-----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, LlkfhiS7xHLZrRC5oWY26ZyfMFUdeSsLzy6A1QN2g7Vodgg1zmWYecEPU1917sg4 mXGPjKkWxuKKNbY0KgGvNQ== 0000102710-00-000005.txt : 20000228 0000102710-00-000005.hdr.sgml : 20000228 ACCESSION NUMBER: 0000102710-00-000005 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000225 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: 553602 BUSINESS ADDRESS: STREET 1: 1595 MENDON RD CITY: CUMBERLAND STATE: RI ZIP: 02864 BUSINESS PHONE: 4012729191 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) 6,162,982 Mcf natural or manufactured gas distributed at retail in the State of Rhode Island generating revenues of $48,666,704 (b) None (c) None (d) 946,092 Mcf natural gas purchased outside the State of Rhode Island generating cost of $2,180,607 Bristol and Warren Gas Company: (a) 746,971 Mcf natural or manufactured gas distributed at retail in the State of Rhode Island generating revenues of $5,924,782 (b) None (c) None (d) 110,288 Mcf natural gas purchased outside the State of Rhode Island generating cost of $226,851 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, 1999 Consolidating Balance Sheets at December 31, 1999 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 25th day of February, 2000. VALLEY RESOURCES, INC. (Name of Claimant) S/Sharon Partridge ------------------------------------ By Sharon Partridge Vice President, CFO, Treasurer and Secretary Attest: S/Patricia Morrison - -------------------------------------------------------------- Patricia Morrison, Assistant Secretary Name, title and address of officer to whom notices and correspondence con- cerning this statement should be addressed: S/S. Partridge - ------------------------------------------------- S. Partridge Vice President (Name) (Title) 1595 Mendon Road, Cumberland, Rhode Island 02864 (Address) Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1999
Appliance & Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. & Warren Gas Companies & Rentals Operations Eliminations Consolidated ASSETS Utility Plant $87,937,951 $ 87,937,951 Accumulated Depreciation 35,045,114 35,045,114 ----------- ----------- ------------ ------------ ------------ Net Utility Plant 52,892,837 -0- -0- 52,892,837 ----------- ----------- ------------ ------------ ------------ Leased Property-Net 1,297,989 -0- $ 21,635 1,319,624 ----------- ----------- ------------ ------------ ------------ Nonutility Property-Net -0- $3,503,403 677,775 4,181,178 ----------- ----------- ------------ ------------ ------------ Investment in Subsidiaries 31,791,387 ($31,791,387) -0- Other Investments 1,418,341 -0- 302,769 1,721,110 ----------- ----------- ------------ ------------ ------------ Total Investments 1,418,341 -0- 32,094,156 (31,791,387) 1,721,110 ----------- ----------- ------------ ------------ ------------ Note Receivable -0- -0- 9,520,696 (9,520,696) -0- ----------- ----------- ------------ ------------ ------------ CURRENT ASSETS: Cash 12,750,083 374,072 (12,659,401) 464,754 Accounts Receivable 6,457,382 5,116,232 11,354,711 (10,506,506) 12,421,819 Deferred Fuel Costs -0- -0- -0- -0- Unbilled Gas Costs 2,109,913 -0- -0- 2,109,913 Fuel & Other Inventories 4,465,614 1,761,102 314,777 6,541,493 Prepayments & Other 1,029,310 52,464 1,707 1,083,481 Common Stock Held for Drip -0- -0- 200,008 200,008 ----------- ----------- ------------ ------------ ------------ Total 26,812,302 7,303,870 (788,198) (10,506,506) 22,821,468 ----------- ----------- ------------ ------------ ------------ DEFERRED DEBITS: Prepaid Pensions 242,011 -0- 10,731,960 10,973,971 Other 11,106,787 297,439 414,587 29,491 11,848,304 ----------- ----------- ----------- ------------ ------------ Total 11,348,798 297,439 11,146,547 29,491 22,822,275 ----------- ----------- ----------- ------------ ------------ Total Assets $93,770,267 $11,104,712 $52,672,611 $(51,789,098) $105,758,492 =========== =========== ============ ============ ============
Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1999
