-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hmt6WFcgRGkgdMqCuPR9e5Vy+q0YAuy2VpuyXbs6IVyXm4DeScIdnqXPDuWUDg4L MqjSrJIJltUcOYDYLXFBcw== 0000102710-95-000014.txt : 19951016 0000102710-95-000014.hdr.sgml : 19951016 ACCESSION NUMBER: 0000102710-95-000014 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950228 FILED AS OF DATE: 19951013 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALLEY RESOURCES INC /RI/ CENTRAL INDEX KEY: 0000102710 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 050384723 STATE OF INCORPORATION: RI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-07924 FILM NUMBER: 95580376 BUSINESS ADDRESS: STREET 1: 1595 MENDON RD CITY: CUMBERLAND STATE: RI ZIP: 02864 BUSINESS PHONE: 4013341188 MAIL ADDRESS: STREET 1: PO BOX 7900 CITY: CUMBERLAND STATE: RI ZIP: 02864-7900 10-Q/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q/A [X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 1995 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 Number 1-7924 VALLEY RESOURCES, INC. (Exact name of registrant as specified in its charter) Rhode Island 05-0384723 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1595 Mendon Road 02864 Cumberland, Rhode Island (Zip Code) (Address of principal executive offices) (401) 334-1188 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) 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, 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. Outstanding at Class of Common Stock May 31, 1995 $1 Par Value 4,213,846 AMENDMENT NO. 1 The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Quarterly Report for the quarter ended May 31, 1995, on Form 10-Q as set forth in the pages attached hereto. Part 1 Item 1 - Financial Statements Item 6(a) - Exhibits AMENDED PART I: FINANCIAL INFORMATION Item 1. Financial Statements VALLEY RESOURCES, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Operations (Unaudited)
3 Months Ended 9 Months Ended May 31 May 31 May 31 May 31 1995 1994 1995 1994 (in thousands except share and per share numbers) Operating Revenues: Utility Gas Revenues $ 16,993 $ 19,252 $ 48,811 $ 57,170 Nonutility Revenues 4,445 4,316 14,366 13,739 Total $ 21,438 23,568 $ 63,177 70,909 Operating Expenses: Cost of Gas Sold 9,081 11,551 27,248 34,347 Operations 7,227 6,961 22,580 21,511 Maintenance 388 412 1,200 1,170 Depreciation 668 632 2,020 1,895 Taxes-Other Than Income 1,066 1,181 3,219 3,585 -Federal Income 637 628 1,367 1,899 Total 19,067 21,365 57,634 64,407 Operating Income 2,371 2,203 5,543 6,502 Other Income-Net of Tax 31 54 69 152 Total Income 2,402 2,257 5,612 6,654 Interest Charges: Long-Term Debt 484 513 1,483 1,526 Other 332 186 896 538 Total 816 699 2,379 2,064 Net Income $ 1,586 $ 1,558 $ 3,233 $ 4,590 Average Number of Common Shares Outstanding 4,218,570 4,203,111 4,217,308 4,204,492 Earnings Per Average Common Share Outstanding $0.38 $0.37 $0.77 $1.09 Dividends Declared on Common Stock $0.18 $0.175 $0.53 $0.515 The accompanying Notes are an integral part of these statements.
AMENDED VALLEY RESOURCES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets
(Unaudited) May 31, Aug. 31, 1995 1994 (in thousands) ASSETS Utility Plant - Net $45,493 $44,207 Leased Property-Net 2,167 2,436 Nonutility Property-Net 3,595 3,519 Other Investments 1,488 1,466 Current Assets: Cash 1,045 587 Accounts Receivable - Net 12,778 10,348 Deferred Unbilled Gas Costs 485 430 Fuel and Other Inventories (Note 3) 4,454 5,887 Prepayments 180 1,087 Common Stock held for Dividend Reinvestment-amounting to 8,609 and 1,496 shares respectively (Note 4) 96 19 Total 19,038 18,358 Deferred Debits: Recoverable Postretirement Benefits 587 441 Recoverable Vacations Accrued 893 803 Unamortized Debt Discount and Expense 1,596 1,639 Prepaid Pensions 5,402 4,973 Recoverable Deferred FIT 5,639 5,744 Recoverable Transition Obligation 1,325 3,172 Other 3,698 4,311 19,140 21,083 Total $90,921 $91,069 The accompanying Notes are an integral part of these statements.
