-----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, UDwmt23mrDzkNwxKhietErocj0XUuaBCNEcc9V6ypgx/MnQX3zjERTFGVWdLqFYL mHHZfgYpJRPAXJapHMX37g== 0000102710-98-000017.txt : 19980224 0000102710-98-000017.hdr.sgml : 19980224 ACCESSION NUMBER: 0000102710-98-000017 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980223 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: U-3A-2 SEC ACT: SEC FILE NUMBER: 069-00251 FILM NUMBER: 98547327 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 U-3A-2 1 FORM U-3A-2 File No. 1-7924 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 To be Filed Annually Prior to March 1 VALLEY RESOURCES, INC. (Name of Company) hereby files with the Securities Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, claim for the following information: Item 1: Valley Resources, Inc., RI; Cumberland, Rhode Island, Holding Company. Subsidiaries: Valley Gas Company, RI; Cumberland, Rhode Island; gas distribu- tion within Rhode Island. Valley Appliance and Merchandising Company, RI; Cumberland, Rhode Island; selling and leasing of merchandise. Rhode Island Development and Exploration Company, RI; Cumber- land, Rhode Island; an inactive company. Valley Propane, Inc., RI; Cumberland, Rhode Island; selling of propane gas. Morris Merchants, Inc., MA; Canton, Massachusetts; a manufac- turers' representative of gas-fired equipment, plumbing and heating supplies. Bristol and Warren Gas Company, RI; Bristol, Rhode Island; gas distribution within Rhode Island. The New England Gas Company, RI; Bristol, Rhode Island; an inactive company. Alternate Energy Corporation, RI; Cumberland, Rhode Island; sells, installs and designs natural gas conversion systems and facilities. Form U-3A-2 File No. 1-7924 Page 2 Item 2: Valley Resources, Inc. (Holding Company) Valley Gas Company, 1595 Mendon Road, Cumberland, Rhode Island; owns gas manufacturing plant and gas distribution facilities all of which are located in Rhode Island. Bristol and Warren Gas Company, 100 Broad Common Road, Bristol, Rhode Island; owns gas manufacturing plant and gas distribution facilities all of which are located in Rhode Island. Item 3: Valley Resources, Inc. (Holding Company) Valley Gas Company: (a) 7,091,773 Mcf natural or manufactured gas distributed at retail (b) None (c) None (d) 1,265,463 Mcf natural gas purchased outside the State of Rhode Island Bristol and Warren Gas Company: (a) 761,185 Mcf natural or manufactured gas distributed at retail (b) None (c) None (d) 141,160 Mcf natural gas purchased outside the State of Rhode Island Item 4: Valley Resources, Inc. (Holding Company) (a) None (b) None (c) None (d) None (e) None Exhibit A Consolidating Statements of Income for the 12 Months Ended December 31, 1997 Consolidating Balance Sheets at December 31, 1997 Exhibit B Financial Data Schedule Exhibit C Not Applicable The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 23rd day of February, 1998. VALLEY RESOURCES, INC. (Name of Claimant) S/Kenneth W. Hogan By Kenneth W. Hogan Senior Vice President, CFO and Secretary Attest: S/Sharon Partridge Sharon Partridge, Assistant Vice President Finance & Treasurer Name, title and address of officer to whom notices and correspondence con- cerning this statement should be addressed: S/K. W. Hogan K. W. Hogan Senior Vice President (Name) (Title) 1595 Mendon Road, Cumberland, Rhode Island 02864 (Address) Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1997
Utility Nonutility Reclass. & Operations Operations Eliminations Consolidated ASSETS Utility Plant $81,145,383 $ 81,145,383 Accumulated Depreciation 30,065,420 30,065,420 ----------- ----------- ------------ ------------ Net Utility Plant 51,079,963 -0- -0- 51,079,963 ----------- ----------- ------------ ------------ Leased Property-Net 2,185,013 $ 33,522 2,218,535 ----------- ----------- ------------ ------------ Nonutility Property-Net -0- 3,943,440 3,943,440 ----------- ----------- ------------ ------------ Investment in Subsidiaries 26,501,462 $(26,501,462) -0- Other Investments 1,374,205 225,632 1,599,837 ----------- ----------- ------------ ------------ Total Investments 1,374,205 26,727,094 (26,501,462) 1,599,837 ----------- ----------- ------------ ------------ Note Receivable -0- 2,872,790 (2,872,790) -0- ----------- ----------- ------------ ------------ CURRENT ASSETS: Cash (1,034,470) 2,114,946 1,080,476 Accounts Receivable 12,267,772 20,228,608 (20,140,613) 12,355,767 Deferred Fuel Costs 343,074 -0- 343,074 Unbilled Gas Costs 2,307,748 -0- 2,307,748 Fuel & Other Inventories 4,063,853 1,930,306 5,994,159 Prepayments & Other 691,966 59,333 751,299 Common Stock Held for Drip -0- 311,312 311,312 ----------- ----------- ------------ ------------ Total 18,639,943 24,644,505 (20,140,613) 23,143,835 ----------- ----------- ------------ ------------ DEFERRED DEBITS: Prepaid Pensions 242,011 7,429,715 7,671,726 Other 11,821,502 739,986 38,682 12,600,170 ----------- ----------- ------------ ------------ Total 12,063,513 8,169,701 38,682 20,271,896 ----------- ----------- ------------ ------------ Total Assets $85,342,637 $66,391,052 $(49,476,183) $102,257,506 =========== =========== ============ ============
Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1997
Utility Nonutility Reclass. & Operations Operations Eliminations Consolidated LIABILITIES & CAPITALIZATION COMMON EQUITY: Common Stock $10,800,000 $ 5,000,328 $(10,807,300) $ 4,993,028 Paid in Capital 4,279,782 26,334,767 (5,711,253) 24,903,296 Retained Earnings 5,898,752 10,395,251 (9,907,163) 6,386,840 ----------- ----------- ------------ ------------ Total 20,978,534 41,730,346 (26,425,716) 36,283,164 Less: Accts. Rec. ESOP -0- (2,872,790) (2,872,790) ----------- ----------- ------------ ------------ Total 20,978,534 41,730,346 (29,298,506) 33,410,374 ----------- ----------- ------------ ------------ LONG-TERM DEBT: First Mortgage Bonds: 8.0% Series 20,039,000 -0- 20,039,000 7.7% Debentures 7,000,000 7,000,000 ----------- ----------- ------------ ------------ Total 20,039,000 -0- -0- 27,039,000 ----------- ----------- ------------ ------------ Note Payable 2,300,000 4,837,786 7,137,786 ----------- ----------- ------------ ------------ Total 22,339,000 11,837,786 -0- 34,176,786 ----------- ----------- ------------ ------------ Oblig. Under Cap Lease 1,472,326 26,704 -0- 1,499,030 ----------- ----------- ------------ ------------ Minority Interest (37,066) (37,066) ----------- ----------- ------------ ------------ CURRENT LIABILITIES: Current Matur-LT Debt -0- 150,000 150,000 Note Payable 19,685,028 2,175,000 (15,660,028) 6,200,000 Oblig. Under Cap Lease 712,687 6,818 719,505 Accounts Payable 4,102,702 4,551,046 (2,998,787) 5,654,961 Security Deposits and Refunds 1,024,460 3,325 1,027,785 Dividends Declared 912,100 1,493,406 (1,481,796) 923,710 Taxes Accrued (695,012) 217,754 (477,258) Other 1,000,425 291,712 1,292,137 ----------- ----------- ------------ ------------ Total 26,742,390 8,889,061 (20,140,611) 15,490,840 ----------- ----------- ------------ ------------ DEFERRED CREDITS: Unamort Invest Credit 658,460 -0- 658,460 Other 4,025,835 423,955 4,449,790 ----------- ----------- ------------ ------------ Total 4,684,295 423,955 -0- 5,108,250 ----------- ----------- ------------ ------------ Def. Federal Inc Taxes 9,126,092 3,483,200 12,609,292 ----------- ----------- ------------ ------------ Total Liab & Capital $85,342,637 $66,391,052 $(49,476,183) $102,257,506 =========== =========== ============ ============
Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING INCOME STATEMENT FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1997
Utility Nonutility Reclass. & Operations Operations Eliminations Consolidated OPERATING REVENUES: Utility Gas Revenues $65,875,065 $65,875,065 Nonutility Revenues $21,843,285 $ (124,567) 21,718,718 ----------- ----------- ----------- ----------- Total 65,875,065 21,843,285 (124,567) 87,593,783 ----------- ----------- ----------- ----------- OPERATING EXPENSES: Cost of Gas Sold 37,469,320 37,469,320 Cost of Sales- Nonutility 15,191,848 (88,932) 15,102,916 Operations 15,080,484 3,259,192 (168,617) 18,171,059 Maintenance 1,550,894 61,284 (1,916) 1,610,262 Depreciation 2,647,611 559,899 (675) 3,206,835 Taxes-Other Than FIT 3,944,937 302,572 (772) 4,246,737 Taxes-Federal Income 348,571 912,668 13,340 1,274,579 ----------- ----------- ----------- ----------- Total 61,041,817 20,287,463 (247,572) 81,081,708 ----------- ----------- ----------- ----------- Operating Income 4,833,248 1,555,822 123,005 6,512,075 Equity in Earnings of Subsidiaries 2,954,931 (2,954,931) -0- Other Income-Before FIT 174,637 740,543 (488,276) 426,904 Fed Inc Tax-Net of ITC 25,683 -0- -0- 25,683 ----------- ----------- ----------- ----------- Total Income 4,982,202 5,251,296 (3,320,202) 6,913,296 ----------- ----------- ----------- ----------- INTEREST CHARGES: Long Term Debt 1,755,276 386,823 -0- 2,142,099 Other 1,434,206 105,829 (387,434) 1,152,601 Capitalized Interest (1,118) -0- -0- (1,118) ----------- ----------- ----------- ----------- Total 3,188,364 492,652 (387,434) 3,293,582 ----------- ----------- ----------- ----------- Net Income $ 1,793,838 $ 4,758,644 $(2,932,768) $ 3,619,714 =========== =========== =========== =========== Average Number of Common Shares Outstanding 4,496,305 Earnings Per Average Common Share $0.81
EX-27 2
OPUR3 12-MOS AUG-31-1998 DEC-31-1997 PER-BOOK 102,257,506 87,593,783 3,619,714
-----END PRIVACY-ENHANCED MESSAGE-----