Appliance & Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. & Warren Gas Companies & Rentals Operations Eliminations Consolidated LIABILITIES & CAPITALIZATION COMMON EQUITY: Common Stock $17,256,100 $ 3,700 $ 4,996,628 ($17,263,400) $ 4,993,028 Paid in Capital 4,279,782 492,530 25,679,274 (5,711,253) 24,740,333 Retained Earnings 5,362,135 3,978,863 5,794,662 (8,674,866) 6,460,794 ----------- ----------- ------------ ------------ ------------ Total 26,898,017 4,475,093 36,470,564 (31,649,519) 36,194,155 Less: Accts. Rec. ESOP -0- (2,520,696) (2,520,696) ----------- ----------- ------------ ------------ ------------ Total 26,898,017 4,475,093 36,470,564 (34,170,215) 33,673,459 ----------- ----------- ------------ ------------ ------------ LONG-TERM DEBT: First Mortgage Bonds: 8.0% Series 19,944,000 -0- -0- 19,944,000 7.7% Debentures 7,000,000 -0- 7,000,000 (7,000,000) 7,000,000 ----------- ----------- ------------ ------------ ------------ Total 26,944,000 -0- 7,000,000 (7,000,000) 26,944,000 ----------- ----------- ------------ ------------ ------------ Note Payable 2,400,000 -0- 2,370,696 4,770,696 ----------- ----------- ------------ ------------ ------------ Total 29,344,000 -0- 9,370,696 (7,000,000) 31,714,696 ----------- ----------- ------------ ------------ ------------ Oblig. Under Cap Lease 607,540 -0- 14,816 -0- 622,356 ----------- ----------- ------------ ------------ ------------ Minority Interest (112,376) (112,376) ----------- ----------- ------------ ------------ ------------ CURRENT LIABILITIES: Current Maturities-LT Debt -0- -0- 150,000 150,000 Note Payable 11,828,928 -0- 525,000 (553,928) 11,800,000 Oblig. Under Cap Lease 690,450 -0- 6,818 697,268 Accounts Payable 9,099,073 4,455,259 1,259,335 (8,479,076) 6,334,591 Security Deposits and Refunds 960,544 -0- 44,784 1,005,328 Dividends Declared 621,220 505,116 1,103,693 (1,293,836) 936,193 Taxes Accrued (398,675) 234,128 (212,102) (376,649) Deferred Fuel Costs 68,095 68,095 Other 1,102,557 42,778 186,118 (179,667) 1,151,786 ----------- ----------- ------------ ------------ ------------ Total 23,972,192 5,237,281 3,063,646 (10,506,507) 21,766,612 ----------- ----------- ------------ ------------ ------------ DEFERRED CREDITS: Unamort Invest Credit 562,676 -0- -0- 562,676 Other 3,481,903 448,663 -0- 3,930,566 ----------- ----------- ------------ ------------ ------------ Total 4,044,579 448,663 -0- -0- 4,493,242 ----------- ----------- ------------ ------------ ------------ Def. Federal Inc Taxes 8,903,939 943,675 3,752,889 13,600,503 ----------- ----------- ------------ ------------ ------------ Total Liab & Capital $93,770,267 $11,104,712 $ 52,672,611 ($51,789,098) $105,758,492 =========== =========== ============ ============ ============
Exhibit A (Unaudited) VALLEY RESOURCES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 1999
Appliance & Valley Gas/Bristol & Contract Sales Propane & Corporate Reclass. & Warren Gas Companies & Rentals Operations Eliminations Consolidated OPERATING REVENUES: Utility Gas Revenues $59,618,815 $59,618,815 Nonutility Revenues $20,215,317 $3,905,383 $ (203,658) 23,917,042 ----------- ----------- ---------- ----------- ----------- Total 59,618,815 20,215,317 3,905,383 (203,658) 83,535,857 ----------- ----------- ---------- ----------- ----------- OPERATING EXPENSES: Cost of Gas Sold 31,493,409 31,493,409 Cost of Sales- Nonutility 14,540,749 1,933,654 (156,717) 16,317,686 Operations 14,269,683 3,655,227 (111,625) (340,768) 17,472,517 Maintenance 1,697,472 -0- 61,542 (3,846) 1,755,168 Depreciation 2,882,805 534,355 59,785 (3,376) 3,473,569 Taxes-Other Than FIT 3,893,999 196,230 65,693 5,308 4,161,230 Taxes-Federal Income 521,581 500,707 708,831 17,464 1,748,583 ----------- ----------- ----------- ----------- ----------- Total 54,758,949 19,427,268 2,717,880 (481,935) 76,422,162 ----------- ----------- ----------- ----------- ----------- Operating Income 4,859,866 788,049 1,187,503 278,277 7,113,695 Equity in Earnings of Subsidiaries 3,089,466 (3,089,466) -0- Other Income-Before FIT (30,483) 235,738 15,511 (353,383) (132,617) Fed Inc Tax-Net of ITC (59,477) -0- -0- -0- (59,477) ----------- ----------- ----------- ----------- ----------- Total Income 4,888,860 1,023,787 4,292,480 (3,164,572) 7,040,555 ----------- ----------- ----------- ----------- ----------- INTEREST CHARGES: Long Term Debt 2,274,929 -0- -0- 48,127 2,323,056 Other 611,306 52,344 41,549 (8,872) 696,327 Capitalized Interest (1,955) -0- -0- -0- (1,955) ----------- ----------- ----------- ----------- ----------- Total 2,884,280 52,344 41,549 39,255 3,017,428 ----------- ----------- ----------- ----------- ----------- Net Income $ 2,004,580 $ 971,443 $ 4,250,931 $(3,203,827) $ 4,023,127 =========== =========== =========== =========== =========== Average Number of Common Shares Outstanding 4,979,824 Basic Earnings Per Average Common Share $0.81
EX-27 2
OPUR3 12-MOS AUG-31-2000 DEC-31-1999 PER-BOOK 105,758,492 83,535,857 4,023,127
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