AMENDED VALLEY RESOURCES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Continued)
(Unaudited) May 31, Aug. 31, 1995 1994 (in thousands) CAPITALIZATION & LIABILITIES Capitalization: Common Stock $ 4,222 $ 4,213 Paid In Capital 17,740 17,695 Retained Earnings 8,270 7,270 Less: Accounts Receivable from ESOP (3,142) (3,142) Total Common Stock Equity 27,090 26,036 Long-Term Debt (Less Current Maturities): 8% First Mortgage Bonds, Series Due 2022 21,145 22,405 9% Notes Payable, Due 1999 2,139 2,725 Note Payable 1,405 1,905 Total Long-Term Debt 24,689 27,035 Total Capitalization 51,779 53,071 Obligation Under Capital Lease 1,419 1,747 Current Liabilities: Current Maturities of Long-Term Debt 500 450 Obligation Under Capital Lease 748 690 Notes Payable 6,800 8,900 Accounts Payable 3,907 4,596 Security Deposits & Refund Obligations 1,181 1,131 Taxes Accrued 1,437 640 Deferred Fuel Costs 4,380 522 Accrued Interest 1,043 631 Other 1,074 970 Total 21,070 18,530 Commitments and Contingencies Deferred Credits 6,709 8,204 Deferred Federal Income Taxes 9,944 9,517 $90,921 $91,069 The accompanying Notes are an integral part of these statements.
AMENDED VALLEY RESOURCES, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Cash Flows (Unaudited)
For the 9 Months Ended May 31, May 31, 1995 1994 (in thousands) Cash Flows from Operating Activities: Net Income $3,233 $4,590 Adjustments to Reconcile Net Income to Net Cash used in Operating Activities: Depreciation and Amortization 2,020 1,895 Provision for Uncollectibles 910 680 Deferred Federal Income Taxes 531 369 Change in Assets and Liabilities: Accounts Receivable (3,339) (5,156) Deferred Fuel Costs 3,858 3,039 Unbilled Gas Costs (55) (109) Fuel and Other Inventories 1,433 1,787 Other Current Assets 400 231 Accounts Payable, Accrued Expenses and Current Liabilities 158 801 Other - Net 252 431 Net Cash provided by Operating Activities 9,401 8,558 Cash Flows from Investing Activities: Utility Capital Expenditures (2,898) (2,498) Nonutility Capital Expenditures (484) (466) Other Investments (21) (42) Net Cash (Used) by Investing Activities (3,403) (3,006) Cash Flows from Financing Activities: Dividends Paid (2,234) (2,165) Capital Stock Transactions 54 (64) Retirement of Long-Term Debt (1,260) (15) Decrease in Notes Payable (2,100) (2,300) Net Cash (Used) by Financing Activities (5,540) (4,544) Net Increase in Cash 458 1,008 Cash - Beginning 587 940 Cash - Ending $ 1,045 $ 1,948 Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for: Interest $ 1,968 $ 1,642 Federal Income Taxes $ 380 $ 637 Capital Lease Obligations Incurred $ 544 $ 637 The accompanying Notes are an integral part of these statements.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment to be signed on its behalf by the undersigned thereunto duly authorized. VALLEY RESOURCES, INC. AND SUBSIDIARIES K. W. Hogan Senior Vice President, Chief Financial Officer and Secretary October 13, 1995 EX-27 2
5 1000 9-MOS AUG-31-1995 MAY-31-1995 1,045 0 13,419 641 4,454 19,038 77,684 28,596 90,921 21,070 24,689 4,222 0 0 22,868 90,921 63,177 63,177 36,703 57,633 20,930 0 2,379 4,658 1,425 3,233 0 0 0 3,233 0.77 0.77
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