) (239,120) (2,257,378) 2,400,183
========= =========== ========= ========== =========== ===========
Notes to Financial Statements to be filed by amendment to this Form U-3a-2.
ALASKA POWER & TELEPHONE COMPANY RUSSELL A. SMITH, VP/CFO
-------------------------------- --------------------------------
(Name) (Title)
P.O. BOX 3222, PORT TOWNSEND, WASHINGTON 98368