10-Q 1 oct10q01.txt 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 October 31, 2001 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) 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 51600, Sparks, NV 89435 (address of principal executive offices) (zip code) Registrant's telephone number, including area code (775) 359-2884 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 October 31, 2001 INTERMOUNTAIN RESOURCES, INC. BALANCE SHEETS _________________________________________________________________

INTERMOUNTAIN RESOURCES, INC. STATEMENTS OF OPERATIONS (Unaudited) _________________________________________________________________

INTERMOUNTAIN RESOURCES, INC. STATEMENTS OF CASH FLOWS (Unaudited) _________________________________________________________________

INTERMOUNTAIN RESOURCES, INC. Notes To Unaudited Financial Statements October 31, 2001 _________________________________________________________________ 1. The financial statements as of October 31, 2001 are unaudited but, in the opinion of management, reflect all adjustments necessary for a fair presentation. 2. As disclosed in the Forms 10-K for the years April 30, 1994, through 2001, 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 received a letter dated July 31, 2001, from the Forest Service which stated in part, "Based on information currently available, the Forest Service has no plans to seek recovery of its response costs from Intermountain Resources, Inc." 3. Reference is made to the Company's annual financial statements for the year ended April 30, 2001 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 Interest income earned on invested cash balances was lower in the current year due to lower cash balances as well as lower interest rates. Mining revenues were nil compared to $80,000 in the prior year. The Company, on June 13, 2000, sold it patented mining claims in the Aurora Mining District, Mineral County, NV for $80,000. This transaction resulted in a gain of approximately $74,000 for financial statement purposes but only about $6,000 for income tax purposes. The Company has no current expectation that any other similar transaction will occur. General and administrative expenses for the current year were lower primarily due to reduced professional fees incurred. The $6,000 write off of mineral property in 2000 represented the value at which the claims in the Aurora Mining District were carried on the Company's balance sheet. 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: December 4, 2001 INTERMOUNTAIN RESOURCES, INC. (a Nevada corporation) /s/L. W. Watson ------------------------ L. W. Watson, President, Treasurer, and principal accounting officer

INTERMOUNTAIN RESOURCES INC 10-Q